CPPDSM4007A: Identify Legal and Ethical Requirements of Property Management - Agency Work - Management Assignment Help

Assignment Task:

INTRODUCTION 

The Property Management Process 

When working in the property management section of the real estate industry, you are providing a service to the Principals of investment properties. “Principal” is the legal term that refers to the person who is the most important player in any deal – that is the person who owns the property. More commonly in the real estate industry, we refer to this person as the “Landlord”. This is a broad role that commences with establishing a managing agency agreement with the property Principal, which then moves through to the promotion of the property, finding the most suitable tenant and establishing a lease between the parties, and ultimately encompasses the collection of rent, whilst ensuring that the property is maintained in a safe and fair condition. 

The property management department of a real estate office is primarily concerned with the letting and on- going management of properties. The fees and charges for these services, known as letting fees and management fees, provide a stable source of income for the real estate office. This often provides valuable funds to keep the business going when sales are slow and is also a great source of referrals. 

The rent roll (the properties that are managed by an agency) is usually a major asset in the value and goodwill of an agency. Within the industry, rent rolls are sought after and often bought and sold between agencies. 

The property management department must work in collaboration with the sales department. They should work like the ‘yin’ and ‘yang’ of eastern philosophers, in that opposites are entwined and in balance. Likewise, the property management and sales departments of an agency are entwined and provide for each other,that is: 

• Tenants become purchasers 

• Principals become sellers, or purchasers of additional properties 

• Investors become principals 

Therefore, the property management department should always work in conjunction with the sales department within the office. 

1 Leverage Academy Rent Roll Management V2 2016-03 

Personnel 

Depending upon the size of the real estate business and the number of properties managed, there may be only one or several people employed in the property management department. There are several positions that can be held within a property management office and these include Senior Property Manager, Property Manager, Property Officer and a Leasing Officer.

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