At WiseGEEK, we're committed to delivering accurate, trustworthy information. Our expert-authored content is rigorously fact-checked and sourced from credible authorities. Discover how we uphold the highest standards in providing you with reliable knowledge.
Property is often cared for by people other than those who own it. In many cases, property management firms are hired to do the work. These are companies that assume responsibilities for tasks such as property maintenance, enforcing property regulations, and collecting payments from homeowners or renters.
Some property owners possess numerous properties, some of which are quite large. Others may not live near the property that they own. There are several reasons why property owners may employ property management firms. In any case, the decision to hire such a company is usually done to relieve the property owner of the burden of day-to-day operations.
Property management firms can be employed to handle the affairs of commercial or residential properties. Where residential properties are concerned, the property management firms that are hired are often real estate agencies. When this is the case, the hired company can perform duties such as selling plots and collecting rents or other payments.
Many communities are built according to a specific plan. There generally are guidelines that are put into place to ensure that the community retains certain standards or a certain identity. For example, a community may be built for seniors. The selling points of this community may be that older people will be surrounded by others in their age group and they will not have to be burdened with many of the laborious tasks that homeowners face. People who choose to live in such a community may, however, be bound to restrictions on who can live with them and what they can do to the exterior of their homes.
The role of property management firms in such situations is to make sure that each party gets what has been agreed to. A property management firm is usually responsible for seeing that only qualified people are allowed to obtain property in that community. They will likely be required to maintain the yards, streets, and garbage collection. On the other hand, they must serve the interest of the community by enforcing rules that prohibit underage relatives from moving in with present homeowners, or rules that prohibit homeowners from erecting fences or other structures.
Property management firms play similar roles in apartment complexes and resorts. Their roles usually involve collecting money owed to the establishment. Generally, they are responsible for the upkeep of the property. They may fulfill these obligations by directly employing individuals to fill the roles needed or by hiring third parties to do so.