Course Description
Review of the principles of residential property management to provide students with a basic understanding of the apartment industry and property management as well as to introduce students to careers within the multifamily (apartment) industry.
Athena Title
INTRO RES PROP MGMT
Semester Course Offered
Offered fall
Grading System
A - F (Traditional)
Course Objectives
1. Understand the types of multifamily housing ownership, the goals of owners and the role of multifamily housing managers. 2. Gain familiarity with industry terminology and the management company’s internal structure. 3. Understand the responsibilities of a residential property manager, how the property functions on a day-to-day basis and the importance of establishing personnel policies. 4. Gain familiarity with general financial principles, the financial aspects of residential property management, establishing rent levels and valuation techniques. 5. Gain knowledge of forms, policies and procedures used in the industry. 6. Be exposed to the different types of property maintenance and its importance in maintaining investment value and good resident relations. 7. Recognize the importance of risk management and safety policies. 8. Be exposed to the basic principles of sales, leasing and marketing multifamily properties, including: customer service, marketing plans, features and benefits, leasing staff and preparing units for presentation. 9. Learn how to prepare for a successful career in the residential property management industry using tools such as resumes, self-assessment (DiSC Profile), career fair attendance and networking with industry professionals. 10. Gain knowledge of move in / move out procedures. 11. Become aware of how government housing is defined, what the government’s role is and how these properties must be managed. 12. Become familiar with the different types of properties: new construction, condo conversions, repositioning/rehabilitation and how these types of properties are managed and marketed. 13. Be exposed to the legal aspects of residential property management and how laws affect the industry. 14. Gain knowledge of housing for seniors. Understand how “senior” is defined, what seniors value and desire, and how to communicate to a “niche” segment.
Topical Outline
INTRODUCTION Industry Overview: Terminology and Culture THE FRONT LINE Management and Customer Service CAREER DEVELOPMENT Professionalism Marketing Yourself: Career Fair Preparation DiSC Profile: Understanding Yourself and Others OPERATING IN A FOR-PROFIT ENVIRONMENT Case Studies Economics and Finances Preparing a Budget Financial Reporting / Variance Reports PROPERTY MAINTENANCE Types of Property Maintenance Costs Associated with Property Maintenance RISK MANAGEMENT Principles of Risk Management FAIR HOUSING History of Fair Housing Operating within Guidelines of Fair Housing Laws PROMOTION Defining Your Niche – The Residential Property Marketing Plan Resident Retention Lease Renewals / Rent Increases GOVERNMENT-ASSISTED HOUSING Documentation for Federally Assisted Housing Marketing and Management of Government-Assisted Housing LEGAL ASPECTS Resident Relations Personnel and Payroll Fair Housing Ethical treatment of residents, owners, and suppliers CONSTRUCTION New Construction / Lease Up CONDO CONVERSIONS Trends in the Industry REPOSITIONING / REHABILITATION Promoting Re-use Sales SENIOR HOUSING Demographic Changes Marketing Opportunities
Syllabus