Question

Real estate

Describe the diverse functions and responsibilities of property managers generally, and of specific
property management positions relative to Residential, Commercial, and Retail Management.

Answer 1

Property Managers
Property managers are a third force appointed by a property owner or investor for the task of overseeing the day to day management of their property.
Some of the diverse functions and responsibilities of Property managers are;
1. Rent: Dealing with rent is one of the important part of managers' work. S/he is responsible for setting, collection and adjusting of rental agreement.
2. Tenants: One of the quintessential functions of a property manager is to acquire suitable tenants. All the responsibility about tenancy issues including their background check, signing a lease agreement, finding new tenants, looking after possible evictions etc are handled by them.
3. Maintenance and Repair: Apart from all this, a property managers have the utmost responsibility to look after maintenance of the property. one of the functions involves making repairs if needed.

Functions and responsibilities of Residential manager
1. Sound Marketing: it is a function and a responsibility of a residential manager to try to preserve the value of property by proper and sound marketing. This helps in keeping the property vibrant and opens doors for property showing to potential tenants.
2. Tenant issues: Like any other property manager, a residential manager fulfills the responsibility of establishing tenancy agreements, handling complaints etc.
3. Looking after the residential property: one of the key functions and responsibilities is to address maintenance and repairment concerns of the concerned property.

Functions and responsibilities of Commercial managers
A commercial manager is the main person who takes care of operations of commercial buildings and complexes which includes
1. Financial reports: Providing monthly financial reports regarding the commercial building under care comes under the responsibility of a commercial manager.
2. Lease agreement: A commercial manager looks after handling and managing all lease contracts for buildings or sites and maintains a record of them. They decide the terms, mediates and handle all agreement.
3. Maintenance and repair: This key functions also comes under the work of a commercial manager. Sometimes, when buildings are big and they are to be managed, the maintenance and restoring becomes important and need an expert supervision.

Functions and responsibilities of retail managers
1. Store functions: One of the most important function of a retail manager is to look after overall operations of a retail store including security, employees, bookkeeping etc.
2. Sales: Maintaining Profitability and strength of sales are the leading functions that a retail manager has to carry. They are responsible to look over the direction of sales and preference and presentation of advertising in order to keep the business afloat,
3. Compliance: Normally a retail store is a part of chain that runs on certain sales and promotional strategy. It is the utmost function and responsibility of a retail manager to ensure a sense of compliance to these general rules and strategy under their area of command.