Chapters 12:  Managing Residential Properties

Types of residential property

l   Single-family homes

l   Vacation homes and time-share property

l   Condominiums

l   Apartments

Types of Apartments

l    Garden:  generally first level access to garden area

l    Patio or terrace:  generally includes private patio or terrace

l    Court or atrium:  usually wrapped around interior courtyard

l    Row:  generally 2-3 stories, vertical integrity, 2-3 common walls

l    Townhouse:  generally 2-3 stories, vertical integrity, 1-2 common walls

l    Duplexes, triplexes, quadraplexes

l    Walkup

l    Mid-rise:  6-9

l    High-rise:  10+

l    Loft

Differences in methods of operations

l   Unfurnished

l   Furnished

l   Resort or seasonal housing

l   Income

   Low

   Middle

   High

Differences by tenant types

l    Tenants by choice

    Empty nesters

    Career people

    Seniors

l    Tenants by circumstances

    Families

l   With children

l   Childless

l   Single parent

    Students

Residential Market Analysis

l   Unlike investment analysis, market analysis for property managers is an ongoing process.

l   Short-term trends

   Nearby zoning change or new construction of competitive properties

   Change in legal environment (rent control)

l   Long-term trends

   Population trends

   Change in economic base

l   Competitive market analysis (See form 12-2)

Marketing Apartment Space

l    Create a product image (curb appeal)

l    Price the product to maximize revenue

l    Promote the project effectively

    Signage

    Newspaper

    Radio/TV (usually only for initial lease-up

    Magazine

    Apartment journals

    Blimps/lights

l    Rental Centers

l    Show list

Apartment Leases (Look at Figure 12.4) and Special Issues

l    Children--Age discrimination against children allowed in multifamily units restricted for occupancy by the elderly (55+) provided that significant facilities and services are provided specifically for the elderly and that 80% of the occupants must be 55+.

l    Pets

l    Parking (assigned and unassigned)

Maintaining the apartment building (see checklist 12.5)