The Completelandlord.com Ultimate Property Management Handbook
by Lederer, William A.Edition: 1st
Format: Paperback
Pub. Date: 2009-03-09
Publisher(s): Wiley
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Summary
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)
Author Biography
William A. Lederer is Founder and Publisher of CompleteLandlord.com, the leading Web site written for and by landlords. This proven, one-stop portal offers comprehensive content, commerce, an online landlord community, and on-demand solutions that include customizable forms and letters, as well as tools for tenant screening, vacancy marketing and tenant communications, electronic rent collection, and Web-based property management. Experts in virtually every aspect of landlording, Lederer and his wife have been investors and landlords for many years.
Table of Contents
| Acknowledgments | p. xiii |
| List of Icons | p. xiv |
| Introduction | p. xv |
| About the Product | p. xvi |
| Introduction to Property Management | p. 1 |
| The Benefits of Managing Properties | p. 3 |
| Taking the Plunge | p. 4 |
| Do It Yourself or Hire Someone? | p. 6 |
| You Can Do It Yourself | p. 9 |
| Before You Go | p. 9 |
| The Skills, Aptitude, and Attitudes of Successful Property Managers | p. 10 |
| From the Beginning | p. 10 |
| What Does It Take? | p. 13 |
| For the Non-Do-It-Yourself Types | p. 15 |
| Build a Winning Strategy, Plan, and Team | p. 17 |
| Taking Stock | p. 18 |
| Building a Team | p. 21 |
| Operations | p. 25 |
| Beyond Record Keeping: The Importance of Systems | p. 27 |
| Why You Need a System | p. 28 |
| Don't Overlook These | p. 30 |
| Start Now | p. 31 |
| Property Maintenance, Repairs, and Construction | p. 32 |
| General Maintenance | p. 32 |
| Who Handles What? | p. 34 |
| Preventing Problems | p. 34 |
| Open Lines of Communication | p. 35 |
| Procurement | p. 37 |
| Green Property Management | p. 39 |
| Achieving Scale: Hiring, Training, Retaining, and Compensating Property Management Personnel | p. 41 |
| Help Wanted | p. 42 |
| Basic Training | p. 43 |
| From the Top Down | p. 46 |
| Outsourcing Property Management | p. 49 |
| First Things First | p. 50 |
| Where to Look for a Management Company | p. 51 |
| Signing a Contract | p. 53 |
| Weighing It Out | p. 54 |
| Tenants | p. 57 |
| Marketing Vacancies/Setting Rents and Terms | p. 59 |
| Word of Mouth | p. 60 |
| Classified Ads | p. 61 |
| Signs on Property | p. 62 |
| Flyers and Handouts | p. 64 |
| Notices on Bulletin Boards | p. 64 |
| Rental Listing Booklets | p. 65 |
| List with a Rental Agent | p. 65 |
| Target Good Tenants | p. 66 |
| Show the Property | p. 67 |
| Man the Phones | p. 67 |
| At Your Fingertips | p. 68 |
| Full-Time Worker, Part-Time Landlord | p. 69 |
| Schedule the Showings | p. 70 |
| Setting Rents and Structuring Leases | p. 75 |
| High Rent versus Low Rent | p. 75 |
| Calculating How Much Rent to Charge | p. 75 |
| Increasing the Value of Your Rental | p. 77 |
| When, Why, and How to Lower Rent | p. 78 |
| Structuring Leases | p. 78 |
| Signing the Lease | p. 83 |
| Screening Tenants: The War Is Won before It Is Ever Fought | p. 85 |
| The Long and Short of It | p. 85 |
| Performing the Checks | p. 89 |
| What to Do with the Data | p. 95 |
| Who Pays for the Background Check | p. 95 |
| Acting as a Reference | p. 96 |
| Making the Selection | p. 96 |
| When You Inherit Tenants | p. 103 |
| The Mechanics of Rent Billing, Collection, and Reporting | p. 106 |
| Security Deposits | p. 107 |
| Rent Receipts | p. 109 |
| Setting and Enforcing Due Dates | p. 110 |
| When, Why, and How to Increase Rent | p. 111 |
| When, Why, and How to Lower Rent | p. 114 |
| Tenant Relations, Communications, and Problems | p. 116 |
| Definition of a Good Tenant | p. 116 |
| Definition of a Difficult Tenant | p. 118 |
| Handling Evictions | p. 120 |
| How to Legally Evict Someone | p. 122 |
| When Eviction Is Necessary | p. 124 |
| The Eviction Process | p. 126 |
| Getting Down to Business | p. 129 |
| Entity Formation and Asset Protection | p. 131 |
| Step by Step | p. 131 |
| Taking Responsibility | p. 134 |
| Understanding Landlord-Tenant Law including Discrimination | p. 136 |
| Knowing Your Rights | p. 136 |
| The Law and Advertising | p. 138 |
| Rental Property Finance | p. 140 |
| Maintaining Records | p. 140 |
| Taxing Matters | p. 141 |
| Insurance | p. 145 |
| Property and Casualty Insurance | p. 145 |
| General Liability Insurance | p. 146 |
| Flood or Water Damage Insurance | p. 146 |
| Umbrella Liability Insurance | p. 146 |
| Best Investment | p. 147 |
| Special Topics | p. 149 |
| Specialized Housing Markets | p. 151 |
| Joining the Fray | p. 151 |
| Workforce Housing | p. 152 |
| Disabled Access | p. 153 |
| Student Units | p. 155 |
| Expanding Your Horizons | p. 157 |
| Affordable Housing, Section 8, and Discrimination | p. 158 |
| Don't Discriminate | p. 160 |
| Fair Housing Act | p. 161 |
| Play by the Rules | p. 162 |
| Continuing Your Property Management Education | p. 163 |
| Ongoing Resources | p. 163 |
| The End | p. 164 |
| Appendixes | p. 165 |
| Summary of Icon Information | p. 167 |
| Tour of the CompleteLandlord Site with Free Trial Membership Offer | p. 169 |
| Essential CompleteLandlord Worksheets, Checklists, and Other Forms | p. 189 |
| Associations and Other Resources | p. 210 |
| Glossary of Real Estate Terms | p. 213 |
| Index | p. 247 |
| CLL Catalog | p. 258 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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