Description
This Texas property management course will help licensees who work as property managers, or are considering becoming property managers, develop a comprehensive understanding of the field. It begins with an introduction to the factors, economics, law, responsibilities, and operation of professional property management. Learners will explore marketing principles and activities, opening and running a property management office, and managing relationships with owners and tenants.
Next, we discuss analyzing and managing residential and commercial properties, the nature and types of leases, risk management, and applicable state and federal law. The course concludes with sections detailing the managers maintenance and safety and security responsibilities.
Learning Objectives
Upon completion of this course, you will be able to:
- Recall the different types of property managers in real property management.
- Identify the impact that the condition of the real estate economy can have on how properties are managed.
- List the benefits of professional property management.
- Explain the nature of the manager-owner relationship.
- Establish a complete and effective management plan for a property.
- Recognize appropriate agreements and reports for the property.
- Describe marketing principles and activities as they relate to marketing rental properties.
- Discuss how to develop an advertising campaign strategy and how to gauge its effectiveness.
- Explain the advantages and disadvantages of various advertising methods.
- Summarize the importance of the promotional efforts by management and the value of the personal selling efforts of the manager.
- Describe the necessary elements and staffing requirements for a management office.
- Explain factors necessary to determine management fees.
- Summarize the information required to complete financial reports.
- Identify information and documentation required for determining tax liability.
- Recognize three methods for determining profitability.
- Demonstrate how to effectively manage tenant relationships.
- Explain how security deposits and rent collection should be handled.
- Describe how and why property managers evict tenants.
- Discuss residential property and fair housing laws.
- Contrast the differences among three different property management relationships.
- Describe the elements of a management agreement.
- Explain takeover procedures.
- Summarize how to build and maintain satisfactory relationships with owners.
- Describe different types of residential property and how valuation is affected.
- Summarize how marketing is influenced by the type of property.
- Discuss methods of managing tenant relations.
- Identify the roles of various building staff and their roles in maintaining the apartment building.
- Explain residential operating reports.
- Distinguish the differences when managing cooperatives, condominiums, and Planned Unit Developments (PUDs).
- Describe the importance of accurate budget projections when determining management fees.
- Summarize the issues involved when managing subsidized housing.
- Explain the similarities and differences of managing manufactured home parks and housing for the elderly.
- Classify retail properties by market area, patterns, owner, and merchandising products.
- Describe different marketing strategies for retail properties.
- Discuss retail leases and their specific clauses.
- Explain how maintenance varies depending on the size of the property and the obligations of the tenant.
- Identify administrative responsibilities and financial reports required by retail centers.
- Describe classifications of industrial real estate.
- Summarize required market information and industrial development incentives that are necessary for successfully marketing industrial space.
- Identify specific issues for qualifying and negotiating with industrial tenants.
- Explain the needs of ministorage center management.
- Explain the general nature of leasing real property.
- Describe the lease as a real estate transaction.
- Explain how leasing is vital component to real estate practice.
- Describe the differences in the types of leasehold estates.
- Explain the general provisions of the Landlord and Tenant Act.
- Explain the differences in the types of leases.
- Identify four methods of risk management and the implications of each.
- Describe insurance policies that the owner, the manager, and the tenant should carry, and discuss the need for and coverage of each.
- List environmental laws and give a simple explanation of each.
- Name environmental hazards and describe ways that the property manager can minimize their effects.
- Plan employee information and training for dealing with hazardous substances.
- State the reason for antitrust laws, and give an example of what not to discuss with competitors.
- Describe the purpose of the federal fair housing laws and the protections that they offer.
- Discuss the Americans with Disabilities Act (ADA) and Megan's Law.
- Explain the protections offered by the Equal Credit Opportunity Act (ECOA) and the Fair Credit Reporting Act (FCRA) as well as the Uniform Electronic.
Transmissions Act (UETA) and the Servicemembers Civil Relief Act.
- List the requirements of the Lead-Based Paint Hazard Reduction Act (LBPHRA).
- Summarize the provisions suggested by the Uniform Residential Landlord and Tenant Act.
- Identify the requirements of getting a real estate license.
- State the required educational materials.
- Understand what the laws require regarding relationships with clients and customers.
- Answer questions regarding the real estate recovery fund.
- List kinds of maintenance operations and give an example for each.
- Explain the duties and responsibilities of various maintenance personnel.
- Discuss the components of a cost-effective maintenance program.
- Describe the issues concerning construction activities.
- Summarize steps to increase and manage energy efficiency.
- Design a life safety program utilizing personnel, equipment, and procedures to prevent an emergency, detect a breach, and contain and counteract the damage.
- Describe the role of personnel in life safety situations.
- Identify preparations for various emergency situations.
- Explain how to prevent criminal activity on the property.
Topics Covered
- Lesson 1: Overview of Property Management
- Lesson 2: Federal, State and Local Laws
- Lesson 3: Management Operations
- Lesson 4: Marketing and Analysis
- Lesson 5: Tenant Relations
- Lesson 6: Single-Family Residential Leases
- Lesson 7: Commercial Leasing
- Lesson 8: Maintenance and Construction
- Lesson 9: Managing Safety and Risk
