Property Management

by Robert C Kyle; Floyd M. Baird; Marie S. Spodek

• ISBN13: 9780793191758
• ISBN10: 0793191750
• Edition: 7th
• Format: Paperback
• Copyright: 2004-11-17
• Publisher: Kaplan Publishing

Summary

This book/CD-ROM text provides an introduction for those seeking to enter the field, those already in it, and real estate practitioners who want to broaden their education. This seventh edition features rationales for answers to multiple-choice questions, and a margin icon noting key policy and procedural information.

Table of Contents

Preface	viii
About the Authors	ix
Acknowledgments	x
Professional Property Management	1	(20)
Key Terms	1	(1)
Learning Objectives	1	(1)
Overview	2	(1)
Development of the Property Management Profession	3	(1)
Classification of Real Property	3	(7)
Specialized Opportunities in Property Management	10	(3)
Roles of the Property Manager	13	(1)
Growth of Professionalism in Property Management	14	(3)
Summary	17	(1)
Case Study: The Professional Property Manager	18	(1)
Review Questions	19	(2)
Property Management Economics and Planning	21	(28)
Key Terms	21	(1)
Learning Objectives	21	(1)
Overview	22	(1)
The General Business Economy	22	(5)
The Real Estate Economy	27	(2)
The Management Plan	29	(1)
Market Analysis	29	(5)
Property Analysis	34	(3)
Analysis of the Owner's Objectives	37	(1)
Preparation of the Management Plan	38	(7)
Summary	45	(1)
Case Study: The Property Manager as Economist-Planner	46	(1)
Review Questions	47	(2)
Owner Relations	49	(21)
Key Terms	49	(1)
Learning Objectives	49	(1)
Overview	50	(1)
Nature of the Relationship	50	(3)
The Management Contract	53	(8)
Takeover Procedures	61	(3)
Continuing Owner-Manager Relations	64	(1)
Summary	65	(2)
Case Study: The Owner Relations Manager	67	(1)
Review Questions	68	(2)
Marketing	70	(25)
Key Terms	70	(1)
Learning Objectives	70	(1)
Overview	71	(1)
Marketing Principles	71	(1)
Marketing Activities	72	(1)
Advertising Campaign Strategy	73	(2)
Advertising Methods	75	(7)
Management Promotional Efforts	82	(1)
Personal Selling Activities	82	(6)
Economics of Marketing	88	(1)
Summary	89	(2)
Case Study: The Marketing Manager	91	(1)
Review Questions	92	(3)
Leases	95	(25)
Key Terms	95	(1)
Learning Objectives	95	(1)
Overview	96	(1)
Leasehold Estates	96	(2)
Types of Lease Payments	98	(2)
Provisions of a Valid Lease	100	(14)
Lease Formats	114	(1)
Summary	115	(1)
Case Study: The Lease Manager and Record Keeper	116	(2)
Review Questions	118	(2)
Lease Negotiations	120	(22)
Key Terms	120	(1)
Learning Objectives	120	(1)
Overview	121	(1)
Qualifying a Tenant	121	(8)
Negotiating the Terms	129	(6)
Signing the Agreement	135	(1)
Summary	136	(2)
Case Study: The Lease Negotiator	138	(1)
Review Questions	139	(3)
Tenant Relations	142	(24)
Key Terms	142	(1)
Learning Objectives	142	(1)
Overview	143	(1)
Establishing a Sound Landlord-Tenant Relationship	143	(7)
Rent Collection	150	(2)
Lease Renewals	152	(1)
Rent Increases	153	(2)
Terminating the Tenancy	155	(2)
Terminating the Tenancy in Court	157	(3)
Summary	160	(2)
Case Study: The Tenant Relations Manager	162	(1)
Review Questions	163	(3)
Maintenance and Construction	166	(24)
Key Terms	166	(1)
Learning Objectives	166	(1)
Overview	167	(1)
Basic Maintenance Procedures	167	(2)
The Property Manager and Maintenance Personnel	169	(2)
Preventive Maintenance and Maintenance Inspections	171	(2)
Setting Up a Cost-Efficient Maintenance Program	173	(4)
Key to Successful Maintenance Management	177	(2)
Contracting for New Construction	179	(3)
Complying with the Americans with Disabilities Act	182	(1)
Energy Management	182	(2)
Life-Cycle Costing	184	(1)
Summary	184	(2)
Case Study: The Maintenance Manager	186	(1)
Review Questions	187	(3)
Managing the Office and Reports	190	(38)
Key Terms	190	(1)
Learning Objectives	190	(1)
Overview	191	(1)
Establishing the Management Office	192	(2)
Computers and Property Management	194	(4)
Staffing the Management Office	198	(4)
Determining Management Expenses	202	(1)
Calculating the Management Fee	203	(4)
Operating Reports	207	(1)
Financial Reports	208	(5)
Income and Expense Statement for Tax Purposes	213	(4)
Determining Profitability	217	(3)
Tax Records	220	(2)
Summary	222	(2)
Case Study: The Office Manager	224	(1)
Review Questions	225	(3)
Federal and State Laws	228	(32)
Key Terms	228	(1)
Learning Objectives	228	(1)
Overview	229	(1)
Antitrust Laws	230	(1)
Federal Fair Housing Laws	231	(10)
Americans with Disabilities Act (ADA)	241	(2)
Equal Credit Opportunity Act	243	(1)
Fair Credit Reporting Act (FCRA)	244	(2)
Megan's Law	246	(2)
Sexual Harassment	248	(1)
Lead-Based Paint Hazard Reduction Act (LBPHRA)	248	(5)
Uniform Residential Landlord and Tenant Act	253	(2)
Summary	255	(2)
Case Study: The Compliance Manager	257	(1)
Review Questions	258	(2)
Residential Property	260	(32)
Key Terms	260	(1)
Learning Objectives	260	(1)
Overview	261	(1)
Types of Residential Property	261	(2)
Residential Market Analysis	263	(3)
Marketing Availability of Space	266	(6)
Managing Tenant Relations	272	(7)
Maintaining the Apartment Building	279	(2)
Apartment Operating Reports	281	(5)
The Apartment Building Staff	286	(1)
Summary	287	(2)
Case Study: The Residential Manager	289	(1)
Review Questions	290	(2)
Specialized Housing	292	(26)
Key Terms	292	(1)
Learning Objectives	292	(1)
Overview	293	(1)
Managing Cooperatives	294	(3)
Managing Condominiums	297	(4)
Managing Planned Unit Developments (PUDs)	301	(1)
Managing Communities	301	(3)
Management Fees	304	(1)
Leasing Cooperative and Condominium Units	304	(1)
Managing Manufactured Home Parks	305	(1)
Managing Subsidized Housing	306	(5)
Managing Housing for the Elderly	311	(2)
Summary	313	(2)
Case Studies: Managing a Condominium; Managing Subsidized Housing	315	(1)
Review Questions	316	(2)
Office Property	318	(33)
Key Terms	318	(1)
Learning Objectives	318	(1)
Overview	319	(1)
Market Analyses	319	(2)
Property Analysis	321	(2)
Marketing Office Space	323	(6)
Qualifying the Prospective Tenant	329	(4)
Negotiations and the Lease	333	(9)
Maintenance and Staffing of Office Buildings	342	(1)
The Intelligent Building	343	(1)
Security and Life Safety	344	(1)
Management Administration and Accounting	344	(1)
Summary	345	(2)
Case Study: The Office Property Manager	347	(1)
Review Questions	348	(3)
Retail Property	351	(35)
Key Terms	351	(1)
Learning Objectives	351	(1)
Overview	352	(1)
Classification of Shopping Centers	352	(5)
Marketing Retail Property	357	(3)
Leasing Retail Property	360	(12)
Maintenance of Retail Property	372	(1)
Security and Life Safety of Retail Property	373	(2)
Administrative Responsibilities	375	(5)
Summary	380	(2)
Case Study: The Retail Property Manager	382	(1)
Review Questions	383	(3)
Industrial Property	386	(29)
Key Terms	386	(1)
Learning Objectives	386	(1)
Overview	387	(1)
Nature of Industrial Real Estate	387	(1)
The Industrial Real Estate Market	388	(6)
Marketing Industrial Space	394	(14)
Maintenance of Industrial Property	408	(1)
Security of Industrial Property	408	(1)
Specialized Industrial Property: Ministorage Centers	408	(2)
Summary	410	(1)
Case Study: The Industrial Property Manager	411	(1)
Review Questions	412	(3)
Risk and Environmental Issues	415	(32)
Key Terms	415	(1)
Learning Objectives	415	(1)
Overview	416	(1)
Risk Management and Insurance	417	(3)
Types of Insurance	420	(7)
Insurance for the Tenant	427	(1)
Insurance for the Manager	428	(1)
Allocating Cost of Risk Management Between Manager and Owner	428	(1)
Managing Environmental Issues	429	(12)
Managing Hazard Control	441	(2)
Summary	443	(1)
Case Study: The Risk Manager	444	(1)
Review Questions	445	(2)
Life Safety Issues	447	(28)
Key Terms	447	(1)
Learning Objectives	447	(1)
Overview	448	(1)
Managing Life Safety and Security	448	(1)
Emergency Equipment and Technology	449	(3)
Role of Personnel in Life Safety	452	(4)
Property Management Procedures	456	(10)
Managing Criminal Activity Issues	466	(3)
Summary	469	(1)
Case Study: The Life Safety Manager	469	(2)
Review Questions	471	(4)
Appendix A: Internet Resources	475	(4)
Answer Key	479	(28)
Glossary	507	(14)
Index	521