The skilled oversight of actual property property, encompassing residential, industrial, or industrial properties, includes a variety of companies. These companies usually embody tenant acquisition and administration, hire assortment, property upkeep, monetary reporting, and compliance with related rules. For instance, this would possibly contain discovering appropriate tenants for an residence constructing, guaranteeing well timed hire funds, coordinating repairs, and offering homeowners with common monetary updates.
Efficient actual property asset oversight is essential for maximizing property worth and minimizing proprietor burden. It offers homeowners with peace of thoughts, figuring out their investments are being dealt with professionally and effectively. Traditionally, property homeowners typically managed their property instantly. Nonetheless, as actual property markets have develop into extra advanced, the necessity for specialised experience has grown considerably, resulting in the rise {of professional} property oversight companies.
This text will additional discover particular facets {of professional} actual property asset oversight, together with finest practices for tenant choice, methods for optimizing rental earnings, and the evolving authorized panorama surrounding property administration.
1. Tenant Acquisition
Tenant acquisition varieties a cornerstone of profitable property administration underneath the “cjm property administration” mannequin. Securing dependable, long-term tenants is essential for maximizing rental earnings and minimizing emptiness intervals. Efficient tenant acquisition methods stability attracting a big pool of potential tenants with rigorous screening procedures to make sure tenant high quality and suitability.
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Advertising and Outreach
Reaching potential tenants requires a multi-faceted method. This contains on-line listings on widespread actual property platforms, focused promoting campaigns on social media, and leveraging conventional strategies like signage and print media. Efficient advertising highlights property options and facilities, interesting to the specified tenant demographic. For “cjm property administration,” this would possibly contain crafting compelling property descriptions {and professional} images showcasing the property’s strengths.
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Applicant Screening
Thorough screening is crucial for mitigating threat and guaranteeing accountable tenancy. This includes background checks, credit score historical past opinions, and verification of employment and earnings. A strong screening course of protects property homeowners from potential monetary losses on account of unpaid hire or property harm. “cjm property administration” prioritizes complete screening to pick tenants who meet particular standards and exhibit monetary stability.
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Lease Agreements
Clearly outlined lease agreements are essential for establishing expectations and defending the pursuits of each the property proprietor and the tenant. Lease phrases ought to define tasks relating to hire funds, property upkeep, and different related obligations. “cjm property administration” ensures legally sound and complete lease agreements that decrease disputes and supply a framework for a constructive landlord-tenant relationship.
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Tenant Onboarding
A easy onboarding course of units the stage for a profitable tenancy. This contains offering tenants with important details about the property, entry particulars, and speak to data for upkeep requests. Environment friendly onboarding fosters a constructive first impression and strengthens the landlord-tenant relationship. “cjm property administration” emphasizes a seamless onboarding expertise to make sure tenant satisfaction from the outset.
These aspects of tenant acquisition are integral to the general success of “cjm property administration.” By strategically addressing every part, property managers can decrease emptiness charges, maximize rental earnings, and domesticate constructive landlord-tenant relationships, contributing to the long-term worth and stability of the managed properties.
2. Lease Administration
Lease administration constitutes a essential part of efficient property administration throughout the “cjm property administration” mannequin. It encompasses the systematic administration of lease agreements all through their lifecycle, from initiation to termination. Efficient lease administration instantly impacts monetary efficiency and authorized compliance, contributing considerably to the general success of a property administration technique. For instance, diligent monitoring of lease expirations permits for well timed lease renewals or proactive advertising to reduce emptiness intervals. Conversely, neglecting lease administration can result in missed hire escalations, expired insurance coverage insurance policies, and potential authorized disputes, negatively affecting property worth and proprietor returns.
The significance of lease administration as a part of “cjm property administration” is underscored by its influence on a number of key areas. Correct hire assortment, facilitated by well-defined lease phrases and fee schedules, ensures constant money circulate for property homeowners. Enforcement of lease provisions relating to property upkeep and tenant tasks maintains property worth and minimizes potential conflicts. Moreover, meticulous record-keeping of lease agreements and associated documentation offers a significant audit path for monetary reporting and authorized compliance. Think about a state of affairs the place a tenant disputes a late charge cost. Complete lease documentation, readily accessible by organized lease administration practices, offers the required proof to resolve the dispute effectively and pretty.
In abstract, sturdy lease administration practices are integral to the success of “cjm property administration.” They supply the framework for constant income streams, mitigate authorized dangers, and contribute to constructive tenant relationships. Challenges in lease administration, reminiscent of managing advanced lease phrases or dealing with excessive tenant turnover, will be addressed by the implementation of devoted lease administration software program and the adoption of standardized procedures. By prioritizing lease administration, “cjm property administration” ensures the environment friendly operation and monetary stability of the properties underneath its care.
3. Property Upkeep
Property upkeep is prime to efficient property administration throughout the “cjm property administration” mannequin. It encompasses all actions required to protect and improve the bodily situation of a property. Proactive and environment friendly upkeep practices are essential for attracting and retaining tenants, maximizing property worth, and mitigating potential dangers. Neglecting property upkeep can result in tenant dissatisfaction, pricey repairs, and potential authorized liabilities, negatively impacting the general return on funding. Think about a state of affairs the place a defective HVAC system isn’t addressed promptly. This might lead to tenant complaints, potential authorized motion, and finally, decreased property worth.
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Preventative Upkeep
Common inspections and scheduled upkeep duties, reminiscent of HVAC servicing, landscaping, and gutter cleansing, forestall minor points from escalating into main issues. For instance, routine inspections can determine minor roof leaks earlier than they trigger vital water harm, saving substantial restore prices in the long term. Inside “cjm property administration,” preventative upkeep is prioritized to reduce disruptions and preserve the long-term worth of the properties.
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Responsive Repairs
Addressing tenant upkeep requests promptly and effectively is essential for tenant satisfaction and retention. A swift response to a plumbing difficulty, for example, not solely resolves the rapid drawback but in addition demonstrates a dedication to tenant well-being. “cjm property administration” emphasizes responsive repairs to foster constructive tenant relationships and decrease potential authorized disputes.
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Capital Enhancements
Strategic investments in property upgrades, reminiscent of renovations or energy-efficient equipment installations, improve property worth and entice higher-quality tenants. Upgrading outdated kitchen home equipment, for instance, can improve rental earnings and enhance tenant satisfaction. “cjm property administration” analyzes market traits and property situations to advocate capital enhancements that maximize return on funding.
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Compliance and Security
Guaranteeing compliance with constructing codes and security rules is paramount for shielding tenants and minimizing authorized liabilities. Common inspections of fireside security techniques and compliance with accessibility requirements are important parts of accountable property administration. “cjm property administration” prioritizes compliance and security to create a safe atmosphere for tenants and shield property homeowners from potential authorized repercussions.
These aspects of property upkeep are integral to the general success of “cjm property administration.” By strategically addressing every part, property managers can decrease working prices, maximize property worth, and guarantee tenant satisfaction, contributing to the long-term monetary well being and stability of the managed properties. As an example, a well-maintained property attracts greater high quality tenants keen to pay premium rents, whereas proactive upkeep minimizes pricey emergency repairs, illustrating the direct hyperlink between efficient upkeep practices and monetary efficiency throughout the “cjm property administration” mannequin.
4. Monetary Reporting
Monetary reporting varieties an integral a part of “cjm property administration,” offering property homeowners with clear and correct insights into the monetary efficiency of their investments. This reporting encompasses a variety of monetary statements and analyses, together with earnings statements, stability sheets, money circulate statements, and expense studies. Correct and well timed monetary reporting permits homeowners to make knowledgeable choices relating to their investments, optimize monetary methods, and assess the effectiveness of the property administration companies offered. As an example, an in depth earnings assertion reveals income streams, working bills, and web earnings, permitting homeowners to judge profitability and determine areas for potential enchancment. Conversely, insufficient monetary reporting can obscure monetary realities, hindering efficient decision-making and doubtlessly resulting in monetary losses. Think about a state of affairs the place an expense report persistently omits upkeep prices. This might create a deceptive image of profitability, stopping the proprietor from recognizing escalating upkeep bills and doubtlessly delaying essential repairs.
The sensible significance of complete monetary reporting inside “cjm property administration” is clear in a number of key areas. Correct earnings and expense monitoring permits homeowners to evaluate the return on funding and evaluate efficiency in opposition to market benchmarks. Detailed money circulate statements present insights into liquidity and allow proactive monetary planning. Moreover, clear monetary reporting fosters belief and strengthens the connection between property homeowners and the administration firm. For instance, offering homeowners with common studies on hire assortment charges, emptiness intervals, and upkeep bills demonstrates accountability and builds confidence within the administration companies. Challenges in monetary reporting, reminiscent of integrating knowledge from a number of properties or guaranteeing knowledge accuracy, will be addressed by the implementation of devoted property administration software program and the adoption of standardized accounting procedures.
In abstract, sturdy monetary reporting practices are important for efficient property administration throughout the “cjm property administration” framework. They supply property homeowners with the required monetary insights to make knowledgeable choices, optimize funding methods, and monitor the efficiency of their property. By prioritizing correct and clear monetary reporting, “cjm property administration” ensures accountability, fosters belief, and contributes to the long-term monetary success of the properties underneath its administration. This dedication to monetary transparency differentiates “cjm property administration” and reinforces its dedication to shopper success throughout the aggressive actual property market.
5. Authorized Compliance
Authorized compliance varieties a cornerstone of accountable and efficient property administration throughout the “cjm property administration” mannequin. Adherence to relevant federal, state, and native legal guidelines and rules isn’t merely a formality however a essential side of defending property homeowners and tenants, mitigating dangers, and guaranteeing the long-term stability of actual property investments. Non-compliance may end up in substantial monetary penalties, authorized disputes, reputational harm, and even felony costs, severely impacting the viability of a property administration enterprise. Think about a state of affairs the place a property administration firm fails to adjust to truthful housing legal guidelines. This might result in pricey lawsuits, harm to the corporate’s fame, and lack of enterprise.
The sensible significance of authorized compliance inside “cjm property administration” extends to a number of key areas. Truthful housing legal guidelines mandate equal alternative in housing, prohibiting discrimination based mostly on race, faith, nationwide origin, familial standing, or incapacity. Compliance with these legal guidelines isn’t solely ethically crucial but in addition legally important for avoiding pricey litigation. Landlord-tenant legal guidelines govern the rights and tasks of each events, overlaying areas reminiscent of lease agreements, safety deposits, eviction procedures, and property upkeep. Adherence to those legal guidelines ensures a good and balanced relationship between landlords and tenants, minimizing potential disputes. Moreover, compliance with native constructing codes and security rules protects tenants’ security and well-being, minimizing potential liabilities for property homeowners. For instance, guaranteeing functioning smoke detectors and compliant fireplace exits will not be simply authorized necessities however essential security measures that shield tenants and mitigate potential authorized motion in opposition to the property proprietor. Navigating the complexities of authorized compliance will be difficult, particularly with evolving rules and ranging native ordinances. “cjm property administration” addresses this problem by steady training, using authorized experience, and implementing sturdy compliance monitoring techniques.
In abstract, prioritizing authorized compliance isn’t merely a finest observe however a elementary requirement for moral and profitable property administration throughout the “cjm property administration” framework. It protects property homeowners from authorized and monetary dangers, ensures truthful therapy of tenants, and contributes to the soundness and fame of the property administration enterprise. Failure to prioritize authorized compliance can have extreme penalties, jeopardizing the monetary well being and fame of each the property administration firm and the property homeowners it represents. “cjm property administration” acknowledges this essential hyperlink and invests within the sources and experience essential to keep up the best requirements of authorized compliance, demonstrating its dedication to accountable and moral property administration practices.
6. Danger Mitigation
Danger mitigation is a vital side of efficient property administration throughout the “cjm property administration” mannequin. It includes figuring out, analyzing, and addressing potential dangers that would negatively influence property worth, proprietor returns, or tenant well-being. Proactive threat mitigation methods shield property homeowners from monetary losses, authorized liabilities, and reputational harm, guaranteeing the long-term stability and success of actual property investments. Neglecting threat mitigation can expose properties to a variety of threats, from pure disasters and property harm to authorized disputes and monetary instability. For instance, failing to safe sufficient property insurance coverage might depart homeowners weak to vital monetary losses within the occasion of a hearth or different unexpected occasion.
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Property Insurance coverage
Securing complete property insurance coverage is prime to mitigating monetary dangers related to property harm or legal responsibility claims. Acceptable protection protects homeowners from losses on account of fireplace, theft, pure disasters, and legal responsibility claims arising from accidents on the property. As an example, sufficient legal responsibility protection protects homeowners from monetary repercussions if a tenant or customer is injured on the property. “cjm property administration” ensures properties underneath its care have sufficient insurance coverage protection, tailor-made to the particular dangers related to every property kind and site.
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Tenant Screening
Thorough tenant screening is a vital threat mitigation technique, minimizing the danger of late funds, property harm, and authorized disputes. Background checks, credit score historical past opinions, and verification of employment and earnings assist determine dependable tenants, decreasing the chance of monetary losses or property harm. For instance, verifying a potential tenant’s employment historical past helps assess their capacity to persistently pay hire. “cjm property administration” employs rigorous screening procedures to pick tenants who meet particular standards and exhibit monetary stability.
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Common Inspections
Routine property inspections determine potential upkeep points earlier than they escalate into pricey repairs or security hazards. Common inspections can reveal minor issues, reminiscent of leaky taps or broken roofing, permitting for well timed repairs that forestall extra intensive harm and potential legal responsibility claims. As an example, figuring out a small roof leak early can forestall vital water harm and mould progress, saving substantial restore prices in the long term. “cjm property administration” prioritizes common inspections as a proactive threat mitigation measure.
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Authorized Compliance
Adherence to all relevant legal guidelines and rules, together with truthful housing legal guidelines, landlord-tenant legal guidelines, and constructing codes, is crucial for mitigating authorized dangers. Compliance protects property homeowners from lawsuits, fines, and reputational harm, guaranteeing the long-term stability of their investments. For instance, adhering to truthful housing legal guidelines protects homeowners from discrimination lawsuits and ensures equal housing alternatives for all potential tenants. “cjm property administration” maintains an intensive understanding of related legal guidelines and rules, guaranteeing compliance and minimizing authorized dangers.
These aspects of threat mitigation are integral to the excellent method of “cjm property administration.” By proactively addressing potential dangers, “cjm property administration” protects property values, maximizes proprietor returns, and ensures the long-term success of actual property investments. This proactive method to threat administration not solely safeguards investments but in addition cultivates belief with property homeowners, demonstrating a dedication to accountable and efficient property oversight. In a fancy and ever-evolving actual property panorama, sturdy threat mitigation methods will not be merely advisable however important for long-term success, a precept deeply embedded throughout the “cjm property administration” mannequin.
7. Shopper Communication
Efficient shopper communication is prime to profitable property administration throughout the “cjm property administration” mannequin. Open, constant, and clear communication fosters belief, ensures alignment of objectives, and facilitates knowledgeable decision-making. Clear communication channels and proactive data sharing are important for constructing robust shopper relationships and guaranteeing shopper satisfaction. Ineffective communication, conversely, can result in misunderstandings, disputes, and finally, harm shopper relationships and enterprise fame.
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Common Reporting
Offering shoppers with common studies on property efficiency, together with monetary statements, occupancy charges, and upkeep updates, is essential for transparency and accountability. Common reporting retains shoppers knowledgeable concerning the standing of their investments and permits them to watch progress towards their monetary objectives. As an example, month-to-month studies detailing rental earnings, bills, and web working earnings present shoppers with a transparent image of their property’s monetary efficiency. “cjm property administration” prioritizes common, complete reporting to make sure shopper consciousness and facilitate knowledgeable decision-making.
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Proactive Updates
Proactively speaking necessary updates, reminiscent of adjustments in market situations, lease renewals, or upkeep points, ensures shoppers are well-informed and may make well timed choices. Immediate communication a few essential roof restore, for instance, permits the shopper to authorize the restore shortly, stopping additional harm and demonstrating proactive administration. “cjm property administration” emphasizes proactive communication to maintain shoppers knowledgeable and decrease potential disruptions.
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Responsive Communication
Responding promptly and totally to shopper inquiries and issues demonstrates responsiveness and builds belief. Addressing shopper questions on lease agreements or upkeep requests effectively fosters a constructive working relationship and strengthens shopper confidence within the administration companies. As an example, promptly responding to a shopper’s inquiry a few potential tenant ensures a easy leasing course of and reinforces the shopper’s belief within the administration firm. “cjm property administration” prioritizes responsive communication to deal with shopper wants successfully and preserve robust shopper relationships.
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Clear Communication
Sincere and clear communication about all facets of property administration, together with charges, bills, and potential challenges, is crucial for constructing belief and fostering long-term shopper relationships. Brazenly discussing potential upkeep points or market fluctuations, for instance, builds shopper confidence within the administration firm’s honesty and competence. “cjm property administration” prioritizes clear communication to make sure shopper understanding and preserve moral enterprise practices.
These aspects of shopper communication are integral to the client-centric method of “cjm property administration.” By prioritizing clear, constant, and clear communication, “cjm property administration” builds robust shopper relationships, fosters belief, and ensures shopper satisfaction. Efficient communication isn’t merely a service part however a strategic benefit, differentiating “cjm property administration” in a aggressive market and solidifying its dedication to shopper success. This dedication to communication excellence contributes on to shopper retention and reinforces the fame of “cjm property administration” as a trusted and dependable property administration accomplice. Moreover, clear communication streamlines decision-making processes, enabling environment friendly responses to market adjustments and maximizing the return on shopper investments. “cjm property administration” acknowledges the essential hyperlink between efficient communication and shopper satisfaction, investing within the instruments and coaching essential to keep up the best requirements of communication excellence.
Often Requested Questions
This part addresses widespread inquiries relating to skilled actual property asset oversight.
Query 1: What are the standard charges related to skilled actual property asset oversight?
Payment constructions fluctuate relying on the scope of companies offered, property kind, and market situations. Frequent charge constructions embody a proportion of collected hire, flat charges, or a mix of each. Potential shoppers ought to request detailed proposals outlining all charges and bills.
Query 2: How is tenant choice dealt with?
Complete tenant screening procedures, together with background checks, credit score historical past opinions, and earnings verification, are employed to pick certified and dependable tenants. This rigorous course of minimizes dangers related to late funds, property harm, and evictions.
Query 3: What measures are taken to make sure property upkeep?
Proactive and responsive upkeep applications are carried out to protect property worth and guarantee tenant satisfaction. These applications embody routine inspections, preventative upkeep, and well timed repairs, minimizing potential points and maximizing property lifespan.
Query 4: How is monetary reporting dealt with?
Homeowners obtain common monetary studies, together with earnings statements, expense studies, and money circulate analyses. These studies present clear insights into property efficiency, enabling knowledgeable decision-making and monetary oversight.
Query 5: What steps are taken to mitigate dangers?
Danger mitigation methods embody complete property insurance coverage, rigorous tenant screening, common property inspections, and strict adherence to authorized and regulatory necessities. These proactive measures shield property values and decrease potential liabilities.
Query 6: How is communication maintained with property homeowners?
Open and constant communication is prioritized by common studies, proactive updates, and responsive communication channels. This ensures property homeowners are well-informed and may actively take part in decision-making processes.
Understanding these key facets {of professional} actual property asset oversight empowers property homeowners to make knowledgeable choices and maximize the potential of their investments.
For additional data or to debate particular property administration wants, please contact us instantly.
Important Steerage for Efficient Property Administration
The next sensible suggestions present helpful insights for optimizing property efficiency and reaching success in actual property asset administration, knowledgeable by the “cjm property administration” method.
Tip 1: Prioritize Preventative Upkeep
Common property inspections and scheduled upkeep duties, reminiscent of HVAC servicing and gutter cleansing, forestall minor points from escalating into pricey repairs. This proactive method minimizes disruptions and maintains property worth.
Tip 2: Implement Rigorous Tenant Screening
Thorough tenant screening, together with background checks and credit score historical past opinions, minimizes the danger of late funds, property harm, and authorized disputes. Deciding on dependable tenants is essential for long-term monetary stability.
Tip 3: Guarantee Complete Lease Agreements
Clearly outlined lease agreements shield the pursuits of each property homeowners and tenants. Detailed lease phrases outlining tasks and expectations decrease potential conflicts and supply a framework for a constructive landlord-tenant relationship.
Tip 4: Leverage Know-how for Environment friendly Administration
Using property administration software program streamlines operations, automates duties, and enhances communication. Know-how facilitates environment friendly hire assortment, upkeep monitoring, and monetary reporting.
Tip 5: Preserve Open Communication with Tenants
Establishing clear communication channels and addressing tenant inquiries promptly fosters constructive relationships and minimizes potential disputes. Responsive communication enhances tenant satisfaction and promotes long-term tenancy.
Tip 6: Keep Knowledgeable about Authorized and Regulatory Modifications
Remaining present on related legal guidelines and rules, together with truthful housing and landlord-tenant legal guidelines, ensures compliance and minimizes authorized dangers. Information of authorized necessities protects property homeowners and tenants.
Tip 7: Conduct Common Market Analyses
Staying knowledgeable about market traits, rental charges, and property values permits for knowledgeable decision-making relating to hire changes, property enhancements, and funding methods. Market consciousness maximizes returns and ensures aggressive positioning.
Tip 8: Domesticate Robust Vendor Relationships
Establishing dependable relationships with certified distributors, together with plumbers, electricians, and landscapers, ensures well timed and cost-effective upkeep and repairs. Entry to dependable distributors minimizes disruptions and maintains property high quality.
By implementing these sensible suggestions, property homeowners and managers can optimize property efficiency, decrease dangers, and obtain long-term success within the aggressive actual property market. These methods, knowledgeable by the “cjm property administration” method, present a framework for efficient and worthwhile property administration.
The concluding part will summarize key takeaways and supply remaining suggestions for reaching excellence in actual property asset oversight, culminating in a concise and actionable information for property administration success.
Conclusion
This exploration {of professional} actual property asset oversight has highlighted important parts contributing to profitable property administration underneath the “cjm property administration” mannequin. Key areas examined embody tenant acquisition, lease administration, property upkeep, monetary reporting, authorized compliance, threat mitigation, and shopper communication. Every ingredient performs a vital function in maximizing property worth, minimizing dangers, and guaranteeing shopper satisfaction. Efficient tenant acquisition methods, coupled with sturdy lease administration practices, contribute to constant income streams and constructive landlord-tenant relationships. Proactive property upkeep preserves asset worth and mitigates potential liabilities, whereas correct monetary reporting offers shoppers with clear insights into funding efficiency. Stringent adherence to authorized and regulatory necessities safeguards in opposition to authorized dangers and fosters moral enterprise practices. Complete threat mitigation methods shield investments from unexpected challenges, whereas open and constant shopper communication builds belief and facilitates knowledgeable decision-making. The interconnectedness of those parts underscores the significance of a holistic method to property administration.
Skilled actual property asset oversight requires a dedication to steady enchancment, adaptation to market dynamics, and a client-centric method. By prioritizing these rules, property administration professionals can navigate the complexities of the actual property market, shield investments, and ship distinctive outcomes for shoppers. The pursuit of excellence in property administration calls for ongoing skilled improvement, leveraging expertise, and a dedication to moral and clear enterprise practices. This dedication to shopper success and business finest practices positions “cjm property administration” as a frontrunner in offering complete and dependable property administration options.
