Property management is the term given to the control, maintenance and overseeing of a property, whether it be residential, commercial or industrial. Property management have been around for several years now, beginning with the basic pen and paper approach, to the development of property management systems and softwares. Since property management have numerous facets, the use of a system or software have led to more efficient ways and methods to provide effective and reliable means in the management of a property, or properties.
Some of the facets included in property management is the upkeep of a property in its physical form, i.e, maintenance and care of the property; control of tenants such as, background and credit checks about potential tenants; monitoring of tenants in terms of payment schedule and proper use of its facilities; regulation of rules and ordinances applied to the use of the property, in parallel to the governing laws and statutes where the property is located, and the administration of the property in terms of its overall productivity.
Since property management is an essential industry very much a part of the corporate world, project management firms and companies should employ licensed people. In the U.S, most states require property managers to be licensed real estate brokers since they handle rental payments, list properties and negotiate leases. Although it is ideal that a property manager be a licensed real estate sales representative, they are also allowed to be so granting that they are under, or function under a licensed real estate broker. In some states, like that of the state of Maine and Idaho, do not require property managers to be licensed real estate brokers or salesperson. Further in some states like in Washington, a project manager who does not own the property he or she manages require them to be a state licensed real estate broker, while property managers who own their property do not need to be licensed. Moreover, property owners who live beyond the location of the rental property may be required by the local government to hire the services of a property management firm or company.