The Development Process week 9 - 11 no photos

The Development - The Utilisation Phase Active Property Management Property Management Involves Rent Accounting Lease Negotiations lettings rent

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The Utilisation Phase Active Property Management
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Property Management Involves Rent Accounting Lease Negotiations » lettings » rent reviews » lease renewals Covenant enforcement Service Provisions » service charge accounting From perspective of landlord or tenant/occupier
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Maintenance “Work necessary to keep or restore to a currently acceptable standard, including minor associated improvements or modifications” Maintenance is required to counteract the effects of Weathering Changing standards / tastes
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Efficient Maintenance requires Clarity in lease obligations » who inspects? » Who plans? » Who pays? Inventory of premises, areas, services, equipment, etc… Planned cycle of maintenance requirements Frequent inspections Preparation of schedules of works Negotiation of contracts Supervision of works Accurate accounting
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Note wording “Restoration” Corrective Maintenance » Remedying of defects “Keep” Preventative or Planned Maintenance » works carried out before failure “Put” To put right defects beyond merely maintaining in current state
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Planned Preventative Maintenance Advantages Avoids secondary damage Carried out at convenient times » e.g. Boiler replacement during summer months Planned cash flow Lower costs » tender procedures » no interruption of business » no emergency call out charges / overtime » no further damage to buildings / contents
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Disadvantages May not get full value out of all equipment etc. e.g. replace all light bulbs at optimal / same time - does mean that you are replacing some bulbs that would have continued to perform for a considerable length of time. Overall, a balanced approach will maximise
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This note was uploaded on 11/24/2011 for the course SUR BLD115 taught by Professor Chapman during the Fall '11 term at Uni. Ulster.

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The Development - The Utilisation Phase Active Property Management Property Management Involves Rent Accounting Lease Negotiations lettings rent

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