Property management is the control and maintenance of properties in order to reduce maintenance costs and increase the profit from their use. Management can refer to all types of real estate: private (residential and non-residential), and public.
The administration and control of is an activity aimed at maintaining or improving its condition. These activities may be carried out either by the owner himself or by specialists engaged for this purpose (in this case we may speak of professional property management).
Management may be economic or technical. Technical property management includes maintaining the property in accordance with its functional use. In multi-storey buildings, this is most often done by management companies. They have to establish effective cooperation with all owners (maintenance contracts) as well as engage contractors to carry out cleaning and maintenance, gas, electricity and water supply.
The economic management of real estate consists of the disposal of the income and expenditure generated by the operation of . For example, a landlord performs economic management when he or she receives the rent and allocates part of it to upgrading unused premises.
When it comes to commercial real estate, large shopping malls and business centres need management the most. The operation of such buildings usually requires cooperation with owners and many tenants, as well as high loads on all engineering networks. This is why combined (economic and technical) management is most frequently used.
The main objective of any property management company is to achieve maximum efficiency in the use of the property for the benefit of the owner.