CompleteLandlord. com Ultimate Property Management Handbook
This book covers the entire cycle of becoming a successful real estate property manager. Written in an accessible format , this book provides valuable information for investors who are now landlords and property managers. This book is not about the day-to-day of landlording, rather it focuses on the strategies for managing the assets of your property. Readers will find information on:\ • The benefits of managing property\ • Assembling your core team (attorneys, accountants and insurers)\ •...
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This book covers the entire cycle of becoming a successful real estate property manager. Written in an accessible format , this book provides valuable information for investors who are now landlords and property managers. This book is not about the day-to-day of landlording, rather it focuses on the strategies for managing the assets of your property. Readers will find information on: ? The benefits of managing property ? Assembling your core team (attorneys, accountants and insurers) ? Legal documents ? And office help (including the right systems and software, how and when to maintain and repair, and the finances of managing your properties)
Acknowledgments xiiiList of Icons xivIntroduction xvAbout the Product xviSection One Introduction to Property Management 1Chapter 1 The Benefits of Managing Properties 3Taking the Plunge 4Do It Yourself or Hire Someone? 6You Can Do It Yourself 9Before You Go 9Chapter 2 The Skills, Aptitude, and Attitudes of Successful Property Managers 10From the Beginning 10What Does It Take? 13For the Non-Do-It-Yourself Types 15Chapter 3 Build a Winning Strategy, Plan, and Team 17Taking Stock 18Building a Team 21Section Two Operations 25Chapter 4 Beyond Record Keeping: The Importance of Systems 27Why You Need a System 28Don't Overlook These 30Start Now 31Chapter 5 Property Maintenance, Repairs, and Construction 32General Maintenance 32Who Handles What? 34Preventing Problems 34Open Lines of Communication 35Procurement 37Green Property Management 39Chapter 6 Achieving Scale: Hiring, Training, Retaining, and Compensating Property Management Personnel 41Help Wanted 42Basic Training 43From the Top Down 46Chapter 7 Outsourcing Property Management 49First Things First 50Where to Look for a Management Company 51Signing a Contract 53Weighing It Out 54Section Three Tenants 57Chapter 8 Marketing Vacancies/Setting Rents and Terms 59Word of Mouth 60Classified Ads 61Signs on Property 62Flyers and Handouts 64Notices on Bulletin Boards 64Rental Listing Booklets 65List with a Rental Agent 65Target Good Tenants 66Show the Property 67Man the Phones 67At Your Fingertips 68Full-Time Worker, Part-Time Landlord 69Schedule the Showings 70Chapter 9 Setting Rentsand Structuring Leases 75High Rent versus Low Rent 75Calculating How Much Rent to Charge 75Increasing the Value of Your Rental 77When, Why, and How to Lower Rent 78Structuring Leases 78Signing the Lease 83Chapter 10 Screening Tenants: The War Is Won before It Is Ever Fought 85The Long and Short of It 85Performing the Checks 89What to Do with the Data 95Who Pays for the Background Check 95Acting as a Reference 96Making the Selection 96When You Inherit Tenants 103Chapter 11 The Mechanics of Rent Billing, Collection, and Reporting 106Security Deposits 107Rent Receipts 109Setting and Enforcing Due Dates 110When, Why, and How to Increase Rent 111When, Why, and How to Lower Rent 114Chapter 12 Tenant Relations, Communications, and Problems 116Definition of a Good Tenant 116Definition of a Difficult Tenant 118Handling Evictions 120How to Legally Evict Someone 122When Eviction Is Necessary 124The Eviction Process 126Section Four Getting Down to Business 129Chapter 13 Entity Formation and Asset Protection 131Step by Step 131Taking Responsibility 134Chapter 14 Understanding Landlord-Tenant Law including Discrimination 136Knowing Your Rights 136The Law and Advertising 138Chapter 15 Rental Property Finance 140Maintaining Records 140Taxing Matters 141Chapter 16 Insurance 145Property and Casualty Insurance 145General Liability Insurance 146Flood or Water Damage Insurance 146Umbrella Liability Insurance 146Best Investment 147Section Five Special Topics 149Chapter 17 Specialized Housing Markets 151Joining the Fray 151Workforce Housing 152Disabled Access 153Student Units 155Expanding Your Horizons 157Chapter 18 Affordable Housing, Section 8, and Discrimination 158Don't Discriminate 160Fair Housing Act 161Play by the Rules 162Chapter 19 Continuing Your Property Management Education 163Ongoing Resources 163The End 164Appendixes 165Appendix A Summary of Icon Information 167Appendix B Tour of the CompleteLandlord Site with Free Trial Membership Offer 169Appendix C Essential CompleteLandlord Worksheets, Checklists, and Other Forms 189Appendix D Associations and Other Resources 210Appendix E Glossary of Real Estate Terms 213Index 247CLL Catalog 258
