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The Evolution of Property Management
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Posted On :
Jul-05-2014
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Article Word Count :
488
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In the United States, Property management came into full flow at the beginning of the 20th century. The American dream was built around an idea of owning a home with a white picket fence.
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In the United States, Property management came into full flow at the beginning of the 20th century. The American dream was built around an idea of owning a home with a white picket fence. People were looking to own their own houses as means of attaining status in society as opposed to being a lowly renter. Most homeowners morphed into landlords looking to rent their land, building or house.
The concept of property management initially was a simple task of collecting the rent and making only the most crucial repairs. But this changed overtime as laws were put into place so that the renter was protected from poor management. As cities continued to grow, duplexes and four story walkups for middle and lower income families were joined by high luxury apartments for wealthy families. Property management services were now not just restricted to rent collection but became marketing agents to get families to move into these buildings.
As time passed, owners became more affluent and didn’t want to deal with the daily responsibilities of owning a property. In cases of buildings, owners looked to ‘caretakers’ or ‘handymen.’ The caretaker would receive a small salary or reduced rent in exchange for taking care of the building.
The 1950s to the 1970s saw a mass exodus of families moving from tiny apartments to small houses in the suburbs. During the same time, new apartment complexes were also being built with the same features as single family homes such dishwashers, modern kitchens, air conditioning and patios. The role of the property manager became more complex over time resulting in hiring a large staff. These newly created firms had to be aware of local laws, tax rebates, daily repairs as well as knowledge of the location.
Laws changed over the next 30 years especially in the area of taxes. Property managers focused on asset preservation and maximization. This meant that the manager and their team had become a full service property management company. Their duties had evolved to include a detailed understanding of the property’s budget and the total real estate market. Their role was to maximize the income of the landowner or homeowner by decreasing expenses or adding on ancillary services such as cable TV or redecorating rooms.
Coming into the 21st century, property management services has taken on new roles. They have to provide the best product and superior resident service. The market has evolved into different subsets of housing. This includes the Affordable market for low and moderate income households, lifestyle market for affluent adults and the larger market for apartment dwellers. With a strong background in finance, marketing and management and a general understanding of the real estate market, property managers are that much more important. In some shape or form, they have been part of the story of America over the last 100 years.
For more information, please visit propertymanagerskc.com.
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Article Source :
http://www.articleseen.com/Article_The Evolution of Property Management_300852.aspx
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Author Resource :
The author has an immense knowledge on www.propertymanagerskc.com. Know more about www.propertymanagerskc.com related info in his website.
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Keywords :
Property management services, full service property management, property management services,
Category :
Finance
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Real Estate
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