AL 3.0 hours Property Management - Course Syllabus
3.0 Elective Hours
Though related, managing a property and conducting a real estate transaction like selling a home are fundamentally different. For example, managing a property involves meeting the expectations of parties—property owners and tenants—who sometimes have conflicting needs. It also entails developing and implementing policies and processes to ensure effective building operations with the goal of maximizing long-term return on investment.
Factors like increased demand for rental properties, uncertainty in the housing market, and increases in rental prices have generated growth in the property management sector of the real estate industry.
In the broadest sense, property management refers to the administration of a piece of commercial, industrial, or residential real estate. It is more specifically defined as the management of a piece of property by a professional property manager who works on behalf of the property's owner to maximize rental income maintain the property's value for an established fee or percentage of the property's rental income.
Administration of a property includes budgeting expenses, securing tenants, collecting rental payments, operating and maintaining the property, removing tenants and ensuring compliance with federal, state, and local laws.
This course will discuss fundamental principles of managing properties, basic property management principles and the factors that affect the profession.