Property Management
Property managers operate real estate on behalf of owners. This topic covers management agreements, leases, and the manager's responsibilities.
The Management Agreement and Agency
A property manager typically acts as a general agent for the owner under a written management agreement that defines the manager's authority, compensation, and duties. Responsibilities include marketing, leasing, collecting rent, maintaining the property, handling tenant relations, and reporting to the owner. The manager owes the owner fiduciary duties and must account for all funds.
Leases and Landlord-Tenant Basics
A lease conveys the right to possess property for a term in exchange for rent, creating a leasehold estate. Common types include gross leases, net leases, and percentage leases. Landlord-tenant law governs security deposits, habitability, notice for entry, and eviction procedures. Fair housing rules apply fully to rentals.