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PROPERTY MANAGEMENT
Unit 2: Property Management Company
UNIT 2: PROPERTY MANAGEMENT COMPANY
 Focus of the Business
 Establishing and Running the Business
 Legalities Issues
 Types of Business Ownership
 Licenses
 Standard Business Licenses
 Vocation Specific Licenses
 Memberships to Professional Associations
 Insurance
 Errors and Omissions Insurance
 Workers’ Compensation Insurance
UNIT 2: PROPERTY MANAGEMENT COMPANY
 Establishing and Running the Business
 Legalities Issues
 Paying and Reporting Taxes
 Business Taxes
 Federal Income Taxes
 State Business Income Taxes
 Franchise Tax
 Gross Receipts Tax
 Tax on Business Personal Property
 Employment Taxes
UNIT 2: PROPERTY MANAGEMENT COMPANY
 Establishing and Running the Business
 Legalities Issues
 Maintaining Trust Accounts
 Handling Trust Funds – The Right Way
 Handling Trust Funds – The Wrong Way
 Handle Company Funds Correctly
 Recordkeeping Procedures
UNIT 2: PROPERTY MANAGEMENT COMPANY
 Establishing and Running the Business
 Setting up the Physical Office
 Location
 Layout
 Furnishings
 Office Equipment
 Personnel
 Follow Fair Employment Practices
 Important Federal Employment Laws
 State Employment Laws
 Policy and Procedure Manual
UNIT 2: PROPERTY MANAGEMENT COMPANY
 Establishing and Running the Business
 Company Vehicles and Equipment
 Expense Reimbursement
UNIT 2: PROPERTY MANAGEMENT COMPANY
 Establishing and Running the Business
 Systems
 Accounting System
 Profit and Loss Statement.
 Filing System
 Client Files
 Property Files
 Description of the Property
 Owner and Tenant Information
 Income and Expense Reports
 Maintenance Contracts
 Protect Your Data
UNIT 2: PROPERTY MANAGEMENT COMPANY
 Marketing the Business
 Pricing Management Services
 Flat Fee
 Percentage Fee
 Cost-Per-Unit Fee

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Unit 2

  • 1. PROPERTY MANAGEMENT Unit 2: Property Management Company
  • 2. UNIT 2: PROPERTY MANAGEMENT COMPANY  Focus of the Business  Establishing and Running the Business  Legalities Issues  Types of Business Ownership  Licenses  Standard Business Licenses  Vocation Specific Licenses  Memberships to Professional Associations  Insurance  Errors and Omissions Insurance  Workers’ Compensation Insurance
  • 3. UNIT 2: PROPERTY MANAGEMENT COMPANY  Establishing and Running the Business  Legalities Issues  Paying and Reporting Taxes  Business Taxes  Federal Income Taxes  State Business Income Taxes  Franchise Tax  Gross Receipts Tax  Tax on Business Personal Property  Employment Taxes
  • 4. UNIT 2: PROPERTY MANAGEMENT COMPANY  Establishing and Running the Business  Legalities Issues  Maintaining Trust Accounts  Handling Trust Funds – The Right Way  Handling Trust Funds – The Wrong Way  Handle Company Funds Correctly  Recordkeeping Procedures
  • 5. UNIT 2: PROPERTY MANAGEMENT COMPANY  Establishing and Running the Business  Setting up the Physical Office  Location  Layout  Furnishings  Office Equipment  Personnel  Follow Fair Employment Practices  Important Federal Employment Laws  State Employment Laws  Policy and Procedure Manual
  • 6. UNIT 2: PROPERTY MANAGEMENT COMPANY  Establishing and Running the Business  Company Vehicles and Equipment  Expense Reimbursement
  • 7. UNIT 2: PROPERTY MANAGEMENT COMPANY  Establishing and Running the Business  Systems  Accounting System  Profit and Loss Statement.  Filing System  Client Files  Property Files  Description of the Property  Owner and Tenant Information  Income and Expense Reports  Maintenance Contracts  Protect Your Data
  • 8. UNIT 2: PROPERTY MANAGEMENT COMPANY  Marketing the Business  Pricing Management Services  Flat Fee  Percentage Fee  Cost-Per-Unit Fee