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Property Management
Definition
This is the operation of real estate property by a separate business entity. This may include the action of rent collection, maintenance, safety, regulations, and normal day to day operations of a facility.
Using the term Property Management :
Jim Dandy, the head of property management at XYZ holdings, oversees the building management of 58 Maple Street. He is therefore responsible for things like leasing, maintenance, paying the building's taxes, paying utilities and insurance, performing renovations and general upkeep of the property. This is a lot of work and therefore property owners often hire property management firms for a fee to oversee their buildings.
Pay Special Attention To :
This is a very complex process and there are many software tools now in existence that help property managers stay organized. A quick search turns up software that can help property managers estimate expenses for repairs and renovations. There are many other such programs on the market and property managers should carefully review what is right for their specific situation before purchasing any software.
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Related terms
return on investment
