Functions of Management,:
Functions of Management
January 10, 2011
Functions of Management
Presently, as we go on through the day we find ourselves in a highly developed and competitive world. And the most competitive of all is business. To be successful in business, you have to be willing to learn good management skills. The four functions of management are: planning, organizing, leading, and controlling.
To begin, we can define management as the process of working with people and resources to accomplish organizational goals (Bateman and Snell, 2009). Real estate is one of the few kinds of organizations that can be mistakenly described as successful without necessarily being the direct result of good management. Many people are attracted to real estate because of the stories they hear about the fabulous returns. They are prone to credit returns to capital without giving adequate consideration to management. Ignorance and inexperience in management can lead to serious investment errors. (Irving F. Davis, 1973) Several sales persons have become brokers and have opened their own brokerage firm based on their success and have found themselves that when their momentum has run out their income has diminished and then they realize that they will need other sales persons working for them if they want to keep a steady income.
Overlooking what a good manager should be doing they will end up working by only doing and not by what they should think about what they are doing. Managing a brokerage firm by instincts won™t take the firm to become profitable and earn high revenues. Only the ones that realize how imperative it is to recognize the importance of the four functions of management will be the ones who achieve their goal and highest expectations.
The four functions of management are: planning, organizing, leading, and controlling. Let™s briefly begin to define each one. Planning is taking a step back to look at all of the options at hand and to think thoroughly about each and every thought that comes across you before taking immediate action and to also use resources wisely and efficiently to accomplish these goals that you set for not only yourself but also the organization. The real estate market is fast pace and competitive. The broker has to be aware of the latest trends in the market to guide the agents accordingly so as to not get lost or feed incorrect or outdated information. Changes in Real Estate law and procedures are made quite often and the broker has to make the necessary adjustments in order to achieve the company goals and increase, or at least maintain the sales volume of the group.
Organizing is the next function in management.
Organizing is basically putting together every and all resources at hand into perspective so that you can easily set the path to achieve the companies™ goal. Real Estate agents are independent contractors working for a brokerage firm. Everyone works individually following the laws, rules and regulations of the State of Florida. The brokerage firm is the one that offers to the agents the necessary support and internal training needed to succeed in this business. Workshops, like the best ways to attract clients to be a successful listing agent or buying agent, are offered every week. The broker success is measured accordingly with the success of the agents working for him. Activities to attract the public to the firm are conducted in a everyday basis to establish and maintain the name of the company in the local market, as well as the agents working in it.
The following function is leading. Leading is stimulating people to be high performers. (Bateman and Snell, 2009) Recognition of the individual and teams achievements plays an important role in our company. Rewards and certificates of recognitions are giving to the agents that excel the expectations set for the broker. The teamwork is promoted between us as a way to growth your business. New agents are usually incorporated as members of established teams to help them to get started in this business. The open door policy of the broker help us all to achieve more, because you feel that your broker is there for you, whether you need it or not.
To conclude, out final function is controlling. This means that you take anything set before you and based on the results make any necessary adjustments in order to meet the company™s goal. The broker keeps a close eye in the performance of each individual and/or team in the firm. If someone™s performance shows lack of knowledge in a specific matter, the broker steps in to help. This is a very difficult function for the broker because we are not regular employees, we do not receive salary, and we work base on commission.
Keeping track of the transactions and establishing (and maintaining) a good communication with the agents, makes it possible for the broker to determined it™s the goals of the firm that are met, setting the base for greater achievements.
To wrap things up a good management allows any company or organization to become successful and profitable in today™s world. Refusal to acknowledge the fact that there are ways in becoming better in all you do business wise can hurt your companies™ development and can be avoided simply by knowing the works and functions to having a successful management.
? Real Estate as if Management Mattered. Jaffe, Austin J. California Management Review, Spring80, Vol. 22 (Issue 3), p92-96, 5p
? A Study of Real Estate Investment Returns to Capital and Management. Irving F. Davis (Fresno, Calif.: California State University Bureau of Business Research and Services, Study Number 14, July 1973), p. viii.
? Which Corporate Real Estate Management Functions Should be Outsourced Manning, Chris; Rodriguez, Mauricio; Roulac, Stephen E.. Journal of Real Estate Research, 1997, Vol. 14 (Issue 3), p259, 16p, 2 Charts
? Management Problems and Practices of Real Estate Firms. Case, Fred E.; Mittelbach, Frank G.. California Management Review, Winter59, Vol. 1 (Issue 2), p56-65, 10p, 2 Charts
? Management: Leading and Collaborating in a Competitive World, Bateman and Snell (8th edition, 2009)