Acknowledgments xiii
List of Icons xiv
Introduction xv
About the Product xvi
SECTION ONE: INTRODUCTION TO PROPERTY MANAGEMENT 1
Chapter 1 The Benefits of Managing Properties 3
Taking the Plunge 4
Do It Yourself or Hire Someone? 6
You Can Do It Yourself 9
Before You Go 9
Chapter 2 The Skills, Aptitude, and Attitudes of Successful Property Managers 10
From the Beginning 10
What Does It Take? 13
For the Non-Do-It-Yourself Types 15
Chapter 3 Build a Winning Strategy, Plan, and Team 17
Taking Stock 18
Building a Team 21
SECTION TWO: OPERATIONS 25
Chapter 4 Beyond Record Keeping: The Importance of Systems 27
Why You Need a System 28
Don’t Overlook These 30
Start Now 31
Chapter 5 Property Maintenance, Repairs, and Construction 32
General Maintenance 32
Who Handles What? 34
Preventing Problems 34
Open Lines of Communication 35
Procurement 37
Green Property Management 39
Chapter 6 Achieving Scale: Hiring, Training, Retaining, and Compensating Property Management Personnel 41
Help Wanted 42
Basic Training 43
From the Top Down 46
Chapter 7 Outsourcing Property Management 49
First Things First 50
Where to Look for a Management Company 51
Signing a Contract 53
Weighing It Out 54
SECTION THREE: TENANTS 57
Chapter 8 Marketing Vacancies/Setting Rents and Terms 59
Word of Mouth 60
Classified Ads 61
Signs on Property 62
Flyers and Handouts 64
Notices on Bulletin Boards 64
Rental Listing Booklets 65
List with a Rental Agent 65
Target Good Tenants 66
Show the Property 67
Man the Phones 67
At Your Fingertips 68
Full-Time Worker, Part-Time Landlord 69
Schedule the Showings 70
Chapter 9 Setting Rents and Structuring Leases 75
High Rent versus Low Rent 75
Calculating How Much Rent to Charge 75
Increasing the Value of Your Rental 77
When, Why, and How to Lower Rent 78
Structuring Leases 78
Signing the Lease 83
Chapter 10 Screening Tenants: The War Is Won before It Is Ever Fought 85
The Long and Short of It 85
Performing the Checks 89
What to Do with the Data 95
Who Pays for the Background Check 95
Acting as a Reference 96
Making the Selection 96
When You Inherit Tenants 103
Chapter 11 The Mechanics of Rent Billing, Collection, and Reporting 106
Security Deposits 107
Rent Receipts 109
Setting and Enforcing Due Dates 110
When, Why, and How to Increase Rent 111
When, Why, and How to Lower Rent 114
Chapter 12 Tenant Relations, Communications, and Problems 116
Definition of a Good Tenant 116
Definition of a Difficult Tenant 118
Handling Evictions 120
How to Legally Evict Someone 122
When Eviction Is Necessary 124
The Eviction Process 126
SECTION FOUR: GETTING DOWN TO BUSINESS 129
Chapter 13 Entity Formation and Asset Protection 131
Step by Step 131
Taking Responsibility 134
Chapter 14 Understanding Landlord-Tenant Law including Discrimination 136
Knowing Your Rights 136
The Law and Advertising 138
Chapter 15 Rental Property Finance 140
Maintaining Records 140
Taxing Matters 141
Chapter 16 Insurance 145
Property and Casualty Insurance 145
General Liability Insurance 146
Flood or Water Damage Insurance 146
Umbrella Liability Insurance 146
Best Investment 147
SECTION FIVE: SPECIAL TOPICS 149
Chapter 17 Specialized Housing Markets 151
Joining the Fray 151
Workforce Housing 152
Disabled Access 153
Student Units 155
Expanding Your Horizons 157
Chapter 18 Affordable Housing, Section 8, and Discrimination 158
Don’t Discriminate 160
Fair Housing Act 161
Play by the Rules 162
Chapter 19 Continuing Your Property Management Education 163
Ongoing Resources 163
The End 164
APPENDIXES 165
Appendix A Summary of Icon Information 167
Appendix B Tour of the CompleteLandlord Site with Free Trial Membership Offer 169
Appendix C Essential CompleteLandlord Worksheets, Checklists, and Other Forms 189
Appendix D Associations and Other Resources 210
Appendix E Glossary of Real Estate Terms 213
Index 247
CLL Catalog 258
