Property Management Key Terms
Learn more about managing your property by understanding the key termsThe duties and responsibilities of property management can be overwhelming at times. Renters expect to have a clean, livable housing unit, clean common areas and services such as trash and snow removal as part of their monthly rent. They also anticipate repairs and maintenance, such as heating, air conditioning and sidewalk repair, which need to be completed in a timely manner. Other responsibilities of property management include rent collection, accounting practices, knowledge of landlord/tenant laws, the Fair Housing Act and rental insurance.
Property management companyA property management company offers services such as landscaping, snow and waste removal, obtaining contractors to complete maintenance, and accounting services such as rent collection and bill payment.
Property management softwareProperty management software allows one to administer the accounts of rental property. Features of property management software include the ability to generate billing reports and receipts, maintain tenant information, and record income and incurred expenses for repairs and maintenance.
Landlord/tenant lawsLandlord/tenant laws are important for any property manager to know. These include laws pertaining to housing rights, rental agreements, rent increases, termination of tenancy, security deposit requirements, and landlord/tenant obligations.
Fair Housing ActThe Fair Housing Act forbids discrimination because of race, color, religion, sex, disability and national origin. In addition, the Fair Housing Act requires new construction with four or more housing units to be handicap accessible.
Renters insuranceRenters insurance covers the loss of one's personal property, property damage to the rental unit for which the renter is responsible, and individuals who suffer injury while in the rental housing unit. The building's property insurance does not cover a renter's personal property in cases of damage or theft.
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