Property management: concept, aims and objectives

09.12.2009 10:25
Real estate management - a complex of measures aimed (with the goals and objectives of the owner) to make effective use of the property, which means ultimately profit from its use.

Property management includes four concepts (according to Western classification):

* Facility management;
* Property management;
* Building management;
* Asset management.

Let's dwell on each of them.


Facility management is a means by activities aimed at effective maintenance of the property and increase the period of its life cycle:

* Control of and communications nodes;
* Plan and conduct repairs;
* Ensuring continuity communications (heat, electricity, water, telephone, internet, telecommunications, etc.);
* Organization of cleaning the premises and surrounding area;
* Protection of the object, and more.

Property management - a service on the selection of tenants, maintaining the necessary technical, financial and legal documents related to the work of the property.

This kind of property management includes:

* Development and maintenance contracts, certificates of acceptance and delivery;
* Maintenance of accounting records on an object (settlements with tenants and service providers, invoices for payment, money orders, etc.);
* Calculation of the cost of the facility and their optimization;
* Calculation of financial indicators characterizing the state of the object, etc.

Building management includes:


* Design management of the property (making schedules and budgets, project, development of specifications for the design of the property);
* Construction management (including the technical supervision of construction and installation works);
* Developing an overall system of technical operation in the management of real estate.

Asset management - is the management of financial flows, the property owner. In the west, Asset management is widespread in Ukraine, so far, for certain reasons, this aspect of property management is only developing.

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