Developing Property Standards to Hone Your Management Strategy

Each property and each property owner is different; having a clear understanding of clients' goals and objectives is the difference between meeting -- and exceeding -- expectations, or missing the mark. The first step when accepting the management of a property is to have a discussion about exp...

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Bibliographic Details
Published inJournal of Property Management Vol. 79; no. 1; p. 26
Main Authors Cottingham, Hal, Muhlebach, Richard
Format Trade Publication Article
LanguageEnglish
Published Chicago Institute of Real Estate Management 01.01.2014
Subjects
Americans with Disabilities Act 1990-US
Business plans
Cash flow
Competition
Guidelines
Leasing
Management styles
Market positioning
Market surveys
Marketing
Objectives
Property management
Security management
Standardization
State court decisions
United States > US
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Summary:Each property and each property owner is different; having a clear understanding of clients' goals and objectives is the difference between meeting -- and exceeding -- expectations, or missing the mark. The first step when accepting the management of a property is to have a discussion about expectations with the property owner. After this discussion, you can have a better grasp on developing and getting approval for the annual management plan which describes the strategies and tactics to achieve or exceed the owner's goals and objectives. This makes developing tactics that better align with the goals and objectives for the property. The following is a list of resources, regulations and market factors that must be considered and or included when developing standards for a property: 1. regulation, 2. safety and security, 3. owners' goals and objectives, 4. market conditions, 5. the management agreement, and 6. policies and procedures.
ISSN:0022-3905