Property Essay Sample: Managing Real Estate

unsplash teamIn the world of real estate management, the management organization or the property manager has responsibility within four segments that are: Facility, Finance and Marketing, Administration and Risk Management, Tenant and Occupancy.

The property manager is the personal assistant of the company order, when it comes to maximizing the property investment return through excellent performance within the segments mentioned above. The experts of the property management company exert every effort in order to secure the owner’s interests regarding the property maintaining, its occupation, the budget improvement and the options for collecting rent from tenants.

A lot of experts in the real estate industry have looked at the estate management and completely changed their minds, when the whole range of the management tasks are fully understood. Without a doubt, it’s obviously an area for the more responsive and knowledgeable in the profession.

When it comes to Marketing & Finance, estate managements comprises of solid understanding of budgeting and operation expenses. This information serves as a strong basis for setting the proper rental rates that are balanced by the market. A proficient knowledge of the area and competitive rental properties is a must. The property manager is required to be able to gives tips on various marketing programs, beneficial promotions and the rest of ad strategies to the property owner to maximize rental rates and occupancy. Providing owners with the reports on a regular basis is also highly required. Being aware of what the profit and loss, the financial statements, the process of budgeting and income taxes are is crucial for every estate manager.

At the same time, having a strong understanding of the tenants’ needs is highly important for the property management function. Getting each of them to move in is just the starting point. The expert must also respond to every request, track their activities according to the lease requirements, regularly collect rent, as well as make sure the tenant is satisfied with the provided options.

Estate management is also known as the physical management of a range of outdoor areas and structures. Roof, landscaping, appliances, plumbing and many other areas are all integral parts of the physical property. The estate manager is required to maintain solid relationships regarding budget capital expenditures, contractors, the repair organizations. Besides, they must regularly monitor the maintenance and repairs quality. The position is closely tied with the financial issues since some of the improvements may need significant budgeting and capital expenditures. Besides, property manager should closely cooperate with the tenant and occupancy management since it’s crucial to tenant retention to have properly kept properties.

The Administration & Risk Management area is based on the files and records that are the special part of the property management function. Local, state and federal governments provide jurisdiction over the management activities within the estate property segment. Each of them requires the manager to meet certain reporting needs. Besides, a real estate manager must be capable of providing thorough records for taxes and accounting. Both tenant interaction and all professional activities must be meticulously recorded and maintained for a set period of time.

Those individuals, who are now thinking about getting engaged in the real estate management business, must understand the requirements of the area, as well as meet them with professionalism and enjoyment.

References:

  • Rutherford, R.C., T.M. Springer, and A. Yavas. “Conflicts Between Principals and Agents: Evidence from Residential Brokerage.” Journal of Financial Economics, 76, 2005, 627-65.
  • Jares, Timothy, James Larsen, and Thomas Zorn. “An Optimal Incentive System for Real Estate Agents.” Journal of Real Estate Research, 20 (1-2), 2000, 49-59.
  • Rosen, K. and L. Smith. 1983. The Price Adjustment Process for Rental Housing and the Natural Vacancy Rate. American Economic Review, 73, 779-786.
  • The Dictionary of Real Estate Appraisal, 4th Edition, by the Appraisal Institute, page 234.
  • Robert S. Griswold. Property Management for Dummies. Paperback, 384 pages. Published April 15th 2001.
  • Mike Beirne. The Property Management Tool Kit. Published August 1st 2006 by AMACOM/American Management Association.
  • Mariwyn Evans. Opportunities in Property Management Careers. Published October 2nd 2007 by McGraw-Hill (first published September 11th 2007).
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