Property Management

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

• ISBN13: 9780793131174
• ISBN10: 0793131170
• Format: Paperback
• Copyright: 1999-09-01
• Publisher: Dearborn Trade Pub

Summary

This text provides a flexible, current and practical overview of the field for real estate practitioners. Topics covered include: professional property management, property management economics and planning, managing owner relations, marketing management, managing leases, lease negotiations, tenant relations, and environmental issues. Property Management, 6th Edition holds all the tools needed for success in today's competitive and ever- changing environment. Within this book one will find up-to-the- minute information and advice on key issues affecting the industry. Also included is a useful collection of the property manager's "tools of the trade" in the form of numerous charts, agreements, leases and checklists. Plus, each chapter wraps up with an open-ended case study that challenges to explore a real- life management problem, while testing knowledge of that chapter's key points.

Table of Contents

Preface	ix
Professional Property Management	1	(21)
Learning Objectives	1	(1)
Key Words	1	(1)
Overview	1	(2)
Development of the Property Management Profession	3	(1)
Classification of Real Property	3	(7)
Specialized Opportunities in Property Management	10	(2)
Duties of the Property Manager	12	(2)
Growth of Professionalism in Property Management	14	(2)
Summary	16	(2)
Case Study: The Professional Property Manager	18	(2)
Questions	20	(2)
Property Management Economics and Planning	22	(26)
Learning Objectives	22	(1)
Key Words	22	(1)
Overview	23	(1)
The General Business Economy	23	(4)
The Real Estate Economy	27	(2)
The Management Plan	29	(1)
Market Analysis	29	(5)
Property Analysis	34	(2)
Analysis of Owner's Objectives	36	(1)
Preparation of the Management Plan	37	(6)
Summary	43	(2)
Case Study: The Property Manager as Economist-Planner	45	(1)
Questions	46	(2)
Managing Owner Relations	48	(24)
Learning Objectives	48	(1)
Key Words	48	(1)
Overview	48	(1)
Nature of the Relationship	49	(3)
The Management Contract	52	(10)
Takeover Procedures	62	(4)
Continuing Owner-Manager Relations	66	(1)
Summary	67	(2)
Case Study: The Owner Relations Manager	69	(1)
Questions	70	(2)
Marketing Management	72	(23)
Learning Objectives	72	(1)
Key Words	72	(1)
Overview	72	(1)
Marketing Principles	73	(1)
Marketing Activities	74	(1)
Advertising Campaign Strategy	74	(2)
Advertising Methods	76	(7)
Management Promotional Efforts	83	(1)
Personal Selling Activities	83	(6)
Economics of Marketing	89	(1)
Summary	90	(2)
Case Study: The Marketing Manager	92	(1)
Questions	93	(2)
Managing Leases	95	(22)
Learning Objectives	95	(1)
Key Words	95	(1)
Overview	95	(1)
Leasehold Estates	96	(2)
Types of Lease Payments	98	(1)
Provisions of a Valid Lease	99	(13)
Lease Formats	112	(1)
Summary	112	(2)
Case Study: The Lease Manager and Record Keeper	114	(1)
Question	115	(2)
Managing Lease Negotiations	117	(21)
Learning Objectives	117	(1)
Key Words	117	(1)
Overview	117	(1)
Qualifying a Tenant	118	(7)
Negotiating the Terms	125	(8)
Signing the Agreement	133	(1)
Summary	134	(1)
Case Study: The Lease Negotiator	135	(1)
Questions	136	(2)
Managing Tenant Relations	138	(23)
Learning Objectives	138	(1)
Key Words	138	(1)
Overview	138	(1)
Establishing a Sound Landlord-Tenant Relationship	139	(7)
Rent Collection	146	(1)
Lease Renewals	147	(1)
Rental Increases	148	(2)
Terminating the Tenancy	150	(2)
Terminating the Tenancy in Court	152	(4)
Summary	156	(1)
Case Study: The Tenant Relations Manager	157	(2)
Questions	159	(2)
Managing Maintenance and Construction	161	(21)
Learning Objectives	161	(1)
Key Words	161	(1)
Overview	161	(1)
Basic Maintenance Procedures	162	(1)
The Property Manager and Maintenance Personnel	163	(2)
Preventive Maintenance and Maintenance Inspections	165	(1)
Setting Up a Cost-Efficient Maintenance Program	166	(4)
Key to Successful Maintenance Management	170	(2)
Contracting for New Construction	172	(3)
Complying with the Americans with Disabilities Act	175	(1)
Energy Management	175	(1)
Life-Cycle Costing	176	(1)
Summary	177	(2)
Case Study: The Maintenance Manager	179	(1)
Questions	180	(2)
Managing Reports and Insurance	182	(29)
Learning Objectives	182	(1)
Key Words	182	(1)
Overview	182	(1)
Operating Reports	183	(1)
Financial Reports	183	(6)
Cash Flow Statement for Tax Purposes	189	(4)
Determining Profitability	193	(2)
Tax Records	195	(2)
Risk Management and Insurance	197	(3)
Types of Insurance	200	(5)
Insurance for the Manager	205	(1)
Allocating Cost of Risk Management Between Manager and Owner	205	(1)
Summary	206	(2)
Case Study: The Risk Manager	208	(1)
Questions	209	(2)
Managing the Office	211	(20)
Learning Objectives	211	(1)
Key Words	211	(1)
Overview	211	(1)
Establishing the Management Office	212	(2)
Computers and Property Management	214	(4)
Staffing the Management Office	218	(4)
Determining Management Expenses	222	(1)
Calculating the Management Fee	222	(5)
Summary	227	(1)
Case Study: The Office Manager	228	(1)
Questions	229	(2)
Managing Federal and State Laws	231	(27)
Learning Objectives	231	(1)
Key Words	231	(1)
Overview	232	(1)
Antitrust Laws	232	(1)
Federal Fair Housing Laws	233	(9)
Americans with Disabilities Act (ADA)	242	(1)
Equal Credit Opportunity Act	243	(1)
Fair Credit Reporting Act (FCRA)	244	(2)
Megan's Law	246	(1)
Sexual Harassment	247	(1)
Lead-Based Paint Hazard Reduction Act (LBPAHRA)	248	(3)
Uniform Residential Landlord and Tenant Act	251	(3)
Summary	254	(1)
Case Study: The Compliance Manager	255	(1)
Questions	256	(2)
Managing Residential Property	258	(29)
Learning Objectives	258	(1)
Key Words	258	(1)
Overview	259	(1)
Type of Residential Property	259	(2)
Residential Market Analysis	261	(3)
Marketing Availability of Space	264	(6)
Managing Tenant Relations	270	(4)
Maintaining the Apartment Building	274	(2)
Apartment Operating Reports	276	(5)
The Apartment Building Staff	281	(1)
Summary	282	(2)
Case Study: The Residential Manager	284	(1)
Questions	285	(2)
Managing Specialized Housing	287	(29)
Learning Objectives	287	(1)
Key Words	287	(1)
Overview	287	(1)
Managing Cooperatives	288	(4)
Managing Condominiums	292	(4)
Managing Planned Unit Developments (PUDs)	296	(1)
Managing Communities	297	(3)
Management Fees	300	(1)
Leasing Cooperative and Condominium Units	300	(1)
Managing Mobile Home Parks	301	(1)
Managing Subsidized Housing	302	(5)
Managing Housing for the Elderly	307	(4)
Summary	311	(2)
Case Studies: Managing a Condominium and Managing Subsidized Housing	313	(1)
Questions	314	(2)
Managing Office Property	316	(32)
Learning Objectives	316	(1)
Key Words	316	(1)
Overview	317	(1)
Market Analyses	317	(2)
Property Analysis	319	(3)
Marketing Office Space	322	(5)
Qualifying the Prospective Client	327	(4)
Negotiations and the Lease	331	(9)
Maintenance and Staffing of Office Buildings	340	(1)
The Intelligent Building	341	(1)
Security and Life Safety	342	(1)
Management Administration and Accounting	343	(1)
Summary	343	(2)
Case Study: The Office Property Manager	345	(1)
Questions	346	(2)
Managing Retail Property	348	(38)
Learning Objectives	348	(1)
Key Words	349	(1)
Overview	349	(1)
Classification of Shopping Centers	349	(5)
Marketing Retail Property	354	(8)
Leasing Retail Property	362	(12)
Maintenance of Retail Property	374	(1)
Security and Life Safety of Retail Property	375	(1)
Administrative Responsibilities	375	(6)
Summary	381	(1)
Case Study: The Retail Property Manager	382	(2)
Questions	384	(2)
Managing Industrial Property	386	(29)
Learning Objectives	386	(1)
Key Words	386	(1)
Overview	387	(1)
Nature of Industrial Real Estate	387	(1)
The Industrial Real Estate Market	388w	(17)
Marketing Industrial Space	395	(14)
Maintenance of Industrial Property	409	(1)
Security of Industrial Property	409	(1)
Specialized Industrial Property: Ministorage Centers	409	(2)
Summary	411	(1)
Case Study: The Industrial Property Manager	412	(1)
Questions	413	(2)
Managing Life Safety and Environmental Issues	415	(35)
Learning Objectives	415	(1)
Key Words	415	(1)
Overview	416	(1)
Managing Life Safety and Security	416	(1)
Emergency Equipment and Technology	417	(2)
Role of Personnel in Life Safety	419	(5)
Property Management Procedures	424	(8)
Managing Criminal Activity Issues	432	(3)
Managing Environmental Issues	435	(10)
Managing Hazard Control	445	(1)
Summary	446	(1)
Case Study: The Life Safety Manager	447	(1)
Questions	448	(2)
Appendix: Resources	450	(6)
Answer Key	456	(8)
Glossary	464	(9)
Index	473