Global Property Management Industry
The global real estate management and development industry was worth more than $479 billion in 2011, having recorded a yearly change rate of -0.5% for the four preceding years, reports MarketLine. The residential segment led the industry in 2011, generating revenue in excess of $272 billion and accounting for almost 57% of the overall market in terms of value. Market growth is expected to pick up to a yearly change rate of -0.1% between 2011 and 2016, bringing the market to $477 billion.
Companies operating in the global real estate management and development industry are involved in the management of both residential and non-residential real estate. Property management firms fulfill a range of tasks, including collecting rent, removing waste, providing security, leasing and other activities related to the smooth running of any property. These firms constitute a means of communication for owners and renters. They are in charge of vetting potential renters by checking their credit history, rental history and the tenant’s ability to pay rent.
Property management also entails drawing up the necessary legal documents pertaining to property rental. Enterprises involved in this industry also act as mediator between renter, owner and insurance companies in the event of damage to property or maintenance issues. Technology continues to play an increasingly important role in property management with the use of computer-aided facility management.