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Commercial Property Management leasing agents in New Zealand are required to have a real estate agents licence and operate an audited trust bank account. Commercial leases are covered by the Property Law Act 1952. Residential property management in New Zealand is an unlicensed and unregulated industry.
A property manager or estate manager is a person or firm charged with operating a real estate property for a fee. The property may be individual title owned or owned under the sectional title, share block company owned, and may be registered for residential, commercial office, and retail or industrial use.
FirstService Residential was responsible for 69% of 2017 revenue, while FirstService Brands was responsible for the other 31%. [10] FirstService Residential provides property management services to private residential communities, such as condominiums and homeowner associations. [10]
Property maintenance for commercial properties includes major focus areas such as risk management, maintenance, communication, and tenant satisfaction. Usually a certain agreed percentage of the rent payment will be deducted on each rent payment collected by the property management as their service fee.
The Institute of Real Estate Management has different tiers of membership. The organization issues different credentials, including: Certified Property Manager (CPM), Accredited Residential Manager (ARM) Accredited Commercial Manager (ACoM), or Accredited Management Organization (AMO).
Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others.
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