Be a successful property manager

Title:

Personal Author:

Woodson, R. Dodge (Roger Dodge), 1955-

Publication Information:

New York : McGraw-Hill, 2006

Physical Description:

xvii, 294 p. : 23 cm.

ISBN:

9780071473613

General Note:

Includes index

"Thetop 20 tenant problems and how to solve them. Maximize profits with proven insider strategies. Time-saving forms, task routines, and resources" -- Cover

Subject Term:

Real estate management

Rental housing -- Management

Landlord and tenant

Available:*

Library	Item Barcode	Call Number	Material Type	Item Category 1	Status
Searching... SPACE KL Main Library	30000003501537	HD1394 W66 2006	Open Access Book	Book	Searching... Unknown

Summary

Publisher's Note: Products purchased from Third Party sellers are not guaranteed by the publisher for quality, authenticity, or access to any online entitlements included with the product.

Maximize the Profitability of Your Rental Property

Be a Successful Property Manager is a complete guide to all the essentials of profitably managing rental properties. Valuable to anyone who already owns several rental properties, is thinking about investing in one, or is considering a job as a property manager, this unique resource gives you the information and techniques to operate with maximum efficiency and profitability.

Author Notes

R. Dodge Woodson has invested in and written about real estate for over 30 years. For more than 20 years, he's held the highest classification of professional real estate licensure available, Designated Broker. The president and owner of Expert Realty Services, Inc., of Brunswick, Maine, his experience in property management is vast, and includes 30 years' broadly based experience in building contracting, residential land development, and master building trades. Mr. Woodson has been a seminar leader on real estate topics, and is a state of Maine-approved presenter of continuing education materials and programs for licensed real estate professionals. A true expert in real estate, he offers tried-and-tested processes that can help anyone succeed in managing rental properties.

About the Author	p. xvii
Chapter 1 Managing Your Own Rental Property	p. 1
What Does It Take to Be a Property Manager?	p. 2
The Business Side	p. 2
The Paper Trail	p. 3
Good Marketing	p. 10
The Public	p. 10
Computerized Records	p. 11
Maintenance Matters	p. 11
Tax Factors	p. 12
An Attorney	p. 12
Time Management	p. 12
Benefits	p. 13
Questions	p. 13
Chapter 2 Managing Someone Else's Rental Property	p. 15
What Type of Management Will You Offer?	p. 16
The Law	p. 18
Insurance	p. 22
Organization	p. 23
Market Research	p. 23
Pricing	p. 24
Marketing	p. 25
Phone Work	p. 27
Showing Property	p. 27
Applications	p. 28
Screening	p. 29
Agreements	p. 31
Deposits and Escrow Accounts	p. 34
Checklists	p. 34
Supervision	p. 36
Property Maintenance	p. 37
Collecting Rent	p. 38
Expenses	p. 41
Keeping Records	p. 42
Operating Capital	p. 42
Employees	p. 43
Subcontractors	p. 44
Projecting the Future	p. 50
The Cornerstone	p. 50
Chapter 3 Following the Rules and Getting Maximum Profits	p. 51
Tenant Rights	p. 51
What Is Control?	p. 52
You, the Owner	p. 52
You, the Manager	p. 52
Forms That Can Keep You in Control	p. 54
Rental Policy	p. 55
Leases	p. 56
The Check-In Form	p. 57
Pet Addendums	p. 57
Other Addendums	p. 58
Rent Payment Coupons	p. 59
Access Forms	p. 59
Late Rent Forms	p. 59
Vacate Forms	p. 59
Change Order Forms	p. 60
Pay Rent or Quit Forms	p. 60
Perform Covenant Forms	p. 60
Terminate Tenancy Form	p. 62
The Basic Skills	p. 62
What Not to Do	p. 65
Getting Off to a Good Start	p. 65
When You Show a Vacant Unit	p. 65
Presentation of Paperwork	p. 66
Getting Your Forms Signed	p. 67
Convincing Your Tenants to Complete Check-In Forms	p. 68
Sales Skills	p. 70
Role Playing	p. 70
What Is the Best Way to Be Effective?	p. 74
Chapter 4 Subsidized Rental Income	p. 75
What Is Subsidized Rental Income?	p. 76
How Do Subsidized Programs Work?	p. 76
Lower-Income Rental Assistance	p. 76
Meet Requirements	p. 77
Negotiating Rent	p. 78
Signing the Lease	p. 79
Some of the Advantages of Providing Subsidized Housing	p. 79
The Other Side of the Coin	p. 80
What Type of People Will You Get as Tenants?	p. 81
Will Section 8 Tenants Give Your Building a Bad Reputation?	p. 82
What Are the Risks of Renting to Section 8 Tenants?	p. 83
Some Words of Advice	p. 83
My Opinion	p. 83
Chapter 5 Getting Low-Interest Loans and Grants	p. 85
Programs Change	p. 86
Community Development Block Grants	p. 86
Rental Rehabilitation	p. 87
Rehabilitation Loans	p. 87
Manufactured Home Parks	p. 88
Multi-Family Rental Housing	p. 88
Multi-Family Rental Housing for Moderate-Income Families	p. 89
Some Other Programs	p. 89
Mortgage Insurance for Housing the Elderly	p. 89
Housing Development Grants	p. 89
Property Improvement Loan Insurance	p. 90
Rehabilitation Mortgage Insurance	p. 90
Flexible Subsidy	p. 90
Are You Surprised?	p. 91
What Can You Do with These Programs?	p. 91
Final Words	p. 91
Chapter 6 Improving a Property	p. 93
What Are Capital Improvements?	p. 93
Research	p. 94
Rate of Return	p. 94
Cash Flow and Property Value	p. 95
Increased-Value Improvements	p. 96
Large-Scale Projects	p. 106
Chapter 7 Attracting the Best Tenants-Fast!	p. 111
What Does Marketing Mean to You?	p. 112
A Marketing Plan	p. 113
Demographics	p. 114
Building a Marketing Plan	p. 115
Executing Your Marketing Plan	p. 116
Prospecting Pointers	p. 117
Advertising	p. 118
What Is Seductive Advertising?	p. 118
Advantages	p. 122
Targeting Your Advertisements	p. 123
How You Advertise	p. 123
Where You Advertise	p. 124
Choosing a Type of Advertising	p. 124
Direct Mail	p. 125
Fliers	p. 126
Signs	p. 127
Radio	p. 127
Print Ads	p. 127
Incentives	p. 128
The Knockout	p. 130
Chapter 8 Tenant Strategies and Procedures	p. 131
Desirable Tenants	p. 131
Benefit from Keeping Good Tenants	p. 133
Initial Contact	p. 133
Making the Deal	p. 135
After the Lease Is Signed	p. 136
Communication	p. 136
Rental Policy	p. 136
Leases	p. 137
A Move-In List	p. 137
Past-Due Rent	p. 138
Routine Maintenance	p. 140
General Suggestions	p. 141
The Summary	p. 143
Chapter 9 Collecting and Raising Rents the Right Way	p. 145
Collecting Rent	p. 145
Methods That Work	p. 146
The Lease Is the Backbone	p. 146
Communication	p. 147
Screening Tenants	p. 148
Rental Intervals	p. 148
Picking a Due Date	p. 150
Collecting by Mail	p. 150
Collecting in Person	p. 151
Having the Rent Delivered	p. 152
Sending Monthly Statements	p. 152
Offering Discounts	p. 153
Grace Periods	p. 153
Late Fees	p. 154
Friendly Reminders	p. 154
Calling Tenants	p. 155
Personal Visits	p. 155
Standing Firm	p. 156
Cash, Check, or Charge?	p. 156
Bad Check Charges	p. 158
Past-Due Promises	p. 158
Separating Lies from Excuses	p. 159
Keep Solid Records	p. 160
Starting a Paper Trail	p. 160
Partial Payments	p. 160
Increasing Rental Income	p. 161
Change-of-Ownership Rental Increases	p. 162
A Letter of Introduction	p. 163
Read the Room	p. 163
Initial Meeting	p. 164
Making Sense of the Data	p. 165
They Won't Want to Move	p. 166
Breaking Out of the Pack	p. 166
Pets	p. 167
Water Beds	p. 168
Storage	p. 168
Parking	p. 168
Coin-Operated Laundries	p. 169
Chapter 10 My Top 20 Tenant Problems and How to Solve Them	p. 171
Problem after Problem	p. 172
Unauthorized Residents	p. 172
Extension Cords	p. 174
Unreported Leaks	p. 174
Non-Payment	p. 175
Late Payments	p. 175
Bounced Checks	p. 175
Poor Upkeep	p. 175
Parking Lot Problems	p. 176
Pets	p. 176
Trash in Common Areas	p. 177
Vandalism	p. 177
Loud Music	p. 177
Constant Phone Calls	p. 178
Illegal Activities	p. 178
Domestic Disputes	p. 179
Home-Based Businesses	p. 179
Commercial Tenants	p. 179
When Tenants Move	p. 180
Abandoned Property	p. 180
Prosper	p. 180
Chapter 11 Evicting Problem Tenants	p. 181
What Is Eviction?	p. 182
What Does It Take to Evict a Tenant?	p. 182
Legalities	p. 183
The Last Step	p. 183
Eviction Papers	p. 183
Going to Court	p. 184
Court-Ordered Continuations	p. 184
Going Back to Court	p. 184
Court-Ordered Extension	p. 185
Being Awarded a Judgment	p. 185
Delivering Eviction Orders to the Sheriff's Office	p. 185
Hurry Up and Wait	p. 186
The Sheriff Serves a Tenant	p. 186
Paying for a Moving Company	p. 186
Regaining Your Property	p. 186
What Are the Causes for Eviction?	p. 187
How Can You Avoid Evicting a Tenant?	p. 188
Avoiding Evictions	p. 190
The Side Effects of Eviction	p. 194
Your Reputation	p. 194
No Winners	p. 195
In Summary	p. 195
Chapter 12 Taxes and Insurance	p. 197
Insurance Needs	p. 197
Business Insurance	p. 198
Property Owners	p. 199
Theft Insurance	p. 201
Glass Breakage	p. 202
Mechanical Systems	p. 202
Flood Insurance	p. 202
Earthquake Insurance	p. 203
Outside Improvements	p. 203
Mortgage Insurance	p. 203
Title Insurance	p. 203
Auto Insurance	p. 204
Loss of Rents Insurance	p. 204
Water Bed Insurance	p. 204
Identify Your Needs	p. 205
Shop Around	p. 205
Tax Matters	p. 206
Property Taxes	p. 206
Doing Your Own Income Taxes	p. 206
Keeping Good Records	p. 207
Chapter 13 Financing	p. 209
Should You Borrow Where You Bank?	p. 210
The Right Lending Institution	p. 210
Banks	p. 212
Credit Unions	p. 212
Mortgage Bankers	p. 213
Mortgage Brokers	p. 213
Private Investors	p. 213
Choosing a Loan Officer	p. 214
A Loan Proposal	p. 215
Defining Your Desires	p. 215
Think Like a Banker	p. 216
Pulling Information Together	p. 216
An Example	p. 218
Packaging Your Proposal	p. 218
Preparing to Meet Your Lender	p. 219
Formal Loan Applications	p. 219
The Winning Pitch	p. 223
Chapter 14 Maintenance: Indoor and Outdoor	p. 225
Principles and Procedures	p. 226
The Lawns and Grounds	p. 228
Exterior Maintenance	p. 231
Rarely Visited Areas	p. 237
Inside the Rental Units	p. 238
Working with Independent Contractors	p. 240
Chapter 15 Finding and Managing Contractors	p. 243
Answering Machines	p. 243
Keep a Log	p. 244
A Sense of Security	p. 247
Where Should You Start Your Contractor Quest?	p. 247
Establishing Your Needs	p. 251
New Businesses	p. 254
Review the Documents	p. 258
Agreements	p. 258
Certificates Of Insurance	p. 258
Letting Contractors into Rental Units	p. 259
Be Prepared to Make Calls at Night	p. 259
Getting Bids	p. 259
Chapter 16 Protecting Yourself from Contractors and Vendors	p. 261
The Outline	p. 261
Contractor Selection Form	p. 264
Professional Services Directory	p. 268
Query Letter	p. 269
Product Information Sheet	p. 269
Estimated Cost Sheet	p. 270
Fine-Tuning the Preliminary Design	p. 270
Bid Request Form	p. 271
Contractor Questionnaire	p. 271
Contracts	p. 272
Change Order	p. 282
Code Compliance Forms	p. 282
Lien Waver Form	p. 284
Punch List	p. 285
Certificate of Completion	p. 285
Are You Ready?	p. 289
Index	p. 291

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Summary

Summary

Author Notes

Table of Contents