Abstract
Abstract For the implementation of real estate management, in accordance with the legislative framework of good practice and quality management, a system is required that helps the processes to be arranged according to their fundamental values, criteria and functions. The study sets residential property management elements and factors influencing them. The significance of the topic is set by the developing industry and the requirement for quality and sustainable management model that includes all interested parties - owners, lessees, tenants, users on the one side, housing managers on the other and the state, local government and non-governmental organisations on the third side. The development of this sector as a whole depends on the quality of residential housing management process.
Highlights
Management of real estate has the ownership responsibility imposed on real estate long-term existence, ensuring maintenance of the property, administering and documenting the processes related to real estate management
Residential house management process is complex and multi-faceted. The problem in this sector is the fact that there is no united system for property managers to follow; as a result, there are rare discussions about effective management model that would be prone to a high-class service and the sustainable development of the property
Management services are provided based on rules (Latvian legislation and EU directive regulations)
Summary
Management of real estate has the ownership responsibility imposed on real estate long-term existence, ensuring maintenance of the property, administering and documenting the processes related to real estate management. Residential building management is an issue for both Latvian and European countries where a large percentage of real estate constitutes the housing fund. According to the studies performed by the researchers of Riga Technical University (Geipele et al, 2012), the residential house management sector affects society as a whole: starting with the state level and ending with the individual. Access to finance is one of the essential elements of the whole management system because the availability of financing is closely related to the solvency of customers and psychological readiness to make financial contributions into their own property maintenance and renewal. The authors conclude that the manager, who performs a “social networking” maintenance function between the inhabitants of the house, can greatly improve the management efficiency of the process directly in psychological readiness and feedback elements
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