Real estate is one of the most dynamic and sophisticated industry we have today. This is can be said to be the result of the many different players that one encounters and the rapidly changing way of doing things in this industry. It is therefore not surprising that after an investor invests in rental property, the task of managing and running it may soon become an overwhelming task. This is condition is aggravated if such an investor has no knowledge in property management or simply has other issues to take care of.
Property management refers to the management of property owned by another entity or party. A property manager acts on behest of the investor to preserve the property’s value while at the same time generating income in return. When
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Precautionary measures are an important aspect in the running of rental properties.
• Insurance provision: The property manager should arrange for full insurance of the property. The basic fire insurance policy usually protects the owner against direct loss from fire and lightning. Because of its ever-present threat, fire is the principal risk against which insurance is sought in all rental properties. Besides fire insurance, other forms of insurance for rental properties may include consequential loss insurance; burglary insurance; public liability insurance; glass insurance; cash in-transit insurance; lift insurance; and motor vehicle insurance.
• Legal Services: The property manager needs to have basic knowledge and understanding of the law. He needs to thoroughly know the relevant case law and statutes so as to know what implications a particular clause may have on the people. The property manager would normally advise the lawyers on many matters, including among other things, the description of property, term of lease, the level of rent to be paid, regularity of rental reviews, the payment of premiums; provisions and restrictions as to assignment or sub-letting, the responsibility for maintenance, repair and insurance; and provisions in respect to proposed
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This is in order to make sure that everything in the property is in good condition before tenants finally move in. any deficiency discovered should be adequately dealt with in order to maintain the security and safety of your property.
• Property Maintenance: Property maintenance is a vital component of property management. If the maintenance practices are poor it will be obvious to the casual viewer, who sees ill-kept grounds, broken windows and doors, or filthy halls. Without effective maintenance, blight will appear even in new structures. It is therefore paramount that a property manager adequately undertakes proper maintenance by way of cleaning and servicing, rectification and repair and replacement works.
• Record Keeping and Accounting: The property manager is required to brief the property owner on the income and expenses expected from the building. This may be carried out on a monthly or quarterly basis whereby a summary statement should be issued showing the income received and the expenses that have been incurred over the month or
In further understanding the differences between the trends in rental v. owner-occupied housing, we can apply economic theory. First and foremost, is supply and demand theory. This is the most basic of economic principles. It explains how prices are set, how and when the market is at equilibrium, and human behavior in the context of a free market economy. (The Law of Supply and Demand, n.d.) The greater the demand for a good, the higher its price. This is what we saw with the build-up of the housing bubble.
...inimum requirements, we stay in the clear. A maintenance manager has many tasks to delegate and control. Tasks that must be accomplished by these individuals stem from controlling shop practices, dealing with customers, and mostly conforming to FAA standards. When something goes wrong in the shop due to poor maintenance, the manager must use his/her skills and intuition in order to fix and control the situation. But mostly, the maintenance manager must adhere to FAA regulation, especially Part 43, which strictly deals with the operations that must be performed in the shop, under a manager's ultimate authority.
Maintain the appearance of fountains, planters, or other grounds features by cleaning, replacing or making repairs
* Work closely with housekeeping contractors in order to maintain a safe and clean environment for Veterans.
MAINTENANCE: Keep our station and boats running and looking great. Preventative maintenance, material condition, and house-keeping are the responsibilities of everyone.
"CAMDEN PROPERTY TRUST." Journal of Property Management 76.3 (2011): 54-55. Business Source Premier. EBSCO. Web. 18 Oct. 2011.
In most developed countries, properties tax plays a significant role in the local government. In Canada, Australia, and the USA they are the main source of Municipalities revenue. About a half of municipals revenues in Canada is derived from property taxes . An approximate $ 14 billion was collected in 2007 from the taxes by municipalities in Ontario province; this was an approximate 45% of all the revenue collected by this municipals. Due to the revenue contribution of these taxes, municipality has constantly raised these taxes on per capita basis, from $ 864 dollar in 1988 to $ 1, 035 in 2007 . Nevertheless, it is still argued that this tax contribute to less than 3% of country’s GDP, implying that the taxes some problems that prevent them from being fully utilized .
Develop and maintain a list of individuals and organizations, including residents, as a resource for a variety of communication, marketing, promotion and development purposes. Communicate regularly through things such as meetings and newsletters
Buying or selling a house or an apartment is one of the biggest decisions of a person’s life. And when selling or establishing a price for real estate, people seek out real estate agents to do the dirty work. A real estate agent has to convince a prospective homeowner that he or she is trustworthy and knowledgeable. In many ways, the agent acts as a counselor to individuals and families about to embark on a huge commitment. Real estate agents have a thorough knowledge or real estate market in their community. They
In my experience as a real estate sales representative, I have looked at many rental properties that are owned by people that are commonly known as slum lords. These units are in disrepair with leaks, mold, mildew, holes in walls, ceiling and poor floor coverings. Many people are afraid of pushing these issues to have repairs done as they might lose their shelter or their rent could be increased. There are people living in a rooms in a house, that are also at risk as they don’t realize they are not protected under the tenant act so the owners can remove them from their shelter without notice. I have also experienced people living in abandoned commercial buildings ...
This report analyzes a need for an inclusive monthly preventive maintenance program at State University’s Alumni House (SUAH). The purpose of this report is to provide Mr. Rob Geis, Alumni House Manager, with the information necessary to begin an inclusive monthly preventive maintenance program and to help process and solve unanticipated problems, while reducing high maintenance costs. The purpose of the preventive maintenance program (PMP) is to reduce structural damages, reduce monthly utility costs, and reduce potential problems, while educating employees about potential hazards, providing employees with a sense of environmental security, and increasing the physical appearance of the SUAH.
The average person is not aware of the real estate market, title companies or what job to choose with in the field. The majority of his purpose, was to get the listeners, to become members for his class. This would in return give that person more education and experience. The presentation was structured into a format, that introduced a problem. The body of his work gave many solutions, on how he handles his business deals.
produces it is good Maintenance; that which disturbs it is poor maintenance. What we call
As a requirement in MMP111 Introduction to Property, this assignment will examine and value a residential home located in Altona North. The physical condition of the house will be evaluated, and after looking at the various factors likely to influence on the va...
Real estate is a fixed, tangible and immovable asset in form of houses or commercial property (Seldin & Richard 1985). Real estate market involves developing, renting, selling/purchasing and renovating of these assets (houses). Market participants includes developers (contractors, engineers, and so on), facilitators (mortgage companies, real estate brokers, banks, management agents and so on), owners, renters (leasers) and renovators (Seldin & Richard 1985). Like other economic markets, real estate markets have internal and external forces that make impacts in the market (Seldin & Richard 1985).