Property Management

1
Property Management

• Dr. Jim Burton
• Marketing Real Estate
• Richards College of Business

2
Overview

• Property Manager Jobs
• Sources of Property Management Business
• Management Contract
• Management Functions
• Types of Maintenance
• Risk Management

3
Property Manager Jobs

• Financial Management
• Physical Management
• Administrative Management
• Leasing
• Tenant Relations
• Property Tax Appeals

4
Sources of Property Management Business

• Real Estate Syndicates
• Corporate Owners
• Developers
• Condo Homeowners Assn
• Trusts
• Absentee Owners
• Lenders who Foreclosed

5
Management Contract, p. 258

• Manager is Owners Agent
• Describe Property
• Time Period
• Managers Duties/Authority
• Describe Reports
• Management Fee
• Budget

6
Management Functions

• Leasing
• Rent Collection
• Managing Income/Expenses
• Capital Expenditures
• Competitive Analysis
• Tenant Relations
• Property Maintenance

7
Types of Maintenance

• Preventative
• Repairs
• Routine
• Construction
• Tenant Improvements
• Environmental Concerns
• Disabilities Act

8
Risk Management

• 4 Techniques - Avoid it, Control it, Transfer it,
  or Retain it (ACTOR).
• Security
• Insurance
• Claims

9
Property Management Organizations

• Institute of Real Estate Management (IREM) -CPM
• Building Owners Managers Association (BOMA)
• National Apartment Association
• International Council of Shopping Centers
• Society of Industrial Realtors

10
Hazard Insurance

• Fire Insurance
• Extended Coverage - storm, riot, explosion, etc.
• General Liability
• Workmens Compensation
• Personal Property
• Rent Loss Insurance

11
Corporate Asset Management

• New Space Planning
• Screening Sites
• Surplus Property Disposal
• Negotiating Leases Purchase Contracts
• Lease Renewals
• Real Estate Financing