(Lesson 3) Property Management (Unit #18) Flashcards Preview

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Flashcards in (Lesson 3) Property Management (Unit #18) Deck (9)
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1
Q

Define property manager

A

A property manager:

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

2
Q

Specialized opportunities in being a property manager

A

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.

3
Q

Define asset management

A

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.

4
Q

Define corporate property management

A

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.

5
Q

Define the management plan

A

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

6
Q

define management agreement

A

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.

7
Q

How a property manager can maintain the property

A

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
8
Q

Define tenant improvements

A

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.

9
Q

Define risk management

A

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