The operation, control, oversight and monitoring of anyone’s property is known as real property management.Real property includes land and buildings, and anything affixed to the land.Management of personal property, equipment, tooling and physical capital assets also comes under property management.
Real estate property management is very responsible work.A full time caretaker can manage your property in well manner.
The important areas in real property management are 1. Owner of the property: The property owner appoints real estate property management to manage his property. Owner looks on files and records, which are submitted by property manager. 2. Property manager: Property manager work is to maintain the property, keep it occupied with tenants, collect rents, budget improvements and maintain records in a well manner. He plays a key role in maximizing return on the investment of property. 3.Occupancy and Tenant: Tenant’s needs are very important in real property management. Property manager see that all the needs and requests of the tenants are fulfilled. In real property management, property manager monitor the tenants activities, continuously estimate the nature of tenants and collect rent in a timely manner. 4. Financial and Marketing: Property manager plays key role in financial and marketing sector. The understanding of budgeting and operating expenses is very important in real estate property management. In order to maximize occupancy and rental rates, property manager will recommend marketing programs, special promotions and other advertising strategies to the owner. Property manager have to submit regular financial reporting to the owners. It is very important for the property manager to understand income taxes, financial statements, budgeting, profit and loss. 5. Risk management & Administration: In some situations, property manager have to answer to owners and tenants. Government have some jurisdiction over real estate property management activities. In administration sector, files and records are the function of real property management. The activities of property management and tenant’s interaction are recorded and maintained.