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Property,
real estate, and community association managers maintain and increase
the value of real estate investments. Property and real estate managers
oversee the performance of income-producing commercial or residential
properties and ensure that real estate investments achieve their
expected revenues. When owners of apartments, office buildings, or
retail or industrial properties lack the time or expertise needed for
the day-to-day management of their real estate investments or
homeowners’ associations, they often hire a property manager or a
community association manager.
Generally,
property managers handle the financial operations of the property,
ensuring that rent is collected and that mortgages, taxes, insurance
premiums, payroll, and maintenance bills are paid on time. In community
associations, although homeowners pay no rent and pay their own real
estate taxes and mortgages, community association managers must collect
association dues. Some property managers, called asset property
managers, supervise the preparation of financial statements and
periodically report to the owners on the status of the property,
occupancy rates, expiration dates of leases, and other matters.
Often,
property managers negotiate contracts for janitorial, security,
groundskeeping, trash removal, and other services. When contracts are
awarded competitively, managers solicit bids from several contractors
and advise the owners on which bid to accept. They monitor the
performance of contractors and investigate and resolve complaints from
residents and tenants when services are not properly provided. Managers
also purchase supplies and equipment for the property and make
arrangements with specialists for repairs that cannot be handled by
regular property maintenance staff.
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Industrial
and office brokers specialize in the developing, selling or leasing
property used for industry or manufacturing. Brokers need to understand
different types of industries and determine such variables as
transportation, proximity to raw materials, water and power, labor
availability and local building, zoning and tax laws.
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Land
development is one of the most important and challenging specialties in
real estate today. Developers turn land into profitable, marketable
developments --residential, commercial or industrial. Site selection is
the first decision developers must make. Planning and layout is handled
only after the developer determines the need for a project. Before the
actual building can begin, developers must first analyze all costs and
arrange the financing. Then they contract for the physical structures
and supervise construction. Finally, developers promote the finished
development to the prospects for whom it was planned.
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Site
selection determines your build-out costs; your arena size; the number
of laser tag packs you will be required to purchase; the number of
parties per hour your facility will handle; and so much more. The
information from your site selection process will also be necessary to
move your tenant improvement allowances and business plans forward. The
resources in this department will help you select the right location,
develop the various associated costs, as well as negotiate a favorable
lease.
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