The word management means a group of people whose job is to direct the efforts and activities of other people towards a definite goal or objectives. It is an art of getting things done. The success in this field depends on lots of factors. The capability of the manager to perform the duties is the most vital factor in this regard. However the basic principles of management are as follow.

1. Replacement of old “rule of thumb method”
2. Selection and training of workers
3. Co operation between the personnel and the management.
4. Maximum output
5. Equal division of responsibity
6. Management is required in all types of works that we perform in our daily life. Management can be of different types. As for instance, Property management, corporate Management, home management, Museum Management, educational institution management such that of schools, colleges, universities, Library management, hotel management, management of different places of entertainment like cinema halls,parks,shoping malls, and many more.
7. Management actually involves many factors that must be taken into account by the higher authority of the organization. As the line of management flows from the higher level to the lower level, the higher authority must be very specific while allocating the duties to be performed to his subordinates. At the same time, the subordinates must be responsible to the higher authority.
8. Another thing that matters a lot is the selection of the personnel. All the men at work must be well trained. Thus selection of personnel is matter of great importance. To attain a specific goal, the mutual cooperation between the personnel and the authority is a must. Moreover, to receive the maximum output the authority must the divide the responsibilities equally among the subordinates.
9. This will save time to attain the goal .It will also prevent any sort of dispute among the workers. The most important point that is to be noted is, management never follows any set list of rules and regulations. It works according to the needs of the situation.
10. Similar points must be remembered by a person to become successful in property management business. However, the main things that require great attention in this regard have been listed below.
11. Location of the property
12. Maintenance cost of the property
13. The taxes to be paid such as owners and occupiers tax, water tax, taxes of local authorities.
14. The exact number and types of personnel required for the maintenance of the property. As for instance, electrician, mechanics and many others.
15. To select the most appropriate men for serving the purpose. They must be well trained.
16. To specify their duties as well as remuneration.
17. Facilities that must be provided to the residents. For instance, lift facility, drinking water, car parking area, lawn
18. Availability of tight security system and Intercom facility must be there. Intercom facility is required to communicate any message to the security guards or to the neighbors etc. Tight security system must be present to fight against theft and robbery. Arrangements to check fire must be there.

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All these can be done smoothly only if the manager posses adequate knowledge of management and efficiency to perform all the duties perfectly at right time.

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