Business Research in Property Management
“Business Research is a systematic inquiry that provides information to guide managerial decisions” (Copper & Schindler, 2006). Business Research helps an organization make better and more efficient decisions when it deals with their goals and everyday workloads. In this paper, it will discuss how business research is used in property management when deciding the most reasonable rent amounts with the example on how Alliance Residential handles a market survey. It will also discuss a more efficient way to handle the market survey and how to receive a more honest and truthful input from competitors.
Property management is the operation of managing commercial and/or residential properties. A property manager is responsible for making sure every day tasks are done properly, collecting of the rent, directing any maintenance issues to the maintenance staff, and writing rent and budget reports. It is important for a property manager to use research in their reports so the property being managed charges the correct rent amounts and provides the owner with reasons for charging those rent amounts.
One way business research is used in property management is when deciding the appropriate amount to charge for rent for an apartment complex. This is done by weekly market surveys. There is a lot of competition in the apartment business and it is important to always be one-step ahead of the competition by offering comparable prices and better move in specials. A potential renter will never look at only one property; they look at many in the same area. Therefore, it is important to have similar or better specials with great customer service so the potential renter chooses your property.
Each competitor is decided based upon similar type, style, location, size and upgrades. After the competitors are decided, it is important for the property manager to call each one weekly and find out what their market rent, reduced rent, extra...
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