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Exactly what is a property management company?
I have been readiing about property management companys lately
Exactly what is a prop mngmnt comp
at first i thought it was an external business who maintain a complex for a yearly fee per unit....
Now i hear that every units owner is an owner of the management company....
Can someone please clarify this as i am really mixed up
- thewrangler_swLv 71 decade agoFavorite Answer
A property management company is a business that handles the routine maintenance, and usually collects the rent, etc, for the owner. These are pretty commonplace for apartments, or owners that have several rental homes, etc....rather than deal with the tenants themselves, they prefer to have a third party take care of things.
Many 'condo' units have their own 'association' to handle the property maintenance, and even some home sub-divisions, parks, etc, will also use this type of management to see that the routine maintenance, and community rules, are adhered to. In this type of situation, yes, the unit owner, is part owner of the management service.... but in the aforementioned service, the property management company may, or may not, be owned by the property owner themselves... most often, they are third party companies, independently owned by someone else, and they provide management services to many different property owners. In this scenario, the property management company does not actually own any of the property, they simply manage it for those who do.
- 1 decade ago
Property management is a part of real estate agency work. A person who owns a house, apartment etc. who wants to rent it out to get an income signs the property up with the real estate agent. The real estate agent then looks for someone to rent the property, takes the rent from the tenant, is the person to contact by the tenant if anything goes wrong in the property, and the real estate agent is responsible for finding someone to fix any problems (at the owners expense), such as a plumber etc. The real estate agent then takes a commission out of the rent for his work.
Strata management: is for units and residential complexes. These are usually run by a small committee of people who represent all the other residents (unit owners) of the complex. They hold monthly (or so) meetings to discuss and make decisions about maintenance, general problems etc. Every one of the unit owners pay an amount every so often to the "strata managers", to pay for general maintenance to the whole building, repairs, legal paperwork required etc.
There is also a residential manager who lives on site. These types of property usually involve holiday rental units, and the person looks after these.
All these can be run by a management business, but in Australia all have different regulations and if you want to run one of these businesses then you need qualifications and a licence.
- 6 years ago
Property management companies are responsible for handling various residential and commercial properties on behalf of landlords and property owners. The services offered by these companies include screening tenants, aggregating rents, taking care of maintenance and repairs related to property, as well as handling finances. The more the services provided by a Property Management firm, the better the profits are. However, there are many other means of improving the profit potential, which doesn’t just require lowering the quality of your services.
- 6 years ago
Timely, responsive, professional service...exactly what we wanted in a property management company.
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- 7 years ago
Property management companies take responsibilities to handle all the maintenance and management strategy of the property in which includes residential and commercial property, Schools, University, Hotals, Hospitals and the all buildings those need cleanliness to stay longer in time.
Management shows a need to be cared for, monitored and accountability given for its useful life and condition.Source(s): Experience
- 1 decade ago
A P.M.C do yearly management as you thought but a P.M.C.
can be run by a group of property owners or business's
- Anonymous6 years ago
In this type of situation, yes, the unit owner, is part owner of the management service.... but in the aforementioned service, the property management company may, or may not, be owned by the property owner themselves...
- 5 years ago
Many have done a good job answering this. I'll add to it that a lot of these companies use software like EZ Inspections to help with the overall management of their processes.Source(s): www.ezinspections.com
- ?Lv 45 years ago
it particularly is the unit proprietors that variety the administration company or it particularly is an outdoors administration business enterprise that seems after the valuables maintenance for the domicile proprietor. various huge businesses use administration businesses. working example, BB&T financial business enterprise makes use of CBRE sources administration for his or her straightforward maintenance and to solicit costs from contractors for greater important products.