Property Management
This topic covers the property manager's role, the management agreement, and the lease types and landlord-tenant rules that govern rentals.
The Manager as General Agent
A property manager usually acts as a general agent under a written management agreement, handling leasing, rent collection, maintenance, tenant relations, and financial reporting for the owner. The manager owes fiduciary duties and must account for all funds. The goal is to protect the owner's investment while producing income.
Leases and Landlord-Tenant Law
A lease creates a leasehold estate, giving the tenant the right to possess for a term in exchange for rent. In a gross lease the landlord pays operating expenses; in a net lease the tenant pays some or all of them; a percentage lease ties rent to sales. Landlord-tenant law governs deposits, habitability, entry notice, and eviction. Fair housing applies to rentals.