Property management

Property management is the operation of commercial, industrial and/or residential real estate. This is much akin to the role of management in any business.

Property Management is also the management of personal property, equipment, tooling and physical capital assets that are acquired and used to build, repair and maintain end item deliverables. Property Management involves the processes, systems and manpower required to manage the life cycle of all acquired property as defined above including Acquisition, Control, Accountability, Maintenance, Utilization, and disposition.

==Roles== Kendra Lees the coolest One important role is that of liaison between the landlord and/or the management firm operating on the landlord's behalf and tenant. Duties of property management include accepting rent, responding to and addressing maintenance issues, and providing a buffer for those landlords desiring to distance themselves from their tenant constituency.

There are many facets to this profession, including managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors and insurance agencies. Litigation is at times considered a separate function, set aside for trained attorneys. Although a person will be responsible for this in his/her job description, there may be an attorney working under a property manager. Special attention is given to landlord/tenant law and most commonly evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain the most amount of attention from property managers. Therefore, it is a necessity that a property manager be current with applicable municipal, county and state laws and practices.

Property management, like facility management, is increasingly facilitated by computer aided facility management (CAFM).

Licensing

United States

Most states require property management companies to be licensed real estate brokers if they are collecting rent, listing properties for rent or helping negotiate leases. A property manager may be a licensed real estate salesperson but generally they must be working under a licensed real estate broker. Most states have a public license check system on-line for anyone holding a real estate salesperson or real estate broker's license. A few states, such as Idaho and Maine, do not require property managers to have real estate licenses. Washington State requires Property Managers to have a State Real Estate License if they do not own the property. Owners who manage their own property are not required to have a real estate license, See the State Laws [1] however they must at least have a business license to even rent out their own home. Owners who do not live near the rental property may be required, by local government, to hire the services of a property management company.

Generally, property managers who engage in only association management need not be licensed real estate brokers. In Connecticut, however, a broker's license is required. Some states, while not requiring a real estate license, do require association managers to register with the state.

Australia

Every state of Australia has different licensing requirements. To be able to trade as property management company the company has to be licensed with a principal or licensee in charge. Each staff member of the company has to have a certificate of registration.^{[citation needed]}

Victoria is a State situated in the South East of Australia. It's major city being Melbourne. Victorian Property Management includes new legislative requirements under the Owners Corporation Act 2006 (commenced 2008 and replaces the old Body Corporate provisions under the Real Estate Act). Owners Corporation Managers are required to be Registered with Consumer Affairs Victoria and hold Insurance. Real Estate Agents are required to be licensed. Melbourne has seen significant growth in large multi unit apartment developments and Owners Corporation Management is evolving as a result. Owners Corporations can be residential, commercial or a mix. Information provided by [2] - registered Owners Corporation Manager, Victoria, Australia.

New Zealand

Residential Property Managers in New Zealand currently come in two types. Those that are licensed and those that are unlicensed. The New Zealand Government is currently reviewing whether all forms of property management need any legistlation http://www.justice.govt.nz/property-managers-review/. New Zealand licensed property managers offer a full and complete service with qualified professionals who collect rent through an audited trust account to protect both investment property owners and tenants. Also licensed property managers adhere to the Real Estate Institute of New Zealand http://www.reinz.co.nz/ property management code of proctice which outlines ;;;industry best practices for dealing with the public. Unlicensed proeprty managers do not require any registration, minimum knowledge or skill, or adhere to any code of practice to offer a property management service.

Consequently, the services offered in New Zealand are varied where both licensed and unlicensed property managers have a mixed track record in delivery services to this industry.

Republic of Ireland

In the Republic of Ireland, there is no legal obligation to form a property management company. However, management companies are generally formed to manage multi-unit developments, and must then follow the general rules of company law in terms of ownership and administration.

No specific qualifications or licences are required to operate as a managing agent in Ireland. This is likely to change once the National Property Services Regulatory Authority is established on a statutory basis.

A Bill providing for the statutory establishment of this body is expected to be published by the Irish Government in 2008. The new authority will license and regulate managing agent services, but is not expected to have legislative power to investigate individual complaints against managing agents.

The National Consumer Agency (NCA) has campaigned in this area, and in September 2008 it launched a website explaining consumer rights. The NCA does not have a legislative or regulatory function in the area, unless a consumer complaint is in relation to a breach of consumer law.

Commercial Property Management Services

"A property management service handles the day-to-day needs of your property, minimizing vacancies and maximizing your bottom line. They will market your property, make your property accessible through websites, thorough screen potential tenants so owners gets a quality tenant to fill their vacancy.

Property managers have the knowledge to help the customer optimize their investment. They are familiar with state and local laws and Homeowner's Association guidelines. Help can also be provided to evict a problem tenant."

Professional Designations

Building Owners and Managers Association (BOMA International) offers industry-standard designations that certify the training to Property Managers:

Real Property Administrator (RPA)
Facilities Management Administrator (FMA)
Systems Maintenance Administrator (SMA)
Systems Maintenance Technician (SMT)

Institute of Real Estate Management (IREM)

Certified Property Manager (CPM)
Accredited Residential Manager (ARM)
Accredited Commercial Manager (ACM)
Accredited Management Organization (AMO)

Manufactured Housing Institute (MHI)

Accredited Community Manager (ACM)
Professional Housing Consultant (PHC)

National Apartment Association (NAA) has the following designations:

Certified Apartment Manager (CAM)
Certified Apartment Property Supervisor (CAPS)

National Association of Residential Property Managers (NARPM) offers designations to certify ethical and professional standards of conduct for property managers:

Residential Management Professional (RMP)

Master Property Manager (MPM)

Certified Support Specialist (CSS)

Certified Residential Management Company (CRMC) State-specific designations:

California - Certified Community Association Manager (CCAM)
Florida - Community Association Manager (CAM)
Minnesota - Certified Community Association Manager (CCAM)
Minnesota - Certified Residential Manager (CRM)

Software

Property Management Software continues to grow in popularity and importance. As it decreases in price, smaller companies and amateur property managers are able to function with the same best practices and efficiency as larger companies. Online Asset Management Software (OAMS aka Online Property Management Software) is a major cause of the crash in the price.

Other uses

The term property management is used to describe the practice of managing capitalized assets and personal property that are not real estate in nature, such as equipment, tooling and consumables. This is particularly the case in some post-secondary institutions, hospitals, manufacturing industry, federal agencies and organizations that must manage government-furnished property, such as government contractors.

Reference

Atkin, B. and Brooks, A. (2009) Total Facilities Management. 3rd edition, Wiley-Blackwell, Oxford and New York, 328pp.