In recent years, Latvian property administration industry has made significant changes that have brought interest to legislators. As a result, five years ago, Law on Administration of Residential Houses was developed and related Cabinet of Ministries regulations. In addition, a new Law on Residential Properties is in force, as well as significant changes are in the construction, including the real estate recovery and rebuilding industry-related legislation. In turn, for the implementation of real estate management, in accordance with the legislative framework of good practice and quality management, a system is required, that helps the processes to be arranged according to their fundamental values, criteria and functions. The study sets residential property management elements and factors influencing them. The significance of the topic is set by the developing industry and the requirement for quality and sustainable management model that includes all interested parties - owners, lessees, tenants, users on the one side, housing managers from the other and the state, local government and non-governmental organizations from the third side. The development of this sector as a whole is depended of the quality of residential housing management process.