Property Management services are programs provided by private companies or the government that help relocating employees manage their previous residence as a rental property. By allocating an allowance for Property Management services, the government reduces overall government relocation costs by using Property Management services in place of allowances for the sale of the residence. Furthermore, these allowances relieve employees who are transferred to duty stations outside of the continental US from the costs of maintaining a home in the continental US during their tour of duty.
There are several differences between Property Management for government employees and regular professionals. For example, domestic government employees are only eligible for Property Management services for up to two years – one year plus a one year extension. For international employees, services are provided for only the duration of the assignment. But in corporate America, on the other hand, this period can be indefinite. Also, a property in a corporate Property Management program can be vacant, wheras in a government program, tenant-occupancy is a program requirement. Finally, government employees are required to pay their allowance back if they enter into a home sale program, whereas typical corporate employees are not required to do so.
Property Management services can be a great asset for relocating employees in both the government and private sectors. However, government transferring employees should make sure to understand the nuances of their Property Management program to ensure a successful experience.