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New York Real Estate for Salespersons, 5 th e

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

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New York Real Estate for Salespersons, 5 th e

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  1. New York Real Estate for Salespersons, 5the Chapter 19 Property Management By Marcia DarvinSpada Cengage Learning

  2. Chapter 19 Property Management Chapter 19 Property Management

  3. 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

  4. Functions of the Property Manager • Greatest possible return for owner • Agent and fiduciary • Protect and increase value of investment • Managing, leasing, renting, and selling Chapter 19 Property Management

  5. 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

  6. 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

  7. Duties of the Property Manager Chapter 19 Property Management

  8. Differences Between the Markets • Office building management • Retail property management • Residential property management • Condominium, Cooperative, Townhouse, and PUD management Chapter 19 Property Management

  9. Operation of a Property Management Office New property acquisition Servicing existing clients Negotiating agreements Owner-tenant relations  Public relations Chapter 19 Property Management

  10. Obligations to the Owner Chapter 19 Property Management

  11. Budget Chapter 19 Property Management

  12. Maintenance Criteria Preventive maintenance • Periodic check of mechanical systems Corrective maintenance • Fix a nonfunctioning item • One of the most important functions is to supervise physicalmaintenance Chapter 19 Property Management

  13. Future of the Project-Business Trends • Building types and amenities available • Number of occupants per unit • Transportation volume • Local industrial growth • Population growth • National economic indices • Community growth • Property taxes • Zoning Chapter 19 Property Management

  14. Reporting • Property Management Report • The property manager should provide a periodic (usually monthly) accounting of all funds received and disbursed Chapter 19 Property Management

  15. 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

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