In Real Estate Management, property management expert witness Ms. Ann E. Reisch, CCIM, CPM, RPA, writes:
Real estate management, also known as property management, is the specialized field within the real estate industry that supervises the operations of a property in accordance with the owner’s objectives. A real estate manager is responsible for the physical and financial operations of a property or group of properties. Managing a property is the same as running a business and expertise is required in the areas of finance, accounting, economics, marketing, customer relations, personnel, risk management, law and organizational operations. Successfully managing properties encompasses all of these areas as well as other specialized and technical areas of expertise.
Regardless of whether a building is designed to live, work or shop in, the fundamental principles of real estate management remain the same. Investment properties have tenants to interact with on a regular basis, maintenance requirements to continuously manage, and financial operations to meticulously oversee. Whether the property is an apartment community, an office building, a retail shopping center, an industrial warehouse, a parking garage or any other type of property, proficient management is required for success.
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