You must have probably heard of a property investment manager in real estate and you’re wondering what exactly it is they do. Their role is specific and unique just like every other aspect of real estate management.
He is majorly concerned with the financial and physical structure of a property. They stand between the client and his property. And they ensure that the client doesn’t need to worry about the welfare of his property.
It is important that we go into details in order to ascertain all the duties of a PIM. In this article, you will be enlightened on what they do and you will determine who to trust your property with.
Responsibilities Of A Property Investment Manager
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Operates a large property or a portfolio of a number of properties:
The property investment manager is charged with the responsibility of operating a single property that may be large or small. Also, he operates a portfolio of many properties belonging to a client.
The property documents are duly handled by the property manager. He also takes stock of the expanse of the property and the condition that the property is in.
The PIM has a detailed knowledge of the property he manages. He is at liberty to operate more than one property, as many as he can efficiently handle.
2. Supervises other site managers:
Since the property manager is responsible for the property he operates, he is in charge of every other site manager working on the property or portfolio of properties at that time.
Other managers of the property like construction and project design all report to the property investment manager. They are responsible for updating the property investment manager of the welfare of the property as he requires.
The PIM has the liberty of approving or disapproving of the work done by other managers. He also has the liberty to make changes to the work done on the property.
3. Communicates with the property owner:
This is one of the most important roles of a property investment manager. He/she has direct access to the owner of the property or properties he manages.
The property owner is rest assured of the safety of his property in the care of the property investment manager. At this point, he can freely communicate his expectations for his property and what exactly he wants from the PIM.
The owner of the property may not need to visit the site often because that is where the property investment manager comes in.
4. Create management and investment plans for the property:
Here comes the technical part of the work. The property investment manager doesn’t just operate the property, he finds ways that he can make profit for the property owner.
He creates management plans so that the property does not depreciate in value and he also creates investment plans for the property so that the property can increase in value.
This is majorly the reason he is called the property Investment manager. As a professional, the plans are properly documented and carried out as approved by the property owner.
5. Provides accounting records and management reports to the client:
As the property investment manager communicates with the client, he mostly provides accounting records of the property and he also provides the management reports of the property.
He is held accountable for any misrepresentation of funds and mismatch of the account records. This means that a PIM must have a fair knowledge of accounting in order to efficiently carry out his roles.
The client uses the management reports and the accounting records to judge the competence of the property investment manager. It is expected that the value of the property increases with time.
6. Recommends improvement or repairs of the property:
The goal is to ensure that the property increases in value. And so, if improving the state of the property will do that, the property investment manager is responsible for recommending such repairs or improvement to the client.
Certainly, the repairs must be necessary. And in line with the evolving age for the property to stand a chance of improvements.
Also, the PIM is responsible for constantly searching for ways to make the property in standard value and to keep the financial value of it stable or high.
7. Responsible for the financial and structural well-being of the property:
And of course, the property investment manager is responsible for the financial and physical welfare of the property or properties he manages.
His priorities are that the property brings in money and that the property looks good enough to bring the kind of money the client wants.
Fortunately, the property investment manager is skilled in bringing this to reality and he knows exactly what to do to realize the dreams of the client, just as specified. If after a few months of managing the property, there is no stability or increase of the financial value and physical value of the property, the client needs to get a better PIM.
Who Is Your Property Investment Manager?
Now that you know exactly what a property investment does, do you have one who is efficiently carrying out these roles? It is important that you seek the welfare of your property before it becomes obsolete.
If you’re in Nigeria and you need a recommendation, then I’ll gladly recommend you employ the professional services of primehill limited and have them provide you with a competent PIM that will increase the value of your property in a few months.
In case you are dissatisfied with the services of your current property manager, you have the welfare of your property to think of. It’s not too late to change the management.
Just ensure that you look out for these qualities and responsibilities when you go in search of a PIM
Conclusion
A property investment manager is majorly in charge of the day-to-day activities of a property’s operations and structure. He ensures that nothing goes wrong on site and he plans to maintain the value of the property. Ensure you get a competent PIM for your properties management.