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Essay on Property Management
Property management is the number of duties related to managing, maintaining, protecting and disposing of property. The functions include managing land, looking after apartments, collection of rents, Advertisement of vacant property, interview and select the best tenant for the property, submission of outgoing payments, perform maintenance and repair activities, looking after liabilities like fire, theft and insurance on rental property, ensuring that all rental policies are followed by the tenant, carrying out inspection activities, supervision of employed staff and negotiations with tenants both current and potential. (Lincoln W. North, 1984)
The number of duties and responsibilities of a landlord depends on the terms and conditions mentioned in the lease. In some cases a landlord may handover some or all of these tasks to managing agents.
Basically a Landlord is a person who owns, manages and is responsible for different types of property including houses, apartments, retails stores, offices, factories etc and who either rent or lease these properties to others. He is the one who selects tenants for his property and takes great care in finding somebody who is responsible and has a strong financial stability and respect for other people's property. The landlord of different countries are forbidden by their Federal laws from rejecting an interested tenant on the basis of color, race, religion and sex but he or she has full privileges of evaluating an applicant's rental history and experiences. Landlords have a number of legal rights and duties stated in the lease which they are expected to follow and fulfill in all conditions. Some basic duties and responsibilities of a landlord includes providing a peaceful and calm place to the tenant to live, maintain minimum regulatory standards in the property, provide basic utilities to the tenant, keep the place safe from insects and pests etc.
Besides Landlord a tenant is someone who rents a property according to his needs and has the temporary rights of use and occupancy on it....
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