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Asset Management in Property Investments
There’s a subtle but definite shift taking place in the real estate industry. On demand service requirements with new technologies are coming to advance the role of the property manager.
While this shift in responsibilities has been gradual, there is a noticeable intensified pressures on property managers get more professional during these tougher economical times. This is in response to a heightened need on the part of investors and owners to capitalize on the value of their portfolios. Today, there is significant pressure on the property management professional to put in place new or revised policies and practices to comply with vast state and federal regulations that impact the health of the real estate asset, along normal management processes.
Research reveals that the skillset required to fulfill the role of the real estate management professional is changing. Included in the expanding suite of property management responsibilities are such forward-looking, strategic initiatives as establishing a property’s operating policies and procedures, collaborating with property owners to develop ownership goals and objectives and preparing long-term financial models, just to name a few. Of course, there are still the day-to-day responsibilities traditionally associated with the profession, such as the collection of rents and ensuring the timely execution of services, bill payments, maintenance & quarterly property inspections.
Advances in technology & service expectations have meant the improvement of property management provided. What can be done now is remarkable for real estate professionals to analyze data, project conditions, financial depreciation.
It is firmly believed within the real estate agent business services internationally that we are located today at a base camp of sorts—a starting point of serious and exciting changes in the real estate industry as we see property managers increasingly take a seat at the strategic table.
MRES : Mitchell Residential provides exclusive Property Asset Management services for premium & prestige properties.