The Completelandlord.com Ultimate Property Management Handbook

by Lederer, William A.

• ISBN13: 9780470323175
• ISBN10: 0470323175
• Edition: 1st
• Format: Paperback
• Copyright: 2009-03-09
• Publisher: Wiley

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
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