Real estate objects are created or purchased to meet personal or social needs. In accordance with this, both the tasks of real estate management and the ways of their solution have own peculiarities. The term management of real estate can be interpreted in a narrow and broad sense.
It can be carried out both by the owner himself and by the hired worker. The approach will also be completely different. In the first case, the property management companies will need to evaluate the property, agree with the owner of all the details, set a price and find customers for housing. For such operations, a single commission is provided.
When working with legal entities or influential businessmen, an additional task may also fall on the shoulders of the certain company as part of bringing the premises up to readiness. It can be an initial arrangement of any office or warehouse, and full repair in coordination.
So, a property manager is a legal or natural person who, under a contract with the proprietor of a real estate object and in his/her interests, within a certain time period, on its own behalf, commits any legal and factual actions with this object, unless they are prohibited by law or a trust management agreement.
The profitability (or loss-making) of the object directly depends on the quality of the property management. The ability of a professional team to find the optimal ratio of costs and revenues, determine the real expenses of operation, attract users, and reliably predict the development of real estate management on the brink of art.
The process of property managing includes:
Real estate property management is carried out in three directions. Economic one is a continuous analysis and improvement of the structure of income and expenses directly related to the use and maintenance of real estate.
Legal management is the registration of all documents, fixing the ownership of the objects. Engineering (technical) direction is a whole complex of works aimed at maintaining the state of both the object itself and all communications that ensure its full functional status.
Real estate management could also be internal and external. The first is the activity of a real estate market subject, regulated by its own documents (code, statute, rules, contracts, instructions, etc.). The external one is aimed at creating a regulatory framework, and monitoring compliance with all subjects of the real estate market of established norms and rules.
The moment of starting the property management is the commissioning of the facility. Facility management involves:
Working with a real estate object is a rather complex process, consisting of several stages.
Thus, in order to work with commercial real estate requires much more knowledge and investments, in comparison with residential one. At the same time, on the shoulders of the management company lies work, both with the owner and with the maintenance personnel of the buildings. Due to such a large-scale approach to the issue, professional managers are trying to achieve truly effective use of the serviced property.