Uncategorized · 29 July 2020

Everything you need to know about real estate management

Property management is a professional activity involving the performance of various activities that have been commissioned by the property owner. The above-mentioned ones include, among others: current real estate service, undertaking various activities to maintain the property in its present condition or related to its development, and real estate management consultancy

What is the property manager’s task?

The basic tasks of the property manager include administering a given property, as well as managing all technical and maintenance works that take place there. In addition, the manager may provide advice related to third party ownership of various types of real estate.

What to do to become a property manager?

In order to be able to practice real estate management and carry out professional activities related to this subject, you must obtain the appropriate qualifications. The above-mentioned includes a real estate administrator’s license, which may be applied for by people with higher education who additionally completed postgraduate studies in real estate management or those who have higher education in real estate management. This type of license can only be obtained by a natural person. In addition, a person working as a property manager is required to have third party liability insurance. 

In what form can real estate management activities be conducted?

People who deal with real estate management can perform this profession as independent entrepreneurs running a business and as paid employees. In the case of the latter, it is also required to have a license that authorizes to practice the profession. In connection with the above, if the company conducts activities in the field of property management and wants to hire people to perform management activities, then they are absolutely obliged to have a license and bear professional responsibility. 

How is real estate management different from real estate administration?

Real estate administration  is associated only with the performance of activities related to the ongoing real estate management. This type of activity includes, among others, all kinds of inspections and technical inspections, ongoing repairs and maintenance, cleaning activities, waste disposal, etc. When it comes to real estate management, this is a much wider issue and covers a much larger scope of activities, including including its administration. 

What are the primary goals of property management?

The basic and most important goals of real estate management are to keep them in good condition and to invest in real estate justifiably. 

What is the relationship between the property owner and the manager?

The manager often supervises the huge assets of the property owner, which include both the real estate itself and the income generated by it. If, as a result of the management of a given property, there is a need to invest in it, then it is possible only after agreeing with the owner. Unless the contract between the parties provides otherwise. Importantly, the property manager is obliged to have compulsory third party liability insurance. In a situation where a business-related damage occurs, the property owner may seek compensation through this insurance. 

Is it possible to manage real estate without an applicable license?

As it turns out, there are cases where it is possible to manage real estate without a license. We can include a situation in which the owner of the property manages it himself. In addition, certain institutions are entitled to manage real estate without the appropriate licenses, such as: Agricultural Property Agency, Military Housing Agency, Military Property Agency and the Highway Construction and Operation Agency. Moreover, on the basis of the act on the ownership of premises, such activities may be undertaken by the board of a housing community and housing cooperatives. 

Are there also other real estate professions on the market?

The answer to that question is yes. The real estate professions include, among others, a property appraiser and a real estate broker. In the case of an appraiser, it is a person who, taking into account several aspects, deals with the valuation of the property. When it comes to a real estate broker, such a person works both with clients who are looking for a house or flat offer to buy or rent it, as well as with those who want to sell or rent their real estate. The real estate broker profession is prestigious, interesting and most importantly – well paid.

 

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