Broll Property Management managing director, Malcolm Horne, says property owners are more actively managing these income streams to ensure the profitability of assets and returns to investors.
"The current economy has brought a shift in the market. Owners need to take a tighter control on core business and are increasing taking on the traditional role of a true asset manager and not that of a senior property manager," says Horne.
For asset management to make sense and decisions to be effective owners need the support of solid property administration and the "back office" administration function takes on a highlighted role with increased dependence on its efficiency.
"Many property owners wish to control specific strategic aspects of their business without having to attend to the daily administrative functions of property management," points out Horne. This has resulted in a new generation of outsourced property management.
Traditionally, when it comes to using outsourced property management, Horne explains, it has been "all or nothing" with owners either outsourcing the entire property management service, or doing everything themselves in house.
"This is not the case any more. There are now options which lie between these two polarities and in meeting the changing requirements of property owners, a 'menu' of outsourced services from which owners can select the services applicable to their specific property needs is proving to be more relevant," says Horne.
"By outsourcing specific services and keeping control of other strategic functions, the property owner can in fact manage his building at a tighter cost and more efficiently than if he managed the property himself," explains Horne.
For more information contact Malcolm Horne on 011 441 4035.
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