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Terms in this set (14)
A property manager managing residential properties is subject to the Residential Landlord-Tenant Code. This law does not apply to industrial and commercial real estate rental agreements, but does apply to cooperative apartments and residential condominium units, where management and maintenance of the property is essentially the same as for an apartment offered for lease, except for advertising and negotiating for tenants.
Residential Property Management
Real estate property management attempts to balance the needs of a property owner with those of a tenant. A property owner desires to rent or lease space at a rate which will produce a return sufficient to pay operating expenses and fixed expenses (e.g., property taxes, property insurance and mortgage indebtedness), and provide a return on the owner's equity. The tenant wishes to rent or lease space at a rental rate that is affordable or that will allow him to utilize the space at a profit. Competent, experienced professional property managers are able to satisfy the requirements of landlords as well as tenants, and create net savings, rather than an expense, for the owner.
Residential Property/Landlord Tenant Code
A property manager managing residential properties is subject to the Residential Landlord-Tenant Code (HRS Chapter 521), governing the legal rights and responsibilities of landlords and tenants in residential real estate. While neither the Real Estate Commission nor any other state agency administers this law, a tenant whose rights have been violated, does have easy access to legal recourse in court.
HAR Standard Rental Agreement - Leases for Rentals
Under HRS Chapter 521, Hawaii Residential Landlord-Tenant Code (the Code) residential rental agreements between landlords and tenants could be written or oral. A written agreement may be for any length of time - month-to-month, six months, one year or any other term. When the agreement is written, all promises and house rules should be included in the agreement, and any new agreements or changes to the existing agreement should be put into writing and signed by both parties. Furthermore, when a rental agreement is in writing, the landlord must furnish a copy to the tenant.
Term Of Tenancy
A key section of the form deals with the term of the tenancy. The two most common tenancies are fixed term (or estate for years) and month-to-month (or periodic tenancy). However, others are possible, including week-to-week tenancies, so the form provides room for specifying other lease periods.
Section 5 of the form deals with the amount of the security deposit. The Code limits the amount of all deposits to no more than one month's rent. This includes the security deposit and any deposits for keys, pets, or anything else. Therefore, the most the tenant can be required to pay is the security deposit and the first month's rent.
A contract for money or property, such as a lease, would be assignable unless there is a specific provision restricting assignment. This agreement does have a restriction that allows the landlord to prohibit any change in tenants. A certain section of the agreement prohibits adding any tenants (so two screened tenants do not become six unscreened tenants), subleasing (transferring some, but not all, of the tenant rights to others), or assigning (transferring all rights to others) without the landlord's consent.
One of the landlord's responsibilities is to comply with the state statute prohibiting discrimination in housing. This agreement notifies the tenant that the landlord will not discriminate due to race, sex (including gender identity or expression), sexual orientation, color, religion, marital status, familial status, ancestry, disability, age or human immunodeficiency virus infection.
Commercial Property Management
There is also a large management market for commercial properties, i.e., retail buildings, office buildings and complexes, and industrial properties. Each category of commercial property comes with its own management problems and challenges, requiring that the property manager be an effective business analyst, planner, organizer and administrator.
In a retail facility, goods are sold in small quantities directly to the user or consumer. Most typically, suburban retail developments provide for a mix of large department stores offering a wide variety of goods and smaller, specialty stores offering a narrow range of goods, in an attractive, weather-protected complex, with ample parking.
An office building is generally defined as a property that provides space to tenants engaged in providing services rather than goods (retail space) or manufacturing (industrial buildings). In urban areas, multi-story office buildings challenge the management skills of the most expert property managers. In suburban settings, development of office space has typically been in the nature of office park complexes and two and three-story small office buildings dispersed in neighborhood commercial centers and along major arterial streets and highways. These smaller properties offer opportunities for property managers familiar with local conditions.
Industrial property includes all land and buildings involved in the production, storage and distribution of goods and products. It may be single tenant, multi-tenant or general industrial parks.
Research & Development Buildings
These are an offshoot of the industrial building and are rapidly growing in popularity. These buildings tend to be located near major education institutions and often employ highly skilled and educated individuals. These buildings usually contain high tech environmental controls along with advanced safety and security systems.
These facilities are a rapidly growing phenomenon nationwide. As the size of homes and apartments has decreased, these properties are filling an important void. They typically consist of long, narrow buildings facing each other across driveways. The typical tenant mix or mini-storage complexes is 70% residential and 30% commercial. The property manager's main responsibility is marketing, followed closely by security and safety of the stored belongings.
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