Objectives of Property Management
Managing a property should have the goals and objectives. There are two types of organizational objectives which are the short time objective and the long term objective. The short time objectives is considered to be within one year and the long term objectives is more than one year.
The short term objective is also called as operational objectives as it will continue to be daily operation. Property management activities which are daily are such as garbage disposal, housekeeping or gardening. The manpower who been appointed to carry out the work such as repairing pipes should be someone who have the skills and knowledge. The manpower should be the qualified person. Besides, the management structure should have been organised and always updated. Necessary information for example contract or service needs to check to ensure that the service is always available for the owner or need to be terminated. Property information such as taxes needs to be paid and financial information such as rental payment should be recorded. The daily monitoring on work of the employee is required to make sure the performance measurement is good and have the quality. All the things that have been mentioned above are under the short time objective.
The long term objective is also called as strategic management. It is more on the policy making and interpretation. It is also about programmed formulation, implementation and activation. The owner seeks for the outcomes. For example, the mission of a hotel owner is to upgrade a 3 star hotel to 5 star hotels in 5 years time. Hence, the property manager will ensure and monitors all the essential works to make sure the mission will be achieved within the time.
The organizational objective is applicable for the life of the organization. It is included in the strategic plan, long term of five year plan and tactical plan. The organization should have the annual objectives. The short term objective in the operational plans should have the specific time horizon.
