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Welcome to the International Right of Way Association’s Course 700 Introduction to Property Management. 700-PT – Revision 1 – 04.04.067.INT. Introductions Who we are… What we do… Where we do it… How long we’ve been doing it… Our goals for the course.

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Presentation Transcript
slide1

Welcome to theInternational Right of Way Association’sCourse 700Introduction to Property Management

700-PT – Revision 1 – 04.04.067.INT

slide2
Introductions

Who we are…

What we do…

Where we do it…

How long we’ve been doing it…

Our goals for the course...

objectives 1 at the conclusion of the course you will be able to
Objectives (1)At the conclusion of the course,you will be able to…

• Establish, classify and maintain a property inventory

• Develop simplified management policiesand procedures

• Establish monitoring schedules

objectives 2 at the conclusion of the course you will be able to
Objectives (2)At the conclusion of the course,you will be able to…

• Identify and evaluate risks, hazardsand liabilities

• Develop a property managementand disposal plan

• Profitably dispose of propertyor property rights

objectives 3 at the conclusion of the course you will be able to
Objectives (3)At the conclusion of the course,you will be able to…

• Recognize the advantages and disadvantagesof secondary and joint use agreements

• Effectively manage a maintenance and repair program

schedule 1
Schedule (1)

8:00 - 8:30Introductions, Etc.

8:30 - 9:30 General Real Estate Concepts

9:30 - 11:30 Property Inventory

11:30 - 12:00 Inventory Classifications

1:00 - 2:45 Policies and Procedures Development

3:00 - 4:45 Inspections and Encroachment Monitoring

schedule 2
Schedule (2)

4:45 - 5:00Recap Day One

8:00 - 8:15 Recap Day One/Introduce Day Two

8:15 - 9:15 Risks, Hazards and Liabilities

9:15 - 10:45 Lease, Sell or Hold Decisions

10:45 - 12:00 Sale or Lease of Surplus Property or Property Rights

1:00 - 2:00 Secondary and Joint Uses

schedule 3
Schedule (3)

2:15 - 3:15Improvement Maintenance and Repair

3:15 - 3:45 Summary and Review

3:45 - 5:00 Exam

terms 1
Terms (1)

Property Managementis a process of maintaining and creating value in real property, which is consistent with the owner’s objectives.

Asset Managementis the comprehensive integrated management plan for all real estate assets.

terms 2
Terms (2)

Real estateis the land and appurtenances to the land.

Real propertyis all the rights, interests and

benefits inherent in the ownership of the real estate. It is the bundle of rights.

terms 3
Terms (3)

Fee simpleis an estate without limitations with the exception of government powers. The government powers are eminent domain,

taxation, police power and escheat.

A lease is a contract that transfers the owner’s right of possession and use of the real estate to another for a specified time period and on the payment of a consideration, usually rent.

terms 4
Terms (4)

An easementis a non-possessory interest one has in the property of another for a specific purpose.

A life estate tenant is entitled to certain real estate uses and enjoyments for life. At death, all right, title and interest in the property pass to the remainder interest.

terms 5
Terms (5)

Generally, a right of wayis the right of aperson or entity to use the land of anotherin a particular line.

A permit, usually issued by government entities, grants permission to occupy within the rightof way. A permit is a form of license.

A license is a personal privilege to do some act on the property of another. A license is not transferable.

terms 6
Terms (6)
  • Highest and best use is the reasonably probable and legal use that is physically possible, appropriately supported and financially feasible, and that results inthe highest value.
terms 7
Terms (7)

Market value is the type of value mostoften sought in real estate valuation.

Value in useis a value of a specific property to a specific person or entity.

impacts
Impacts

•Regulatory

•Locational

•Environmental

terms 8
Terms (8)

A property inventoryis a database of the organization’s properties with specific

information on each parcel.

property inventory
Property Inventory

• Acquisition information

• Property characteristics

• Maps, photographs, videos

• Agency uses

• Secondary and joint uses

• Exclusive use by others

• Inspection schedules and records

• Other

internal reports
Internal Reports

• Planning

• Design

• Real Estate

• Construction

• Maintenance

• Management

• Other

external reports
External Reports

• Other agencies

• Public

• Press

• Permittees/Lessees/ Purchasers

• Other

criteria 1
Criteria (1)

Must …

• be user friendly and simple

• be compatible

• contain cross-references

• be searchable

• increase staff efficiency

• reduce response time

criteria 2
Criteria (2)

Must …

• produce “hard” copies

• protect original documents

• provide for “off-site” storage

• allow for growth

• be cost effective

inventory classifications
Inventory Classifications

• Operating property

• Property for future use

• Property surplus

• Other classifications

terms 9
Terms (9)

A policyis a statement of the intention to reach a specific (property management) goal.

Proceduresare the operational stepsto make the policy a realty.

Task assignmentsclarify who will complete each procedure.

mission statements
Mission Statements

Connecticut Department of Transportation: “…

to provide a safe, efficient, and cost-effective transportation system that meets the mobility needs of its users.”

Duke Energy: “… to create superior and sustainablevalue for our customers, employees, communities andinvestors through the production, delivery and sale of energy and energy services.”

SaskWater: “To provide competitively-priced, customer-focused, quality water and wastewater services.”

goal statement
Goal Statement

To manage and dispose of property on

terms beneficial to the organization.

encroachment correction
Encroachment Correction

• Removal

• Legalization

terms 10
Terms (10)

Risk managementis the control of loss, which threatens the organization and its holdings.

Hazard protectionis the control or eliminationof sources of danger or chance events.

Liability reductionis the limitation of a legal or equity obligation.

decision considerations
Decision Considerations

• Organization’s mission

• Purpose of the acquisition

• Current property use

• Probable future use

• Costs

slide34

…now empty $53.1 million station...

…more than $900,000 a year in estimated operating expenses...

…pay $50,000a year...

lease or sell or hold
Lease or Sell or Hold?

• Highest and best use

• Operational needs

• Safety concerns

• Public interests

procedures for sale 1
Procedures for Sale (1)

• Step No. 1: Package

• Step No. 2: Notify and Approval (internal)

• Step No. 3: Notify and Approval (external)

• Step No. 4: To whom?

• Step No. 5: Appraisal report

• Step No. 6: Sale method

procedures for sale 2
Procedures for Sale (2)

• Step No. 7: Evaluate offers

• Step No. 8: Final disposal package

• Step No. 9: Transfer

• Step No. 10: Update inventory

terms 11
Terms (11)

Abandonmentis intentionally and permanently relinquishing the property. Mere non-use is not abandonment.

Vacationis a governmental process whereby the government gives up its dedicated public rights.

terms 12
Terms (12)

Secondary useis organization property that the organization allows others to use.

Joint useis two or more organizations jointly using their commonly owned property.

terms 13
Terms (13)

Airspace is the space located above and/or below a transportation facility's horizontal limits of the approved right of way or project boundaries.

Air rights are the real property interests defined by agreement and conveyed by permit, lease or deed for the use of airspace.

maintenance and repair
Maintenance and Repair

• Minor Maintenance and Repair

• Major Maintenance and Repair

objectives 1 now you are able to
Objectives(1)Now, you are able to…

• Establish, classify and maintaina property inventory

• Develop simplified managementpolicies and procedures

• Establish monitoring schedules

objectives 2 now you are able to
Objectives(2)Now, you are able to…

• Identify and evaluate risks, hazards and liabilities

• Develop a property managementand disposal plan

• Profitably dispose of property orproperty rights

objectives 3 now you are able to
Objectives(3)Now, you are able to…

• Recognize the advantages and disadvantages of secondary andjoint use agreements

• Effectively manage a maintenanceand repair program

slide47

Thank you!

700-PT – Revision 1 – 04.04.067.INT