new york real estate for salespersons, 5 th e
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New York Real Estate for Salespersons, 5 th e. By Marcia Darvin Spada Cengage Learning. Chapter 19. Property Management. Chapter 19 Key Terms. Capital expense Capital reserve budget Corrective/preventive maintenance Management agreement Management proposal Operating budget - PowerPoint PPT PresentationTRANSCRIPT
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New York Real Estate for Salespersons, 5th e
Chapter 19 Property Management 1
By Marcia Darvin SpadaCengage Learning
© 2013 All rights reserved.
Chapter 19
Property Management
Chapter 19 Property Management 2
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Chapter 19 Key Terms Capital expense
Capital reserve budget
Corrective/preventive
maintenance
Management agreement
Management proposal
Operating budget
Planned unit development
Property
management/Manager
Property management
report
Resident manager
Risk management
Stabilized budget
Variable expense
Chapter 19 Property Management 3
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Functions of the Property ManagerGreatest possible
return for owner
Agent and
fiduciary
Protect and
increase value of
investment
Managing, leasing,
renting, and
selling
Chapter 19 Property Management 4
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When is a license required?
A company or an individual who works for more than one owner should have a real estate license
Chapter 19 Property Management 5
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Management Proposal and Agreement
Proposal
Sets forth the
commitments of
manager if employed
Property manager
is the agent for the
purposes specified in
the agreement
Agreement
Creates an agency
relationship
between owner
and manager
Chapter 19 Property Management 6
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Duties of the Property Manager
Rental Schedule
Budget
OperatingStatement
Marketing
Reporting
Chapter 19 Property Management 7
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Differences Between the Markets Office building management
Retail property management
Residential property management
Condominium, Cooperative, Townhouse, and PUD management
Chapter 19 Property Management 8
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Operation of a Property Management Office
New property
acquisition
Servicing existing
clients
Negotiating
agreements
Owner-tenant relations
Public relations
Chapter 19 Property Management 9
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Obligations to the Owner
Report to owner
Create a Marketing
plan
TrackIncome and
expense
Define maintenance
criteria
Create a budget
Goals of property manager
Chapter 19 Property Management 10
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Budget
Capital expenses
Variable expenseOperating budget
Capital reserve budget
Stabilized budget
Budget
Chapter 19 Property Management 11
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Maintenance CriteriaPreventive maintenance
Periodic check of mechanical systems
Corrective maintenance
Fix a nonfunctioning item
One of the most important functions is to supervise physical maintenance
Chapter 19 Property Management 12
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Future of the Project-Business TrendsBuilding types and amenities
availableNumber of occupants per unitTransportation volume Local industrial growthPopulation growthNational economic indicesCommunity growthProperty taxesZoning
Chapter 19 Property Management 13
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ReportingProperty Management Report
The property manager should provide a periodic (usually monthly) accounting of all funds received and disbursed
Chapter 19 Property Management 14
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How does one become a Property Manager?
Education and certification for Property Managers
The Institute of Real Estate Management
http://www.irem.org
Chapter 19 Property Management 15