(Lesson 3) Property Management (Unit #18)

Question 1

Define property manager

Answer 1

A property manager:

-maintains the owners investment and ensures that the property produces income.

Question 2

Specialized opportunities in being a property manager

Answer 2

Specialization in the field of property management has opened a range of new opportunities. In addition to residential properties, well -trained specialists may manage shopping centers, commercial buildings, and industrial parks. the following are other areas of specialization.

Question 3

Define asset management

Answer 3

asset managers monitor a portfolio of properties similar to a securities portfolio by analyzing the performance of the properties and making recommendations to the owners of the properties.

**they also help clients where to invest their money.

Question 4

Define corporate property management

Answer 4

corporate property managers, manage properties for corporations that invest in real estate.

**hiring a corporate property manager allows the corporation to invest in real estate without having specialized knowledge of property management.

Question 5

Define the management plan

Answer 5

A management plan outlines the details of the owners objectives for the property, as well as what the property manager expects to accomplish and how, including all financial objectives.

**while the management plan is a document of the present it is forward looking in determining the feasibility of a property owners long term goals for a specific property

Question 6

define management agreement

Answer 6

The first step to getting a property manager of any property is to enter into a management agreement with the owner.

*it defines the duties and responsibilities of each party.

Question 7

How a property manager can maintain the property

Answer 7

Keeping the property in good condition involves the following four types of maintenance:

• preventive maintenance (periodic or seasonal)
• repair or corrective maintenance (as needed)
• routine maintenance (daily or ordinary)
• tenant improvements

Question 8

Define tenant improvements

Answer 8

a commercial or industrial property manager often is called on to make tenant improvements: alterations to the interior of the building to meet a tenants particular space needs.

Question 9

Define risk management

Answer 9

involves answering the question “what happens if something goes wrong?”