The tasks, rights and obligations of a property management company

A property manager is a person or a company that takes care of all matters relating to a property. They also deals with the management of rented residential buildings, residential complexes, condominiums and commercial properties. The manages both its own and other people’s houses and apartments.

To the different types

  1. House and property management services in Chicago this is responsible for the management of common property.
  2. Rental management of residential and commercial properties this includes residential and / or commercial properties, business complexes, offices or practices.

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What tasks are part of the property management’s field of activity?

Representation of the owners: A property manager has the task of representing the interests of the owners with other tenants or third parties.

Legal administration: The administrator should always keep himself informed about the current case law and legislation and take part in certain further training measures. This includes representing the owners as a legal person with third parties. It becomes clear that the administrator has to take up a lot of time, especially for this area of ​​responsibility.

Technical administration: This includes maintenance work, regular observation and control of the managed objects and also the assessment of the construction status. In addition, the property management in this area is responsible for the operation and control of facilities such as the elevator or the like.

Commercial administration: This field of activity includes the economic management of the property towards owners and tenants. Furthermore, the administrators are responsible for the bookkeeping, the account management, the reporting, the management of the accounting books as well as for the proper file management operating costs accounting, annual accounts etc. In addition, they must regularly check the rent index and make any appropriate adjustments, and a so-called business plan must be issued for each calendar year.