Principles of Effective Property Management

Effective property management requires a close working relationship between tenants, investors and managers. This improves the ability to meet the needs of each party, while improving NOI (net operating income), the ROI (Return On Investment) and the property itself. Experience and knowledge in the management of the property can not be replaced, but there are some basic principles that underlie all solutions to the property of sound:

Efficient service and personal responsibility.
Power generated from teamwork and training.
Creativity and understanding of management principles.
Aims to improve the value and aesthetics of a property.
Constant reevaluation of procedures to ensure the highest levels of quality.

For a little more specific, there are two main branches of property management - logistics and physical. A key factor in logistics management of the property is financial information. The financial information must be timely and accurately to be effective. The periodic reports and complete (usually monthly) provides continuity and reduces the number of lines of communication, maximizing time and minimize confusion. These reports should always comply with GAAP (Generally Accepted Accounting Principles), although the use of a larger set of rules for quality assurance is often advisable.

Specific reports, such as cash to changes in the budget, cash flow statements and income, balance sheets, and complete accounting records of transactions are critical and essential to the process of property management. Specialized reports, such as records of architecture Owners Association and Compliance, affordable voucher HAP, a report by Credit Project State taxes, periodic reconciliation and commercial CAM Violation Notices Residence Visa, you can make the difference between a good project and a great project.

In addition to financial reporting, to update the software for property management is an important part of logistics. Allows customized reports for each type of managed property. Investment in infrastructure is critical to managing a diversified portfolio. The faster a system of property management can identify problems and find solutions, the most successful project can be. The participation of logistics is needed to develop bid specifications, securing competitive bids, and coordinating with contractors, vendors and suppliers.

Beyond the logistics component or back-end property management success is the physical component. Preserve, maintain, protect and improve physical and financial aspects of real estate is paramount. Without the efforts for the management of logistics and physical property, can not achieve complete success. This includes emergency management, as well as regular visits and inspections of the property. Deliver comprehensive inspections powerful results, and should include hallways, stairs, gardens, recreational facilities, walkways and driveways, parking lots, and other physical aspects of real estate.

The site maintenance and training programs in management should be carried out regularly. Safety inspections for compliance with loss prevention and OSHA requirements must also be conducted. In addition, managers should meet regularly to discuss market trends, continuing education, quality of service contractor and current regulatory issues. Following these procedures and the effectiveness of the refining and cooperation is the best way to improve management in the 21st century.

Ms. Burger served as senior vice president of Eugene Burger Management Corporation (EBMC) and has a broad spectrum of real estate, including residential areas of common interest, including conventional multifamily housing and subsidized residential, commercial, medical center, one family and mini storage. One of the greatest attributes of Ms. Burger is the celebration of fundamental knowledge of management practices in all disciplines of real estate management.



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