REM 300 Lecture Notes - Lecture 7: Corporate Social Responsibility, Liability Insurance, Property Management

• School: Ryerson University
• Department: Real Estate Management
• Course: REM 300
• Professor: David Scofield

Document Summary

Works to ensure that revenue is maximized while costs are minimized. They are responsible for leasing, marketing, administration duties (financial, accounting, insurance), and operations (overseeing all physical maintenance and repairs) Has to build a good relationship with the landlord and tenants. Financial, accounting, budgeting: pay bills, collect rent, manage expenses, property tax payments, prepare cash flow projections and budgets, bookkeeping. Insurance: purchase property and liability insurance, do risk management (safety and security) Legal: comply with all regulations governing tenants relations, prepare contracts and documents. Overseeing all physical maintenance and repairs: hiring of maintenance and repair workers (staffing and supervision, negotiating contracts with suppliers, managing energy usage, preventative maintenance, security. Not property management: repairing the sink in someone"s apartment. Maintenance staff is hired by the property manager: asset manager / portfolio manager decisions. Investment strategies domestic / global: research and analysis, mortgages and financing decisions. Often the property manager reports to the asset manager.