Chapter 1
Professional Property Management

Nature of property management

l   Asset management is the goal--getting the greatest return on the owner’s investment

l   Involvement from purchase to sale

l   Specific functions

–   Manage operations

–   Marketing management

–   Oversee maintenance

–   Environmental safety

Overview: Professional Property Management

l    Primary Functions of Manager

–   Achieve Objectives of Owner

–   Generate Income for Owner

–   Preserve or Increase Value of Investment Property

l   Specialization Opportunities and Requirements

–   Versatility

–   Types of Property

–   Government Control

l   Non-standardized Titles

Duties of the Property Manager

l   Economist

l   Community Involvement

l   Facilitator of Owner’s Objectives

l   Career Opportunities

Development of Property Management Profession

l   Steel Frame Buildings and Electric Elevator

l   Development of Suburban Areas

l   Increasing Investment Opportunities

Structure of the industry

l   Owner/manager

l   Employee for owner/manager (in-house manager)

l   Contract management

Growth of Professionalism in Property Management

l   Professional Organizations

–   Building Owners and Managers Association International

–   Institute of Real Estate Management

–   National Apartment Association

–   Multi-Family Housing Council

–   National Association of Residential Property Managers

–   International Council of Shopping Centers

l   Ethics

Building Owners and Managers Association (BOMA)

l   Systems Maintenance Administrators (SMA)

l   Facilities Management Administrator (FMA)

l   Real Property Administrator (RPA)

International Council of Shopping Centers (ICSC)

l   Certified Shopping Center Manager (CSM)

Institute of Real Estate Management (IREM)

l   Certified Property Management (CPM)

l   Accredited Residential Manager (ARM)

l   Accredited Management Organization (AMO)

National Apartment Association (NAA)

l   Certified Apartment Manager (CAM)

l   Certified Apartment Maintenance Technicians (CAMT)

l   Certified Apartment Property Supervisor (CAPS)

Multi-Family Housing Council

l   Registered Apartment Manager (RAM)

l   Certified Leasing Professional (CLP)

l   Advanced Registered Apartment Manager (ARAM)

l   Tax Credit Certification

National Association of Residential Property Managers

l   Professional Property Manager (PPM)

l   Master Property Manager (MPM)

l   Certified Residential Management Company (CRMC)

Types of Properties Managed:

l   Single-family

l   Horizontal apartments

l   Mobile Home Parks

l   Multifamily

–   Apartments

–   Condominiums/Cooperatives

–   assisted living/nursing

Types of Properties Managed:

l   Office

l   Shopping centers

l   Retail stores

l   Gas stations

l   Parking lots

Other Types of Properties Managed

l   Industrial

–   Industrial Parks

–   Loft Buildings

–   Distribution Facilities

–   Mini-storage Facilities

–   Enterprise Zones

l   Special purpose

–   Hotel/motel

–   Recreational

–   Research Parks

Types of Property Managers

l   Facilities manager (on-site manager)

–   marketing and public relations

–   rent collections and record-keeping

–   operational supervision.

l   Asset Manager

–   Portfolio recommendations

–   Owner relations

–   Manage on-site manager

Specialized Opportunities in Property Management

l   Concierge Services

l   Asset Management Services

l   Corporate Property Managers

l   Technology Expert

l    Leasing Agents