A property manager's work may involve some duties that overlap with those of a real estate broker, mortgage broker, or residential appraiser. These professionals are obligated to ensure that a property is rented or offered for sale within the boundaries of fair housing laws.
Professional Obligations
People who manage the property are usually required to obtain a license, which involves studying and passing a course in property management and undergoing a background check. Convictions for crimes of dishonesty or felonies will usually disqualify an applicant.
Property managers have to look after the best interests of their clients (a.k.a. landlords). This duty extends to communities and buildings as a whole, not to each resident within the community.
For many communities, homeowners associations (HOAs) and condominium associations (condos) serve an essential role.
The associations create and enforce the rules for the community, to maintain property values and ensure the safety of residents.
Here are some highlights of homeowners associations and condominium laws:
Property management is the relationship between a property manager and a community association's governing board (or other entity). Property managers are instructed to nurture their communities, keeping them vital and vibrant. They accomplish this by managing budgets and finances, enforcing rules and regulations, coordinating maintenance and repair of common areas of the association, and ensuring compliance with state and local laws.
There are several professional organizations related to property management. Most are active providers of information and advocacy. They're also instrumental in lobbying for laws on both communities and property managers.
Exploitation of Law
Property management is a field that is concerned with the operation of real estate, including the management of financial, legal, acquisition, and asset and property management. Property management companies are responsible for the oversight of rental properties and coordination between tenants, owners, and contractors.
One area of increasing concern for property managers in recent years is the unauthorized practice of law. Recently several states have indicated that various activities property managers perform may be deemed the unauthorized rule of law. Property managers need to work closely with legal counsel to ensure that they do not inadvertently violate the law through standard practices like preparing and recording lien claims, sending demand letters, or advising the client's board of directors on the state of the law, particularly issue.
