Property Management

What is a Property Management Company?

An area of real estate we need to address is the area of property management. Many times an absentee owner would need to hire a property manager or maybe an apartment complex or shopping center also would need to hire a manager to manage the property. When this occurs, the owner will hire the manager by signing a property management agreement. The property management agreement needs to contain things like the length of time this agreement will be in force and also include things like the function of the property manager. The vacancy rate typically is not part of the agreement, however, because the vacancy rate is more determined year to year based on the market conditions. The functions of a property manager typically include possibly finding tenants, repairs, maintenance and paying bills. Those are the typical functions of a property manager.