Who Pays For The New Roof?
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will concentrate on either commercial or residential real estate property management. Most property management agencies deal exclusively with condominium associations. The type of properties involved will determine the duties of the property management agencies.
Condominium associations often hire property management agencies to oversee their financial affairs. People who live in a condominium association are in charge of managing themselves. They usually elect a board of offices and vote on various issues. The board of officers consists of a president, vice president, secretary and treasurer. Property management agencies will deal mostly with the secretary of the association.
It is normally the duty of condominium property management agencies to collect the monthly assessment dues and make note whenever an owner is late with their dues. If someone has not paid their dues in a specified amount of time, a lien may be recorded against his or her property. This is up to the condominium property management agencies to facilitate. Anyone working in property management agencies should be familiar with a lien as well as the laws in the state in which the property lies. They should also be familiar with the duties of their specific condominium association and property management agency.
The property management agencies taking care of a condominium association will also oversee common area maintenance. Common area maintenance is something that anyone working for property management agencies must be familiar as it will encompass both residential and commercial real estate. Common area maintenance refers to the areas in the building or buildings that are common to all. In a condominium association, this would include the parking lot, driveway, foyer or lounge, fitness center, pool and hallways of the buildings as well as the roof and exterior. Any time anything had to be repaired or cleaned in these areas, it would be paid for by all of the members of the association or, in the case of rental buildings, by the tenants. The amount that individuals would pay is figured either by the condominium association bylaws or the lease.
Those working in should be well familiar with a lease as well as the tenant and property owner laws in the state in which the property lies. They will have to have knowledge of the real estate laws in the state as well. Most property management agencies will hire someone based upon experience rather than education, however a good deal of people who work in this field have a real estate license. Most states require a license to sell real estate. To get the license, a person has to attend a certain number of classes, including real estate law and pass a test to become certified in their state. For this reason, property management agencies prefer to hire those who have taken these classes but who are not attorneys.
Paralegals can also get into the field of property management as they have a knowledge of real estate law, but are not licensed to practice law. Property management can be a lucrative field in which to work, particularly if you are familiar with commercial real estate law. Property management agencies that deal with commercial real estate tend to pay more than those that deal with residential real estate. Property management agencies are able to charge larger fees to commercial real estate because of the nature of the beast.
Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.
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