The term “property management” doesn’t just mean acting as a “landlord” or apartment manager. These are included in property management, but so are such things as homeowner’s association management and commercial property management.
Property management companies help find property managers for apartment or condominium complexes, as well as association managers for homeowner’s associations or commercial property. These people are responsible for handling the daily management duties, such as taking maintenance requests, collecting rent, dues, or other fees, performing property checks, and even organizing association meetings.
Some property managers may live on-site or they may live elsewhere but keep regular office hours. Depending on the company that actually owns the property, if a property manager lives on-site, he or she may do so rent-free or at least at a reduced rate.
Property management companies can also help existing property managers perform their duties more efficiently. They can help with advertising for property availability or help them be able to reach occupants or association members easier.
Some property management companies provide software or downloads for property managers to use. If this is the case, they can help the managers learn how to navigate through the software as well as set it up for their specific properties. This can help property managers keep better track of maintenance requests, financial transactions, and even such things as emergency contact information if property owners are “off-site”, and make the information easier to access.
Property managers can have a lot of responsibilities, and asking for help is not a sign of weakness, but rather a sign of good business practices. Property management companies do not “take over” the property manager’s duties, but rather help them perform them in a more efficient manner. Hiring a reliable property management company can help just about any property owner run his or her business much more economically and efficiently.