subject: Responsibilities In Real Estate Management [print this page] As we know that real estate deals with the property management also. In every organization or in real estate a manager is responsible not only for maintenance of property but for investment also. Success of an organization is mainly depends on the responsibility of a property manager. He has responsibilities in different areas like:
Tenant and Occupancy
Marketing and financial
Administration and risk management
facility
Tenant and occupy: The important thing here is that manager should be able to understand the needs of the tenant. He must be responsible to respond their request, collects rents timely and monitor their activity time to time.
Marketing and financial: Understanding of operating expenses and budgeting is mainly involves in real estate property management. By understanding operating expense and budgeting, he can set appropriate rental rates and balance this rate as per the current market rate. In any organization not only in real estate a firm must be having knowledge about the area in which they are operating and rates of competitive properties. The property manager is responsible for marketing programs and specials promotion and other advertisement also. Apart from that a he should have knowledge about profit and loss, financial statements, income taxes and budgeting too.
Administration and Risk management: This department is responsible for keep files and records of a management. In this department all the activities and tenant recorded and maintain for a specified time. Some financial functions are also related to this department. For accounting and taxes meticulous records are must.
Facility Management: Physical management of the structure and outdoors is also considers in property management. The part of the physical properties is landscaping, electrical, plumbing, roof, walls, appliances and much more. The property manager is responsible to maintain relationship with contractors and repairs companies, budget capital expenditure and monitor the quality of all repairs and maintenance.
