The Property Management Tool Kit: 100 Tips and Techniques for Getting the Job Done Right
336
The Property Management Tool Kit: 100 Tips and Techniques for Getting the Job Done Right
336Paperback
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Overview
The Property Management Tool Kit goes beyond the basics, giving you all the guidance, you need to successfully manage your properties, avoid pitfalls, and make a profit.
Making money through real estate investments isn't as simple as buying up property and hoping for the best -- you must know what you're doing. The fact is, how you manage a property directly affects how profitable it will be.
In this book, you'll find out how to:
- Add value to your property, including which improvements to make or avoid
- Address legal concerns, tenant issues, and administration and maintenance
- Handle monetary factors such as cash flow, record-keeping, and rent collection
- Expand your portfolio and establish financial goals
- Hire a team, partner with vendors, and use advertising
In addition, you'll find helpful management tools: a market survey; rental criteria; and sample documents and forms, including a rental application, a lease, a guest screening card, rules and regulations, renewals, a vacancy report, a maintenance log, and much more.
Practical and informative, The Property Management Tool Kit is the one book you need to successfully manage your properties.
Product Details
| ISBN-13: | 9780814473511 |
|---|---|
| Publisher: | AMACOM |
| Publication date: | 09/13/2006 |
| Pages: | 336 |
| Product dimensions: | 6.00(w) x 9.00(h) x 0.50(d) |
| Age Range: | 17 Years |
About the Author
Mike Beirne is the Vice President of the National Apartment Association and Executive Vice President of a real estate management firm. He is a frequent speaker and writes for such industry publications as Units Magazine. He lives in Manalapan, New Jersey.
Table of Contents
"Acknowledgments
Introduction
Chapter 1 The Investment: Sizing Up the Possibilities and Probabilities
Understand how the characteristics of an investment affect income
Financing
Assess management needs, self- or fee-managed
Fee management
Management agreements
Do your market research
Quantify the value: The due diligence process
Effectuate the takeover
"From New Jersey to Topeka"
Chapter 2 The Financials: Budgets and Financial Goals 00
Establish your financial philosophy
Determine accurate benchmarks
Baseline income budget
Operating expenses
Seek sound financial advice
Manage the residents' money
Other money stuff to consider
Insurance
Payroll
Property taxes
Fees
"The Bubbling Courtyard"
Chapter 3 The Human Ingredient: The People You Hire
Hire for the future
Profile your property and determine needs
Hire to fit your property needs
Teach instead of manage
Become personal
Don’t delegate, proactively negotiate
Keep plenty of data, data, data
Mentor like a partner
"Look, Listen, and Learn"
Chapter 4 The Strategy: Create Value
Identify the uniqueness of the investment
Create value-added ancillary services and income
Save for the future; capital investment is a must
Utilize curb appeal, the greatest creator of value
"The $17 Million Yellow Paint"
Chapter 5 The Operations: KISS (Keep It Super Simple)
Establish simple procedures
Occupancy
Delinquency and rent collection
Maintenance and the physical plant
Detail and standardize
Communicate at all levels
Follow up consistently
"Driving Home with Rose"
Chapter 6 Leasing: The Marketing of a Community
Construct rental criteria
Establish the marketing environment
Understand the community's place in the market
Begin the selling show
Phone traffic
Drive-by and walk-through traffic
Internet traffic
Decide where to advertise Initiate the application-qualifying process
Prepare for move-in day
Follow through with aftermarketing
"Raise the Rents, Then We’ll Lease Up"
Chapter 7 Maintenance: Save Money, Make Money
Be routine and repetitive (organize and categorize)
Capital and structural components
Curb appeal
Routine daily maintenance
Emergency maintenance
Vacant "make readies": the perfect apartment becomes the perfect home
Inventory and equipment control
Reduce turnover with good customer service
"The Tale of Two Managers"
Chapter 8 The Administration: Tool Up
Utilize the lease
Setting the table
Names, occupants, and identification
Lease terms
Rent, security deposits, and keys
Utilities
Rules and regulations
Owner’s and renter’s rights and obligations
Move-out policies
Addendums
Government regulations
Owner’s discretion
Move-out policies
After lease administration: understand your legal boundaries (notices)
Create a review or follow-up system
Computer or virtual management
"Every Office Needs a Mary"
Chapter 9 The Vendors: Partner with Others
Acknowledge your weaknesses
Enlist the talent of vendors
Get the right product, at the right price, for the right reason
Service vendors and agreements
Single-issue contract agreements
Product vendors
Beta-test new products
"Creating the Product You Buy"
Chapter 10 The Future: Multiplying Your Portfolio, Going from Small to Big 000
Strategic thinking is a necessity
Invest in due diligence
A process for due diligence
Attract financial partners
Engage in the community ("be part of it, not apart from it")
Engage the residents (they pay the bills)
Initial contact: making the first impression count
The rental pitch: closing the deal
The move-in: securing the future renewal
Continuing the customer contact
Resolving resident conflicts
Expand your team in stages
Develop corporate communication strategies
Picking key office personnel
Communication tools
The Internet, intranet, and cell phone
Communication philosophy
Network in the industry
Brand your company
"It’s the People"
Appendix A: NAA Lease Contract
Appendix B: Did You Know That
Appendix C: Glossary
About the Author
Index"
What People are Saying About This
"A must-read for new investors, property management staff, and experienced operators. I expect that universities will use this 'understand the basics' approach in the Property Management programs throughout the country."
— William Wollinger, President, National Apartment Association Education Institute; Board of Directors and President/COO, Winn Residential, Boston, MA
“The Property Management Tool Kit is a timeless 'how to' guide that provides the framework for success for the new real estate investor and insightful knowledge for the seasoned veteran. Mike Beirne conveys succinctly how successful property management is about the people as well as the property. He gets both parts right.”
— Rick A. Snyder, President, R.A. Snyder Properties, San Diego, CA
"A comprehensive look at the ‘multifamily industry’ and a valuable read for novices and seasoned professionals alike."
— David L. Legow, Managing Member, Legow Management Company, L.L.C."