Upon successful completion of the course, students will be able to: differentiate the responsibilities of a professional property manager, including their role as the owner's fiduciary in maximizing real estate value, and classify various types of property (residential, commercial, industrial, specialized); construct a comprehensive management plan based on rigorous market analysis (assessing supply, demand, and competition) and formulate a marketing plan that uses appropriate advertising and personal selling activities to optimize property occupancy; establish and staff a management office, define key policy and procedures, and prepare essential financial reports (including for tax purposes and Apartment Operating Reports) to determine property profitability and management fees; analyze the owner's objectives and define the core elements of a clear management contract, including the takeover procedures and strategies for maintaining positive, long-term owner-manager relationships; distinguish between reactive and proactive (preventative) maintenance, implement basic maintenance procedures and manage construction activities, ensuring compliance with the Americans with Disabilities Act and prioritizing energy efficiency; define the necessity of a capital expenditure (CapEx) plan and strategically allocate resources for major system replacements and asset enhancements (like HVAC or cosmetic upgrades) to maximize a property's Net Operating Income (NOI) and asset valuation; and analyze common risk management issues, including those related to vendor compliance, life safety, and hazardous substances, and propose appropriate insurance 5 hazard control strategies to protect both the property and the occupants.