Property Management Research Paper Example | Topics and Well Written Essays - 2500 words

Property Management - Research Paper Example Property Management is a hot topic among modern real estate managers who are entrusted with the profitable care of any residential, commercial or industrial real estate in most modern cities and states around the world. Since the 1800's, effective and professional Property Management has been in demand, with the arrival of steel-frame buildings and elevators, the proliferation of the suburbs and the explosion of large real estate property-investment institutions that specifically aim to build more urban dwellings and infrastructure for the purpose of generating profits from real estate as an enterprise (Kyle et al, 3). With the advent of large urban commercial and industrial complexes, Corporate Property Management took its imposing place in the real property management scene while big government similarly responded with equally imposing bureaus intended to regulate the residential settlements and commercial complexes, with their sophisticated modeling schemes for simulating the growth, and implementing land audits that help dictate the land values of zoned areas in vast metropolises while placing various zonal restrictions aimed at efficiently harmonizing the explosion of mega-cities and the suburban sprawl. Sophisticated corporate... Sophisticated corporate strategies, financial instruments and computer based management information systems and property management-outsourcing which underlay the development of modern property management have been around for quite some time already, with much of their contribution to the practice of real estate property development, still evident in today's real estate property values that have been arrived at through the methods and practices advanced by modern-day property managers. However sophisticated this industry may now seem, Property Management began as the very basic practice of ensuring a property's maximum value (in terms of financial worth or appraisal) while expending the least amount of resources (financial or otherwise) for its upkeep and development. It involves the simple concepts of ensuring the maximum "value for money" on the part of the occupier and maximum profit on the part of the owner. It has been the property manager's job to make sure that the owner's best interests are sufficiently advanced while satisfying the requirements of the tenants. Property Management, as practiced by the State, by private corporations or by common individuals have remained fundamentally unchanged over the 19th century, that is to say that its objectives of profitability and operational efficiency remained the same, until the late 20th century wherein the real property market environment had undergone sweeping changes such that the management of a certain property, be it residential, commercial, industrial, mixed-use or special-purpose, has become a major discipline requiring an interdisciplinary approach that involves an intricate network of whole government bureaucracies and corporate divisions that