Course Objectives This course will give you the skills to evaluate economic theory within the real estate and construction markets, and how to create and apply alternative approaches to market analysis and evaluation. The course will also develop your ability to evaluate and analyse how the real estate and construction professions operate and interact within the industries. Analyse economic concepts relating to real estate and construction markets Evaluate the market structure of the industry. Debate the economic and social importance to the general economy and society Identify and analyse industry-wide problems based on an understanding of the market structure, performance and behaviour of the industry. Demonstrate the participants understanding of the basic knowledge, personal attributes and competencies that will be required to develop a career in the property management; Develop practical skills of the way facility, estate and property management companies operate Possess intellectual skills to apply a professional approach to meeting the corporate and client needs of this industry sector and also to inspire them for further studies in facility and property management. Who Should Attend? Management sector Property managers Asset managers Facilities managers Project managers Those who are seeking a highly skilled profession in real-estate market. Who are working in this field and need to improve themselves to get a better performance Who want to enter the real-estate market carrying with themselves a solid academic foundation Participants working in the corporate and commercial real estate and facilities Course Content Introduction to Property Management History of the profession Duties Responsibilities Scope of Management Economics and Planning Recognize the changes and movements among the general business economy, the real estate economy, the rental market, and their relationship to property management. Describe the three basic tools and their criteria that the property manager systematically uses to collect data for formulating the management plan. Differentiate the procedures used in preparing a management plan and explain the importance of each procedure. Describe the various methods the property manager employs in meeting the owner’s objectives and in achieving the optimum financial position for the property. Communications Explain the reason for considering ‘communication’ as one of the biggest problem in property management. Describe the position and the role of a property manager. The reasons for maintaining good public relations and how a property manager can win the trust and confidence of others. Identify the effect of communication failure and the importance for effective communications. List the different forms of communications and their respective roles. Leases Identify the authority that is signified by a lease and the importance of a written agreement. Distinguish the three types of leases and their variations. Identify the six basic elements of a lease and elucidate the conditions and rationale behind each procedure. Identify the two groups of lease provisions and the purpose of their respective clauses. Insurance Identify the main purpose for having insurance and describe the differences between condominium and co-operative insurance. Recognize hazards and their relationship/effects to the named insured. Identify the types of insurance available. Identify additional hazards. Understand the cost of insurance. Study an example of co-insurance. Identify possible actions after a loss has occurred. Tenant Policies Identify the factors that need to be considered in determining tenant policies. State the proper procedures for assessing potential tenants. Learn how to properly inform the tenants. Identify the factors involved in tenant improvement and the tenant turnover. Describe the procedures involved when there is illegal use or damage of the property. Describe the procedures involved in dealing with tenant complaints and tenant unions. Describe the procedures involved in tenant subletting and moving. Describe the advantage of maintaining good tenant relations. Valuation Identification the three approaches to value for arriving at a final estimate and explain the subjective nature of the approaches and now the most appropriate and impartial method. The procedures required in the income approach method and the conditions and rationale behind each procedure. Budgeting The critical role a budget plays in achieving an understanding between a building owner and the manager. Describe why the Monthly Cash Flow Budget is superior over the other four forms of budgeting for forecasting the property’s income. The procedures required in the preparation of a budget and elucidate the conditions and rationale behind each procedure. Receipts and Disbursements Acquire a keen awareness of the importance of regulating and recording of income and controlling expenses and describe the relationship between the unit and the factors concerning rental payments. Explain the need for an effective system of control for miscellaneous receipts, security deposits and state the reasons behind for having collected money in separate accounts for each property. Describe the steps involved in the purchase of supplies, materials and services and the reason for taking this approach. Identify the different types of payment a property manager would encounter and the responsibilities a property manager has for each type of payment. Describe the three types of salary and the proper documentation for payroll. Explain the importance and necessity for having reserve funds. Condominiums and Co-operatives Define Condominium and the advantage of a condominium. Distinguish the different types of condominium. State the advantages of a condominium over a rental unit and a traditional house. Define the roles of the Declaration, the Bylaws, and the Unit Deed of the governing documents. Identify the advantages and the disadvantages of a cooperative ownership. Describe the role of the Board of Directors and their responsibilities. Attain a better understanding of the different roles and functions of management. Sales & Marketing Identify the key information that sellers need to be aware of when selling off-plan properties, hotels, serviced apartments, shopping malls and other special purpose properties Identification the essential contract clauses for selling properties, hotels, serviced apartments, shopping malls and other special purpose properties Understand how to analyse and collate the necessary real estate information when selling property Identify the sales strategy relevant to your property purpose Learn how to adjust your sales technique to match the property Energy Conservation Identify the importance of planned preventive maintenance. Identify the
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