Property Management Courses

In this course, you’ll learn how to be successful in your Penn Foster program. You’ll also get an introduction to the world of real estate management.

By the end of this course, you'll be able to:

• Understand how to use your Student Portal
• Access the Penn Foster Community and use it to find answers
• Connect with Penn Foster on various social media sites
• Understand how to use study materials, prepare for and take exams, access and use our website, create a study schedule, and determine your learning style
• Understand the duties of a property manager
• Know what types of properties use management services and the positions involved with each
• Describe the qualities necessary for a property manager
• Explain what a rental turnover is
• Follow the step-by-step process of replacing one tenant with the next

This course outlines the elements of business and the challenges businesses face in a global environment, such as competition and economic factors. You’ll learn why accounting, technology and information systems, marketing, and management are essential to starting and growing a business. You’ll also learn the basics of managing financial and human resources and the ethical and social responsibilities required of a successful manager.

By the end of this course, you'll be able to:

• Explain the duties of a property manager
• Discuss what types of properties use management services and the positions involved with each
• Describe the qualities necessary for a property manager
• Explain what a rental turnover is
• Explain the step-by-step process of replacing one tenant with the next

Microsoft Office allows people to create documents, spreadsheets, presentations, and databases. This course will teach you how to use three popular tools from the Microsoft Office Suite—Word, Excel, and PowerPoint. In this course, you’ll learn how to use Word to create and edit text documents, insert figures and tables, and format pages for a variety of uses. You’ll then learn how to use Excel to organize and format data, including charts, formulas, and more complex tables. Next, you’ll learn how to use PowerPoint to create and deliver slide shows. Finally, you’ll complete a computer applications graded project, which will test the skills acquired in Word, Excel, and PowerPoint.

By the end of this course, you'll be able to:

• Identify how to create various Word documents
• Write a sound Word letter
• Identify how to create various Excel documents
• Produce a thorough Excel spreadsheet
• Identify the basic skills needed to use PowerPoint
• Create a well-constructed memo, spreadsheet, and presentation

This course outlines the elements of business and the challenges businesses face in a global environment, such as competition and economic factors. You’ll learn why accounting, technology and information systems, marketing, and management are essential to starting and growing a business. You’ll also learn the basics of managing financial and human resources and the ethical and social responsibilities required of a successful manager.

By the end of this course, you'll be able to:

• Identify different elements that distinguish capitalism, socialism, communism, and mixed economies
• Define the role of small business in the free enterprise system
• Assess elements of the global economy, such as labor, capital, trade, and natural resources, and how they influence business
• Analyze the functions of business, such as management, organization, human relations, marketing, financing, and ethics
• Identify the purpose of business policy and strategy

Managing Building Maintenance

This course is designed to provide a comprehensive overview of the maintenance requirements for multifamily rental communities. You’ll understand that just like single-family dwellings, multiunit rental properties have a specific life cycle when it comes to maintenance and repair. Because these types of properties have many families living in them, they’re prone to accelerated wear and require special attention with regard to upkeep. Prevention is the best approach to proper maintenance. You’ll learn how to perform your own inspections of heating, cooling, and electrical systems, as well as exterior coverings and roofing materials to eliminate potential maintenance problems.

This course will provide you with the tools you need to decide when to call a contractor to address a problem. Not all contractors are created equal; you’ll learn how to choose one with confidence in a way that gets the job done and minimizes your liability. Understanding the basics of building maintenance will empower you. You’ll be able to determine which maintenance interventions are best for your particular problem instead of simply taking someone else’s word for it—someone who would rather do a “quick fix” and send you an invoice.

By the end of this course, you'll be able to:

• Discuss the durability and cost factors of brick, wood, and vinyl or aluminum siding exteriors
• Identify the requirements for replacing various roofing materials and drainage systems
• Choose the most appropriate surface flooring for exterior walkways and patios
• Select low-maintenance plants and flowers for your landscaping
• Create a lighting system that provides aesthetics and safety for your building
• Perform regular preventive checks on your HVAC systems
• Keep plumbing lines free and investigate hot-water problems
• Prepare for inspections of safety systems such as smoke alarms and sprinklers
• Ensure the safety and hygiene of gyms, pools, saunas, and other common amenities

Managing Tenant Relations

This course focuses on the basics of property management —the who, what, when, where, how, and why. Using a streamlined contact management system, negotiating the best bid for landscaping services, or hiring a top-notch maintenance professional are all important factors in the successful management of property, yet all become irrelevant if there are no tenants.

By the end of this course, you'll be able to:

• Discuss Maslow’s hierarchy of needs and how it relates to tenant motivations
• Explain how to obtain desirable tenants
• Describe ways to communicate with tenants via bulletin boards, newsletters, email, websites, and social media
• Respond to tenant issues with proper resolutions
• Form positive relationships with your tenants

Financial Accounting

This course will provide students with a basic understanding of the principles of financial accounting. Topics covered include analyzing transactions; completing the accounting cycle; merchandising businesses; inventories, assets, and liabilities; and corporations, stocks, bonds, and cash flow.

By the end of this course, you'll be able to:

• Solve important accounting principles and concepts by creating four types of financial statements: balance sheet, income statement, statement of retained earnings, and statement of cash flows
• Explain inventory systems, the inventory process, and the role of ethics in accounting
• Explain cash and receivables, assets, current liabilities, and debt
• Analyze stocks and the statement of cash flows and financial statements that are used to assess the value of a business
• Solve accounting problems using knowledge of accounting forms and functions

Property Valuation

This course is designed to provide a comprehensive overview of the property valuation process for multifamily income properties. Central to this process is the property appraisal, which will be explored in detail. The three most common types of property appraisals will be examined, as well as the preparation that needs to be performed to ensure an accurate property value. These extremely detailed assessments must be performed by qualified agents. This course will investigate the evolution of appraisal certification, the regulatory process that governs it, and what’s required to receive professional designation.

By the end of this course, you'll be able to:

• Identify what’s included in a professional property appraisal
• Determine when and why an appraisal is necessary
• List the differences between the three main types of property appraisal
• Discuss the varying responsibilities of the property owner and manager during the preparation and execution phases of the appraisal
• Perform the necessary steps to prepare for a property appraisal
• Discuss your options in the event of contesting the final value of an appraisal
• Explain what improvements do and don’t add value to a property
• List the underlying factors built into the appraisal fee structure
• Locate a qualified appraisal agent for your present need

Real estate is a topic that affects everyone because everyone has to live somewhere—whether in a rental or owned property. The real estate market is a significant portion of the American economy. Transactions in real estate provide legions of professionals, including paralegals, with their occupations.

This course is intended to teach you the fundamentals of the legal and practical issues a paralegal in the real estate market might encounter. The scope of this task is vast. A paralegal in real estate might work for a buyer’s or seller’s attorney, a title abstraction company, an insurer, or a financial institution. Each such player in the market has a different perspective and set of concerns. This course attempts to give you an overview that will allow you to learn more, whether in a future course or as a practicing paralegal, with confidence and ease.

By the end of this course, you'll be able to:

• Point out the roles of real estate professionals and paralegals in different real estate transactions
• Prepare a title abstraction and a deed in conjunction with an attorney
• Prepare all documents necessary to secure a mortgage, closing, and settlement
• Point out the necessary documents required for leases, dispute resolution, and foreclosure
• Show your paralegal skills in the field of real estate

This course is designed to provide a comprehensive overview of effective management strategies for multifamily rental communities. You’ll learn successful leasing tactics that will allow you to maintain optimal occupancy rates and minimize tenant turnover. Equally, you’ll understand how to identify the intangible amenities of a property, perform thorough credit analysis, and choose the highest-quality tenants. Proper maintenance is also an essential skill in managing multifamily properties. Knowing how to conduct preventive maintenance and schedule existing repairs in the proper fashion is extremely important for tenant satisfaction and limiting corporate and/or personal liability.

You’ll be introduced to fair-housing laws and presented with the fundamentals of managing properties that are included within local rent control/rent stabilization ordinances, as well as federal Section 8 regulations. Working with compliant tenants is clearly the ideal goal, but situations do arise where disagreements occur between management and occupants. You’ll learn how to conduct yourself in various situations with difficult tenants and how to document those interactions. Ultimately, you’ll come to understand the daily demands and rewards of managing a multifamily property and how to create a home that’s ideal for both you and your tenants.

By the end of this course, you'll be able to:

• Identify effective advertising options for leasing
• Discuss how to properly “shop” the competition
• Recognize intangible amenities
• Evaluate credit reports in a proper manner
• Schedule turnovers to minimize downtime between tenants
• Exercise preventive maintenance
• Recognize your rights and responsibilities with rental regulations
• Address situations with difficult tenants
• Apply effective safety and security measures

Managing Community Associations

Managing community associations is a challenging and rewarding job. In this course, you’ll discover what a community association is and how it’s organized. You’ll learn the history of common-interest developments and the property manager’s role in community associations. Effective communication is vital, and you’ll learn what it takes to ensure that the association board, individual owners, and professional staff work together.

By the end of this course, you'll be able to:

• Discuss the evolution of common-interest developments
• List several different types of associations
• Explain how to work with a board and its members
• Discuss how to establish successful communications among all parties
• Identify everyday challenges of community association management
• Describe marketing and communications strategies that build a management business
• Explain the accounting, staffing, and maintenance practices used by property managers

Managing Commercial Real Estate

This course is designed to provide a comprehensive overview of effective management strategies for properties approved for commercial use. You’ll learn how to identify a profitable office building and what makes a particular location attractive to commercial tenants. This course will cover the important differences between office buildings located in the central business district and those in suburban locations, and the benefits as well as drawbacks each provides. The essential elements of a commercial lease will be covered, as well as what you’ll need to know to construct an effective feasibility assessment of a property.

By the end of this course, you'll be able to:

• Identify the key points that make an office building attractive to tenants and profitable for owners
• Analyze whether a property located in the central business district or suburban area is the best choice based on the intended usage
• Construct a reliable competitive market analysis to determine a property’s investment potential
• Identify the most important elements of a commercial lease
• Discuss how to protect your investment
• Explain the importance of aesthetics in relation to shopping mall success with regard to axial and convex space ratios
• Describe how the right tenant mixture and clustering within retail locations is imperative to success
• Discuss how to attract anchor retailers and how leases for big chain stores are negotiated
• Explain the seasonal challenges of hotel management and how the hotel rating system was created and functions
• Describe the power of online hotel customer reviews
• Identify management strategies for staffing and regulatory compliance in nursing facilities
• Discuss the obligations of industrial property management

Managing Single-Family Homes

This course is designed to provide a comprehensive overview of effective management strategies for single-family rental homes. You’ll learn how owning and operating rental homes exposes your personal assets to liability and how to minimize that risk through diversified business practices. This course will cover the difference between a sole proprietorship and a limited liability company (LLC). You’ll understand how to find a quality property and determine whether it’s a worthy investment through proper cash flow analysis. Locating an ideal property involves far more than shopping for the lowest price and charging the highest rent. This course will explore the pros and cons of various types of property acquisition, including private purchases, US Department of Housing and Urban Development (HUD) homes, and foreclosures.

This course will explore advertising options to attract quality prospects and the correct protocols for analyzing credit reports and references. Familiarizing yourself with the details of the Fair Housing Law will help ensure your business runs smoothly and with limited liability. The myths surrounding the federal Section 8 program will be examined, as well as the pros and cons of having your homes participate in the program.

By the end of this course, you'll be able to:

• Discuss the difference between the liability risk of an individual property owner and that of a limited liability corporation (LLC)
• Discuss simple business choices that significantly limit your liability
• Identify the difference between private, HUD, and foreclosure purchases and what you can and can’t expect from each transaction
• Determine whether a property maintains proper cash flow and if it’s a worthy investment
• Utilize effective advertising techniques that attract quality prospects
• Analyze and process credit reports
• Compose legally sound leasing documents
• Perform quality maintenance and recognize potential hazards
• Discuss the Section 8 program
• Handle difficult tenants and initiate the eviction process
• Describe the scope of services provided by management companies

Risk Management

This course provides a comprehensive overview of the liability risks property owners and managers face in the daily operation of multifamily apartment communities. Strategic planning and prevention techniques will be explored to provide owners and managers with the tools they need to mitigate these circumstances and expose themselves to the lowest amount of risk possible. Best practices regarding risk transfer protocols that shift loss exposure to a third party will be examined as well as insurance options. Hidden gaps in coverage that could expose unsuspecting owners and managers to liability and loss also will be revealed.

By the end of this course, you'll be able to:

• Differentiate between the liability risk of an individual property owner and a limited liability corporation (LLC)
• Shift risk liability to a third party through insurance and noninsurance-based methods
• Evaluate and/or restructure your current risk-management strategies
• Determine if your property needs a risk-management audit (RMA)
• Ascertain if your property is capable of absorbing your current total cost of risk management (TCOR)
• Discuss the various types of insurance coverage
• Identify gaps in insurance policies that diminish coverage
• Describe the difference between insurance brokers and agents
• Handle tenant screenings and confidential information in the safest way
• Create effective disaster-response plans

Fair Housing

This course will introduce you to the basic history of fair-housing law, what it is, who it protects, and what types of properties fall under its jurisdiction. It will also explore the handful of exceptions that aren’t bound by these laws. HUD’s testing program will be covered as well as types of “hidden” or unintentional discrimination in which managers may not even be aware they’re engaging. This course will distinguish between what it means to enforce occupancy regulations while avoiding discriminating against families with children. It will look deeper into what constitutes “senior” housing and how to avoid common violations with regard to the rights of disabled tenants.

This course will also reveal several other groups that, while not included under federal protections, are covered under most municipal fair-housing codes. This course will also examine how a complaint is filed and where the burden of proof lies in these situations. Lastly, you’ll learn essential training protocols and how to process rental applications to avoid a complaint being filed against you or your management company.

Note: This course is not intended to constitute legal advice. For any legal advice, consult with a knowledgeable attorney regarding specific housing matters.

By the end of this course, you'll be able to:

• Identify protected classes of people on a federal and municipal level
• Differentiate between properties that are bound by and those that are exempted from fair-housing law
• Explain how the HUD testing program works
• Determine under what circumstances children may be prohibited from properties
• Explain the criteria required for a property to be considered “senior” housing
• Discuss how to execute modification requests from disabled tenants in a timely and proper legal fashion
• Avoid some of the most common violations of the rights of disabled tenants
• Institute effective training and application processing protocols to protect yourself from a claim filing