Property Management Flashcards
A property manager is responsible to whom?
The owner (landlord) and tenant
What is not a part of a property management agreement?
Property manager qualifications
A property manager’s fee often includes what?
A percentage of the collected rents
What skill is not necessary for a competent property manager to have?
Lending
When deciding on rental rates, a property manager must be aware of what?
- The owner’s goals for return on investment
- Current rental rates of like properties
What financial skills should a property manager have?
Must be knowledgeable in and be able to apply the principles of:
- Appraisal
- Finance
- Money markets
- Depreciation techniques
What must a property manager do when establishing a rental schedule?
Make a thorough analysis of comparable properties in the neighborhood
A property manager’s first responsibility is what?
To realize maximum profit for the owner
What type of maintenance is the most frequently occurring type?
Routine Maintenance
How does preventive maintenance differ from corrective maintenance?
- Preventive maintenance is a schedule of planned maintenance to prevent breakdowns/failures.
- Corrective maintenance involves repairing or replacing components that have already failed or broken down.
The property manager maintains and creates regular reports that cover all operations. These reports are provided to the owner. What are these reports called?
Property management reports
What kinds of reports should a property manager give the owner?
- Monthly account statements
- Delinquent accounts report
- Detailed annual statement
Which type of residential property is typically the least profitable to manage?
Single family homes
What’s the building called where each owner has a percentage ownership of the entire property?
A condominium
What do retail properties deal with?
Buying and selling commodities/goods
