What is real estate? Put in simple terms, real estate is the property, land, buildings, air rights above the land and underground rights below the land. Real estate includes 4 types of property: Residential real estate, Commercial real estate, Industrial real estate and vacant land.
Most often than not, real estate agents hire property managers to look after their real estate and manage the day-to-day activities.
In general, property management includes tenant placements, maintenance and repairs and the ongoing administration of real property. The administration of a property includes assuring compliance with ever-changing governmental regulations, monitoring and reporting financial transactions in respect to property, and serving as a liaison between tenants, site personnel and landlords. However complex this might seem, property is inherently favourable of it’s traditional processes, being one of the oldest industries in the world. But, in recent years, it’s seen a huge uptake in digitalisation, including some revolutionary solutions which benefit all 3 parties- the tenants, the personnel and the landlord.