Property Management – Sherman Oaks
Sherman Oaks Property Management
West Hills Property Management
Woodland Hills Property Management
Northridge Property Management
Property Management in Calabasas
Property management is the maintenance and control of rental property – including the physical property itself and the management of tenants.
A property manager works for a property owner to market a property, deal with tenants, collect rent, provide maintenance and make repairs. Some of the duties include screening applicants’ criminal history, rental history and credit.
Property management professionals draw up leases that are legally approved in the area and mediate maintenance issues. Financial and investment management and litigation are other aspects of a property manager’s responsibilities.
Property management is almost entirely a modern practice. There is some evidence that property managers existed in early civilizations, where landowners contracted with others to collect rent and maintain their land. However, they were usually just servants or employees of the landowners. In feudal systems, servants were used by lords to manage buildings on their lands and collect rent.
The real business of property management as it is known today began during the industrial revolution, when land and real estate became profitable and more of a business.
By the mid 1700’s, land was used a means for investing surplus funds and capitalized as an investment. Wealthy landowners often owned several buildings strictly as investments, and did not have time or inclination for collecting rent and making repairs. Thus they hired others to do the work of management, maintenance, coordinating repairs and collecting rents.
These informal property managers were especially used in the newly developed areas of the United States, where growth of cities led to demand for offices, stores and rental housing for workers.
Property management was not an organized service until the beginning of the 20th century, when the boom in rental housing – including single family homes, multifamily units and apartment buildings – was in full swing.
That was when wealthy owners began asking real estate professionals for the service of collecting rent and maintaining properties and paid a fee for their services.
When the Great Depression hit, many of these housing units were foreclosed and became the property of financial institutions. They sought help from real estate experts to best manage and merchandise these properties. Real estate managers began pooling resources and creating formal studies to develop knowledge, skill and expertise.
Property management has developed rapidly since then, with well-defined structures and practices. Certification and education was put in place during this time as banks and finance became more regulated and standards were developed to measure knowledge and create safe practices.
Property management certification
Today, most states require licensing for property managers.
Generally, they can be licensed in real estate sales, but must work for a licensed real estate broker. Some states offer a separate property management license.
Private owners usually do not have to have a license to rent and manage their own properties, but in some areas a business license is required. In some areas, private owners are required to hire a property management company if they do not live nearby. Many other countries do not require licensing, or leave requirements up to different territories and provinces.
