REP_OH.17 - CM 426 REP 17 PROPERTY MANAGEMENT I PROPERTY...

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

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?