Real Estate Management 101
Real estate management is the process of overseeing and ensuring the successful operation, maintenance, and administration of residential, commercial, and industrial properties. The goal is to maximize the value of the property while generating income for the owner.
The real estate industry is complex and diverse. It requires expertise in a variety of fields to provide effective service. It also involves dealings with government regulations, and maintaining records related to your activity.
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.
Modern business environments require a robust framework to evaluate real estate and better utilize your data. This allows you to evaluate how changes will affect your portfolio.
You must consider the potential of a new property acquisition to support your corporate goals and strategy. This includes looking at the way in which the company’s function is changing and whether this will require significant changes to its facility.
Managers must create a model of scenarios to assess how changes in these factors can affect the overall performance of their company. The model will help managers to evaluate how implementing new processes, or upgrading technology can result in lower space requirements and/or increased productivity.