“Property management”
By James Nsien2
http://james-nsien2.com
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. The range of functions concerned with looking after buildings, including collection of rents, payment of outgoings, maintenance including repair, provision of services, insurance and supervision of staff employed for services, together with negotiations with tenants or prospective tenants. The extent of and responsibility for management between landlord and tenant depend on terms of the lease(s). The landlord may delegate some or all of these functions to managing agents.
The term property management is used to describe the practice of managing capitalized assets that are not real estate in nature, such as equipment and consumables. This is particularly the case in some post-secondary institutions, federal agencies and organizations that must manage government-furnished property, such as government contractors
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 aa 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 however they must at least have a business license to even rent out their own home.
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 registered
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 licenses 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 ones 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 & Managers Institute International (BOMI) offers industry-standard designations that certify the training associated with Property Management:
• the Real Property Administrator (RPA)
• the Facilities Management Administrator (FMA)
• the Systems Maintenance Administrator (SMA)
• the Systems Maintenance Technician (SMT)
The Institute of Real Estate Management (IREM)
• Certified Property Manager (CPM)
• Accredited Residential Manager (ARM)
• Accredited Management Organization (AMO)
The National Association of Residential Property Managers (NARPM) has the following designations:
• Residential Management Professional (RMP)
• Master Property Manager (MPM)
• Certified Residential Management Company (CRMC)
• Certified Support Staff (CSS)
National Apartment Association (NAA) has the following designations:
• Certified Apartment Manager
• Certified Apartment Property Supervisor (CAPS)
Property Management Qualifications
Many real estate developers, investors, and owners of various commercial and residential properties do not have the required time or knowledge that is needed to manage these properties. In many situations, these people hire property management firms or property managers to take on these responsibilities. Because property management involves many aspects of maintenance, the background of property managers is quite varied- everything from financial duties to maintenance and operations. In most cases, property managers work their way up from lower positions within apartment buildings, office complexes, community associations, or property management firms. A large majority end up going into business for themselves, while the remainder feels more comfortable working underneath a larger firm or company.
Attributes of a Property Manager
Regardless of a person’s qualifications, anyone going into property management needs to be able to communicate effectively with people, and have solid speaking and writing skills as well as basic financial capabilities. Many investors and property owners look for qualities such as good negotiation skills, in-depth data analysis skills and creative financial strategies.
What types of real estate do property management companies oversee?
Property managers manage all types of properties, including homes, apartments, mobile home parks, stores, offices, industrial properties, and storage facilities.
Shown below are recent surveys for property management’s average job matching salary and average salary for related jobs.
James Nsien2
NCN Real Estate Investments, LLC
http://james-nsien2.com/ncn-real-estate-investments/
Originally posted 2009-04-10 18:00:36. Republished by Blog Post Promoter