THE OBJECTIVES OF PROPERTY MANAGEMNENT

INTRODUCTION

Property management is one of the important aspect in real estate industry. Dan (2022) defined
property management as the act of overseeing, controlling and handling the business operations
of the real estate property, often by a third party. Property management has also been defined by
Dan (2002) as the process of supervising and monitoring the operations of real estate. Generally,
this task is done by a property manager who is hired by owners of the investment for a number of
reasons. Some investors may have multiple rental properties in their portfolios and lack the time
or expertise to maintain the properties and deal with individual tenants. In other instances,
property owners only have interest in owning rental properties and earning profits from tem.

Property management is the process of overseeing and managing the day-to-day operation of the
property and ensure that repairs and maintenance are looked after and most especially, collection
of rent, assistance to tenants and eviction process, and all property inspection are looked after.

The property manager takes a number of responsibilities which vary depending on the type of
property being managed and the terms of the management contract. Some of these
responsibilities include screening potential tenants, drafting, signing and renewing leases on
behalf of property owners, collecting rent, handling taxes, marketing, understanding national
landlord-tenant laws and regulations as well as hiring, recording financial income and operating
expenses, supervising and paying people to take care of jobs around the property such as window
washing, landscaping, maintenance and repair. However, property management is a challenging
job and sometimes it becomes stressful. For instance, tenants can be late with rent payments
which makes investors to have some unrealistic expectations. Therefore, property managers
should exercise patience in dealing with tenants, quick response times, must have relevant
academic qualification, be organized, good negotiation and communication skills. Property
management aims at achieving a number of objectives which can successfully be met if the
manager is able to exercise the above mentioned skills.

MANAGEMENT OBJECTIVES

The objectives of property management can be short and long term objectives. Short term
objectives also called operational objectives, usually last within a year and they are centered on
the daily actives of the property. Long term objectives are considered to be strategic management
and they involve making, interpreting and carrying out policies for long-term success (Bluff City
Management, 2019).

One of the objectives of property management is to increase value of the property (Munirah,
2010).

Upgrades to the Property

Any upgrades that need to be made to your property can be overseen by your management
services. Your investment is important to you and should be to your management team as well.
They should work to keep the property upgraded and appealing – as to keep current tenants and
attract prospective tenants.

Tenant Screening

Keeping your property appealing and clean means making sure you attract and keep the best
tenants. Proper and effective tenant screening is an objective to work on with your property
management company. The goal is to keep your property leased, occupied, and keep these
tenants happy. Proper screening will ensure a safe environment for all tenants.

Marketing

Hiring an excellent staff to market your property effectively is also an objective worth spending
time on with your team. The property management company should market your property to
your target market and keep potential tenants coming in for showings.

Leasing
The number one objective for the property management services is to keep your properties leased
and occupied. Working closely with your management team to keep ideal clients occupying your
properties is crucial. An excellent property manager will ensure you keep vacant spaces leased.

Accounting

Finances are important to you and ensure the success of your investment. A strong,
knowledgeable team will collect rent in a timely manner and manage finances properly. They
will accurately record all financial income for your properties.

Administrative Duties

All administrative duties must be kept up with. Your managers will keep you informed, all
paperwork properly documented and filed, and take care of all your administrative needs. These
duties include eviction management, move in and out inspections, tenant direct debit, website
payments, and 24/7 emergency call service. Maintenance and repairs are also properly
documented, responded to, and stored.

Your management company deals directly with you and your tenants. They collect your rent and
handle all of your marketing. From responding to tenant concerns, filing proper documentation,
and maintaining your website, a property management company is a one-stop-shop. Hire an
excellent property management company and free your time to pursue other projects while they
successfully handle this one. Property management companies bring knowledge, expertise, and
know-how to your properties. Having a complete list and coming together to work on your
objectives will make for a prosperous relationship. To learn more about what the best property
management services company can bring to your real estate investment, visit
www.benefitnational.com.

Goal #8: Improve ROI

A constant goal on every property manager’s list is ROI. Improving ROI, whether by finding
more high-value clients or searching for ways to save time and perfect processes, is the key to a
successful property business. And with the property management market estimated to be worth
$24B by 2026, there’s more opportunity for growth in your revenue.