Exactly what is a property management company?

March 2nd, 2010 | Author:

I have been readiing about property management companys lately

Exactly what is a prop mngmnt comp

at first i thought it was an external business who maintain a complex for a yearly fee per unit….

Now i hear that each units title-holder is an title-holder of the management company….

Can someone please clarify this as i am really mixed up

Thanks

real one:

March 2, 2010 at 4:14 pm

As a part title-holder of an apartment building I am considered property management. I take care of tenets housing needs. In the event of repairs, I am the one that does the work or hires the contractor. If potential tenets need screening, I do this and if eviction is required I do the soil work too.
I am not just the title-holder I manage the property.
M M:

March 2, 2010 at 4:59 pm

It can be the unit owners that form the management company or it can be an outside management firm that takes care of the property maintenance for the property title-holder. A lot of large companies use management companies. For occasion, BB&T Bank uses CBRE property management for their basic maintenance and to solicit quotes from contractors for more major items.
sgt:

March 2, 2010 at 5:38 pm

For example, a condominium complex hires a property management company to have all the maintenance done, collect association dues, provide security, etc.