RE 310 Principles of Real Estate Property Management and Leases 1 Property Management a Property management involves the Residential property management Commercial property management b Roles of the property manager Position the property in the market and advertise it to prospective tenants To do this the property manager may start by developing a that Analyzes current market conditions Evaluates the subject property and its position in the market and Outlines the investor s objectives The management plan is then used to make recommendations regarding the property position it in the market and help determine appropriate rate schedules Select tenants and negotiate leases The manager may act as his own leasing agent or may to lease the property for him Manager must be concerned with A leasing agent may be primarily concerned with 2 Tenants should one another A wide variety of issues must be incorporated into the lease itself Collect rent and maintain good tenant relationships 3 Oversee administrative tasks including Preparing the budget Maintaining the property Hiring and overseeing employees and Recordkeeping 4 c Legal issues for property managers Americans with Disabilities Act ADA Fair Housing Act FHA Prohibits discrimination on the basis of race color religion sex handicap familial status and national origin Employment laws Landlord tenant laws Environmental concerns 5 2 Common Leasing Issues a Term of Lease b Security Deposit c Possession of Premises Lessor grants the tenant an implied Eviction d Use of Premises e Improvements to Premises f Maintenance of Premises 6 g Destruction of Premises h Assignment and Subleasing i Recording a Lease j Options 3 Types of Leases a Gross lease b Net lease Double net and triple net lease c Percentage lease 7 d Step or graduated lease e Indexed lease f Ground lease g Oil and gas lease 8