What is Property Management?


Property management means the management of real estate, be it residential, industrial or even commercial. This management is not a simple management task. Instead it involves myriad different activities such as management of physical assets in the premises as well as maintenance activities. The benefit of being such a manager is that one gets to take charge, accountability and responsibility of the entire premises. It also includes maintenance, acquisition, utilization of resources and control of the real estate groups such as the Homeowners Association.In fact management of properties has become a very coveted profession and is often combined with CAFM which is an abbreviation for computer aided facility management. The roles and responsibilities of a person specializing in property management can be many including that of==> Liasoning between the tenant and landlord==> Acceptance of rent and other payments like charges etc from the tenants==> Taking care of maintenance issues==> Managing the accounts==> Preparation of financial statements==> Solving matters of litigation between parties like landlords and tenants==> Taking maintenance and care of property management software.In some cases the Homeowners Association Management keeps aside the 'handling of litigation' part separate and it is the attorneys who take care of it. There is a separate department which takes care of property and real estate related litigation issues.==> Professional designations of property managersIncreasingly there is a high demand of property managers who are professionally qualified. In fact they are the preferred candidates for posts like a Community Manager. There are many institutions which provide training to become a property manager like the Building Owners and Managers Association (BOMA International), Manufactured Housing Institute (MHI), National Apartment Association (NAA), Institute of Real Estate Management (IREM) etc. A few designations for which training is provided are as under.==> Residential Management Professional (RMP)==> Master Property Manager (MPM)==> Certified Residential Management Company (CRMC)==> Real Property Administrator (RPA)==> Certified Property Manager (CPM)==> Accredited Residential Manager (ARM)==> Certified Apartment Property Supervisor (CAPS)==> Professional Housing Consultant (PHC)==> Accredited Community Manager (ACM)==> Accredited Commercial Manager (ACM)==> Accredited Management Organization (AMO)==> Certified Apartment Manager (CAM)==> Certificate for Apartment Maintenance Technicians (CAMT)The Community Associations Institute in the United States is for property managers who want to specialize in managing planned real estate developments and community management such as Homeowners Association, Condominiums etc. They provide training to become==> Certified Manager of Community Associations (CMCA)==> Large Scale Manager (LSM)==> Professional Community Association Manager (PCAM)==> Association Management Specialist (AMS)

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