PMGT – Property Management
Introduction to Property Management
Students review a brief history of property management and are introduced to the structure of managing a property management company, different types of building classifications, types of property ownership structures, and the agency role the manager plays with property owners. Topics include: licensing requirements, the property manager's role during the life cycle of the asset as their client's investment, an overview or the human resource needs and structures within a typical property management company, responsibilities on annual and monthly cycles, an overview of the tenancy cycle and the responsibilities of landlords and tenants, an introduction to various software used for different management disciplines, as well as an introduction to professional organizations in the industry. Students consider real property management organizations, interacting with local real estate professionals through career investigation, interviews, and guest speakers.
Workforce & Tenant Management in Property Management
Students explore practical management functions of directing a property management organization. Special focus is given to a) human resource management, b) ethical dealings, and c) legal requirements. Students apply their understanding in these areas to ensure that the property management organization has an effective workforce, acts appropriately regarding conflict of interests, fiduciary duties to owners, and other obligations, and ensures acts and codes related to tenant occupancy and agency are properly applied.
Property Operations for the Property Manager
Students learn the day to day management of the property as a business unit, how to manage and maintain components of the physical asset, and administer the cycle of the tenancies in the building. Topics include property taxation, insurance, risk management, contracts, inspections, environmental hazards, life safety and disaster planning, maintenance strategies. Students will examine the administration of the tenancy cycle in detail including: move ins, rent collection, lease renewals, conflict mediation, enforcement and termination of tenancies. The role of the property manager in the condominium setting will also be reviewed.
Budgeting and Finance in Property Management
Students learn the application of the accounting function in the context of managing properties, various types of reporting that are utilized in the industry, and learn to interpret those reports, and come to conclusions and sound management decisions. Students examine the management of a property as a business venture of the investor, and how decisions in management can affect the value of the investment.