20180320 (Tue)
The Amended VAEP 1981 has a totally new Part VB for Property Managers (PM). Who is a Property Manager (PM)?
*** ESTATEAGENTEXAM.COM*** has some postings on PM.
PM is he who helps the owner to manage the property leases, keeping inventories, budgeting, maintaining financial records, outgoings, and advising on sale, purchase, letting, insurance, opportunities to betterment of property value, upgrading, and maintaining facilities attached to the property.*
Really, that is quite a mouthful! And, some areas like tenancy administration is also done by Estate Agents.
Tomorrow will be on the overlapping areas between EA and PM.
*S.22i of VAEP Act, 1981 has the below definition of PMP (Property Management Practice)
- enforcing the terms of leases and other agreements pertaining to the property;
- preparing budgets and maintaining the financial records for the property;
- advising on sale, purchase and letting decisions;
- advising on insurance matters;
- advising on the opportunities for the realization of development or investment potential of the property;
- advising on the necessity for upgrading the property or for the merging of interests;
- managing and maintaining the building and facilities attached to the building; and
- making or checking of inventories of furniture, fixtures, trade stocks, plant or machinery, or other effects.
S.22I (a) – (i) of the Valuers, Appraisers, Estate Agents and Property Managers Act, 1981 (Amended 2017).