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56-715: Scentre Group Limited is a shopping centre company with retail destinations operating under the Westfield brand in Australia and New Zealand. The corporation undertakes ownership, development, design, construction, funds/asset management, property management , leasing, and marketing activities for its centres. The group was created in June 2014 when the Westfield Group separated its American and European businesses from its operations in Australia and New Zealand. The company

112-426: A Tenancy Deposit Scheme . Most states, such as New York and Colorado, require property management companies to be licensed real estate brokers if they are collecting rent, listing properties for rent, or helping negotiate leases and doing inspections as a third-party. A property manager may be a licensed real estate salesperson but generally they must be working under a licensed real estate broker. Most states have

168-551: A DMC are not to be regulated under the PMSO. In India, there is no statutory regulation of property management companies, real estate agents or developers. In 2013, a Real Estate Regulation and Development Bill was passed by the Union Cabinet but has yet to take effect. The bill seeks to set up 3 regulatory bodies in the country. The Real Estate Regulation and Development Bill was passed by the Union Cabinet in early 2016 and this

224-571: A fixed monthly fee is usually charged to the owner. Funds from operations Funds from operations ( FFO ) is the term that investors use to describe the cash flow of a real estate company or a real estate investment trust (REIT). FFO is a performance indicator created by the National Association of Real Estate Investment Trusts (NAREIT) that is recognized by the SEC to be the standard non- GAAP gauge of financial performance for

280-668: A male centre security guard. The incident sent the centre into lockdown and shoppers to take cover in stores. A lone police officer arrived and fatally shot the perpetrator. The company's figures for 2023: operating funds (FFO) of $ 1,094.2 million and profit of $ 174.9 million. The group's portfolio is valued at $ 34.3bn and partner sales totalled a record $ 28.4bn (up 6.4% on 2022). Scentre Group currently has interests in total assets worth A$ 38.6 billion, owning 42 shopping centres in Australia and New Zealand − with over 3.8 million square metres of retail space. Having been established in Australia, with its original premises being at Blacktown,

336-518: A maximum penalty of a fine of HK$ 500,000 and imprisonment for two years. Those who are licensed are subject to disciplinary actions (including verbal warning, written reprimand, penalty up to HK$ 300,000, imposition of a condition on licence, suspension and revocation of licences ) by the PMSA if they commit a "disciplinary offence" as defined under section 4 of the PMSO. The PMSA may issue codes of conduct containing practical guidance to licensees, including

392-458: A public license check system online for anyone holding a real estate salesperson or real estate broker's license. A few states, such as Idaho, Maine, and Vermont, do not require property managers to have real estate licenses. Other states, such as Montana, Oregon, and South Carolina, allow property managers to work under a property management license rather than a broker's license. Some states, like Pennsylvania, allow property managers to work without

448-404: A real estate license if they do not negotiate leases, hold tenants' money, or enter into leases on the property owner's behalf. Owners who manage their own property are not required to have a real estate license in many states; however, they must at least have a business license to rent out their own home. Owners who do not live near the rental property may be required, by local government, to hire

504-554: A relative.) In South Australia, a property management business must be run by a registered land agent. In Canada, the laws governing property management and landlord/tenant relations are, generally speaking, a Provincial responsibility. Each Province and Territory makes its own laws on these matters. In most cases, any person or company can offer property management services, and there are licensing requirements. Other than specific laws in each Province and Territory governing these matters, they are governed by English Common Law, except in

560-472: A significant cause of the price declines. In addition to the core property management software options, a quickly growing number of closely related software products are being introduced to the industry. A property management system, also known as a PMS, is a comprehensive software application used to cover objectives like coordinating the operational functions of the front office, bookings, communication with guests, planning, reporting, etc. This kind of software

616-633: A specialized designation for the affordable housing industry through the Low Income Housing Tax Credit (LIHTC) program: In the UK: In Kenya: Property management software continues to grow in popularity and importance. As it decreases in price, smaller companies and amateur property managers can function using some of the same best practices and efficiency as larger companies. Online asset management software (OPMS, or online property management software) has been

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672-669: Is listed on the Australian Securities Exchange and had a shopping centre portfolio that includes investment interests in 42 shopping centres across Australia and New Zealand in 2019, encompassing around 12,544 retail outlets and total assets under management in excess of A$ 39.4 billion in 2015. Scentre Group has origins in the western suburbs of Sydney . The first development was named "Westfield Place", and opened in July 1959 in Blacktown . The name Westfield

728-624: Is a training obligation of twenty hours within a period of three years. Receiving a license as a property manager in Germany is accompanied by membership of the relevant chamber of industry and commerce. In Hong Kong, property management companies (PMCs) and property management practitioners (PMPs) are regulated under the Property Management Services Ordinance (PMSO) (Chapter 626 of the Laws of Hong Kong), which

784-584: Is accessible to members of the public, in accordance with Section 9 of the Estate Agents Act. The Board recently drafted a proposal with a set of amendments to the Estate Agents Act. Associations that real estate agents and property developers can join include: 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

840-790: Is derived from "west" related to the West-Sydney location, and "field" due to having located on subdivided farmland. John Saunders and Frank Lowy opened the centre. The company was floated on the Australian Stock Exchange in 1960 and built another five centres in New South Wales before expanding into Victoria and Queensland in 1966–67. The expansion into the United States began with the purchase of Trumbull Shopping Park in Connecticut in 1977, and

896-579: Is divided into the areas of home owner's association management (WEG-Verwaltung), rental management (Mietverwaltung), and special property management (Sondereigentumsverwaltung) with different clients and tasks. Since 2018, a license in accordance with the Trade Regulation Act (§ 34 C GewO) is mandatory for property managers. This requires sufficient insurance as well as sound financial circumstances and reliability. There are no requirements regarding professional trainings or degrees. However, there

952-630: Is expected to bring about a sea change in the management of real estate in India. In the Republic of Ireland , there is no legal obligation to form a property management company. However, management companies are generally formed to manage multi-unit developments and must then follow the general rules of company law in terms of ownership and administration. Since July 2012, it has become mandatory for all property service providers, including property management companies, to be registered and fully licensed by

1008-625: Is not declared in this way and should be demonstrable upon request by the client of legal entities. In the United Kingdom, there is no statutory regulation concerning property management companies. Companies that manage rented residential property are often members of the Association of Residential Letting Agents. Companies or individual landlords who accept tenancy deposits for " assured shorthold tenancies " (the usual form of residential tenancy) are required by statute to be members of

1064-469: Is often confused by those unfamiliar with terms of the industry such as Realtor , real estate agent , or real estate salesperson, and definitions vary from US state to state. Building Owners and Managers Association (BOMA International) offers industry-standard designations that certify the training to property managers: Institute of Real Estate Management (IREM) Manufactured Housing Institute (MHI) National Apartment Association (NAA) has

1120-454: Is responsible for financial and administrative functions relating to the common property and the development. All unit owners are members of the body corporate. A body corporate can delegate some of its powers and duties to a body corporate committee and a professional body corporate manager may be contracted to provide services. No license is required to manage properties in Panama, as long as

1176-479: Is the regulatory body for estate agency practice, and it derives its mandate from the Estate Agents Act, 1984, Cap 533, which was operationalized in 1987. Under that Act, the Board is responsible for registering estate agents and ensuring that the competence and conduct of practicing estate agents are good enough to ensure the protection of the public. The Board also keeps a list of registered members on its website that

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1232-416: Is used to run large-scale hotels and vacation properties. This is the most common model and is used by property management companies in the residential space that manage multi-home units and single-family homes. The property owner in this case signs a property management agreement with the company, giving the latter the right to let it out to new tenants and collect rent. The owners don't usually even know who

1288-542: The Real Estate Council of Ontario , regulates licensed realtors in Ontario. The provincial government is revising its condominium act . After public consultation, it hopes to put forth legislation during the 2015–2016 session requiring Condo Management firms and staff or condo employees and boards to be accredited. Both require property managers to hold a real estate license. In Germany, property management

1344-484: The FFO to determine the financial performance of a real estate company. Unlike other accounting methods, the FFO attempts to remove distortion caused by traditional GAAP accounting methods. Using the FFO allows companies to more accurately state their performance. Often, the FFO is divided by a per-share basis for securities that are publicly traded. Investors frequently utilize the FFO per-share ratio much like they would utilize

1400-477: The Healthy Homes Standards became law. The healthy homes standards introduce specific and minimum standards for heating, insulation, ventilation, moisture ingress and drainage, and draft stopping in rental properties. All private rentals must comply within 90 days of any new or renewed tenancy after 1 July 2021, with all private rentals complying by 1 July 2024 The Unit Titles Act 2010 sets out

1456-1122: The Licensed Real estate agency. Member Agents are supposed to adhere to the Real Estate Institute of New Zealand property management code of practice, which, according to the REAA, outlines industry best practices for dealing with the public. Critics state the Real Estate Agents Authority complaint committee as having less scope or jurisdiction for adverse judgement against negligent Property Management licences as they would otherwise to those in "real estate agency work", Unsatisfactory property management conduct cases can receive findings of "no further action" as opposed to "unsatisfactory conduct" due to "conduct unrelated to estate agency work". Best practice guidelines imply Licensed Real Estate agencies conducting property management business should collect rent through an audited trust account, which brings some certainty to

1512-496: The PMSA (public consultation underway ) and will be set out in subsidiary legislation. Other sections of the PMSO will commence operation after the subsidiary legislation is passed by the Legislative Council of Hong Kong and commences operation. Certain classes of persons are exempt from the licensing requirement. Those not exempt are required to obtain a license, and failure to do so is a criminal offence subject to

1568-911: The Property Law Act 1952. Residential property management in New Zealand is an unlicensed and unregulated industry. Property managers in New Zealand do not require any registration or minimum knowledge or skill. The New Zealand Government reviewed whether all forms of property management need any legislation. Following completion of the review, the Associate Minister of Justice, Hon Nathan Guy, announced on 2 July 2009 that no new occupational regulation would be imposed on property managers in part due to there already being existing laws which could be used to protect consumers. New Zealand licensed Real Estate Agents may offer Residential Property Management service with qualified Real Estate Agents as Property managers or property manager's working under

1624-638: The Property Services Regulatory Authority of Ireland. The National Consumer Agency (NCA) has campaigned in this area, and in September 2008 it launched a website explaining consumer rights. The NCA does not have a legislative or regulatory function in the area, unless a consumer complaint is in relation to a breach of consumer law. In Kenya , the Estate Agents Registration Board (EARB)

1680-600: The Real Estate Services Act. The BCFSA is responsible for licensing individuals and brokerages engaged in real estate sales, rental and strata property management. The BCFSA also enforces entry qualifications, investigates complaints against licensees and imposes disciplinary sanctions under the Act. The BCFSA is responsible for ensuring that the interests of consumers who use the services of real estate licensees are adequately protected against wrongful actions by

1736-942: The Scentre Group continues to operate a large number of shopping centres in Australia under the Westfield brand. Westfield entered the New Zealand market in 1997 and acquired an interest in the St. Lukes Group portfolio in 1998. Westfield malls are by far the most numerous chain in New Zealand, with most of its centres located in Auckland , including their largest development located in Albany . As of February 2017, Westfield had NZ$ 2.5 billion in assets under management in New Zealand. In mid-2012, Westfield sold its 50% share of Westfield Shore City in Takapuna on Auckland's North Shore , now known as Shore City Shopping Centre. Later that same year

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1792-555: The accounts and finances of real estate properties and participating in or initiating litigation with tenants, contractors, and insurance agencies. Litigation is sometimes considered a separate function set aside for trained attorneys. Although a person will be responsible for this in their job description, there may be an attorney working under a property manager. Special attention is given to landlord/tenant law; most commonly, evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain

1848-530: The chairman of Scentre Group following 55 years in charge. Footfall at the group's shopping centres rose 9.8% to 314 million in 2023 in the first half of the year after adding new entertainment in collaboration with Disney and Netball Australia . Centres are 99% occupied, with 1,576 new leases signed in the half year. On the afternoon of 13 April 2024, a man entered Westfield Bondi Junction in Sydney and stabbed at least 18 people , killing 5 female patrons and

1904-562: The company is focused on managing properties. Nevertheless, a real estate company that plans to buy and sell properties requires a license. No specific regulatory or licensing body exists at this time (November 2012). However, under financial business law, any business offering Property Management as a chargeable, fee-earning act of commerce may only do so if such services are listed in their Company Acts of Constitutions, i.e., legally pre-declared list of business activities. Under Romanian law, no business can derive income from any such service that

1960-567: The company owned centres in 15 US states. In the 1990s, Westfield began a major expansion to New Zealand, where it mostly bought existing shopping centres of the Fletchers Company, and progressively rebranded them. Only in 2007, with Westfield Albany , did the company open a fully new centre in the country. On 9 May 2006, Westfield announced the sale of eight United States shopping centres which it deemed to fit outside its strategic plan, to Centro Properties Group . In April 2012, it

2016-699: The company sold Westfield Downtown and Westfield Pakuranga, now known as Pakuranga Plaza . In 2014, Scentre sold 49% of five properties to the Singapore Government's GIC Private Limited . The properties are Albany, Manukau, Newmarket and St Lukes in Auckland, and Riccarton in Christchurch. In 2015, two more Westfield centres sold by Scentre Group were Chartwell Shopping Centre (formerly Westfield Chartwell) and Queensgate Shopping Centre (formerly Westfield Queensgate). In February 2017, it

2072-539: The following designations: National Association of Residential Property Managers (NARPM) offers designations to certify ethical and professional standards of conduct for property managers: State-specific designations include the following: The Community Associations Institute also has designations in the United States for residential property managers who manage planned communities such as Condominiums, homeowner associations, and Cooperatives. National designations include: The National Association of Home Builders has

2128-576: The front line without assuming a managerial or supervisory role are not required to be licensed either. All types of properties (i.e. whether residential, commercial or otherwise) are covered by the PMSO, but "property" is given a technical meaning and refers to those which have a deed of mutual covenant (DMC) (a document containing terms that are binding on all flat owners of a multi-unit or multi-story building ) since only PMSs provided to buildings with multi-ownership are intended to be regulated. In other words, PMCs and PMPs providing PMSs to properties without

2184-403: The law for the ownership and management of unit title developments, where multiple owners each hold a unit title. The Act covers the set-up of such developments, body corporate governance, the rights and obligations of the body corporate and unit owners, disclosure between buyers and sellers, dispute resolution, etc. The Unit Titles Regulations 2011 provide operational guidelines. The body corporate

2240-415: The licensees. A wrongful action may be deliberate or may be the consequence of inadequate exercise of reasonable judgment by a licensee in carrying out their duties and responsibilities. The BCFSA is responsible for determining what is appropriate education in real estate matters for individuals seeking to be licensed as real estate practitioners and arranging for licensing courses and examinations as part of

2296-600: The matters that the PMSA considers to be relevant to determining whether a licensee has committed a disciplinary offence. Under the PMSO, property management services (PMSs) are to be prescribed under seven specified categories as follows: Only those PMCs providing PMSs falling within more than one category of PMSs are required to be licensed, and individuals who assume a managerial or supervisory role in these PMCs are also required to be licensed. In other words, PMCs providing PMSs falling within only one category of PMSs are not required to be licensed, and individuals working in

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2352-447: The most attention from property managers. Therefore, it is a necessity that a property manager is current with applicable municipal, county, state, and Federal Fair Housing laws and practices. Every state of Australia except South Australia requires a license to manage property. This is to ensure that a property manager is as well prepared for the job as possible. (There may be exceptions, like managing an extremely small property for

2408-402: The processes, systems , and workforce required to manage the life cycle of all acquired property as defined above, including acquisition, control, accountability, responsibility, maintenance, utilization, and disposition. An owner of a single-family home, condominium, or multi-family building may engage the services of a professional property management company. The company will then advertise

2464-627: The province of Quebec, where the Civil Code is used in place of English Common Law. In some cities, the Provincial Legislation is supplemented by City by-laws. The licensing of property managers is regulated by the provincial government and licensing by the BCFSA is a regulatory agency established by the provincial government.Its mandate is to protect the public interest by enforcing the licensing and licensee conduct requirements of

2520-537: The qualification requirement for licensing. Under the authority of the BCFSA, licensing courses are delivered by the UBC Sauder School of Business, Real Estate Division . In Ontario, no licensing is required to operate; however, ACMO—the Association of Condo Managers of Ontario—is a self-governing body for certification and designation of its members who run buildings with more than 600 units. (RECO),

2576-501: The real estate sector. Analysts calculate the standard version of FFO by adding amortization and depreciation to net income, and subtracting any gains made on the sale of assets. There are other forms of FFO that the SEC requires real estate companies to report such as the adjusted FFO, company FFO, and others. No matter the type of FFO they use, public companies are required to disclose their FFO on their income statement. Investors can use

2632-428: The rental property, handle tenant inquiries, screen applicants, select suitable candidates, draw up a lease agreement, conduct a move-in inspection, move the tenant(s) into the property and collect rental income. The company will then coordinate any maintenance issues, supply the owner(s) with financial statements and any relevant information regarding the property, etc. This profession has many facets, including managing

2688-488: The sale, purchase, or exchange of leases on real property, or on a business opportunity, or collects rents from real property, or improvements thereon, or from business opportunities. California Code of Regulations, Title 25, Section 42, requires property owners of apartment buildings with 16 or more units to have on-site resident managers living on their properties. There is no such requirement for apartment buildings with less than 16 units. The designation Real Estate Broker

2744-751: The security of the Landlord and Tenants rental Monies, though REAA cases, implies that this is not always so. The Residential Tenancies Act 1986 sets out the rights and responsibilities of residential landlords and tenants, including the requirement to have a written tenancy agreement and the need to lodge tenancy bonds (if one is required) with the Ministry of Business, Innovation and Employment. The Tenancy Tribunal and its adjudicators/mediators hear and make judgement on disputes (between landlord and tenants) in relation to any breaches of The Residential Tenancies Act 1986 and The Unit Titles Act 2010. On July 1, 2019,

2800-590: The services of a property management company. Some states with high tourism numbers, such as Hawaii, have strict property management rules. In California, third-party apartment property managers must be licensed with the California Bureau of Real Estate as a real estate broker . A broker's license is required for any person or company that, for compensation, leases or rents or offers to lease or rent, or places for rent, or solicits listing of places for rent, or solicits for prospective tenants, or negotiates

2856-406: The tenants are. The property management company usually keeps 10-15% of the rent amount and shares the rest with the property owner. This is the most common revenue model used by companies when monitoring empty homes or empty land sites. The work here involves monitoring the property and ensuring that it is safe and secure, and reporting back to the owner. As there is no income from these properties,

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2912-461: Was announced that Scentre Group had sold Westfield WestCity in Henderson , Auckland, to the family-owned Australian business Angaet Group for A$ 147 million. Property management Property management is the administration of personal property, equipment, tooling, and physical capital assets acquired and used to build, repair, and maintain end-item deliverables. Property management involves

2968-526: Was announced that Westfield Group would sell seven 'non-core' property assets to Starwood Capital Group for A$ 1 billion and one other property to an undisclosed buyer for A$ 147 million. The funds would be used to repay debt and invest in businesses offering higher return. The sales were expected completed by November 2013. In June 2014, Westfield Group, one of the world's largest shopping centre companies, restructured to create two, new independent companies: Scentre Group and Westfield Corporation . Scentre Group

3024-400: Was created to own and manage the company's interests in Australia and New Zealand. Westfield Corporation owns and manages Westfield shopping centres in the United States, United Kingdom, and Europe. Although Westfield Group has evolved into two separate companies, the consumer branding remained the same for Scentre Group's shopping centre portfolio. In October 2015, Frank Lowy stepped down as

3080-519: Was enacted in 2016. Only some sections under the PMSO have commenced operation and they are the ones concerning the establishment of the Property Management Services Authority (PMSA) as the regulator for the industry. Apart from establishing the PMSA, the PMSO provides a legal framework for the regulatory regime, and the details of the regime, including the licensing criteria for PMCs and PMPs, are being formulated by

3136-581: Was followed by three centres in California , Michigan , and Connecticut in 1980 and three centres in California, New Jersey and Long Island , New York in 1986. In 1994, Westfield joined together with General Growth and Whitehall Real Estate to purchase 19 centres for US$ 1 billion. The company built considerable holdings on the east coast and in California before expanding in the Mid-West. By 2005,

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