16231 Property Management
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particular session, location and mode of offering is the authoritative source
of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.
Subject handbook information prior to 2024 is available in the Archives.
Credit points: 6 cp
Result type: Grade and marks
Requisite(s): 16234 Property Valuation
These requisites may not apply to students in certain courses. See access conditions.
Description
This is a core subject in the second year of the Bachelor of Property Economics. The subject is an in-depth study of management of commercial property, and the relationship between owner, managing agent and tenant. It encompasses various lease structures, the role of the property manager, and their statutory obligations and requirements, including the enforcement of lease conditions, budgeting and forecasting.
Among the facets of property management covered are the various property investment structures that dictate the distribution of returns and facilities management, which underpin the operations of commercial, industrial and retail property. The increasing importance of workplace health and safety are addressed within statutory and operational frameworks.
Students are exposed to financial budgeting, forecasting, planning for operating and capital expenditure and strategic investment and asset planning using practical examples which demonstrate the application of these facets of the property management process. The theory underpinning each topic aligns with practical real life examples in providing context for the concepts and theories addressed in this subject.
Subject learning objectives (SLOs)
On successful completion of this subject, students should be able to:
| 1. | Define and apply commercial property management functions and responsibilities |
|---|---|
| 2. | Apply property management strategies that align with commercial property investment in Australia |
| 3. | Engage with Workplace Health and Safety WHS environment and sustainability standards |
| 4. | Read and negotiate commercial & retail leases & lease management agreements |
| 5. | Calculate net, gross & face rents, undertake rent reviews & participate in the resolution of rent disputes |
| 6. | Define, apply and collect property outgoings & recoverables |
| 7. | Prepare income & expense budgets |
| 8. | Prepare management agency agreements & undertake functions and duties in line with these agreements |
| 9. | Monitor and negotiate facilitates management & service contracts |
Course intended learning outcomes (CILOs)
This subject also contributes to the following Course Intended Learning Outcomes:
- Identify ethical issues and apply informed ethical judgements in professional Contexts (A.1)
- Apply innovative information technologies to built environment issues (I.1)
- Develop alternative, appropriate creative solutions to built environment issues (I.2)
- Apply valuation theory and practice in the valuation of property for different purposes (P.1)
- Analyse data to make investment decisions in various contexts (P.2)
- Apply economic theory in analysing property markets (P.3)
- Apply knowledge of law (including Native Title) and regulations in built environment contexts (P.6)
- Critically analyse, structure and report the results of research (R.3)
Contribution to the development of graduate attributes
The term CAPRI is used for the five Design, Architecture and Building faculty graduate attribute categories where:
C = communication and groupwork
A = attitudes and values
P = practical and professional
R = research and critique
I = innovation and creativity.
Course intended learning outcomes (CILOs) are linked to these categories using codes (e.g. C-1, A-3, P-4, etc.).
Teaching and learning strategies
Delivery will be by weekly sessions and will include lectures on key concepts, presentations by guest lectures on case studies and specialist material. Active learning opportunities will be integrated with each session through group discussion, class workshops, and in-class participation by students and student groups using live examples and case studies. In addition, flipped learning strategies including the use of interactive and information-rich websites are integrated into the student-centred learning philosophy. The use of on-line presentations, (UTSOnline) which are to be viewed prior to lectures, will prepare students for a discussion of the content during lectures. Some lectures are followed by questions set to assess your understanding of the content and its application.
In addition to face to face delivery (via Zoom), online reference and resource material are provided throughout the semester, and relevant news topics that relate to the subject will also be posted. Students will be engaged through the use of pre-reading and hypothetical scenarios which engender problem-based learning. During lectures, students will work together and learn collaboratively in small groups solving problems that directly relate to the subject content covered during the lectures. This approach will assist students in applying and demonstrating their learning through cases involving hypothetical and actual scenarios.
Content (topics)
Topics covered throughout the course include:
- Understanding the objectives of owning a commercial property.
- Instructions & Agency Agreements
- Physical aspects of commercial property.
- Net / Gross and Face / Effective Rents.
- Outgoings.
- Rent Reviews & Disputes.
- Income & Expense Budgets.
- Lease Administration.
- Leadership, managing people and presentations.
Assessment
Assessment task 1: Series of Exercises & Quizzes
| Intent: | A series of quizzes/exercises that assist students in demonstrating their learning of the basic concepts and principles of property management covered during the lectures. Feedback to students is provided the week following each quiz. Exercise 1 will be an exercise that will be issued to students during Lecture 1 and due by the beginning of Lecture 2. Quizzes 1, 2, and 3 will take place during class time. Each quiz will account for 5 marks. Quizzes may include multiple-choice and/short-answer questions. | ||||||||||||||||||||||||||||||||
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| Objective(s): | This task addresses the following subject learning objectives: 1, 2, 3, 4, 5, 6 and 7 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): I.1, P.1, P.2, P.3, P.6 and R.3 | ||||||||||||||||||||||||||||||||
| Type: | Quiz/test | ||||||||||||||||||||||||||||||||
| Groupwork: | Individual | ||||||||||||||||||||||||||||||||
| Weight: | 20% | ||||||||||||||||||||||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Assessment task 2: Research Report and Presentation
| Intent: | 1) PART 2a: Research Report (30% Weighting): This assignment is to be completed in groups of 3. Students are to prepare a report to research changes in the market in the past 2 years in the below property sectors:
The analysis may include all aspects of the market including financial impact (tenant and owner), operational impacts, and future sector impact and predictions. The report should be no more than 3,000 words in length, excluding annexure references and supporting documentation. Part 2a is jointly assessed with a group mark given. The report must be submitted in word version via the Canvas TurnItIn link. Marks are allocated for presentation as well as content. 2) PART 2b: Presentation (10% Weighting) Each student is to choose a sector (Office, Retail, or Industrial) and give a 2- minute presentation on changes in the market in the past 2 years. Part 2b is individually assessed and accounts for 10 marks. Presentations will be delivered during Lectures 9 and 10 (see subject calendar), and students will be advised of the presentation schedule during Lecture 8.
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| Objective(s): | This task addresses the following subject learning objectives: 1, 2, 3, 4 and 7 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): I.1, I.2, P.2, P.3, P.6 and R.3 | ||||||||||||||||||||||||||||
| Type: | Project | ||||||||||||||||||||||||||||
| Groupwork: | Group, group and individually assessed | ||||||||||||||||||||||||||||
| Weight: | 40% | ||||||||||||||||||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Assessment task 3: Examination
| Intent: | The examination assists students to understand knowledge related to commercial property management. |
|---|---|
| Objective(s): | This task addresses the following subject learning objectives: 1, 2, 3, 4, 5, 6, 7, 8 and 9 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): A.1, I.2, P.1, P.2, P.3 and P.6 |
| Type: | Examination |
| Groupwork: | Individual |
| Weight: | 40% |
Minimum requirements
The DAB attendance policy requires students to attend no less than 80% of formal teaching sessions (lectures and tutorials) for each class they are enrolled in to remain eligible for assessment.
Required texts
NSW Acts:
1) Retail Leases Act 1994
2) Property Stock & Business Agents Act 2002
3) Real Property Act 1900
4) Conveyancing Act 1900
Law Society / REI: Retail Lease (Blank) & Commercial Lease (Blank)
NSW Office of Fair Trading: Retail Lease Guide
Recommended texts
W.D. Duncan 2011 Commercial Leases in Australia 4th Ed
PCA Guide to Building Grading, 2019
Australian Property Institute Property Journal
www.austlii.edu.au