Foundations of  Real Estate Management TM BOMA International ® Module 1: Real Estate Administration Day in the Life of a R...
Objectives <ul><li>Describe and discuss principal forms of real estate ownership, basic ownership strategies, and main typ...
Mayor of Your Own City
Putting It Into Practice <ul><li>How is the property manager like the </li></ul><ul><li>mayor of a city? </li></ul>
Typical Day
Putting It Into Practice <ul><li>What is a typical day like for a property  </li></ul><ul><li>manager? </li></ul>
Don’t Forget <ul><li>The property manager works for only one master… </li></ul><ul><li>The owner </li></ul>
The Management Agreement <ul><li>Read it! </li></ul><ul><li>Abstract it! </li></ul><ul><li>Know it! </li></ul><ul><li>Live...
Fiduciary Duty Fiduciary relationship: A relationship characterized by trust and confidence, in which an agent is bound by...
Fiduciary Responsibility <ul><li>The most common reason for litigation against a property manager: suspicion of breached f...
Owner’s Strategies <ul><li>Long-term hold </li></ul><ul><li>Short-term hold </li></ul><ul><li>Cash flow </li></ul><ul><li>...
Owner Types <ul><li>Publicly traded </li></ul><ul><li>Privately held </li></ul><ul><li>Real Estate Investment Trusts (REIT...
The Role of the Asset Manager <ul><li>Private investors </li></ul><ul><ul><li>Direct relationship with owner </li></ul></u...
Property Management Companies <ul><li>Third party </li></ul><ul><li>Owner-managed </li></ul><ul><li>Corporate </li></ul>
Putting It Into Practice <ul><li>Who is on the property management  </li></ul><ul><li>team? </li></ul>
Putting It Into Practice <ul><li>Which of the people on the property </li></ul><ul><li>management team work for the proper...
Team Leader <ul><li>Work with/lead your team  </li></ul><ul><li>Understand and carry out the owner’s strategy </li></ul><u...
The Property Manager of Tomorrow…Today <ul><li>Training and education will  never end </li></ul><ul><li>Industry is changi...
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  • Breaching the fiduciary responsibility Conflicts of interest Not to be used as a shield
  • MOD 1-1 ppt

    1. 1. Foundations of Real Estate Management TM BOMA International ® Module 1: Real Estate Administration Day in the Life of a Real Estate Manager
    2. 2. Objectives <ul><li>Describe and discuss principal forms of real estate ownership, basic ownership strategies, and main types of ownership interest </li></ul><ul><li>Describe and discuss the role and responsibilities of a property manager </li></ul><ul><li>Define fiduciary duty, and explain how this duty pertains to the property manager’s relationship with the owner of the building </li></ul><ul><li>Describe and discuss the various members of the property management team and their property management responsibilities </li></ul>
    3. 3. Mayor of Your Own City
    4. 4. Putting It Into Practice <ul><li>How is the property manager like the </li></ul><ul><li>mayor of a city? </li></ul>
    5. 5. Typical Day
    6. 6. Putting It Into Practice <ul><li>What is a typical day like for a property </li></ul><ul><li>manager? </li></ul>
    7. 7. Don’t Forget <ul><li>The property manager works for only one master… </li></ul><ul><li>The owner </li></ul>
    8. 8. The Management Agreement <ul><li>Read it! </li></ul><ul><li>Abstract it! </li></ul><ul><li>Know it! </li></ul><ul><li>Live it! </li></ul>
    9. 9. Fiduciary Duty Fiduciary relationship: A relationship characterized by trust and confidence, in which an agent is bound by obligations of good faith, honesty, and loyalty.
    10. 10. Fiduciary Responsibility <ul><li>The most common reason for litigation against a property manager: suspicion of breached fiduciary responsibility. </li></ul>
    11. 11. Owner’s Strategies <ul><li>Long-term hold </li></ul><ul><li>Short-term hold </li></ul><ul><li>Cash flow </li></ul><ul><li>Terminal value </li></ul><ul><li>Disposition </li></ul><ul><li>The strategy is implemented with tactics </li></ul>
    12. 12. Owner Types <ul><li>Publicly traded </li></ul><ul><li>Privately held </li></ul><ul><li>Real Estate Investment Trusts (REITs) </li></ul><ul><ul><li>Can be public or private </li></ul></ul>
    13. 13. The Role of the Asset Manager <ul><li>Private investors </li></ul><ul><ul><li>Direct relationship with owner </li></ul></ul><ul><li>Institutional investors </li></ul><ul><ul><li>Asset manager between owner and PM </li></ul></ul>
    14. 14. Property Management Companies <ul><li>Third party </li></ul><ul><li>Owner-managed </li></ul><ul><li>Corporate </li></ul>
    15. 15. Putting It Into Practice <ul><li>Who is on the property management </li></ul><ul><li>team? </li></ul>
    16. 16. Putting It Into Practice <ul><li>Which of the people on the property </li></ul><ul><li>management team work for the property </li></ul><ul><li>management company and which work </li></ul><ul><li>for a vendor? </li></ul>
    17. 17. Team Leader <ul><li>Work with/lead your team </li></ul><ul><li>Understand and carry out the owner’s strategy </li></ul><ul><li>What have you done to add value? </li></ul><ul><li>Gatekeeper for your owner </li></ul>
    18. 18. The Property Manager of Tomorrow…Today <ul><li>Training and education will never end </li></ul><ul><li>Industry is changing rapidly </li></ul><ul><li>Increasingly sophisticated career </li></ul><ul><li>Be active in BOMA! </li></ul>

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