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Property Management is a specific activity, which includes the maintenance and improvement of the property, along with an analysis of its development. The main objectives of real estate management are facility of the good operation, reducing the cost of its maintenance and increase in profit. Property management can be performed by the owner of the object, and the hired worker. In the second case it would be a professional management. Property Management Services Unlike unprofessional approach, professional approach lies primarily in the fact that the work is done in a comprehensive and continuously. Property Management in this case may be economic, legal, and engineering. Economic management is an ongoing analysis and improvement of income and expenses that are directly related to the use and maintenance of real estate. Professional managers always seek to minimize costs and increase profits. This allows a property owner to use the property that is truly effective and beneficial. Legal property management is to prepare all the documents regarding the ownership of the property. The same section refers bookkeeping related to real estate. Engineering management is a whole range of activities, aimed at maintaining the status as the property itself, and all communications, ensuring its full functional status. By means of such a large-scale approach to the question of professional managers achieve a truly effective use of the property served. The Major Principles of Property Management The process of property management includes: • Intelligent scheduling and resource (tactical and strategic) • Prevention of any fault of communication systems through regular diagnostic, repair, and restoration work, • Continued modernization of engineering systems, • Control the quality and professionalism of working with property that are in management, • Expedient use of resources to obtain the maximum economic benefit from the ownership of real estate, • Compliance with all established legal norms, • Individual approach to each customer. Property owners who do not have the time themselves to administer their facilities, are increasingly turning to professional companies that offer services of property management. In contrast to the economically developed countries where it is fairly new, but has actively introduced to the real estate market service. Owner of Real Estate Company instructs decision on the effective use of the object for the duration of the agency agreement, in order to obtain optimum benefit from its use. Property management is the professional organization of the rental of premises, custody, and management of renegotiating leases. Providing additional services to tenants and the organization of preventive maintenance is also amongst their important tasks. The management company provides regular reports on the activities of the operating of the property owner. They advise in perhaps a more effective use of the property, which allows increasing its profitability. In opposite case, the owner decides how to manage the property themselves, without the help of professionals that may ultimately prove to be quite impractical, and sometimes short-sighted. In short, Management Company has a direct interest in increasing the income of the owner, as it affects the revenue and the company itself.
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