Commercial Property Management
In broad terms, commercial property management involves overseeing, counsel and execution of ones commercial real estate. One needs to monitor and be accountable for the estate and it’s condition.
Commercial property management involves but is not limited to acquisition, control, accountability, responsibility, maintenance, utilization and disposition of real estate. It involves managing the life cycle of the all acquired property.
Liaising between the ownership or asset manager and the actual tenant, the property manager acts as a buffer to ensure all parties are satisfied. Duties generally include three basic tasks:
1) Screening or testing of an applicants credit, criminal history, rental history and ability to pay
2) Coordinating rent or lease contracts though appropriate legal contracts
3) Coordinating maintenance issues as well as mitigation and remediation with prior consent via a Limited Power of attorney (agreed to by the property owner).
Property management is a multifaceted profession, whereby multiple responsibilities are incurred simultaneously. This may include managing the accounts and finances of the real estate properties as well as litigation. Although a separate person such as an attorney will be responsible for litigation, it is important to be knowledgeable about the most common landlord and tenant laws and best practices surrounding evictions, payment, harassment and public nuisance applicable within ones province and city.
Generally speaking, the laws governing property management and landlord/tenant relations are a Provincial responsibility in Canada. Each Province and Territory makes its own laws on these matters. Thus, check the governing body within your own province and territory to ensure you are managing your properties appropriately.