Property management is a service dedicated to those who have made a real estate investment or acquired a property (inheritance, donation or other form) and want to earn money from renting it, but without investing their time in the process.
A full service rental management Denver company advertises your property and finds matching tenants for you. It also deals with the collection of rent and payment of utilities, so that everything is paid on time and there are no delays, penalties or disconnections due to delays in utility payment. Small repairs and maintenance of the property necessary to prevent degradation are also taken care of, as is the insurance of the property and potential damage files.
Property management companies are regulated. The Institute of Real Estate Management and the National Association of Realtors represent organizations directly related to property management law.
Some of the authorities that regulate property management companies include:
- Royal Institution of Chartered Surveyors
- Association of Residential Letting Agents
- The Association of Residential Managing Agents
Each state regulates property managers in different ways, but everywhere property managers must be licensed and hold a degree. Additionally, most jurisdictions require property managers to continue their education even after obtaining a license and pay an annual fee to maintain their license in good standing.