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Index
Cover
Half Title Page
Title Page
Copyright
Table of Contents
Preface
Acknowledgments
CHAPTER 1: AN OVERVIEW OF REAL ESTATE MANAGEMENT
The Profession of Real Estate Management
What Is Real Estate?
The Role of Real Estate Managers
The Cycles of Real Estate Management
From 1920 to the Stock Market Crash of 1929
Recovery Period After the Great Depression, 1934 to 1939
Post–World War II, 1940 to 1950
From 1960 to 1970
From 1980 to 1990
From 1990 to 2000
Effects of 9/11 on Real Estate Management
The Enron Scandal
From 2003 to 2010
From 2010 to 2017: Short Sales and the New Shareconomy
The Economic Future for Real Estate Management
Types of Real Estate Assets
Residential
Condominium Associations
Commercial Properties
Summary
CHAPTER 2: TYPES OF REAL ESTATE MANAGERS AND THEIR RESPONSIBILITIES
Types of Real Estate Managers
Site Management
Property Manager
Regional Manager
Asset Manager
Defining the Corporate Supervisory Team
Portfolio Manager
Executive Property Manager
Primary Responsibilities of a Real Estate Manager
Other Real Estate Management Professions
Leasing Agent
Marketing Director
Accounting and Financial Services
Building Engineers, Mall Managers, and Construction Managers
Facility Management
The Real Estate Executive
Brokerage Services
Administrative Personnel
Summary
CHAPTER 3: REAL ESTATE AND ECONOMICS
Basic Economics
The Marketplace
The Role of Government
The Business Cycle
Real Estate Economics
The Real Estate Market
Government and Real Estate
Real Estate Cycles
Summary
CHAPTER 4: THE LOGISTICS OF REAL ESTATE OWNERSHIP
Means and Reasons for Investing in Real Estate
Means of Investing
Reasons for Investment
Principal Forms of Income-Property Ownership
Sole Proprietorship
Partnerships
Corporations
Real Estate Investment Trusts
Joint Venture
Summary
CHAPTER 5: THE MANAGEMENT AGREEMENT AND PLAN
The Management Agreement
Basic Components of an Agreement
Responsibilities of the Real Estate Manager
The Owner’s Obligations
Compensation for Management Services
The Management Plan
National Analysis
Regional Analysis
Neighborhood Analysis
Property Analysis
Market Analysis
Data Evaluation
Analysis of Alternatives
Cost-Benefit Analysis
Conclusions and Recommendations
Summary
CHAPTER 6: FINANCIAL MANAGEMENT
Evaluation of Operating Funds
The Cash Flow Chart
Gross Potential Rental Income
Operating Expenses
Other Operating Fund Considerations
Accounting for Income and Expenses
Accounting Systems
Income Categories
Expense Categories
Management Fee and Administrative Costs
Payroll and Related Expenses
Insurance
Real-Time Data and Reporting
Financial Reporting Requirements
External Reporting
Internal Reporting
Operating Budget
Capital Budget
Long-Range Budget
Summary
CHAPTER 7: STAFF MANAGEMENT
Staff Requirements
On-site Staff
Employees of the Management Firm
Contractors
Determining Adequate Staff Size
Hiring Qualified Personnel
Selecting Employees
Employee Onboarding
Retaining Valuable Employees
Performance Appraisal Methods
Compensation
Federal Programs
Communication
Promoting Morale
Continual Training
Developing Talents
Employee Discipline
Employment Policies
Progressive Discipline
Employee Termination
Facing a Layoff
Dismissing an Employee
Employer Liability
Summary
CHAPTER 8: MARKETING AND TENANT RETENTION
Understanding the Market
Developing a Marketing Program
Marketing and Branding
Offering Marketing Incentives
Measuring Marketing Effectiveness
Using Sales Techniques
Approving a Prospect for Tenancy
Retaining Tenants
Welcoming New Tenants
Handling Requests
Building Goodwill with Tenants
Summary
CHAPTER 9: UNDERSTANDING THE LEASE
Fundamental Elements of Leases
Types of Leases
Lease Negotiation
Standard Clauses
Concessions
Tenant Options
Lease Renewal Techniques
Other Lease Issues
Rental Collection
Rent Due Date
Late Fee and Delinquency
Collection System
Eviction
Security Deposits
Successful Leasing
Summary
CHAPTER 10: MANAGING THE PHYSICAL ASSET
Property Systems Identification
Schedules, Inspections, And Maintenance Tasks
Schedules and Inspections
Custodial Maintenance
Corrective Maintenance
Preventive Maintenance
Deferred Maintenance
Other Aspects of Maintenance
Safety
Protecting the Environment
Controlling Energy Consumption
Maintaining Property Security
Managing Maintenance Work
Staffing Choices
Record Keeping
Summary
CHAPTER 11: RESIDENTIAL PROPERTIES
Rental Housing
Multifamily Housing (Apartments)
Government-Assisted Housing
Military Housing
Senior Housing
Student Housing
Selecting Qualified Residents
Rental Agreement
Resident Retention
Common Interest Realty Associations
Managing Condominiums
Managing Cooperatives
Planned Unit Developments
The Role of Real Estate Managers Working with CIRAs
Other Residential Properties
Managing Single-Family Homes
Managing Manufactured Housing Communities
Maintenance Issues for Residential Properties
Unit Preparation
Maintenance for Common Area Amenities
Insurance Issues
Types of Insurance
Choice of Insurance Packages
Summary
CHAPTER 12: OFFICE BUILDINGS
Property Analysis
Class of Structure
Criteria for Classification
Tenant Selection and Criteria
Financial Stability
Long-Term Profitability
Service Requirements
Office Rent
Measuring Rentable and Usable Space
Establishing Rates
Space Planning
Tenant Improvements
Office Condominiums
Medical Office Buildings
Summary
CHAPTER 13: SHOPPING CENTERS
Property Analysis
Malls
Open-Air Malls
Trade Area Analysis
Managing Shopping Centers
Tenant Selection
Retail Rent
The Retail Lease
Other Commercial Property Types
Industrial Properties
Warehouses
Lease Considerations
Marketing Commercial Space
Prospecting for Tenants
Marketing on Value
Insuring Commercial Properties
Owner’s Insurance
Tenant’s Insurance
Summary
Glossary
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