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PROPERTY MANAGEMENT
Unit 3: Working with Owners
UNIT 3: WORKING WITH OWNERS
 The Owner/Property Manager
Relationship
 Employer-Employee Relationship
 Principal-Agent Relationship
 Agent’s Scope of Authority
 General Agent
 Duties in a Fiduciary Relationship
 Obedience
 Loyalty
 Disclosure
 Licensing
 Confidentiality
 Accounting
 Reasonable Care
UNIT 3: WORKING WITH OWNERS
 Owner’s Objectives
 Owner’s Goals
 Cash Flow
 Tax Benefits
 Appreciation
 Comparing Investments
UNIT 3: WORKING WITH OWNERS
 The Management Contract
 Parties to the Agreement
 Description of the Property
 Term of the Agreement
 Management’s Responsibilities
 Collect Rents and Pay Expenses
 Operations
 Reports to the Owner
UNIT 3: WORKING WITH OWNERS
 The Management Contract
 Owner’s Obligations
 Management Fees
 Termination Provision
 Breach and Default
 Alternative Dispute Resolution
 Mediation
 Arbitration
UNIT 3: WORKING WITH OWNERS
 Takeover Responsibilities
 Ongoing Communication
UNIT 3: WORKING WITH OWNERS
 Determine the Profitability of a Property
 Reports to the Owner
 Financial Statements
 Monthly Profit and Loss Statement
 Statement of Cash Flow
 Operating Reports
 Rent Roll
 Delinquency Report
 Vacancy Report
 Property Report
 Tenant Mix Report
 Financial Analysis

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Unit 3

  • 1. PROPERTY MANAGEMENT Unit 3: Working with Owners
  • 2. UNIT 3: WORKING WITH OWNERS  The Owner/Property Manager Relationship  Employer-Employee Relationship  Principal-Agent Relationship  Agent’s Scope of Authority  General Agent  Duties in a Fiduciary Relationship  Obedience  Loyalty  Disclosure  Licensing  Confidentiality  Accounting  Reasonable Care
  • 3. UNIT 3: WORKING WITH OWNERS  Owner’s Objectives  Owner’s Goals  Cash Flow  Tax Benefits  Appreciation  Comparing Investments
  • 4. UNIT 3: WORKING WITH OWNERS  The Management Contract  Parties to the Agreement  Description of the Property  Term of the Agreement  Management’s Responsibilities  Collect Rents and Pay Expenses  Operations  Reports to the Owner
  • 5. UNIT 3: WORKING WITH OWNERS  The Management Contract  Owner’s Obligations  Management Fees  Termination Provision  Breach and Default  Alternative Dispute Resolution  Mediation  Arbitration
  • 6. UNIT 3: WORKING WITH OWNERS  Takeover Responsibilities  Ongoing Communication
  • 7. UNIT 3: WORKING WITH OWNERS  Determine the Profitability of a Property  Reports to the Owner  Financial Statements  Monthly Profit and Loss Statement  Statement of Cash Flow  Operating Reports  Rent Roll  Delinquency Report  Vacancy Report  Property Report  Tenant Mix Report  Financial Analysis