Real Estate Unit 19

Property Management

Budget Comparison Statement

Compares actual results with the original budget often giving either percentages or a numerical variance of actual vs. projected income and expenses.

Cash Flow Report

A monthly statement that details the the financial status of the property.

Corrective Maintenance (repairs)

The actual repairs that keep the buildings equipment, utilities, and amenities functioning.

Management Agreement

A contract creating a general agency relationship between the owner and the property manager. The management agreement defines the duties and responsibilities of each party.

Management Plan

Outlines the details of the owners objectives with the property as well as what the property manager expects to accomplish and how including all financial objectives.

Multiperil Policies

An insurance package that includes standard types of commercial coverage, such as fire, hazard, public liability, and casualty.

Profit and Loss Statements

A financial picture of revenues and expenses used to determine whether a business has made money or suffered a loss.

Preventative Maintenance

Regularly scheduled activities such as painting and seasonal servicing of appliances and systems.

Routine Maintenance

Day-to-day duties include performing minor carpentry and plumbing repairs and providing regularly scheduled upkeep of heating, air-conditioning, and landscaping.