Seven Keys Of property manager

Property Management is a career profession. The industry allows for employment growth, continual learning experiences, and the opportunity to work with diverse people and income groups. The Property Manager can work either directly for an owner of real estate properties, or for a property management company, contracted by an owner or legal entity to care for the real estate over a specific period of time.
The Property manager has a fiduciary relationship with the management company and property owner. A fiduciary relationship is one that is based on a mutual trust and complete confidence in one another.
The Property Manager is provided an owner's real estate portfolio to manage to its "highest and best use" in exchange for an employment contract or salary. Real estate assignments for the property manager includes apartment buildings, condominiums, hotels, storage facilities, shopping centers, office buildings, government subsidized properties, rooming houses, abandoned buildings and plots of vacant land, to name a few.
I have managed almost all of the above types of properties for over twenty years. I have managed public and private housing, for non-profit organizations, for the federal government, and for private developers and real estate investors. I also owned my own property management company for eight years. I now teach, speak, and write about property management standards and techniques. Here are some crucial skills, which I know from first hand experience, must be accepted as required attributes and learned skills in order to be a good property manager.
1. Must Know and Stay Current on Local Ordinances and State Laws
Managers are required to perform their work according to the laws of the land. The government (city, state, and federal) dictates how real estate is to be managed, from requiring a real estate license (depending on the state), to the use of the real estate (such as rent control laws). From proper trash removal to how and where we must keep security deposits, the manager has to keep abreast of the many legal requirements of managing real estate. If a mistake is made or a task is forgotten, it could cost the owner his or her property, and/or a management company's reputation, loss of the account, or even the loss of real estate licenses.
2. Must Be Highly Ethical and Honest
Property Managers work on the Honor Code when they handle other people's money. By collecting rent, security deposits, laundry machine money et al, the property manager holds a fiduciary relationship with the property owner and/or management company. The owner entrusts the property with thousands of dollars each month, plus the value of the real estate itself. The manager is hired to perform at his or her highest level of integrity. On a daily basis, the property manager's good judgment and sense of what is right and wrong is called into play.
3. Must be Detail Oriented and Organized
Managers collect the rent daily, and must ensure that each rent is paid and posted to the tenants' account as received. Financial records detailing each and every rent transaction are kept, either by rent cards, or on the computer. Lease expirations and renewals, rent increase letters, and rent invoices must be mailed on time. lines for court appearances must be kept, and clients must receive their written monthly report of operations. A skilled property manager is able to multi-task, keep site files organized, and prioritize repairs and assignments.
4. Must Have Good Communication Skills
Managers must be able to communicate with people from all walks of life, cultures, ethnicities, and personalities. Managers must be able to articulate their cases in front of judges, talk to the owner, negotiate with vendors as well as speak appropriately with tenants, who are often frustrated, upset, or angry. A good manager must be able to stay calm, and communicate in a professional manner. Familiarity speaking in other languages is always a plus.
5. Must have Good Computer Skills
Computer competency is a technical skill, like driving, typing, etc. The use of email, mail merge, and faxing through the computer is at the heart of property management today. This is especially true if the property is on one part of the city or state, and the home office is a distance away from the site. If a manager does not have a solid command of the computer and its basic programs, such as Microsoft Word and the spreadsheet Excel, you may be hard pressed to find an administrative position in this field.
6. Should Like Working with the Public
If everyone paid the rent on time by the fifth day of each month, the manager would not have rent collection work to do. If a property never had problems, such as toilet overflows, lost keys, or defective smoke detectors, a property manager would have little to do. Therefore, it is important that a manager enjoy dealing with people with problems. A manager should at least like helping tenants with dignity, and in a responsible manager. If you do not like being interrupted several times a day with a dilemma to solve, this type of job may not be for you.
7. Must Be Patient and Have a Sense of Humor
There is some pressure involved working with the public. There are days when nothing seems to go right, and if you happen to have a headache that day, it could be a long 9 to 5. A calm personality or a good sense of humor will take you a long way in property management. If you tend to be high-strung, anxious, or become angry or impatient while working with tight deadlines or with people with problems, you may want to re-consider taking on this profession.

Article Source: http://EzineArticles.com/198475

Discuss Property Management

The property management profession has developed for over half a century, but little attention has been devoted to its definition and origion.

This is probably because its definition is too trivial to most people, they would immediately relate property management to security, cleaning and maintenance of a property.

This general perception is reflected by Cheng, who regarded property management as a series of simple operations serving buildings such as cleaning the common areas, providing security guards to mind entrances and maintaining the common areas of building premises ans services.

Nevertheless,we should define property management in more strategic way, emphasizing the goals that property management aims to acheive.

For example, Scarrett(1983) has stated property management as 'seek to control property interests having regard to the short and long term objectives of the estate owner.

In fact, the existing view to property management can be succinctly categorized into two types of question : 

1. How

2. What.

'How' view regonizes property management as a branch of the management discipline, which emphasized how to plan,organize,command, coordinate and control property-related activities to archeive designated objectives.

'What' view refer to what kinds of operations are involved, ranging from traditional tasks, such as security, cleaning, and maintenance to the provision of value-added services.

Although this view is very concrete and specific, but it make little distinction between property management and housekeeping.

Standard Property Management

Property Management Standard in MALAYSIA

In malaysia, as a property manager in property sector, we have to know the standard of property management in order to become a qualified, experienced and competant property managet in property management. 

These standard is important for a property manager to ensure that smooth and safe operations can be carried out from the property management. Because as the property built in Malaysia is getting more and more,thus it will provide ample of opportunities, jobs and space for recreational and socialise. Thus, property management sector is getting more competitive than before. These standard are a good guildline for property manager in property management.To ensure the adherance of workflow with the profesional property management.

Ｉn malaysia, property management is define as "the management, maintenance and control of any land, building and any interest therein, excluding maintenance and management of property-based business, on behalf of the owner for a fee."

"Board" who take care of property management in malaysia is known as the Board of Valuers, Appraisers and Estate Agents Malaysia

"Building Maintenance Account" means the property management account related to subdivided building or land that is opened and maintained by the developer for his completed building in development until Joint Management Body is established.

"Building Management Fund" means the property management account that related to an intented subdivided or land that is opened and maintained by Joint Management Body until the Management Corporation is established.

"Common Property" means the property management development area or lot, such as the structural elements of the building such as stairs, stairway, stairwell, entrances, exits and fire escapes, corridors, fixtures and fittings, refuse bins, drains, water tanks, wires, pipes, cables and ducts. It also include the exterior of all common parts of the building such as playing fields, recreational areas, driveway, car parks and parking areas, landscape areas, open spaces, walls and fences. AND all other facillities and installation of any part of the land used that enjoyed in common by all the occupiers of the building"

Thus, we can seens how widen of property management  knowledge is. It will be crucial when people asking these terms in property management sectors. 

ORGANISATION

The organisational entity that manages the property can either one of the following:

1. A professional property management organisation registered with the Board of Valuer, Appraisers and Estate Agents as in Malaysia, employed by the owner of the building

2. A property management organisation within the owner's organisation to specifically manage a property.

These are the organisational chart that recommended by myself.

1. Property management department that cover overall portfolio management, implementing management policy and feasibility study.

2. Marketing department which include marketing executive

3. Account department with accounts clerk.

4. Administration and manpower department which include administration executive

5. Operations department that need a building superior that more intensify on maintenence plan.

6. Other personnel department can be formed.

(such as building assistants, wireman, chargeman, handyman, plumber, security guards or security officer)

Appoint Property Manager

PROPERTY MANAGER IN PROPERTY MANAGEMENT

should comply with the provisions of Act under the Standard which is Act 242, Act 318 and Act 663. The property manager shall:

•  Shall qualified, competent, experienced and registered with the Board.
• Shall ensure that all contracts are signed by the client
• Shall sign importants reports and documents prepared.
• Shall be honest and independent
• Shall adhere to the code of conduct and ethics
• Shall be adequately covered by profesional indemnity insurance.

HOW TO APPOINT A PROPERTY MANAGER IN PROPERTY MANAGEMENT

First, the engagement must be in WRITTEN AGREEMENT of property management, the agreement must includes,
1) The terms of period of appointment

2) The scope of work
3) The professional fees, salaries, taxes, disbursements and etc.
4) The relevant terms and conditions

Through these steps, i am sure that we could appoint an eligible property manager in property management sector.

Basic Function

BASIC FUNCTION OF A PROPERTY MANAGER IN PROPERTY　MANAGEMENT

As a property manager in property management, he/she has to be the administrator for the owner as meet the primary interest of owner which is :

1. Enhancement of the physical value of the property

2. The highest return from the property for the highest and best use

As property management can ensure these things happened.

SPECIFIC DUTIES OF PROPERTY MANAGER

Let the owner feel relieve of all executive functions and all details connected with the physical upkeep of the property in property management ;D

Handling over Property

Hand Over The Right Of Property Management

A proper handling over property is the first and essential steps in property management provision.

It is to ensure that all relevant assets, documents and records on the maintenance and management of the property are properly handed.

PROPERTY MANAGER ROLE DURING HAND OVER

• Prepare and set up Property checklist
• Carry out general inspection audit
• Implement deed of mutual covenants, house-rules and by-laws

Prepare And Set Up Property Checklist

Items involve in the checklist are:

1. Relevant assets
2. Assets auditing
3. Documents and records on property management
4. Documents and records on property maintenance
5. Financial records of the property

Carry Out General Inspection Audit
It is because to establish the current state of repair of the building. It is also needed to check the current conditions of the building especially on the infrastructure and facilities.
Moreover, inspection is needed to identification of the rectification of the defects to ensure proper upkeep of the property. BUILDING AUDIT REPORT is need to be prepared as well. What is building audit report? it is a report that state the building condition which based on a visual general inspection of all relevants component of the building.

Implement The Deed Of Mutual Covenants , House-rules and By-laws

It is drawn up for the smooth and safe operations and have the proper administration of multi-occupied building especially for the common facilities and amenities.