CM 426 -- REP 17
PROPERTY MANAGEMENT
I.
PROPERTY MANAGEMENT -- THREE PRINCIPAL
RESPONSIBILITIES
A.
FINANCIAL
1.
MAINTAIN OWNER’S INVESTMENT
2.
PRODUCES INCOME
B.
PHYSICAL
1.
MAINTAIN STRUCTURES AND GROUNDS
2.
REPAIRS
C.
ADMINISTRATIVE -- FILES AND RECORDS
1.
BUDGET AND CONTROL
2.
TENANTS
3.
REPORT TO OWNER
D.
MOST STATES REQUIRE A REAL ESTATE BROKER’S
LICENSE
II.
TYPES OF PROPERTIES TO MANAGE
A.
APARTMENTS
B.
CONDOMINIUMS
C.
HOMEOWNERS’ ASSOCIATIONS
D.
INVESTMENTS SYNDICATES, TRUSTS, ETC.
E.
MUST BE SURE OWNER’S EXPECTATIONS ARE
REALISTIC -- MANAGING EXPECTATIONS
III.
MANAGEMENT AGREEMENT
A.
DESCRIPTION OF PROPERTY
B.
TIME PERIOD AGREEMENT COVERS
C.
DEFINE RESPONSIBILITIES OF MANAGER
D.
OWNER’S LONG-TERM AND SHORT-TERM GOALS
E.
EXTENT OF MANAGER’S AUTHORITY -- OWNER’S
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APPROVAL REQUIREMENTS
F.
PERIODIC REPORTING REQUIREMENTS TO OWNER
G.
FEE STRUCTURES
1.
PERCENTAGE OF GROSS
2.
FIXED FEE
3.
COMBINATION
4.
ALLOCATION OF COSTS (OVERHEAD) WHO PAYS
WHAT?

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- Winter '12
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