Property management, in simple terms, deals with the management of properties. However, it also comes with a lot of responsibility and daily tasks which require a lot of hands-on work. Read on to uncover the basics of property management.
In a Nutshell
Property management encompasses the management of properties which could be residential, commercial, or industrial. This role is provided by companies like John Keells Properties, in Sri Lanka, which envisages daily maintenance of the real estate while also acquiring tenants to fill vacancies in the properties.
What Do They Do?
Apart from the maintenance of the property, they are also responsible for all day-to-day repairs, security, and the general upkeep of properties under its purview. Property managers also work closely with the property developers in Sri Lanka who have erected high-rise apartments to take away the hassle of worrying about the maintenance of the said buildings.
The property manager is the middleman between the owner of the property that is being managed and any tenant leasing the property. So, they are not also responsible for not only acquiring the said tenants but for also relaying messages back and forth. Property managers usually have a team of lawyers on board to review the paperwork of ownership to make sure everything is above board as well.
Curious to understand what property management entails and how it fits into the grand scheme of real estate? Read on to uncover the basics and more!