The Property Management Tool Kit

Overview

"Making money through real estate investments isn't as simple as buying up property and hoping for the best — you have to know what you're doing. The fact is, how you manage a property directly affects how profitable it will be.

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. You'll find out how to:

• Add value to your property, including which improvements to make or avoid

• Address legal ...

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Overview

"Making money through real estate investments isn't as simple as buying up property and hoping for the best — you have to know what you're doing. The fact is, how you manage a property directly affects how profitable it will be.

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. 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, this is the one book you need to successfully manage your properties."

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What People Are Saying

From the Publisher
"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."

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Product Details

  • ISBN-13: 9780814473511
  • Publisher: AMACOM Books
  • Publication date: 9/13/2006
  • Pages: 336
  • Sales rank: 796,521
  • Product dimensions: 7.30 (w) x 9.10 (h) x 1.00 (d)

Meet 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.

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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"

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