Objectives of real estate management

Property management must have goals and objectives. There are two types of organizational goals which are the short term goal and the long term goal. Short-term goals are considered within a year and long-term goals are more than one year.

The short-term goal is also called the operating goal, as it will continue to be the day-to-day operation. Daily property management activities include garbage removal, cleaning, or gardening. The designated workforce to do the job, such as pipe repair, should be someone who has the necessary skills and knowledge. The labor must be the qualified person. Furthermore, the management structure should be organized and always up to date. The necessary information, for example, the contract or the service, must be checked to ensure that the service is always available to the owner or that it must be canceled. Property information, such as taxes, must be paid and financial information, such as rent payment, must be recorded. Daily monitoring of the employee’s work is required to ensure that the performance measurement is good and of quality. All the things that have been mentioned above are under the short term objective.

The long-term goal is also called strategic management. It’s more about policy formulation and interpretation. It’s also about programmed formulation, implementation, and activation. The owner searches for the results. For example, the mission of a hotel owner is to convert a 3-star hotel to 5-star hotels in 5 years. Therefore, the property manager will secure and monitor all essential works to make sure the mission is accomplished on time.

The organizational objective is applicable during the life of the organization. It is included in the strategic plan, five-year long-term plan, and tactical plan. The organization must have annual objectives. The short-term objective in operational plans must have a specific time horizon.