AYRE & OXFORD INC.

REAL ESTATE MANAGEMENT DEFINED

Real Estate Management has been defined in many ways. Ayre & Oxford Inc.'s definition of choice is as follows:

Simply stated, Real Estate Management is an economic service designed to create the highest possible net return to ownership, over the longest period of time. Proper management techniques will enhance the value of the Real Estate through higher occupancy ratios, reduced turnover, reducing and controlling operating expenses, and lengthening the economic life of the property. These factors combined, pay off to ownership in bottom line performance.

Professional Real Estate Management makes good business sense. Investors and/or owners turn to management organizations for a number of reasons. A large number of Investors lack either the skill, information, experience or background to allow them to make sound Property Management decisions. Others lack the time to devote to the management process and the situations that can develop.

If the management function is neglected or improperly performed, the Investor will soon realize that the problems created demand a disproportionate share of his time. More important, the earnings foregone and the harmful effects on the future operations of the property can be significant. Property Owners must therefore assess the benefits of proper Real Estate Management. In the long run, Property Management pays; as does all wise and prudent investments.