Real Estate Management problem in the Baltic States. (Lease Maintenance and Risk Safety)

Volume: 10 Issue: 03 | Mar 2023 www.irjet.net

Real Estate Management problem in the Baltic States. (Lease Maintenance and Risk Safety)

Riga Technical University,1Kalku street, Riga, Lv-1658, Latvia

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Abstract - To develop a major objective is, to seek a deeper knowledge of the target in real estate management in the lease maintenance and risk safety management system in Baltic states. The first two-step in the real estate sector aims to provide an understanding of the real estate sector and a good knowledge of the major organizational strategies to help client requirements and understand the client strategy. This two-step compares the organization that outsources project management consultancy and the organization that has followed the property management system to provide a work ethical system in this industry. These two steps target the question of client relations and owner relations between each other. Both consider are major points for any kind of property system and help resolve queries between clients and owners. We understand the importance of lease maintenance in the real estate sector in the Baltic states from the first step. To assure tenants and owners of his responsibility as per state laws and guidelines. I go through lots of lease maintenance policy designs by organizations and parties and state governments. I analyze these documents as per market standards. Without proper lease maintenance, the real estate sector is not a good investment sector for any organization, individual investor, or foreign investor in the Baltic states In the second step target risk, a safety management system is essential for all real estate investments. Because major individual investors, organizations and foreign investments always go through the risk safety pattern of any investment. All these entities are always scared about their investments where they invest how much they get in return. This time risk management plan to help in this matter. Where they save their investment with the help of risk safety management plans like Return on investments and the major amount, they invest in the real estate sector. The conclusions from the lease maintenance and risk safety management system are to help to grow profit for individual investors, organizations and foreign investments in Baltic states and solve queries between tenant and owner of the property. Because both abided by state laws with the help of lease maintenance agreements and risk safety management systems. Both systems are prepared by state authorities to solve these matters as soon as possible.

Key Words: Analytical management plan, Innovation lease maintenance plan, developing customer support function plan, Risk safety management system and efficient solution for the Baltic economy to develop a valuable market policy for the real estate management plan.

1. INTRODUCTION

The Real estate management policy creates a decision and growth to manage a real estate property in a professional conditionaccordingtoorganizationstandardsandstatelaws abidingbystateauthorityata reasonable rateof return by the property value. These management policies capture all major points for real estate management to handle relations between tenant and owner of the property. Lease and risk safety management has covered all aspects like lease managementpolicyandpropertyconditionandanalysesandworksinfullcoordinationwiththetenantandownerinthis managementprocess.Also notedisthata special point istoaddsome managementappraisal toappreciatecoordination with everyone like government, Tenant, and owner. Also, this management policy is always in evolution with the upcoming update. With the help of this management policy, there are so many unsolved queries related to real estate management policy, which can inspire both tenants and owners to find a solution between each other and note proper termsandconditionsandworkoutonallrelatedproblemsfacedbybothparties.

The real estate industry always works toward property growth and work toward economic growth as well. Also, we noticedthatbeforeinvestinginanykindofpropertywecoveredthesepointslikethefunctionofthepropertyandlocation ofthepropertyandwhoistheownerofthepropertyandlookedtowardthemanagementpolicyofthepropertyaswellas checkedthepropertyprofitvalueisusedin.futuresellingpriceforanykindofpropertyownedbuybytheowner.Tocome up with proper strong market research to help solve this problem during the lease agreement period. The system of managementisavalue-addedpointinrealestatesectorsinthespecificityofthemanagement-relatedfunction.Thereport couldelaboratemanagementpolicyofleasemaintenanceandrisksafetyintherealestatesector.Thisapproachwillhelp togrowthemarketvalueandmarketcircumstancesoftheproperty.Thismarketanalysisreportprovidesthedataverified bytheclientandmajorinvestortosavetheinvestorpaperworkandmuchmoremarketresearchaspertherequirement. Themajorproblemfacedbythemanagementsystemistocreateaprototypetoplacethevalueofthetargetnumberand

major changes. A sufficient valuable point in the real estate sector faced by the management team and these kinds of possibilitieshelpdecreasethemarketvaluesofthemanagementteamandtheowneroftheproperty.

Inthispaper,therearewell-definedandmajorimplementationsofleasemaintenanceandrisksafetymanagementinthe real estate market in the Baltic states. The paper has been based on real data and virtual reports to provide a real understanding of this topic is essential in the real estate sector and generates information for the state authorities and clients and tenants. The real estate market is extremely complex as per the demand of clients and the demand for office space required by corporate and goes through statistical data and prototype analysis to cover all aspects of real estate demandandcontributetotheupcomingdevelopmentoftherealestatemanagementteam inBalticstates.Also,thereare some advantages of the management team to verify and classify the client as per the lease maintenance policy and risk safetymaintenancepolicytoprovidebetterservicetotheupcomingclient.Themajorissuefacedbythemanagementteam andclientandtenantduetomanagementcreatedbyanunprofessionalperson orteam.Thiskindofmistakeisimpacting companyvalueandthenatureofgrowth.It’sconsideredabadmanagementpolicyasperthemarketstandardprocess in theeasternEuropeanrealestatemarket.

2. REAL ESTATE MANAGEMENT POLICY.

2.1. Principles of real estate management

Most of the real estate management organizations in the real estate industry in Baltic states often follow specific managementpolicieslikeleaseandrisksafetymanagementtodelivertheirmanagementserviceforthosepropertiesthat requiredprofessionalhelptogrowtheirmarketvalueaspermarketstandards (Bon,1994)

Thereare5majortypesofrealestatemanagementprinciplesfollowedbyamarketdevelopmentagency.

1. Divisionofwork

2. Authorityandresponsibility

3. Disciplinesintheirmanagementroles

4. Thedegreeofcentralization

5. Subordinationoftheindividualinterest

All these management principles guide the property management organization when operating in the real estate managementindustry.

2.1.1 Division of work

Most of these management services have divided the operations into departments to work properly on the behalf of the shareholders. They have a dedicated workforce to ensure that all stakeholders contribute positively to the operations withinthemanagementteam.

2.1.2 Authority and responsibility

MostoftheseBalticrealestatecompaniesunderstandtheimportanceofresponsibilitywhenmanagingtheiroperationsin the real estate market in the Baltic states. With the power given by the owner, they have managed and protected the shareholders’networthaccordingtothemarketdemand

2.1.3 Disciplines in their management roles.

Disciplines often play an important role in the success of every company whenever they operate in the real estate management industry. They have a dedicated workforce to ensure that all stakeholders contribute positively to the operationswithinthemanagementteam.

2.1.4. The Degree of centralization

Sharing authority with the lower levels is known as the decentralization of real estate management organizations. The organizationworkshardtoachieveagoodamountofprofitforitscompany.

2.1.5 Subordination of the individual Interest

Managementcompaniesmustalwaysputasidetheirconsiderationsbyputtingthecompany’sobjectivefirst.Theinterests of goals of the organization must always prevail over the individual’s interest when operating to allow the company to growintherealestatemanagementindustry.

2.2 Lease maintenance in real estate management.

2.2.1 Tenant Maintenance Request

Manylandlord-tenantconflictsbeginbecausemaintenancerequestsweren’taddressedand Therewasanissueoverwho wasresponsibleforthefinancialmatter.

2.2.2 Common Rental Property Maintenance Issues

Therearetencommonestmaintenanceproblemsthattenantsandlandlordswillface:

1. Theapplicationnotworkingaspertheconditionoftheitemmentionedwithintheleaseagreement.

2. BrokenLocks

3. CloggedDrains

4. DrippingFaucets

5. GarbageDisposalsnotworking.

6. HVACProblem

7. Hotwaterissuefacedbybuildingusers

8. PestcontrolProblem

9. Roof,Window&sinkleak.

10. ContinuouslyRunningtoilets.

These are the foremost issues faced by the tenant during his lease-out period. So that region required some major implementation during this policy as per market standards to follow updated guidelines to tackle these issues prior (PROPERTIES.INC.,2022)

2.2.3 Reduce Property Damage

The best waytoslow down maintenancecosts and reducedamagecosts istoperformregularpreventativemaintenance onthebuilding.

1. HVACChecks

2. Cleaninggutters

3. Pre-treatmentforpests

4. Installingdrainscreens

Landlords should also educate tenants, especially people who are first-time homeowners, about the correct use of their rightsasaclientoftheproperty (DeNunzio,2022)

2.2.4 Clearly defining Expectations.

Whenitinvolvespayingforrentalpropertyrepairs,clearlyspelloutwhattheowneristoblamewithinthelease.Thiscan facilitate you reduce the whole number of requests you receive. These clear expectations also motivate the tenant to requireexcellentcareoftherentalunittoavoidpayingoutofpocketforrepairs.

2.2.5 Landlord Lease Maintenance Responsibilities

An owner’s maintenance duties are detailed explanations of local, state, and federal laws. We recommend that landlords readtheselegalprovisionssothattheycomprehendpropertymaintenanceissues.Additionally,yououghttoalwaysmake surethatthetermsandclausesinyourleaseagreementsgowiththelaw (Luxon,2022)

2.3 Risk Safety in Real Estate Management

There are all types of risk safety you need to be aware of when you think about tackling risk safety in a Real Estate Management development project. It can be a major issue if you do not put the hard work into solving as much risk as possible(Team,2022).

2typesofrisksinrealestateManagementarecompletelyinyourcontrol.

1. TimeOverruns

2. CostOverruns

Theyarepracticalrisksthatyoucanmanagefromtheoutsetofyourdevelopment.

3. DISCUSSION ON THE PAPER

ON

LEASE MANATAINCE AND RISK SAFETY MANAGEMENT POLICY ON AN INTERNATIONAL LEVEL.

Themajoraimofthisreportistotargetseveralproblemsintherealestatesector.Themajorissueintherealestatesector like lease maintenance and risk safety management issue also focus on client relations and help to grow a national economy to help and generate employment opportunities for the young millennials. This report provides a brief explanationofleasemaintenanceandrisksafetymaintenance issuesandprovidessomemajorissuesinthesesectors.By entertaining this problem and understanding the situation in the real estate industry. The major aim of this report is to createawarenessandorganizedaprofessionalbrandfortherealestateindustry.

3.1. What is the advantage of a good management system in the real estate sector?

Themajoradvantageofagoodmanagementsystemistohandleandmanageallkindsofbusinessactivitiesandespecially intherealestatesectorgoodmanagementalwaysworkstowardcompanygrowthandhelpstoprovidegoodmanagement policytoclientsandindustryexpertstoachieveasrequiredgrowthaccordingtomarketsupply (Kvartalnyi,2022).

Volume: 10 Issue: 03 | Mar 2023 www.irjet.net

3.2. Can use this management policy for future development and growth in the national economy?

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Aspermarketstandardsandgothroughsomemajormanagementpoliciesprovidedbythestate governmentandprivate entities. I go through some major parts of these policies like lease maintenance and risk safety management policy etc. I found that there are some major loopholes in this policy and firstly we can solve these loopholes and rephrase all the governmentguidelinesall implementedagaininthe real estatesector.As perall governmentreportall overtheworld,I noticedthatallmuchmorepossibilitiestogrowournationaleconomyasmuchaspossible (MalongaHazemba,2021)

3.3. How to coordinate with clients and tenants with the help of proper management channels with this policy?

A good coordination system always helps to good relationship between client and tenant. The major multinational companyalwayshaveapropermanagementchanneltodiscussmajorkindofissueshappeningintheorganization.Also, thiskindofpolicyisusedintherealestatesectortofollowacodeofconductandtoworkinaprofessionalsystemtosolve anykindofissuefacedbyclients.

3.4. How do define lease maintenance in the real estate sector?

Leasemaintenanceisalegaldocumenttoprovidefreedomtotheownerandtenanttosavetheirrightsasperstatelaws and company guidelines as well. Because without lease maintenance nobody abides by state laws. If nobody follows the leasemaintainslaws.So,anyonehastherighttouselegalwaystosolveanykindofmatterrelatedtopropertyissues.But withoutanyproperpaperwork,nobodyhastorighttousealegalwaytofindasolutiontotheproblem (Lawyer,2022).

3.5. How do define a Risk and safety management plan in the real estate sector?

Ariskandsafetymanagementplanareanessentialpartofanymajorkindofprojecttosavefromlegalauthorityandsave duringanykindofemergencyandhelpandfindsolutionsformajorkindofemergency.Asperstatelawsandorganization guidelines, risk and safety management are our first and most important policy for any kind of project in the real estate sector. It’s very beneficial for the company from any kind of legal formality. If they follow proper guidelines as per governmentstandards(Aclaimant,2022)

4. CONCLUSION

In summary, I conclude that it is proven that real estate management policy always works toward owner and tenant relations. As per market demand and business strategies always prove that and analyze all kinds of public relations between client and tenant. Especially I noticed that during my work and going through a lot of company guidelines. He worksonasmallprojectandsomeworkonamajorproject.AlwaysTheyfollowthesamekindofstrategyforhandlingall kindsofprojectsandlacksomemajorpointsformanagementpolicylikeleasemaintenanceandrisksafetyreporttohelp grow their market value. The discussion is the same for two solutions for planning and organizing any kind of meeting with the clients and tenants. Also, the top management level person in the company motivates and analyzes and uses professionalwaystostructureandapproachclientsandinvestorsaspercompanyrequirements.

Also, there are major challenges faced by real estate companies in developing countries where he is dealing with such kinds of clients. They are not aware are about the proper guidelines of the real estate sector and they just treat it as an investment.Itisaninvestmentoptionforfuturepointsofview.Whileownerspurchaseanyrealestatepropertyfromthe investmentpointofview.Theyonlydependonin-housemanagementpolicydesignbythecompanymanagementteam.If they face any kind of problem during the lease out period and selling the property. He is very confused about his management policy. and nobody helps with this policy. But I can add these implantations in these policies like lease maintenancepolicyandriskandsafetypolicytohelpmajorproblemsfacedbyclientsandtenantsoftheproperty.Because this policy is completely self-explanatory about each point of view in terms of owner and tenant, and nobody struggles with the policy and helps to grow the Baltic real estate market on an advanced level of international involvement for internationalplayers

REFERENCES

1. Bon, R. (1994, May 01). Emerald insight. Retrieved from www.emerald.com: https://www.emerald.com/insight/content/doi/10.1108/02632779410057584/full/html

2. PROPERTIES.INC., K. (2022, December 15). Property management blog. Retrieved from www.Kerrpropertiesinc.com: https://www.kerrpropertiesinc.com/blog/common-rental-property-maintenanceerrors-and-how-to-avoid-them

3. DeNunzio, D. (2022, April 29). Insureon small business blog. Retrieved from www.insureon.com: https://www.insureon.com/blog/ways-to-prevent-customer-injury-property-damage

4. Luxon, B. (2022, June 21). A Guide to Landlord Responsibilities: Maintenance and Repairs. Retrieved from www.landlordstudio.com:https://www.landlordstudio.com/uk-blog/landlord-responsibilities-repairs

5. Team, E. (2022, August 16). The Definitive Guide to Commercial Real Estate Risk Management. Retrieved from www.embroker.com:https://www.embroker.com/blog/real-estate-risk-management/

6. Kvartalnyi,N.(2022,November24).6BenefitsofUsingPropertyManagementSoftwareForRealEstateBusiness. Retrievedfromwww.inoxoft.com:https://inoxoft.com/blog/6-benefits-of-using-property-management-softwarefor-real-estatebusiness/#:~:text=The%20main%20benefits%20of%20property%20management%20software%20are%20easy %20maintenance,commercial%20PMS%20and%20industrial%20PMS.

7. Malonga Hazemba, A. H. (2021, April 03). Systematic review of how Environmental Management policies are incorporated into National Development Plans in order to achieve Sustainable Development. Retrieved from www.sciencedirect.com:https://www.sciencedirect.com/science/article/pii/S2667010021000202

8. Lawyer, R. (2022, July 07). Leasing and Maintenance Responsibilities. Retrieved from www.rocketlawyer.com: https://www.rocketlawyer.com/real-estate/landlords/property-management/legal-guide/leasing-andmaintenance-responsibilities

9. Aclaimant. (2022, February 17). A GUIDE TO RISK MANAGEMENT IN REAL ESTATE. Retrieved from www.aclaimant.com:https://www.aclaimant.com/blog/a-guide-to-risk-management-in-real-estate