© 2011 Cengage Learning. Alternate Real Estate Careers Chapter 16 © 2011 Cengage Learning.

Alternate RealAlternate RealEstate CareersEstate Careers

Chapter 16Chapter 16



RATIONALE FOR CHAPTERRATIONALE FOR CHAPTER

There are many different real estate careers that can be pursued by licensees.

This chapter identifies alternate careers in commercial real estate brokerage, property management, and being a licensed assistant.


Focus of PresentationFocus of Presentation

• This chapter will teach you some of the major differences between residential and commercial brokerage.

• You will learn the basics of how commercial properties are valued.



A discussion of the various professional designations available will enlighten you about how to increase your abilities and earnings through education.



• This chapter details about property management as one of the more sought-after alternate careers.

• The role of the licensed assistant and buyer’s representative is discussed from the employing-agent’s and the licensed assistant’s point of view.


CHAPTER SIXTEEN CHAPTER SIXTEEN OUTLINEOUTLINE

16.1 COMMERCIAL REAL ESTATE BROKERAGE

16.2 PROPERTY MANAGEMENT AND LEASING

16.3 LICENSED REAL ESTATE ASSISTANT


COMMERCIAL REAL ESTATE BROKERAGECOMMERCIAL REAL ESTATE BROKERAGE

• Residential and commercial brokerage activities• differences

• Property valuation process and how such things as pro-forma rents and current actual rents must be “blended” to arrive at a reasonable value for a property.



• CCIM designation and its probable effect on your future income.

• CPM and RLI designations and their probable effect on a career in property management or land brokerage.



• Discuss the value of specializing in one type of income property brokerage and the advantages to the agents and the clients.

• Types of commercial investment properties and the unique issues of each one.



Two ways to enter commercial real estate

strengths

weaknesses


PROPERTY MANAGEMENT AND LEASINGPROPERTY MANAGEMENT AND LEASING

• How do most property management firms tend to specialize in one property type for maximum effectiveness and minimum liability?

• Requirements for a property management company to be certified as an Accredited Management Organization (AMO).



• Condominium association management• Written management agreement• Three different types of property

managers• how each is different



• Discuss the state-defined duties and responsibilities placed on a property manager.

• Using the form in the text (Figure 16.2), discuss the property management agreement.

• Discuss what a conscientious property manager’s duties are.



• Current rent schedules• what is involved?

• Importance of maintaining proper accounting records and the legal requirements involved.

• Trust account ledger



• Requirements of a valid lease • various types

• Residential lease



• Use the Residential Lease to discuss the provisions of a valid lease and the protections afforded the owner and tenant.

• Importance of using a move in/move out checklist to avoid problems with tenants and leasing agents or owners.



• Right of entry• Responsibilities of the tenant and the

landlord.• Assignment vs. sublease and the legal

effects of each on the primary tenant.



• Terminate a lease• what is involved?

• Evictions and Unlawful Detainer actions.

• Retaliatory evictions and the protections afforded tenants.


LICENSED REAL ESTATE ASSISTANTLICENSED REAL ESTATE ASSISTANT

• Costs of licensed assistants today. • Use of incentive bonuses.• How to pay a buyer’s representative

and a person who works as a combination licensed assistant and buyer’s rep.



• Discuss the economics of hiring a licensed assistant (rising agent-income vs. hourly cost of the assistant).

• The right time to hire an assistant?• Art of transitioning, and how to delegate

authority.



• Duties of a licensed assistant.• Interview and hire a licensed assistant.



• Discuss the importance of proper training of a licensed assistant as it applies to the employing agent, the broker, and the Department of Real Estate requirements.

• Benefits of the REPA professional designation from the assistant’s viewpoint and the employing agent’s viewpoint.



• Effectively work with a licensed assistant.

• Four deadly sins and how to avoid them.

• Effectiveness (and potential problems) of the husband/wife team.

• Vacation coverage.

© 2011 Cengage Learning. Alternate Real Estate Careers Chapter 16 © 2011 Cengage Learning.

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Transcript of © 2011 Cengage Learning. Alternate Real Estate Careers Chapter 16 © 2011 Cengage Learning.