This property management course focuses on the operational aspects of running a property management firm. Students will learn how to analyze and manage liability risks and insurance and the security and safety responsibilities of a property manager. The course discusses the pros and cons of private maintenance companies, setting up a maintenance system, evaluating a property's maintenance needs, and common maintenance problems that property managers deal with. Proper recordkeeping, promotion, and advertising are also covered. This course teaches students how to handle problem tenants, complaints, waiting lists, late rent, evictions, fair housing issues, and owner relations. The course also contains valuable information about the organization of a property management office, creating policy manuals, management costs and fees, the hiring process, employee management and evaluation, and what it takes to open and maintain a successful property management firm.
Upon completion of this course, the student will be able to:
- Explain liability regarding personal injury and property loss that goes with property ownership and management; Summarize other risks that owners, tenants, and managers are exposed to; Evaluate the management decisions involving risk; Describe how risk can be transferred to others using insurance; Identify various types of insurance protection available
- Identify various types of insurance protection available for the tenant and property manager; Evaluate how much insurance is enough
- Describe a property manager's security obligations to protect tenants; Identify what type of lighting increases security; Recall which types of landscaping, fences, and walls deter intrusions; Indicate the door and lock features that best prevent crime; Discuss the security issues regarding windows; Summarize the advantages and disadvantages of electronic gates and guard services
- Identify the different types of alarms; List the security issues involving rent collection and showing units; Describe which safety devices are required by your local fire and safety codes; Explain the safety requirements of the Occupational Safety and Heath Act, and how it applies to property management
- Evaluate the basis of making decisions regarding the use of employees or contract providers for maintenance work; Describe the importance of privatizing maintenance tasks, setting specifications, and striving for standardization
- Define the specific maintenance problems which a property manager can expect to encounter, as well as the corrective measures that are likely to be appropriate; Evaluate the importance of the difference between repairs and improvements; Explain a preliminary energy audit of a property, and recommend how energy and water can be conserved
- Describe the requirements for handling trust fund accounts; and Identify which records to present to your client and which ones to keep
- Describe the forms used in property management; Evaluate the importance of accurate record keeping
- Demonstrate how to enhance your firm, as well as personal image, to help you in obtaining management contracts; List sources you can use to locate management opportunities
- Compare the various methods of promoting rental space; Discuss the use of advertising tools such as signs, the Internet, and billboards; Recall how to compose classified ads and select the appropriate newspaper; List alternative marketing tools
- Recognize the importance of educating a tenant about lease clauses and occupancy rules; Explain the dangers of renting to friends or relatives, or having a romantic entanglement with a tenant; Identify the importance of properly handling problem tenants and tenant complaints and what you can learn from them; Summarize how to handle tenant waiting lists as well as the tenant's right to make repairs and deduct the cost from rent; Evaluate how to handle late rent, tenant absences, the death of a tenant, and changing the terms of tenancy; List the step in the eviction process and prohibited practices
- Describe the various civil rights laws, and, in particular, their applicability to property management; Define the prohibitions under fair housing laws; Identify the importance of the Americans With Disabilities Act and the Equal Credit Opportunity Act; Discuss the importance of ethics and the ability to analyze a situation from an ethical viewpoint
- Explain the necessity of effective owner/manager communications; List the fiduciary duties a manager has to an owner; Identify the dangers of romantic relations with tenants; Describe how to be courteous and neutral to internal politics when dealing with homeowner's association members
- Analyze the organization of a management office and staffing requirements; Discuss the importance of having a policy manual; Explain the economics of scale and how size relates to the costs of management and how fees are calculated; Identify the status of a resident manager, the attributes of a good manager, a resident manager's duties, and common managerial problems; Evaluate the hiring process and the importance of a job application and employee interview; Relate how to deal with immigration issues
- List what should be included in an employee file; Summarize the employee evaluation process; Discuss important issues regarding employee relations; Recall ways to retain employees; Describe in-house training of employees and the utilization of professional organizations for training; Identify firing procedures and problems; Evaluate what it will take to open and maintain a successful property management office
This course covers the following topics:
- Liability and Risk Management: Part I
- Liability and Risk Management: Part 2
- Security and Safety: Part I
- Security and Safety: Part 2
- Maintenance and Energy Conservation: Part I
- Maintenance and Energy Conservation: Part 2
- Records and Controls: Part I
- Records and Controls: Part 2
- Promotion and Advertising: Part I
- Promotion and Advertising: Part 2
- Tenant Relations
- Fair Housing and Ethics
- Owner Relations
- Management Operations: Part I
- Management Operations: Part 2
Property Management - Taking Care of Business - Washington Department of Licensing
End of Course Instructions
Once you have completed this continuing education course you return to your student profile page where your Certificate of Completion is available for printing. Please keep a copy of your certificate for your own records.
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