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:
“To relive the relationship between owner and slave we can consider how we treat our cars and dogs—a dog exercising a somewhat similar leverage on our mercies and an automobile being comparable in value to a slave in those days.”
—Edward Hoagland (b. 1932)
“Let us pray that the great historic tragedy of our time may not have been enacted without instructing our whole beloved country through terror and pity; and may fulfillment verify in the end those expectations which kindle the bards of Progress and Humanity.”
—Herman Melville (1819–1891)