Property Management Coursework Example

PROPERTY MANAGEMENT Student’s Name Course Professor’s Name University City (State) Date Property Management Introduction Property management refers to the activities that are aimed at controlling and overseeing the administration of real estate including commercial and residential properties, shopping centers, apartments and condominium units. Ideally, property management is where a firm or an individual manages the properties owned by a different person or entity (Griswold, 2013). In this regard, property managers do the management work on behalf of the actual owner of the property and are paid an agreed amount for their services. At their capacity, there are certain roles that they are expected to play in order to fulfill their obligations effectively. This paper will discuss the basic functions of property management and its benefits to the property owners. Functions of Property Management First, property managers offer professional property management services to the property owners. Some investors are only interested in the business of property managers. However, they may not have the time or the expertise required to maintain the properties effectively and to deal with the tenants (Griswold, 2013). They may especially need the skills of the property managers (who have knowledge regarding the federal guidelines) if they take part in affordable housing programs. In order to ensure that their business is running well, they engage the services of a property manager who runs it on their behalf. Therefore, property management helps the property owners to handle real estate businesses professionally. Second, property management helps in the marketing and financial services related to real estate. To successfully run real estate errands, one needs to have a proper understanding of the related operating expenses as well as budgeting. That way, one can make earnings from the business (Griswold, 2013). Property managers can execute financial and marke...