Residential Property Management
The Certificate in Residential Property Management is designed to produce
individuals who are equipped with the fundamental skills necessary to manage multi-unit properties such as apartment complexes and condominiums.
The nation’s stock of apartments will increase and new housing developments are continuously being organized with community or homeowner associations that provide community services and oversee jointly owned common areas requiring professional management. These professional managers require specialized education.
Condominium developments in central areas of cities continue to be built, have maintained their values, and have high occupancy rates. For example, from 1997 to 2007 the City of Philadelphia had a major condominium boom fueled by tax rebates and a strong “back to the city” movement. This led to the construction of new units, as well as the refurbishing of many older units. These developments require management by trained professionals.
According to the Occupational Outlook Handbook, 2008-09 edition,
the employment of property, real estate and community association managers is projected to increase by 15 percent during the 2006-16 decade, faster than the average for all occupations. This growth is fueled by several factors. One dynamic relates to the fact that
many "mom and pop landlords" are replaced by corporate real estate investors. These investors, who seldom if ever visit the properties they own, hire property management firms to satisfy the needs of residents, comply with ever-increasing government regulations, and maximize the return on investment.
Drexel University 's Certificate in Residential Property Management helps satisfy the need for well-educated professionals in this increasingly complex, multibillion-dollar industry.
Who Should Choose Residential Property Management?
Prospective students with or without a bachelor's degree will benefit from this program. Students who already possess an undergraduate degree and want to increase their knowledge of residential property management can round out their prior education and experience with this certificate. Students without a bachelor's degree may choose this certificate as a stand-alone credential or as a desirable achievement en route to their undergraduate degree.
In particular, online or Saturday Scholars students pursing a degree in Professional Studies or General Studies with a Minor in Business will find the certificate to be a fitting complement to their undergraduate studies, allowing them more flexibility in their future career options. Also, full-time day students pursuing a variety of majors such as architecture, business, construction management, and engineering will find this certificate attractive.
Course Requirements
Certificate in Residential Property Management
18.0
Required Courses 6.0
PRMT 110 Introduction to Property Management
PRMT 335 Marketing & Leasing Residential Property
Electives (students select four of the following) 12.0
PRMT 340 Managing & Marketing Retail Property
PRMT 345 Managing & Marketing Housing for an Aging Population
PRMT 350 Affordable Housing Management
PRMT 355 Student Housing Management
PRMT 356 Military Housing Management
Course Descriptions
PRMT 110 Introduction to Property Management 3.0
This course provides an introduction to the multidisciplinary world of property management. Successful property managers need to understand facilities, construction, marketing, leadership, human resource management, finance, law, and sociology. They need to realize the unique role they play interacting with a variety of key stakeholders including property owners, investors; lenders; tenants; and the government. A variety of rental properties are discussed including condos, affordable housing, housing for an aging population, military housing, and campus housing.
PRMT 335 Marketing & Leasing Residential Property 3.0
This course covers the marketing of residential rental properties and includes strategies to acquire new tenants and retain existing tenants. Market analysis is used as a foundation to create a marketing plan and develop advertising strategies. Buyer motivation, continuous customer service, and tenant retention strategies are discussed. Students have the opportunity to employ the successful techniques learned in the class through experiential learning opportunities including a consultative sales presentation. Best practice marketing campaigns and strategies and presentations by industry leaders are featured.
Prerequisite: PRMT 110
PRMT 340 Managing & Marketing Retail Property 3.0
This course is an introduction to managing and marketing retail property and uses the shopping center as the basis for discussion and analysis. The full range of centers is considered from small neighborhood shopping centers, to large regional malls, to lifestyle or entertainment destination centers. Topics covered include leasing negotiations, creating the best tenant mix, managing tenant relations, advertising strategies, and a variety of day-to-day and long-term concerns. Mixed-use developments are discussed and students will have the opportunity to discuss best practice examples and analyze and visit Philadelphia area shopping centers to meet with industry leaders.
Prerequisite: PRMT 110
PRMT 345 Managing & Marketing Housing for an Aging Population 3.0
This course covers the management and marketing of housing for later life starting with a market analysis of the aging population. Students discover the challenges to be overcome and the opportunities available in this unique segment of the housing market. The course covers successful management and marketing strategies involving active adult communities and senior living facilities. Students have the opportunity to discuss case problems, review best practice examples, and interact with industry leaders.
Prerequisite: PRMT 110
PRMT 350 Affordable Housing Management 3.0
This course provides an introduction to the complex challenge of managing quality affordable housing. The provision of affordable housing requires the interaction of a variety of important players including legislators, government policymakers, citizen advocacy groups, and most importantly, the citizens themselves. To be successful, the affordable housing professional needs to have a strong multi-disciplinary background in rental property and fair housing law, residential property management, public administration, and sociology. The course includes presentations from affordable housing leaders and visits to affordable housing developments in the Philadelphia area. Students are required to complete an analysis paper featuring an affordable housing property covering the entire development, marketing and management process.
Prerequisite: PRMT 110
PRMT 355 Student Housing Management 3.0
This course focuses on the effective management of student housing. Successful student housing managers need to have specialized education in a variety of areas including federal laws, emergency management requirements, security and communications planning, marketing to the student population, and awareness of current cases and issues.
Prerequisite: PRMT 110
PRMT 356 Military Housing Management 3.0
This course focuses on the effective management of military housing. The successful management of military housing requires specialized study in a variety of areas including federal laws, emergency management requirements, security and communications planning, military regulations, Department of Defense initiatives and regulations, and awareness of current cases and issues.
Prerequisite: PRMT 110
