02/04/2026
11 am PT / 12 pm MT / 1 pm CT / 2 pm ET
*approximate length: 45 minutes to 1 hour
Presenter: Kathy Whitman, CPM®
We will outline the process to develop a strategic plan for under-performing properties. Writing a successful management plan in your portfolio can also eliminate the MPSA exam requirement.
As a Property Manager, we see improvements that will translate to maximized income or reduced expenses or both. The owner is focused on their cash flow and rates of return. Therefore, a request for Capital Improvements or significant operation changes must communicate the improved financial performance to the owner, not the heart of someone who deals with the property every day. This webinar will provide the analysis tools to identify a problem and provide a solution to maximize financial performance. The presentation is a Management Plan.
We will examine the property in its current condition. This will include a property and managerial analysis to identify issues and concerns that may create the poor financial performance. We will then look at comparison to the rental market as well as historical and budget performance to prepare a ProForma for future operations in an "as is" state. The loan will be taken into consideration as an issue. The four financial returns - Cash on Cash, Value Enhancement, Net Present Value, and Internal Rate of Return are determined.
Next, we will look at the regional and neighborhood (trade area) market as to its external impact on our subject property. A discussion of how our subject property is responding to the market conditions may identify another issue.
The issues and concerns with the cost to cure are identified. Now we're ready to present an alternative, hoping it is solution. This analysis includes establishing a new equity with Capital Improvements, comparison to the rental market, ProForma to project future financial operations, and the four financial returns.
The recommendation is the alternative that generates the highest rate of return to the owner, along with an implementation plan. This is how a Property Manager communicates with the Owner-it's all about the $ and not the heart.
Learning Objectives:
- How to present a Capital Improvement plan to an owner
- Use IREM tools to assist in the analysis and presentation of the plan
- Apply knowledge and skills to build property management plans
Kathy Whitman has been a Certified Property Manager since 1984 and became a member of IREM faculty in 1987 with a concentration on the finance classes, beginning with FIN402 through the MPSA.
Ms. Whitman is an asset manager in northwest Arkansas. She has analyzed properties for various investors and prepared management plans, focused on rehabs to lift properties in the marketplace and improve the rate of return to owners. She then executed the approved plans, exceeding projected expectations. She recently prepared a management plan and course for IREM members on the specific steps for writing a management plan.
Her career of 37 years includes all types of property management across the Midwest and Southern United States with a focus on multi-family. This includes investor owned as well as third-party management.