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