Owner Expectations
The owner of a property expects the property manager to:
- carry out the owner’s instructions, control costs and maximize revenue to maintain a stabilized cash flow as a return on capital invested (commonly referred to as the capitalization rate or the cap. rate)
- exercise control over the building to safeguard the capital invested, provide a duty of care through proper maintenance of the building
- be professional and well informed on Fair Housing laws and property management practices and procedures
- enhance the value of the property by making improvements that will increase its market value, retain and enhance pride of ownership.
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Famous quotes containing the words owner and/or expectations:
“An ancient prophecy ... pronounced, That the castle and lordship of Otranto should pass from the present family, whenever the real owner should be grown too large to inhabit it!”
—Horace Walpole (1717–1797)
“The term preschooler signals another change in our expectations of children. While toddler refers to physical development, preschooler refers to a social and intellectual activity: going to school. That shift in emphasis is tremendously important, for it is at this age that we think of children as social creatures who can begin to solve problems.”
—Lawrence Kutner (20th century)