“Property Management is like being the mayor of a small city…”
Property management involves the daily operations at the individual property level and can include marketing and promotion, tenant screening and selection, managing rent, coordination of the maintenance and repair function, optimizing building efficiency and acting as liaison between owners, investors, vendors, and tenants. The duties and expectations of property managers have grown over time especially as the downturn of the economy has put an increased focus on the bottom line. The position increasingly involves a comprehensive understanding of the asset or assets in a real estate portfolio and the responsibility to lease and management to maximize returns and insure the real estate’s long-term viability.
Information on this page provided courtesy of Cornell University Baker Program in Real Estate
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