What do property management companies do?

Many people who live in Oklahoma, and particularly those in the Oklahoma City area, may see in the relatively strong real estate market an opportunity to invest in commercial real estate. In many cases, a person can be more of a passive investor just by providing money for a commercial project. However, others may want to take an active role in owning commercial property, like a shopping center or office space.

But, the thing about owning commercial property is that it involves many different layers of detail, any one of which potentially costing a lot in terms of time and emotional capital. Investors, especially those new to the scene, may have no idea how to actually go out and find and manage tenants for their commercial property, much less keep the property itself attractive and in good repair.

For these reasons, many owners of commercial real estate trust their properties to property management companies. Basically, property managers are contracted by and act as agents of the property owner with respect to the daily operations of a piece of commercial real estate. The property management company, in general, will handle the marketing of property to tenants, the setting and collecting of rent and other landlord-tenant issues, including things like evictions. Moreover, the property management company also makes sure the property is in good repair and is in charge of any maintenance issues that might arise.

With respect to many different types of commercial property, property managers can take a load of stress off an owner. However, especially since their relationship to an owner is defined by contract, it is very important for an Oklahoma commercial property owner who wants to use a property management company to make sure they fully understand all the terms of their agreement with a property management company and account for any legal issues that might arise down the road.

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Teague & Wetsel, PLLC
1741 West 33rd Street, Suite 120
Edmond, OK 73013

Telephone: 405-285-9200
Fax: 405-509-2362

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