Stanaford Data Investment, Finance & Property Terms
 
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General Investment & Finance Development & Construction Asset, Property & Facilities Management
General Investment & Finance Development & Construction Asset, Property & Facilities Management
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Property Management

Involves the wider ongoing management of the property, including supervision of the above facilities management functions. The key additional task that distinguishes property management from facilities management is the responsibility for commercial work with existing and potential tenants. The core function of the property manager is to attract, secure and retain the best tenants for the property in accordance with the property strategy set by the asset manager (or owner). Thus the property manager is responsible for marketing and leasing of the property to potential tenants, for working with brokers, and for maintaining relations with and collecting rent from current tenants and renewing their leases. Because proper maintaining of the property is critical to attraction and retention of tenants, the property manager normally has authority over facility management. The property manager is responsible for recommending to the asset manager marketing measures, capital repairs and improvements, amenities and other items that influence the property’s performance in matching its planned position in the market by successfully attracting and retaining profile tenants at the highest possible rates in a given market. The property manager is responsible for quality control, such as ensuring that all fit out and construction works match the quality and image requirement of the property, as well as the maintenance requirements. In this process it works closely with and draws upon the expertise of the facilities manager. The property manager is responsible for the operating expenses of the property: tracking actual costs, analyzing and optimizing them. The property manager advises on the parts of the lease involving operating expenses and tenant conduct and use of the property and oversees their implementation. It is usually responsible for organizing and managing the owner’s insurance on the property.

Term in Russian