Property management is nothing but a business of managing a real-estate property both commercial and residential. Property management involves the processes, systems and manpower required to manage the life cycle of all acquired property as including acquisition, control, accountability, responsibility, maintenance, utilization and disposition.
PROPERTY MANAGEMENT RIGHTS
The rights of property management business differ to that of commercial and residential properties. Let us understand the rights of property management in detail for both types of real-estate.
RESISDENTIAL PROPERTY MANAGEMENT RIGHTS
As we know property management is a business, in residential property the right to the resident owner within a community living complex, is to fulfill the role of Caretaker and to operate a letting business (of units within the complex) on behalf of non-resident owners. The person who owns the Management Rights is usually referred to as the Resident Manager.
By becoming Resident manager one gets the right to
- Live at the complex
- Take care of common property on behalf of the Body Corporate.
- Let units in the complex on a rental basis. The rental could be long-term or short term like holiday letting.
COMMERCIAL PROPERTY MANAGEMENT RIGHTS
Property manager of commercial real-estate assist owners in taking care of details related to the upkeep of the buildings on the property, qualifying potential tenants, overseeing leasing the property and collection of rentals.
RIGHTS OF PROPERTY MANAGER
Property manager has the right to look after day-to-day operations of the building and taking care of maintenance.
- Overseeing renting process, collection of rentals and interacting with tenant in matters of any repairs or maintenance of building.
- In case of sale of property, property manager has to oversee the entire process of providing prospective buyers information to property, selecting buyers, creating contract and dealing with all aspects to sale.