Real Estate Management 101
Real estate management is the process by which you oversee and ensure the successful operation, maintenance and administration of residential and commercial properties. The goal is maximize the value of a property while generating an income for the owner.
The real-estate management industry is diverse and complex. To provide a quality service, it is necessary to have expertise in many different fields. It also requires dealing with government regulation and the need to keep records related to activities.
As a property management professional, you are responsible for marketing, tenant screening and lease agreements, financial administration, and maintaining the properties. These tasks may seem difficult, but are necessary to maintain your properties.
It is vital to manage facilities in today’s business environment that you develop a robust system for evaluating real-estate decisions and make better use your data. It also enables you to evaluate the impact of change on your portfolio.
When evaluating the potential of a property purchase to support corporate goals and strategies, you need to assess its potential. You should also consider how the company’s operations are changing, and whether they will require major changes to its facilities.
In addition to determining the number of staff and the size and type of space needed, managers should create a scenario model to evaluate how changes to those factors could affect the company’s overall performance. The model will help managers to evaluate how implementing new processes, or upgrading technology can result in lower space requirements and/or increased productivity.