ESSENTIALS OF PROPERTY MANAGEMENT

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ESSENTIALS OF PROPERTY MANAGEMENT
Property Management can be seen as a science or
art of applying management functions (planning,
controlling, directing, organizing, coordinating
etc) in nursing and managing the objectives of a
property owner to make sure that its goal are
achieved. This arose as a result of the quest for
property owners to get skilled individuals that
can be able to manage their asset and get the
returns as require in the absence of the
property owner. Property Management is the
operation, control and oversight of real estate
as used in its most broad terms. Property
management is geared towards the management and
maintenance of the life span of a property to
ensure its sustainability and usage. This implies
that a property manager is one who oversees this
task and ensures that the functionality of the
building is met with respect to the number of
years that the building is meant to live.
This aspect of estate management has come to be
as a result of the increase and advancement in
science and technology, population and other
socio-political and economical factors like
demand and supply, absentee landlords,
complexity of the task involved. In a laymans
knowledge, property management may be seen as
ordinary collecting money from tenants and
putting tenants into the building in question,
but from a professional point of view, property
management is far much advanced than that
because of the tasks and skills required by the
property manager at every point in time and also
the advancement in building technology and design
and also to know the best materials and features
that are required in a building at any point in
time that can add value to the building and
improve the livability and comfort of the tenants
and inhabitants of such building. Property
Managers also stand a chance in advising their
principal on the type of tenants and the best
price for buildings, rents to be collected and
also to seek the best legal aspect of the
building laws and regulations of the area,
interpret and advice his client (principal) as
well as the tenants living in such a
building. A property manager serves or plays the
role of a third party between the real property
owner and the tenant(s) this implies that the
property manager liaises between the property
owner and the tenants. He protects the interest
of the neighborhood, the principal, the tenant
and himself s well. Therefore he has so many
tasks ahead of him.
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• A property manager does not only manage
  residential properties but rather he extends his
  tentacle to the commercial properties alike.
  This also implies that the management function
  deployed in managing a commercial property is
  quite different with that of residential
  property.
• At every point in time, a property manager must
  be able to maintain a good cordial relationship
  between the tenants and the landlord in the sense
  that he should be a good listener and be
  available to carry out some functions and
  complaints placed by the tenants at any point in
  time. With this type of practice, a good and
  positive relationship would be made between them.
• ROLES OF A PROPERTY MANAGER
• He is responsible for finding tenants, dealing
  and evicting tenants as well This is one of the
  important role played by a property manager that
  requires great expertise and experience because
  it is at this stage that the stress involved in
  managing such property is stressed and tested in
  the sense that if the property manager selects a
  wrong tenant, then he is bond to go through
  stress of maintenance and collection of rent as
  the case may be. In other to avoid this, the
  property manager comes up with a plan of drawing
  out a form that a tenant would fill, and by this,
  the property manager would be able to evaluate
  the type of tenant that he is about to provide
  accommodation for. The report from the form will
  provide the property manager with so many
  informations like the work status of the tenant,
  his income and the ability to pay rent, number of
  family ( to check stress and pressure on
  facilities)
• He is responsible for the general oversight,
  repairs and maintenance of the property This is
  a role whereby the property manager has to plan
  and budget for the general repairs and
  maintenance of the property. The sustainability
  of the property and its features are tackled here
  by the property manager, also the manager
  ensures that the tripartite functions of the
  property are all in place.
• He is responsible for employing artisans that
  will help him in the overall management of the
  building because artisans are important in the
  aspect of property management as they play a
  vital role in the

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• major repairs and maintenance, cleaning of
  facilities etc. Examples of artisans are
  electricians, cleaners, gardeners.
• He is in charge of the rent collection, paying of
  necessary taxes and expenses incurred in the
  general maintenance of the building In the
  absence of the landlord or the property owner,
  the property manager who the building is
  entrusted to can collect the rent on behalf of
  the landlord and in good faith and spirit of
  professionalism remit all that he collects from
  the tenants to the landlord or his principal.
• He is also responsible for making periodic
  reports n the property to the property owner
  this would help in highlighting areas of the
  property that requires attention and
  improvements. Periodic reports of the buildings
  condition is really important because it enables
  the property manager to see faulty areas and how
  to improve on them to ensure that the tenants are
  enjoying their money and that they are satisfied
  with the services the building is giving to them.
• He is in charge of making policies that will
  enable the tenants to live in the building,
  stating the dos the donts of the spaces,
  accommodation made for the tenants This implies
  that he makes provisions and regulations that
  guides the tenants and other occupants of the
  premises in other to ensure that the property
  goals and objectives are met and also to regulate
  the use of facilities so that they can demise
  their lives span.
• g. He is responsible for reporting and stating
  the account details of the building to the
  property owner. This means that the property
  manager maintains a profit and loss account
  showing the income and expenses made on the
  property.