Managed services is the practice of outsourcing on a proactive basis certain processes and functions intended to improve operations and cut expenses.It is an alternative to the break/fix or on-demand outsourcing model where the service provider performs on-demand services and bills the customer only for the work done.
Property management is the operation, control, and oversight of
real estate. Management indicates the need of real estate to be
cared for, monitored and accountability for its useful life and
condition. This is much akin to the role of management in any
business.
There are many facets to this profession, including managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors and insurance agencies. Litigation is at times considered a separate function, set aside for trained attorneys. Although a person will be responsible for this in his/her job description, there may be an attorney working under a property manager. Special attention is given to landlord/tenant law and most commonly evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain the most amount of attention from property managers. Therefore, it is a necessity that a property manager be current with applicable municipal, county, state and Federal Fair Housing laws and practices.
Owners who manage their own property are not required to have a real estate license in many states; however, they must at least have a business license to rent out their own home. Owners who do not live near the rental property may be required, by local government, to hire the services of a property management company.[citation needed] Some states with high tourism numbers, such as Hawaii,have strict property management rules.
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