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