What is the Definition of Property Management?

Property management: definition

This includes all functions essential to the upkeep and maintenance of a property and its tenants, says the Department of Energy. This involves four major phases: tenant management, property management, financial management and supervision.

Tenant management

This refers to the tasks and responsibilities of a property manager that involves the acquisition and management of tenants. A property management team in Las Vegas will handle the advertisements and marketing to ensure vacancies are filled. They screen prospective tenants to ensure they’re financially stable, preventing future problems down the road. They handle tenant complaints and do their best to provide solutions as soon as possible. And in case of long overdue rent, they serve up the pay or quit notice as well.

Property management

This includes tasks and responsibilities that revolve around maintenance and repair work. They ensure the upkeep of the property, checking it regularly for problems and issues. If your roof leaks or your windows need to be replaced, they hire contractors to get the work done and supervise over the work to ensure everything is repaired, replaced and built in compliance with building codes and regulations as well as with local and state tenant-landlord laws.

Financial management

They handle the budgeting for the repair and maintenance work as well as for the upkeep of the property, which often comes from the rent or from an allotted budget. They take care of the utility bills, home owners’ bills, property taxes, mortgage fees and more. They also collect the rent.

Administration and supervision

Managing a property means they inspect the property regularly and take on administration tasks to make sure the property is in good condition. With a property management team in Las Vegas, you have someone onsite to report any problems and damages in case of an emergency. You also have someone to implement any changes or adjustments you want, so long as these don’t violate any tenant-landlord laws.

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