RE 150 - Residential and Commercial Property Management

Credits: 4
Lecture Contact Hours: 4
Description: This course covers the day-to-day operation and management of residential and commercial properties. Students gain a comprehensive understanding of the principles, practices and skills needed to be a property manager. Topics covered include relationship building, problem identification and solution, operations and maintenance management, budgeting, leasing and lease administration, marketing, record keeping systems and federal and state laws.

Prerequisites: RE 110 or consent of Department.
Corequisites: None.
Recommended: None.

Course Category: Occupational
This Course is Typically Offered: Fall, Winter
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Course Competencies

Illustrate the responsibilities of the property manager in managing residential and commercial real estate properties.
Specify the important clauses contained in a management agreement.
Explain how the analysis of the market, property and owner’s objectives inform the management plan.
Summarize advantages and disadvantages of various marketing activities for promoting residential and commercial properties.
Differentiate between landlord and tenant rights and obligations imposed by the lease in residential and commercial uses.
Contrast the costs and advantages of various owner concessions used in the lease negotiation process.
Relate the methods necessary to improve landlord-tenant relationships.
Generate monthly financial reports required to manage costs, increase profitability and monitor tax liability.
Document various maintenance systems depending on the size of the property and the obligations of the tenant.
Distinguish operational differences when managing specialized housing.
Distinguish operational differences when managing office, retail and industrial properties.
Outline the property manager’s responsibilities related to applicable federal and state laws.