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The number of commercial property buying and leasing has increased fourfold since 1991. The increasing investment that people put into real estate properties is up scaling in leaps and bounds. Along with investment in property comes the task of effectively managing the property. In many cases people employ real estate property managers to take care of the needs of their assets. Most of the property buying and leasing are being done through property managers nowadays. They act as a liaison between the owners and the lessee of the property. They tend to the maintenance and up keep of the property as well. Property managers either work independently or sometimes conjointly with a large property management firm. Their services are rendered at a fee which is either paid monthly or quarterly. Sometimes property managers are also hired on a long term contract basis. Real estate property management is not an easy task. It involves a lot of risks and responsibility that are put upon the shoulders of the property managers. The typical duties that need to be performed by a property manager include finding or evicting and dealing with tenants to whom the property is leased to. They must also make sure that home repair, home improvement, cleaning, garden maintenance, landscaping, and other services must be provided and must be coordinated with the asset owner's wishes time to time. Thus the detailed duties expected of a property manager are categorized into three broad definitions as explained below: - The full and proper selection of an applicant based on his or her social background, credit ability, whether he or she has had any criminal history, his previous rentals and agreements and credibility to pay rent. The manager must make sure that Lease contracting is done according to the terms of the owner he must accept rent using legal documents approved for the area in which the real estate is located. Moderation and any changes regarding all maintenance issues generally should be done with prior or conveyed consent via a Limited Power of Attorney that is legally agreed to upon by the owner of the property. These duties are performed with utmost care by the Property Managers. They must constantly coordinate with the property owners so that they may feel at lease. If there is a contract tenure the property manager must make sure that he rents out the property to tenants within that tenure only and if the tenant needs to stay beyond the tenure he must communicate this to the owner and either gets the contract extended or transferred. All these formalities are to be done legally in the presence of a lawyer or notary. The manager must consult with a lawyer and verify the authenticity of a particular property before he undertakes it for management. In large real estate property management companies there is a strong legal team that performs this task. Property management is an excellent solution to people who own properties in commercial areas and also single owners of large amounts of property. It provides a comprehensive solution for both the owner and the manager and safeguards the interests of both.
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property managers, property management,
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