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Property Management
Property management is the ownership and supervision of real estate, whether residential, industrial or commercial. Ask questions about property management skills and laws here.
234 Questions
Definition of management in scope of property management?
Based on Wikipedia...
Property management is the operation, control, and oversight of real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its useful life and condition. This is much akin to the role of management in any business.
Define hard and soft services in relation to facilities management?
Hard Services are related to Building mechanical and electrical services. While soft services are related to cleaning, pest control, security, landscaping, waste management.
What are the types of fees that can be earned in property management?
While property managers and property management companies are hired by property owners, they charge fees to both owners and tenants. Also, if you've asked your property manager to be responsibile for maintenance and repairs, they may also place a mark up on contractors they hire on your behalf. Or, they may actually own a maintenance company that has an exclusive contract to maintain all their properties. All of this should be disclosed and discusseed with property owners before entering a contract.
Fees charged to owners:
- A percentage of the monthy rent or a flat fee
- 50% or more of the first months rent when they find a new tenant
- Tax document prepartion fees
- Maintenance and repair fees
- Eviction processing fees
- Rental application/credit check fees
- Nuisance service call fees (e.g. repair requests that result from tenant errors)
- Late payment fees
Additonal information on property mangement fees can be found at sites like Allpropertymanagement.com and NARPM.org.
What is the difference between asset management and property management?
Asset management is more of a process of overseeing property performance with the goal of enhancing value and maximizing return to the owner. Asset management does not consist of a single activity that takes place at a discrete moment in time. It takes place over the life cycle of a property (i.e. from acquisition to disposition). It is a process. Often asset management is focused on a portfolio of properties rather than a single property. Property management is focused more on the day to day operational aspects of an individual property such as physical maintenance, repairs and renovations, rent collection, payment of expenses, etc.
This time period may or may not have been defined in your contract.
Call other property managers in the same industry in your locale, and ask the question about the time period.
Then, send a letter to your property management company, certified, return receipt requested, and demand that your reserve funds be paid within that period.
If you do not receive the funds, you can take your contract, termination papers and copy of your certified letter to an attorney and involve professional assistance in collecting your monies.
These types of Bonds are generally written by insurance Cos and available through insurance agents...contact yours and others to see if they will consider providing one and what their individual requirements are.
What challenges are faced by receptionists?
Receptionists are the first point of contact a person sees when entering a business. One of the most challenging tasks faced by a receptionist if dealing with rude people.
What is property management systems?
In hotels a property management system, also known as a PMS, is a comprehensive software application used to cover objectives like coordinating the operational functions of front office, sales and planning, reporting etc.
1. the contact or connection maintained by communications between units of the armed forces or of any other organization in order to ensure concerted action, cooperation, etc. 2. a person who initiates and maintains such a contact or connection. 3. an illicit sexual relationship. 4. Cookery. the process of thickening sauces, soups, etc., as by the addition of eggs, cream, butter, or flour. 5. Phonetics. a speech-sound redistribution, occurring esp. in French, in which an otherwise silent final consonant is articulated as the initial sound of a following syllable that begins with a vowel or with a silent h.
