The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-01-07
Shannon Shows
NEEDOF EXPERT
=. REALTY ADVICE
Growth of Cities Makes Of
Agency Business Vital Factor
In Development.

II the collecting OF rents had re-
g lained the limit Of capacity or abil-
. ~ Of the real estate agent. then the
rental business would have remained
local grocer. But cross-road settle
ments changed to villages. then to
towns and then blossomed into cities
OF unbelievable size and proportion.
, The management of property grew
In direct relation to those expan-
sions until today II takes an enor-
nous organization to handle properly
the problems arising. This problem
I was explained by Herbert T. Shan
! non, OF Shannon Luchs, in an
interview today.
by Shannon & Luchs in the prop
erty management department Of our
organization has been an outstanding
feature Of our business" ne said.
To-day our clientele not alone in
cludes a big portion Of the property
owners of Washington, who are prin-
cipally local residents. but our rent
checks and New York drafts go prac-
ttcally all over the world. This
branch OF our organisation has the
advantage Of having back Of II the
following departments: all OF which
function for the benefit Of the prop.
erty owner: The real estate loan
department. the legal settlement de-
partment, and the general real estate
sales department, the latter being or
inestimable value to the property
management department in furnish
ing information for the owner Of all
classes of real estate.
Management on Upto-Date Lines.
This up-to-d property manage.
=
form at a moments notice for any
property owner We also maintain
q legal department capable Of pro-
tecting an owners interests in all
of the courts. as well as before the
District Rent Commission. A repair
department, which Is capable Of COLI
tracing for repairs at minimum
cost consistent with good work, Is an
important adjunct. We have COM
petent men who are capable OF caring
for an owners interests before the
District assessor in matters Of taxa
ton, and an insurance department
that can place immediate coverage
on property, especially where changes
in character Of business In tenancies
occur.
"As property values change from
time to time, 1t becomes the duty or
the executives and the heads OF tn"
property management department 10
advise owners Of these changes ard
consider this with the owner In the
renewing Of leases. A ten yearr'
lease may be q valuable asset in some
instances and a grave detriment In
others. As a result of the constant
development Of the apartment situa'
ton. this phase of the business has
naturally been given close study
Service an Important Feature.
To-day with the hotel apartment In
existence, the question of service has
been one Of the paramount features
connected with property management.
The problems confronting an owner
Of an office building are quite differ
Ont from those facing an owner Of an
.partment house. The trained
1ealtor must not alone know the diff
ferences. but so build his organization
ar to be capable of handling them.
In the handling of residential prop.
critics under rental. 1t resolves itself
largely into the knowing Of values
regulated mostly by supply and lie.
mand-on knowing how to select ten.
ants who are best fitted to any par
ticular property and to bring all par
ties concerned into accord in all
matters that affect their respective
interests. A much more difficult task
now, when the erroneous idea seems
to prevail with a large part of the
public and some legislators that the
property owners interests are a sec.
ondary consideration. However, VT
believe that ultimately this seeming
Lntagonism against persons renting
residential property will clarity itself
nv the investigation and publicity
given II by the District Of Columbia
Rent Commission and operate for the
good Of both owner and tenant.
zone thing stands out pre-eminently
today as regards property manage
ment. II is no longer possible for the
individual. say the merchant or the
banker or man Of other business, to
concentrate in the detail handling OF
real estate. 1t il profession In which
experience and ability are needed ir
exactly the same way that you need
legal or medical advice from time e
time, As strange as Il may seem, the
charges for expert real estate service,
~ found In our organization, are sur
prisingiy lower proportionately thar
those OF most any other profession.
Expert Advice Necessary.
'Our property management expert
ence years ago proved to us the urgsn
need for intelligent real estate service