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Real estate management or also known as property management is the control, oversight and operation of a real estate in its most broad terms. This involves the personal property’s management and those that are also needed to build, keep up, and repair the asset. This also involves the process, systems, and the staffing requirements needed to manage the property also including the acquisition, accountability, control, maintenance, responsibility, disposition, and use.
There are roles in becoming a real estate manager and these include the following:
- They are responsible in handling the financial operations of the property.
- They also are responsible in collecting the rent/
- They also are responsible in sending out notices for those who have delinquent rents.
- They are also responsible for preparing and maintaining the financial statements of the property.
- They are also responsible in updating the owner on the property’s status.
- They also tell the owners about the leases expiration dates, occupancy rates, and any other issues.
- They are also responsible in advising the owners on how much they should charge as rent.
- They are also responsible for collecting the association and the home owner’s association fees.
- They also negotiate the contracts for janitorial, landscaping, security, trash removal, and other services.
- They also negotiate the contracts for the property’s purchase or lease.
- They also negotiate the sale of the property or termination of the property’s lease.
- They also consider the different factors like the property’s value, zoning, transportation, taxes, population growth, and traffic volume and patterns.
- They also plan and direct the development and sale of the real estate property in behalf of the investors and businesses.
- They also supervise the maintenance staff with their work.