Here is the transcript of this short training video on explaining a suitable property management definition and meaning, with a PDF document of these slides available here at Issuu:
Here’s details on a property management definition and meaning. This will help you understand better this often confusing role within property by not only providing an official definition, but knowing what this means in reality. So for an official definition, here are our top 3.
The first is a very general one from Wikepdia which states:
Property management is the operation, control, and oversight of real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its useful life and condition. This is much akin to the role of management in any business.
Property management is also the management of personal property, equipment, tooling and physical capital assets that are acquired and used to build, repair and maintain end item deliverables. Property management involves the processes, systems and manpower required to manage the life cycle of all acquired property as defined above including acquisition, control, accountability, responsibility, maintenance, utilization and disposition.
The second is a bit more specific and is from an established UK source, the Cambridge Dictionary, which defines property management as:
The management of land and buildings as a business, including keeping buildings in good condition and renting property.
And finally, the third is from the RICS as one of the main regulatory bodies for Property Managers, and so provides a helpful definition of an actual property manager who’s role is to carry out a property management service:
A property manager is a person or firm who operate a real estate property for a fee often on behalf of a landlord. The property manager will commonly assist with services which include: meeting an owner's investment objectives, maintaining detailed tenancy records, ensuring lease terms are complied with, tenant liaison on a day-to-day basis, meeting statutory obligations, operating property on a sustainable basis
In terms then of meaning that makes sense, property management is basically the overall control and almost administration of lots of details that will enable you to reach your end property goals, which tends to boil down to firstly maintaining and servicing the actual building, and secondly looking after and collecting rent from tenants.
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