Property Management Objectives

The management of a property must have goals and objectives. There are two types of organizational goals which are short term goal and long term goal. Short-term goals are considered within a year and long-term goals are over a year.

The short-term objective is also called the operating objective, since it will continue to be a day-to-day operation. Property management activities that are daily are such as garbage removal, cleaning, or gardening. The labor force that has been appointed to do the job, such as plumbing repair, should be someone who has the skills and knowledge. The labor must be the qualified person. Also, the management structure should have been organized and always updated. The necessary information, for example, the contract or the service, must be verified to ensure that the service is always available to the owner or 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.

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

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

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