Business Essay on Management
Management covers a very wide area of expertise. In each and every business, institution organization there has to be some sort of management to ensure that the set goals are achieved. The personnel that are assigned managerial positions are usually faced with tough decisions which they have to make within a given period of time. For instance, during the economic recession that was experienced in the United States and Europe, many companies were faced with problems which made it a necessity to lay off some of the workers. Such kind of decisions had to be made by the people in managerial positions to ensure that those companies survived the economic recession. This paper will discuss the topic of property management (Ellison, 2009).
Property management involves the control, operation and oversight of real estate properties. Presently, real estate business has boomed in many countries in the world. This has been brought about by the increased population which has been brought about by reduced mortality rate. As the population increases there is an ever growing demand for housing (Crane, 2007). Companies are springing up everywhere and building very good housing units. In order for these companies to stay competitive in the real estate business, they have to ensure that they have good managers who will keep their estates in good order. The need for management and accountability has led to these companies ensuring that they hire people with impeccable managerial skills (Deakin, 2004).
In the area of property management, there are several factors that such real estate companies consider when hiring their managers. These factors include the how well the manager relates with the customers. Public relations are very important in the real estate industry. The manager has great influence on the customers as well as other employees that are under him or her. Another factor that these companies look for in managers is the sense of responsibility and accountability. When one is made a manager, the company trusts him or her with their property which is normally worth millions if not billions of dollars (Ravindra, 2010).
One of the objectives of this research is to review the effect of managers in property management. The second objective is to discuss the challenges that managers in property management industry face. These are some of the most important factors in the real estate industry. As mentioned before, managers have great influence on the kind of choices that customers make. A small move can from the manager can retain or lose a customer.
The second objective will examine in details the sort of challenges and hurdles that real estate managers usually contend with in their day to day life at work. Real estate industry is a lot more like the hospitality industry. One has to court customers in the same way the hoteliers do. This is mainly because these customers are usually spoilt for choice and they can change from one company to the next whenever they want. Therefore, the manager is left with the gigantic task of ensuring that he does everything possible to retain and get more customers.
In order to understand these objectives well one has to consider some of the roles of a real estate manager. First of all, a real estate manager is a third party person who is hired by an individual or a real estate company. The manager is expected to handle the day to day operation of the real estate investment.
That implies that everything concerning that investment must go through the manager. In some cases, the manager is also expected to come up with plans to market the real estate investment. This is not an easy task especially since there are very many real estate companies and many more are being brought up.
Property managers are very instrumental in managing property. The manager is the person who represents the owner of the property or the company that owns the property. Therefore, if a manager fails in his work, the company is the one that is going to lose in the long run since the manager will be paid his monthly salary.
This has made it necessary for companies that deal in real estate to employ strict conditions when hiring managers (Daniells, 2009). The manager has great influence on the image of the company. If the manager treats the clients in a good way, it is most likely that those customers will buy property from that company. They can also spread the word across the social media about that company…
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