Few people understand what property management is all about and misinterpretations are highly possible. As a definition, we can say that property management is the operation of residential and/or commercial real estate. We can say that this is almost like the role of management in any business out there. When talking about property management in general we first need to understand the roles linked with this.

The first important role is that of liaison between the tenant and landlord. We have various duties that come with property management like responding to maintenance issues, solving them, accepting rent, doing advertising for possible vacancies and doing background checks and credit verification for possible tenants. In most cases we are dealing with a property management company that charges the landlord with a percentage of the rent that is collected. The percentages can vary from 3 to 10 percent while also gaining profits from possible lease commissions. Different management agreements are possible and repair costs can be marked up by the property manager and property management companies sometimes even manage home owner associations.

Property management companies employ property managers. They may manage development, maintenance, repair and construction on a given property. The relationship between these individuals and tenants is the perfect setting for offering a face to the landlord and they are also given enough buffer servicing in order to obtain profit and create a distance between themselves and tenant constituency. Property management also involves a lot of other aspects like initiating and participating in litigations with insurance agencies, contractors and tenants. In special circumstances it is advised that litigations are handled by trained attorneys even if the person needs to be responsible for his/her job description. The perfect solution stands in property managers working in connection with attorneys that are hired by the property management companies. Special attention is always needed when dealing with problems like non-payment, reductions, harassment, evictions, pre-arranged services and public nuisance. In most cases these can lead to legal problems and property managers will pay attention to this. Property management companies must always stay up to date when talking about county, municipal and state practices and laws. The good news is that with the development of technology we are now dealing with computer aided facility management software that can aid the property manager a lot in his efforts to always stay informed and deal with every single problem that can appear.