This report discusses the blueprint for measuring operational aspects in rental property management, including structure of operations, supply chain, value chain, quality control, and technology used in the operation.
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Running head: BUSINESS OPERATIONS Business Operations Name of Student: Name of University: Author’s Note:
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1BUSINESS OPERATIONS Table of Contents Introduction......................................................................................................................................2 Measurement of the operational aspects..........................................................................................2 Structure of operations.....................................................................................................................3 Supply Chain...................................................................................................................................3 Value Chain.....................................................................................................................................5 Quality control aspect......................................................................................................................6 Technology used in the operation....................................................................................................6 Conclusion.......................................................................................................................................7 References........................................................................................................................................8
2BUSINESS OPERATIONS Introduction Rentalpropertymanagementisdepictedtospecializeintermsoftheproperty management. Irrespective of the total number of the rental homes owned the real property management is designed for saving the money at each stage. Several clients of the company have put stress on the interruptions to the homeowners such as owners with single property or unable to sell property or relocate. The study will depict the blueprint which will measure operational aspects in Rental property management. Some of the other aspects of the report will include structure of the operations, value chain and quality control along technology implemented in operation. The valuegeneratedwillincludethe configurationsof resourcessuchassuppliers,factories, warehouses,distributors,technicalsupportcentres,engineeringdesignandsalesoffices (Direction, 2018). Measurement of the operational aspects The use of benchmarking facility is seen to be most appropriate for the measurement of the real estate performance which is applicable in the efficient and sustainable maintenance management of the existing facilities. The operational aspects of the performance will be measuredintermsofvarioustypesofthetoolssuchasdemonstratingtheappropriate methodology of the facility management benchmarking system. This will begin with the evaluation of the internal evaluation thereby comparing the performance in Rental property management over the years. This method of the measurement of the operational aspects of the property will be conducive in reviewing the property portfolio for the acquisition and disposal
3BUSINESS OPERATIONS purposes (Tucker, Masuri and Cotgrave 2017). This model will be also able to compare the various properties for estimating the improvement potential in the properties. The use of benchmarking will be also helpful for the company in setting the standards which are seen to be related to setting the standards for a specific performance and raising the expectations through shared practices (Direction, 2018). Structure of operations The structure for the operations is segregated across four main options. These relates to the sole ownership, partnership, company and trust. The sole ownership is determined to be depicted in terms of the income generation for the property in case it is expected to make a loss. In this manner, it has been depicted that the residential values of the property are seen to be based on the several types of the depiction related to the generation of the profits. The partnership structure is related to the funding considered with the funding from the joint banking account. Despite of this, the partnership can be unequal. The main structure for operations is depicted with company. In this aspect, it is easy to rearrange ownership and change the shareholding percentage. The operations measurements will also consider tax benefits which limited liability (Jmv.co.nz, 2018). Supply Chain The supply chain management related to the property is considered with the managing of properties and assets, forecasting and planning of the property demand. Some of the other aspects of the SCM is taken into account with the documentation, sourcing, procurement, vendor management, managing partners and property development opportunities.
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4BUSINESS OPERATIONS Managing Properties & AssetsSCM solution pertaining to PPE, tracking of thefixedassetsandcategorizationofthe commercial sales, rental properties Forecasting & PlanningAnalysingthedemandfortheproperties basedonthepricing,locationsand information of investment Documentation & File ManagementCreating agreements and managing leases for the large properties Procurement and sourcingReducing gap between supply and demand of the items. Reducing capital expenditure Purchase Orders & Vendor managementAutomatingthepurchaseordercreation, takingapprovalsfromthebuyers, performancemanagementforvendors (Eichholtz, Holtermans & Yönder 2015) Managing Partners, Locations and franchisesConsideringmultiplestakeholdersand centralizingtheinformation.Trackingthe performance metrices by using SCM tracking system (Ellison, Squires and Dempsey, 2015) Projects & Property DevelopmentDeveloping and maintenance activities of the property Streamlining Logistics & WarehouseSpaceutilization,consumptiontrends, trackingrawmaterialsavailabilityand automatingtheSCMsystem.Followinga
5BUSINESS OPERATIONS centralizedsystemtotrackmultiple warehouselocationsandtransportation channels. Managing CompliancePlanning of new projects, tax implications and preparing developmental services (Hailu & Rooks, 2016) Value Chain Suppliers The vendor management in the company will be maintained with the appointment of the several types of the agents which will be responsible for the inspection of the property to the customer to the final booking. Factories The factories associated to the real estate property will be related to the various types of the building of the construction raw materials. Warehouses The industrial warehouses will be situated close to the areas of the properties. In addition to this, the warehouses will be storing the construction equipment’s for building and maintenance of new properties. Distributors
6BUSINESS OPERATIONS The distributors of the services are depicted with the brokers who will be responsible for setting the various types of the financial strategies for the company. Technical support centres The different types of the technological support centres are related to the initiatives taken by the company in redesigning the overall improvement in the real estate industry. The support centres will be not only responsible to drive the overall profit of the company but also the regional improvements which are seen to eb supported by the strategy of the incremental cost (Salvo, Ciuna & De Ruggiero, 2014). Engineering design, sales offices and communication link The engineering, design and the sales officials are seen to be responsible for the various typesofthedecisionswhichwillbebasedonthetechnologyinnovation.Themain improvements brought by the technological advancement and its implementation in the real estate will be evident with the improvement brought by the start-ups who try to target in the individual segments attempting to disrupt and improve the current tactics (Falkenbach et al., 2016). Quality control aspect In order to ensure that the company adhered to the quality aspects there has made several improvements which are seen to be based on the supervising the activities with the “Association of Residential Managing Agents (ARMA)”. The quality aspects of the is also seen to be maintained with the preparation and management of the service charges and the monthly process
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7BUSINESS OPERATIONS which need to be followed with the various the factors which will conducive for property management (Cozens & Tarca, 2016). Technology used in the operation The technological aspects of the Real Estate are often known as RE Tech or PropTech or proptech. This is considered as an economic industry which use the technology for making the real estate transaction more effective in nature. The real estate technology is also identified to provide a more tactical investment measurement which is able to support the marketing efficiency along with the long-term core strategy.These technological building blocks are seen to be conducive for representing significant amount of investment for the companies (Deakin, 2017). Conclusion The report has been able take into aspects of SCM and integrate the same in selected company. It needs to be also seen that the company is successfully in the process for the vendor management which will be maintained with the appointment of the several types of the agents responsible for the inspection of the property to the customer to the final booking. The following of the events are further seen to be based on the various theories such as the use of the creating agreements and managing leases for the large properties. In addition to this the company will be also responsible for taking the appropriate initiatives which will focus on the different types of interest on the homeowners such as owners with single property or unable to sell property or relocate.
8BUSINESS OPERATIONS
9BUSINESS OPERATIONS References Cozens, P. & Tarca, M., 2016. Exploring housing maintenance and vacancy in Western Australia: Perceptions of crime and crime prevention through environmental design (CPTED).Property Management,34(3), pp.199-220. Deakin, M., 2017.Property management: corporate strategies, financial instruments and the urban environment. Routledge. Direction,R.(2018).ResidentialPropertyManagementFortMyersFL|RealProperty Management Rental Direction.Real Property Management Rental Direction. Retrieved 3 August 2018, from https://www.rentaldirection.com/residential-property-management Eichholtz, P., Holtermans, R. & Yönder, E., 2015. The economic effects of owner distance and localpropertymanagementinUSofficemarkets.JournalofEconomic Geography,16(4), pp.781-803. Ellison, A., Squires, G. & Dempsey, P., 2015. The problematic differentiation between property bondsandleasesinhealthcareprovision:ASouthernCrosscasestudy.Property Management,33(1), pp.83-94. Falkenbach, H., Jylha, T., Levy, D., McAllister, P. &Remoy, H., 2016.Outsourcing Property Management? A Comparative Study(No. eres2016_149). European Real Estate Society (ERES). Hailu, Z. & Rooks, G., 2016. Property rights and owner occupied housing investment in urban Ethiopia.Property Management,34(4), pp.345-357.
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10BUSINESS OPERATIONS Jmv.co.nz.(2018).Residentialrentalproperty.[online]Availableat: http://www.jmv.co.nz/Publications/Residential+rental+property.html[Accessed 4 Aug. 2018]. Salvo, F., Ciuna, M. & De Ruggiero, M., 2014. Property prices index numbers and derived indices.Property management,32(2), pp.139-153. Tucker, M.P., Masuri, M.R.A. & Cotgrave, A., 2017. Critical strategic issues for the integration of facilities management into the development process.Property Management,35(4), pp.380-393.