There are various types of property management companies. There are those that are specialized in the management of closed neighborhoods of single-family homes and multi-dwelling units (e.g., gated community) as well as those that manage only large apartment complexes, retail and business centers or industrial properties − typically larger properties or building parks that require complex monitoring and regulating.
The business of realty encompasses the services rendered by property managers acting as agent between a buyer and seller in real estate transactions and in the leasing and management of real estate on behalf of property owners. Processes, systems and manpower are required to manage owner-occupied and income-producing real estate throughout its life cycle – from acquisition, utilization, maintenance and refurbishment to disposition.
The duties of property management generally include lease administration, which is the administration and management of leased properties, from screening a lease applicant and lease contracting to managing and monitoring rental payments, coordinating any tenant alterations to managed properties and handling amendments to leases. It is the process of managing all lease-related transactions and has become an integral part of the administrative, accounting and legal requirements associated with a real estate portfolio.