Property Management Definition

Property Management Definition & Meaning

> Top 3 Definitions

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#1 – Wikepedia Property management is the operation, control, and oversight of real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its useful life and condition. This is much akin to the role of management in any business.

Property management is also the management of personal property, equipment, tooling and physical capital assets that are acquired and used to build, repair and maintain end item deliverables. Property management involves the processes, systems and manpower required to manage the life cycle of all acquired property as defined above including acquisition, control, accountability, responsibility, maintenance, utilization and disposition.

#2 – Cambridge Dictionary the management of land and buildings as a business, including keeping buildings in good condition and renting property

#3 – RICS A property manager is a person or firm who operate a real estate property for a fee often on behalf of a landlord. The property manager will commonly assist with services which include: • Meeting an owner's investment objectives • Maintaining detailed tenancy records • Ensuring lease terms are complied with • Tenant liaison on a day-to-day basis • Meeting statutory obligations • Operating property on a sustainable basis

> Practical Meaning Overall control and almost administration of lots of details that will enable you to reach your end property goals

> Practical Implications 1.  Maintaining the property 2.  Tenants paying rents

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