DC Property Managers Study Guide Well Arranged

DC Property Managers Study Guide Well Arranged Management Plan -Correct Defination-Assists the owner in meeting their goals while maximizing the property's value and return. The plan describes in detail the subject property's current use along with it's physical condition, fiscal projections, and operational issues (includes an analysis of the market regional & neighborhood). Organizational and educational programs available to assist in enhancing the property manager's knowledge, identifying resources to resolve issues, and expanding their business network. -Correct Defination-Institute of Real Estate Management (IREM), National Association of Realtors (NAR), Greater Capital Area Association of Realtors (GCARR), building Owners & Managers Association (BOMA), National Association of Real Estate Brokers, International Council of Shopping Centers (ICSC), and National Property Management Association. Market Analysis -Correct Defination-Focuses on regional and neighborhood evaluations. Includes demographic conditions, geographic features, governmental prospective, existing real estate supply, future developments, and tenant/resident demand Market Analysis & Competitive Property Analysis helps to..... -Correct Defination-Identify the subject property's strengths and weaknesses The Highest & Best Use -Correct Defination-When the property manager considers alternatives to improve the property's weaknesses or further enhance its strengths to improve overall economic performance. Analysis of Alternative -Correct Defination-Looks at the theoretical costs and corresponding increase in rents by making different improvements, even property's redevelopment. When determining the best use of property, alternatives to consider are......... -Correct Defination-Rehabilitate without altering its existing use, Modernize by updating finishes (more efficient equipment), Change the Use of building (including conversion), or Conversion to a condominium m ownership structure.