Abstract
This article examines the various roles and responsibilities of real estate professionals. Property administrators are responsible for ensuring the smooth operation of residential, commercial, and industrial buildings. This study aims to determine how the actions of property managers influence the success of their businesses and the satisfaction of their stakeholders. Based on a literature review and in-depth interviews with industry professionals, this study identifies the most essential responsibilities of property managers. Property management entails marketing and renting out the property, dealing with tenants, managing finances, supervising repairs and maintenance, and adhering to all regulations. This article discusses the importance of effective communication and interpersonal skills for property managers, who frequently serve as intermediaries between building proprietors and tenants, as well as other interested parties.
This study also examines the new challenges and shifting responsibilities that property administrators face as a result of technological and market shifts. This study examines the advantages of using digital tools for property administration in daily operations, such as online leasing portals and maintenance request systems. According to this study, property administrators are crucial for maximizing property performance, decreasing risk, and increasing return on investment. Tenants, occupancy rates, and the total value of the property benefit from effective property management strategies. This study demonstrates how vital it is for property administrators to stay abreast of evolving legal and regulatory systems. It also demonstrates the importance of following the rules to maintain order and avoid legal issues.
Introduction
Property managers must administer and maintain both commercial and residential real estate properties daily. Property managers are essential for ensuring that commercial, industrial, and residential buildings operate efficiently and realize their maximum potential (Mazikana, 2022). They are responsible for everything, including marketing and leasing, tenant management, budgeting and accounting, repairs and maintenance, and legal compliance. To increase stakeholder satisfaction, return on investment (ROI), and property success, property administrators must be aware of all of their responsibilities. Property management requires knowledge of the industry, market trends, and the requirements of both proprietors and tenants. All of these parties utilize property managers as intermediaries to ensure that they can readily communicate and make decisions together. Property administrators make a substantial impact on the functionality of buildings and the livability of neighborhoods through a variety of actions.
As the real estate market becomes more complex and competitive, the demand for competent property managers increases. Owners rely on the expertise and experience of property managers to maximize the value of their assets (August 2022). Tenants and occupants, on the other hand, rely on property management services that are responsive and considerate of their needs to ensure their comfort, safety, and happiness. Even though property managers have specific responsibilities, these responsibilities can be altered. They can and will evolve as new concepts, business trends, and regulations emerge. The modern property manager has access to a vast array of cutting-edge tools due to the widespread use of digital platforms and the rise of technology. If property managers want to be successful in a constantly evolving industry, they must adopt new technologies and continue to develop their abilities. This study aims to investigate in depth the duties of property administrators. By examining current research and interviewing seasoned property managers, this study will identify the most crucial areas of accountability and investigate the associated challenges and opportunities. The study’s findings will help us better comprehend the duties of property managers in real estate management and will aid the company in developing best practices.
Literature Review
According to Kabus and Dziadkiewicz, corporate responsibility is an effective management strategy that contributes to making businesses more competitive on a global scale by fostering social dialogue at the local level. Reviewing the pertinent literature provided me with the theoretical foundation necessary to conduct an empirical study of the property manager’s social changes and the residents’ acceptance of them. The primary objective of this study was to determine how community members felt about the social changes made by the city’s property management. In the first and second quarters of 2021, interviews with Department of Housing “TBS” (ZGM TBS) tenants were conducted in Czestochowa, Silesian Voivodeship, Poland, for the above article. The survey procedure was used to collect data for the study. For the research, a previously created questionnaire was utilized. 362 individuals responded to the survey (n = 362). The Mann-Whitney U test and the Anov Kruskal-Walli’s test were utilized to determine the validity of the hypotheses. The completed analyses were supported by the p-value test, which demonstrated the statistical significance of the hypotheses. The results of the study assisted in determining which types of social enhancements renters desire from the city government and which types of changes they deem unnecessary.
According to Le et al. (2022), the management of public school properties in New Zealand is aided when individuals combine their resources and talents to achieve the same objectives. Numerous parties are involved, including Ministry staff, private advisors, and school councils, which complicates matters. The purpose of this study is to devise a method for evaluating the cohesiveness of a team. Interviews with school administrators helped develop the criteria, which were then used in a questionnaire to assess the criteria’s maturity level. The evaluation’s results revealed which issues or factors received the lowest scores and thus required the most attention. Based on the results, suggestions have been made to improve the situation. School administrators have demonstrated that the top administration is capable of analyzing collaborative policies regarding staff training, money distribution, reporting systems, and information technology by using practical knowledge derived from real-world facts.
According to Adesanya and Musibau (2022), “pre-tenancy activities” are duties that must be completed before the beginning of a landlord-tenant relationship. The objectives of the study were as follows: to determine who is involved in property management, to determine the social and economic backgrounds of real estate experts and what they do, to identify a few pre-tenancy activities, and to determine how pre-tenancy activities affect the effectiveness of property management in Ibadan. To determine the significance of the data, we employed techniques such as frequency/percentage distribution, mean/median value, and ranking. The results of the study indicate that pre-tenancy actions can both improve and hinder the efficiency of property management. that the advantages significantly outweigh the cons. The results indicate that property management companies, particularly those in Ibadan, would benefit from increasing the frequency of pre-tenancy activities with their tenants.
According to Lang et al. (2022), private rental homes consume more energy than owned residences. Given that proprietors make the majority of decisions regarding how to improve rental properties, it is essential to comprehend how they utilize energy efficiency to increase the number of energy-efficient retrofits in the private rental sector. However, little is known about how proprietors choose energy-saving improvements. Using Victoria’s private rental market as a case study, the study examines the policy’s effects and attempts to determine when and why landlords decide to make adjustments. The results indicate that landlords rarely alter their properties, and when they do, it is typically for modest, gradual energy savings. The majority of the work was completed because tenants requested it, the government requested it, or appliances malfunctioned. Even though retrofitting saves a substantial amount of energy, it was not connected to environmental objectives. Instead, proprietors considered the preferences and budgets of tenants. On the other hand, landlords who employed property managers rarely considered the needs of tenants. Understanding how landlords operate can help legislators provide better retrofit advice and demonstrate to tenants how detrimental it is when their homes lack energy efficiency. To successfully transition the private rental market to low-energy housing, a plan involving owners, tenants, and property administrators is required.
Methodology
A book search was conducted for the topic in order to gain a comprehensive understanding of a property manager’s duties and responsibilities. To accomplish this, the relevant literature must be thoroughly evaluated and analyzed as claimed by Atmaja et al. (2023). Using this strategy, the research examined academic research papers, trade publications, textbooks, and other pertinent sources to identify similar patterns, themes, and best practices about property management duties. This led to the synthesis and critical evaluation research’s prior knowledge. Before the first stage of conducting a literature review, which was to locate relevant literature, the objectives and questions of the study had to be specified. To achieve these objectives, the paper analyzed the property managers’ required skills and knowledge, the challenges they confront, and how their jobs have changed as a result of new technologies and market shifts.
The first stage was to examine numerous databases, academic papers, and other information sources. To ensure that the research finds everything in the literature as suggested by Kumar et al. (2022). The paper also selected keywords and search terms associated with property management and its many facets, including property manager positions. After that, the research meticulously evaluated the reading’s credibility, quality, and utility. Due to the inclusion and exclusion criteria, the review considered only the most significant and credible sources. There was compilement and organization of information, findings, and insights from each relevant source for future research. In research papers, thematic analysis was a common method for examining a work of literature. The facts were then organized into themes or subtopics that illustrated various aspects of property management. The duties and responsibilities of a property manager were one of the topics discussed.
By reading literature from various disciplines, the researcher was able to identify patterns, similarities, and differences in how property management jobs were performed in various circumstances. The findings of the study allowed for a thorough examination of the literature and the formulation of a theory regarding the duties and responsibilities of property managers (Bender et al., 2022). A comprehensive and exhaustive literature review from beginning to end to ensure the results were accurate and reliable conducted. This required maintaining detailed records of the literature search method, determining the inclusion and exclusion criteria, and selecting and evaluating the literature transparently. By conducting a literature review as a research method, I was able to examine and incorporate what I already knew about the responsibilities of a property manager. This method enabled us to identify key themes and ideas regarding property management requirements, thereby enhancing our understanding of the industry as a whole and pointing us in the direction of best practices.
Results
Identification of Key Areas of Responsibility
The methodology of the study highlighted the most essential considerations for property owners. Handling money, negotiating with tenants, marketing and renting out the property, caring for upkeep and repairs, ensuring compliance with laws and regulations, and other similar responsibilities were all part of the job (Durdyev et al., 2022). The results provided a distinct picture of the various responsibilities of property managers.
A Brief List of Required Abilities
According to the literature review by Durdyev et al. (2022), there was an emphasis on the importance of property managers having the appropriate skills. Several related skills, including negotiation, customer service, financial administration, and problem-solving, were also necessary. It was also demonstrated that knowing what skills property managers need guides their future education and training.
Problems and difficulties faced by property administrators
The study also revealed the concerns and issues faced by property proprietors. Obstacles include worries about retaining tenants and selecting the right ones, issues with equipment, a lack of funds, and a tangled web of rules and laws (Toufeili et al., 2022). The results can be used to formulate recommendations and action plans for addressing the identified issues.
Changes in the way things function and advancements in technology
The study also demonstrated how property management has evolved due to technological and market changes. Digital platforms and property management software can be combined in a variety of ways to enhance building management, including online leasing, rent collection, maintenance request management, and data analysis (Toufeili et al., 2022). The outcomes may assist us comprehend how technology has altered property management and its potential benefits.
Rules and standards exist in the business realm.
The research methodology according to Wei et al. also revealed the industry’s rules, regulations, and credentials (2022). This could be useful for understanding the expected objectives and standards of property managers. The results will be used to examine and improve property management practices.
Probabilities in recent literature
The literature evaluation also revealed knowledge gaps regarding the responsibilities of property managers. If researchers know where the voids are, they can focus their efforts on where they will have the greatest impact (Wei et al., 2022). The results can serve as a guide for future research to address the identified gaps.
Discussion
The research was able to determine the responsibilities of a property manager with the help of the literature review. The management of the property included all of the following tasks: advertising, leasing, tenant relations, financing, maintenance, and compliance with all applicable rules and regulations (Parmentola et al., 2022). If property managers have a solid grasp of these basics, they will be able to focus their time and efforts on the tasks that will yield the greatest return on investment (ROI). It centered on the skills and qualities that property managers need to have in order to carry out their responsibilities in an efficient manner. In addition, skills in areas such as customer service, financial literacy, problem-solving, communication, and knowledge of property law and regulations were necessary. Property managers can focus on and improve the abilities that are most important to their professions if they first identify the skills they are required to possess and then outline those requirements.
The technique investigated the issues that are faced by property managers and discovered that there are several. Several issues have been identified as potential sources of concern, including tenant selection and retention, facility maintenance, financial management, and overcoming legal and regulatory hurdles (Onkila & Sarna, 2022). Once property managers were made aware of these problems, they were able to develop and put into action solutions, which improved the management process’s efficacy and efficiency. In addition to this, it explored how the responsibilities of property managers have shifted over the previous ten years as a result of technology and business advances. The real estate business is changing an increasing number of people make use of integrated digital platforms, software for property management, and tools for data analytics. These upgrades have the potential to assist property managers in improving their decision-making abilities, streamlining their operations, and improving the services they give to residents. The literature analysis sheds light on both the benefits and drawbacks of utilizing cutting-edge technology in the realm of property management.
The analysis of the relevant literature reveals some aspects of property management research that have not received adequate attention from researchers or scholars. The existence of these gaps suggested that additional research was required. These knowledge gaps can be filled in by future research that either delves more deeply into certain facets of property management or investigates new subject areas such as environmentally responsible property management and the application of artificial intelligence in this sector of the economy (Sujith et al., 2022). It was also mentioned that those in charge of managing properties are required to go by a specific set of regulations, standards, and qualifications. These guiding principles serve as both evaluation criteria for property managers and as recommendations for putting in place the very best business procedures. By adjusting their procedures to meet the standards of the industry, property managers can demonstrate a higher level of professionalism and guarantee compliance with the regulations.
Conducting literature research on the topic of property management is one way to get an in-depth comprehension of the topic. They provide a basis for improving land management, guiding educational initiatives, and having an impact on policy (Sujith et al., 2022). The property administrators, property owners, renters, and other people who participate in the real estate market will all profit from the literature review. These findings will also contribute to the development of better property management.
Conclusion
This literature review examined the duties and responsibilities of property managers in the field of real estate administration. This study gathered the most recent information on the topic by meticulously reading academic research papers, trade publications, and other pertinent sources. The findings cast light on a variety of responsibilities, including marketing and renting out real estate, managing tenants, maintaining financial stability, performing maintenance and repairs, and abiding by the law. The test also revealed how crucial it is for property managers to have strong communication skills, financial knowledge, problem-solving abilities, and knowledge of applicable laws and regulations.
The literature survey also revealed property managers’ concerns and issues, such as how to retain renters and deal with complex legal issues. The study also demonstrated how the duties and responsibilities of property managers have evolved as a result of technological and market developments. It centered on how digital platforms and property management software can aid in streamlining business operations and enhancing tenants’ quality of life. This study established a benchmark by examining industry standards, laws, and professional credentials. This was done in order to examine the methods of property management and ensure that they adhere to the rules. In addition, highlighting the voids in the literature may open up new avenues for studying property management and related topics.
This research paper’s literature review is intended to be a comprehensive resource for anyone interested in learning more about the duties and responsibilities of property management. The resulting corpus of knowledge is used to enhance property management practices, promote managers’ professional and personal development, and advance the real estate industry as a whole. Property managers must improve their skills to keep up with the ever-changing requirements of the position as the industry evolves. This study’s findings can be utilized by property managers, building owners, tenants, and anyone else involved in the property management industry to enhance the outcomes for properties.
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