The CompleteLandlord.com Ultimate Property Management Handbook

Acknowledgments xiii List of Icons xiv Introduction xv About the Product xvi SECTION ONE: INTRODUCTION TO PROPERTY MANAGEMENT 1 Chapter 1 The Benefits of Managing Properties 3 Taking the Plunge 4 Do It Yourself or Hire Someone? 6 You Can Do It Yourself 9 Before You Go 9 Chapter 2 The Skills, Aptitude, and Attitudes of Successful Property Managers 10 From the Beginning 10 What Does It Take? 13 For the Non-Do-It-Yourself Types 15 Chapter 3 Build a Winning Strategy, Plan, and Team 17 Taking Stock 18 Building a Team 21 SECTION TWO: OPERATIONS 25 Chapter 4 Beyond Record Keeping: The Importance of Systems 27 Why You Need a System 28 Don’t Overlook These 30 Start Now 31 Chapter 5 Property Maintenance, Repairs, and Construction 32 General Maintenance 32 Who Handles What? 34 Preventing Problems 34 Open Lines of Communication 35 Procurement 37 Green Property Management 39 Chapter 6 Achieving Scale: Hiring, Training, Retaining, and Compensating Property Management Personnel 41 Help Wanted 42 Basic Training 43 From the Top Down 46 Chapter 7 Outsourcing Property Management 49 First Things First 50 Where to Look for a Management Company 51 Signing a Contract 53 Weighing It Out 54 SECTION THREE: TENANTS 57 Chapter 8 Marketing Vacancies/Setting Rents and Terms 59 Word of Mouth 60 Classified Ads 61 Signs on Property 62 Flyers and Handouts 64 Notices on Bulletin Boards 64 Rental Listing Booklets 65 List with a Rental Agent 65 Target Good Tenants  66 Show the Property 67 Man the Phones 67 At Your Fingertips 68 Full-Time Worker, Part-Time Landlord 69 Schedule the Showings 70 Chapter 9 Setting Rents and Structuring Leases 75 High Rent versus Low Rent 75 Calculating How Much Rent to Charge 75 Increasing the Value of Your Rental 77 When, Why, and How to Lower Rent 78 Structuring Leases 78 Signing the Lease 83 Chapter 10 Screening Tenants: The War Is Won before It Is Ever Fought 85 The Long and Short of It 85 Performing the Checks 89 What to Do with the Data 95 Who Pays for the Background Check 95 Acting as a Reference 96 Making the Selection 96 When You Inherit Tenants 103 Chapter 11 The Mechanics of Rent Billing, Collection, and Reporting 106 Security Deposits 107 Rent Receipts 109 Setting and Enforcing Due Dates 110 When, Why, and How to Increase Rent 111 When, Why, and How to Lower Rent 114 Chapter 12 Tenant Relations, Communications, and Problems 116 Definition of a Good Tenant 116 Definition of a Difficult Tenant 118 Handling Evictions 120 How to Legally Evict Someone 122 When Eviction Is Necessary 124 The Eviction Process 126 SECTION FOUR: GETTING DOWN TO BUSINESS 129 Chapter 13 Entity Formation and Asset Protection 131 Step by Step 131 Taking Responsibility 134 Chapter 14 Understanding Landlord-Tenant Law including  Discrimination 136 Knowing Your Rights 136 The Law and Advertising 138 Chapter 15 Rental Property Finance 140 Maintaining Records 140 Taxing Matters 141 Chapter 16 Insurance 145 Property and Casualty Insurance 145 General Liability Insurance 146 Flood or Water Damage Insurance 146 Umbrella Liability Insurance 146 Best Investment 147 SECTION FIVE: SPECIAL TOPICS 149 Chapter 17 Specialized Housing Markets 151 Joining the Fray 151 Workforce Housing 152 Disabled Access 153 Student Units 155 Expanding Your Horizons 157 Chapter 18 Affordable Housing, Section 8, and Discrimination 158 Don’t Discriminate 160 Fair Housing Act 161 Play by the Rules 162 Chapter 19 Continuing Your Property Management Education 163 Ongoing Resources 163 The End 164 APPENDIXES 165 Appendix A Summary of Icon Information 167 Appendix B Tour of the CompleteLandlord Site with Free Trial Membership Offer 169 Appendix C Essential CompleteLandlord Worksheets, Checklists, and Other Forms 189 Appendix D Associations and Other Resources 210 Appendix E Glossary of Real Estate Terms 213 Index 247 CLL Catalog 258