Some Property Management Information

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Property management can be a very lucrative business when handled correctly. It takes an organized, well communicated, and dedicated individual or staff to be able to pull off a successful property management company. Typically, companies will charge their landlords a percentage of the gross rent collected each month. This percentage for property management fees can range from 3 to 10% depending on the market. Sometimes a flat fee is more appropriate when the property is a condominium or a type of cooperative complex. Some states might require that property managers have a property management license or a real estate license to be able to claim the title of property manager or property management business.   

A cousin to property management is facility management. Facility management is like property management but the focus is the management of buildings and services. One definition from a large facility/property management association says a profession that encompasses multiple disciplines to ensure functionality of the built environment by integrating people, place, process and technology. Australians prefer the term: commercial services to property management, this term replaces facilities management in some organizations. Besides keeping the property up to date, commercial services can also include duties such as waste disposal, parking, security, landscaping and more.

Compiled by Natalie Thomas, TQAS executive and business blog writer.

Thanks for visiting our property management blog, a blog that reflects issues in the property management business.

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.