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What you need to know about Real Estate Management

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Real Estate Management defines the administration involved in taking care of property in a manner that the value of the realty appreciates and if possible, could also generate income for the owner. The definition also involves all the operations, control and supervision done to fulfill the purpose as it is generally done by a property manager on some other’s behalf, that is, a third party who is the owner of that realty.

Real Estate is a basic and primary requirement to everything we do; we need it to live, to work, to play and to almost everything. It is also an important resource for domestic and overseas investments, which makes it an important aspect of any economy. Various renowned universities are offering courses on the same as this discipline requires who is skilled and knowledgeable enough to handle all the real estate matters, whether it is evaluating and appraising of assets, maintaining the estate and its market value, handling and initiating litigation matters at basic level, dealing with the tenants.

Such people who get into all these things and perform on the behalf of owners are called as Real Estate Managers or Property Managers. Usually people do not opt for a formal qualification in this field and prefer to utilize their own experience of years to take benefit, as we all know practical knowledge is always better than theory. A person, who is into real estate business from 20 years or so, would be a living institution in him/her. But as the economic conditions improve and infrastructural development accelerates, people are getting into academic certification to seize new growth opportunities. This fact brings us to the key attribute of this field which is Public Relations (PR), networking. The more social a person is, the bigger the circle of a person is better are the chances of his/her success in real estate. Networking helps in selling or buying properties, if not as per but at least close to the wishes. One never falls short of the buyers or sellers or even the people who are at administrative positions for that matter.

The duties of a real estate manager, as the name says, is to manage the property at its best value and help the owner to derive financial benefits out of the same. A real estate manager is responsible for budgeting expenses, collecting income orrents, complying to all necessary laws and regulations, maintaining rapport with the clients.He is also responsible for screening his client, that is, their legitimacy. A real estate manager also takes care of all types of maintenance, be it the preventive, repair or corrective, routine cleaning and maintenance, construction and also improving the tenants area if handling commercial or industrial property. A manager gives special attention to landlord/tenant law that creates issues like non-payment of rent, harassment, public nuisances, damage to the property by the tenant etc. There are many facets to the job of a real estate manager but in a crux to maintain and to fetch income from the property is what he is accountable mainly for.

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