Maintenance of adequate system of accounts
Orderly presentation of detailed monthly activities (Income & Expenditures)
Relieve Owner of most details incident to Ownership
Determining and evaluating risk and the most economical protection available in the insurance market, keeping accurate records of policies/arrange renewals in advance keep fire insurance to a minimum by elimination of fire hazards
Maximize rate of return-maintain leverage-adapt the property as a business-balance cash flow against preservation of the value of the property (Keep net operating income high)
Good property Management demands a thorough knowledge of building service and maintenance requirements.
The interests of the Owner and those of the Tenants must be properly balanced: It is in the physical care of the property that the interest of the Owner and those of the Tenant merge: Giving the structure constant care and attention in order that the property may yield the highest possible net return over the life of the building: The Tenants are entitled to reasonable building service performance: Good service generally invites Tenant cooperation and stimulates building use rather than abuse:
Prompt attention to reasonable demands and complaints should be attended to in a timely manner, building good will for not only the Tenant, but the Property Owner, whose interests are @ stake:
Constant attention to heating systems/plumbing/electrical: defects/flaws and hazards in sidewalks/stairs/flooring: roofing OR anywhere in-attention may cause an accident: Preventative maintenance scheduling:
A written management agreement is essential in spelling out clearly the right and obligation o all parties: *the Management Agreement must never obligate the Manager beyond his/her ability, integrity and honesty OR beyond controllable circumstances for which insurance coverage is not readily available.*
A lease is a contract between the landlord (lessor) and the tenant (lessee) in which the tenant agrees to pay a stipulated sum (rent) to the landlord for the use of the premises. The effect of the lease upon the parties is twofold: (1) it determines the legal rights and duties of one to the other, and (2) it serves as a basis for the tax treatment of both parties under the Internal Revenue Code.