Tip of the Month - January 2008
Introduction to Professional Property Management
Source: Property Management & Managing Risk
Robert C. Kyle & Floyd M. Baird, RPA/SMA
Property Manager is a person who manages real estate on behalf of the
Owner for compensation. A Property Manager’s primary
function is three-fold:
*To achieve the Owner’s objectives
*To generate income for the Owners
*To preserve the property’s value
In other words - the Manager attempts to generate the greatest possible
net income for the Owner of an investment property’s useful
life. It is a common misconception that a Property Manager need
only collect rents, show available space and execute leases. In
reality, the Property Manager’s job is far more demanding.
one of the fastest-growing areas of specialization within the real
estate industry, is emerging as a managerial science. Today,
Property Managers must have the knowledge, communication skills and
technical expertise needed to be dynamic decision-makers. They
may be called on to act as market analysts, advertising executives,
salespeople, accountants, diplomats or even maintenance
engineers. Interpersonal skill are needed to deal effectively
with Owners, Prospects, Tenants, Employees, outside Contractors and
others in the real estate business.
Real property is
defined as the earth’s surface extending downward to the center
of the earth and upward into space, including all things permanently
attached to it naturally or artificially. Given this
comprehensive definition, it follows that real property management can
cover a wide spectrum of duties .
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page was updated on 01/03/2008.