Property management is the overall efficiency brought about in the administration and oversight of real estate concerning facets like property value, requirements, facilities, accountability provided during the life span of the property to keep it alive and in good condition.
Property management also involves the processes, infrastructure and labor required to manage and organize the tenure of a property right from acquisition till disposition.
Real estate brokers in states like Colorado, New York, and Texas are to be license if they have to collect rent, list properties for rent or be the third party in negotiating lease and inspections. All property managers are required to work under a licensed real estate broker even if they are licensed real estate salesmen.
The requirement of needing a license to perform the duties of property manager changes from state to state.
When it comes to owners managing their own properties, most states do no insist on having a real estate license, but if the owner intends on renting the property, a business license is required. For the property owners who do not stay near the rental property have to mandatorily hire a property manager to manager their property.
Most property owners with multiple properties prefer to hire property managers to manage their properties for rent collection, handling/maintenance, catering to tenant’s complaints/evictions, and most importantly keeping the property healthy and alive.