Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-19
APARTMENTS NEAR
.ULTRA-MODERN ERA
Air Publication to Be Among
Features, Stoever Tells
Realty Forum.

Apartment houses of the future will
have the ultra-modern conveniences In
respect to heating, ventilation and air
publication which now are found in
certain types of modern theaters, 1t was
predicted by F. Wallace Stoever, head
of the property management depart
ment of Shannon & LuchS, Inc, in an
address before the real estate forum
at the Y. M. c. A. College this week.
Discussing property management
generally, Mr.. Stoever said:
Property management, believe, will
eventually come to be known as the
foundation of the real estate business
and all of the other branches will CEN
ter around and depend more or less
upon this department. 'S;le sale price
of improved real estate is governed by
the income and the income is depend
ent on successful management. The
imaginative powers need scarcely be ex-
ercised to realize the value to real es-
tate Office of busy property manage
ment department. It would require a
vast amount of institutional advertising
to produce like number of prospective
customers. 1t will be recognized that
each tenant Is at one time or another
a prospect for some other department
OF the business. The property managed
must be insured, will some day be sold
or refinanced or become obsolete and
need to be replaced. In any of these
events the property management depart
ment is in on the ground floor and able
to place this business with the other
departments"
Importance Of Management.
Changing times are increasing the
Importance of property management.
We must study the growth and devel-
opment of our city, the congestion In its
business districts, its traffic problems
the need for expansions of business into
community centers and the need for
development of specialized buildings;
that is, buildings used for specific pur-
poses such as the medical and archi-
tectural buildings which have recently
been erected in Washington. Property
reaches its highest special
lzatlon in the management of our mod
ern skyscrapers. Elevator trafic regu-
lation, cleaning methods and heat con-
troll are among the many problems re-
quiring exhaustive study.
Service Leading Item.
ITO my mind the most important
item in successful MANAGEMENT is
service, to both owners and tenants.
A rental agent occupies q rather I'M
usual position. At law he is the repre-
sentative of the owner of real estate.
In practice he must be the representa-
tive of both, and the key to his success
Is the manner in which he fulfills this
dual capacity. If he at all times bears
in mind the fact that rental property
must be kept in good condition, he is
not only serving the owner in prevent
Ing deterioration and vacancies, but is
giving the tenant the proper kind of a
home for his family or his business.
If he exercises good Judgment In the
of tenants he will save the
owner and himself much later trouble
and avoid future dihiculties with ten
ants.
There Is never ending field for I'M
provement in operating methods. Com
pare the modern buildings of today
with those built only few years ago.
High speed elevators, refrigerating and
radio service are improvements looked
Tor in all modern buildings"
At the next meeting of the real estate
forum Roger j. Whiteford, local attor-
ney, will discuss real estate contracts
vital to all real estate dealing.