Colorado Real Estate Continuing Education - COLORADO Approved School: RealEstateCE.com
CO 4.0 hours Property Management - Course Syllabus
4.0 Elective Hours
Property management depends on the type of client. There are three types of property management clients: incidental/interim owners, institutional owners, and investor-owners.
Incidental and interim owners were not seeking to own investment properties, but they have come to own or been made responsible either temporarily or indirectly for managing such properties. For example, estate administrators may become temporarily responsible for the homes of deceased persons or banks that acquire possession of properties after foreclosures. Although they typically sell these properties as quickly as possible, they must be properly managed in the interim.
Institutional owners like colleges, cultural institutions, government entities, nonprofit organizations, and private companies, occupy and make use of their properties. Management of these properties is commonly called facilities management.
Investor-owners purchase properties to generate income, so they do not occupy them. They can be individual investors or investment groups. The properties could be single-family homes or multifamily developments.
How a property is managed depends on the type of property, the nature of tenancy, and the property owner’s goals.
The size and design of the property affects how it is managed and maintained. For example, a 10-room single family home will require significantly less maintenance than a high-rise apartment building.
The nature of tenancy influences how a building is managed. For example, managing a four-unit apartment building with a private owner requires less relationship management than managing a 100-unit development.
Certainly, property owners' primary goals are to maximize rental income and provide rental properties that comply with federal, state, and local laws. Different types of property owners may also share other goals.
This course covers the basics of successful property management. Case studies are presented to aid in understanding.