Essay On Property Management

4464 Words18 Pages
Chapter 1: PROPERTY MANAGEMENT
1.1 WHAT IS PROPERTY MANAGEMENT?

Property Management is the operation, control and oversight of a residential, commercial and/or industrial property. The property manager acts on behalf of the owner to preserve the value of the property owned. In return for fee or a percentage of the rent brought in from the property, the property manager provides services to the owner for different types of properties including residential and vacation properties, commercial retail spaces and industrial warehouses.
The property manager is typically responsible for budgeting expenses, securing renters, collecting rent, complying with laws and regulations, and maintaining the property. This includes preventive maintenance, repair
…show more content…
They are involved in all capacities, from finding the tenants and dealing with complaints to initiating evictions.
• Finding Tenants: Property managers are responsible for marketing the property to fill vacancies. They know where to advertise and what to include in their ads. They also understand what attracts tenants, so they can suggest making cosmetic improvements to help makeover the property.
• Handling Leases: The length of the lease period in U.A.E is 1 year. After which, the tenant can either choose to renew his leased property for the next subsequent year and so on or vacate the property. Renewals and move-outs are also handled by the property manager. When leasing to a new tenant, the property manager obtains all the necessary documents from the tenant which includes their identification and residence visa (if needed) along with the security deposit and rent. When renewing the leased property, only the rent is collected from the tenant.
• Handling Complaints/Emergencies: They ensure periodic preventive maintenance measures are taken to preserve the property being handled by them. They have the necessary contacts to handle emergency

More about Essay On Property Management

Open Document