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Robert S. Griswold. Property Management Kit For Dummies
Property Management Kit For Dummies® To view this book's Cheat Sheet, simply go to www.dummies.com and search for “Property Management Kit For Dummies 4th Edition Cheat Sheet” in the Search box. Table of Contents
List of Tables
List of Illustrations
Guide
Pages
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond the Book
Where to Go from Here
So You Want to Be a Landlord?
Residential Property Management 101
Understanding Property Management
Considering the benefits
Confronting the icky parts
RENTERS DRIVE RENTAL PROPERTY MANAGEMENT
Examining Types of Real Estate
Renting Your Property
Preparing the property
Knowing how much to charge
Capturing prospects’ interest
Turning interest into property visits
Picking your tenants and signing the deal
Getting Your Hands Dirty: Managing the Property
Moving tenants in and out
Collecting rent
Keeping the good tenants
Dealing with troublesome tenants
Maintaining the property
Protecting your investment
Do You Have What It Takes to Manage Your Own Rental Property?
Understanding That Managing Residential Rental Property Is a People Business
Identifying the Types of Real Estate Owners
The inadvertent rental property owner
The buy, fix, and flip or refinance owner
The long-term investment rental property owner
FLOPPING IS PART OF “BUY AND FLIP” EXCEPT ON “REALITY” SHOWS
Recognizing the Advantages of Owning Rental Property
Eyeing the Unique Characteristics of a Good Manager
Realizing that good management makes a difference
Separating your personal style from sound management
Managing your time
HOME-BUSINESS OPPORTUNITY
Delegating management activities
Knowing that your style is unique
Being Honest with Yourself about Your Skills and Experience
Managing Your Residential Property Yourself or Hiring a Pro
Managing Your Rental Yourself
The advantages
The drawbacks
The distance factor
Exploring Professional Management
Eyeing the pros and cons of using a pro
Understanding what a good property manager does
Telling the good from the bad
Finding the right management company for you
Compensating your property manager
WATCH THOSE REPAIR BILLS!
Discovering how property management companies charge
Structuring compensation
Making sense of management agreements
Being aware of the tax consequences
Taking Over the Property
Knowing What to Get Up Front
A comprehensive list of personal property included in the sale
A copy of the entire tenant file of each current tenant
A seller-verified rent roll and list of all tenant security deposits
A copy of all required governmental licenses and permits
A copy of all the latest utility bills
A copy of every service agreement or contract
A copy of the current insurance policy and loss history
A FINAL WALK-THROUGH CAN SAVE YOU HEADACHES
Working with the Current Tenants During the Transition
Meeting the tenants in person
Inspecting the property
Inspecting the rental unit
Using a new lease or rental agreement
Evaluating the current rent
Renting Your Property
Getting Your Residential Rental Property Ready for Prospective Tenants
Viewing Your Rental Property from a Prospective Tenant’s Shoes
Paying attention to the exterior and common areas
Making sure that the interior is up to snuff
CURB APPEAL IN A COMMUNITY ASSOCIATION
Preparing Your Rental Unit the Right Way
General cleaning
Maintenance
Inspecting safety items
Performing turnover maintenance
Considering renovations and upgrades
DETERMINING WHETHER TO RENOVATE: WHAT’S YOUR RETURN?
EYEING WHAT PROSPECTIVE RENTERS WANT
OBTAINING THE APPROPRIATE PERMITS
Painting
Final cleaning
Carpet or floor-covering cleaning
Using Outside Contractors
The Big Three of Property Management: Rent, Security Deposits, and Rental Contracts
Setting the Rent
Examining the return on your investment
Conducting a market analysis of rents in your area
Considering rental concessions in determining your rent
Deciding whether to market your rental property using gross rents or net rents
Coming Up with a Fair Security Deposit
Figuring what you can legally charge
Keeping security deposits separate from your other funds
Avoiding nonrefundable deposits
LAST MONTH’S RENT
Paying interest on security deposits
Increasing (or decreasing) deposits
Considering security deposit alternatives
Choosing the Type of Rental Contract You Want
Contemplating a lease
Eyeing a periodic rental agreement
Getting your contract in writing
SEEKING THE BEST OF A LEASE AND A RENTAL AGREEMENT
Formulating a Marketing Plan
Developing a Successful Marketing Plan
Determining your target market
Thinking about what your renters stand to gain from your property
Understanding the Importance of Good Advertising
Eyeing the different approaches
Knowing which approach gives you the most bang for your buck
Getting your property to rent itself
Being Aware of Fair-Housing Laws
FOR RENT: Effectively Using Advertising to Generate Interest
Analyzing Your Advertising Options
Talking the talk: Word-of-mouth referrals
Showcasing your site: Property signs
Deciding if you need a sign
Making your signage stand out from the competition
Broadening your horizons: The Internet
Craigslist
Online advertising
Property website
Social media outlets
Reading all about it: Newspapers
Which newspaper should you advertise in?
How big should your newspaper ad be?
What should you include in your newspaper ad?
How often or on which days should your newspaper ad run?
TO ADDRESS OR NOT TO ADDRESS
Papering the neighborhood: Flyers
Making high-tech flyers
Distributing flyers
Creating chat: Community bulletin boards
Going where the jobs are: Local employers
Meandering through other tactics to try
LOOKING AT YOUR PROPERTY THROUGH PROSPECTIVE TENANTS’ EYES
Handling Prospects When They Come A-Calling
Understanding Why First Impressions Are Important
Standing out from the crowd
Being professional and well organized
THE TELEPHONE’S IMPORTANCE IN PROPERTY MANAGEMENT
Valuing Phone Conversations
WORKING VACATION
Preparing for Rental Inquiry Phone Calls
Being prepared with basic phone techniques
Guest card
Property knowledge sheet
Comparison chart
Answering the phone
Providing and obtaining the basic info
Selling the prospect on your property
Prequalifying the prospect over the phone
Holding a balanced conversation
Eyeing the qualities of desirable (and not-so-desirable) tenants
Handling phone objections
CREATING A SENSE OF URGENCY
Converting phone calls to rental showings
Planning for Open Houses and Walk-Throughs
Holding an open house
Scheduling individual appointments
Providing directions to the property
Strutting Your Stuff: Making Your Property Memorable
Showing Your Rental Unit
Showing a vacant rental
Showing an occupied rental
THE TROPHY ROOM
Taking the First Steps to Get the Renter Interested
Prequalifying your prospect during the rental showing
Resolving your prospect’s objections
Convincing your prospect
Inviting your prospect to sign on
Having your prospect complete a rental application
Holding your prospect’s deposit
Developing priority waiting lists
Handling Mandatory Disclosures and Environmental Issues
Lead-based paint
Asbestos
PAINTING A CLEARER PICTURE OF LEAD-BASED PAINTS
Radon
THE LOWDOWN ON ASBESTOS
Testing for radon
Repairing a radon problem
Sexual offenders
Eenie, Meenie, Miney, Mo: Selecting Your Tenants
Understanding the Importance of Screening
Establishing Tenant Selection Criteria
Why having criteria is important
How to create your criteria
Verifying Rental Applications
Confirming identity
Going over occupancy guidelines
Investigating rental history
Validating income sources
Reviewing credit history
What to look for in a credit history
Where to get your applicant’s credit history
SHOULD YOU ASK FOR A SOCIAL SECURITY NUMBER?
What charges are involved
Checking criminal history
Talking with all personal references
Dealing with cosigners
Making your final decision
Notifying the Applicant of Your Decision
Avoiding Housing Discrimination Complaints
The ins and outs of fair housing
Steering and chilling
Children
Reasonable accommodations
Reasonable modifications
Companion or service animals
Americans with Disabilities Act
Sexual harassment
The Brass Tacks of Managing Rentals
Moving In the Tenants
Establishing the Move-In Date
Meeting with a Tenant Before Move-In
Covering the rules with your new tenant
AND THEN THERE WAS LIGHT
Reviewing and signing documents
Rental contract
Environmental disclosure forms
Mold addendum
Smoke alarm agreement
Animal agreement
THE IMPORTANCE OF SMOKE ALARMS
PYTHONS AND PIGLETS AND GOATS, OH MY!
Collecting the money from your tenant
Inspecting the property with your tenant
The inspection checklist
PHYSICALLY WALK THROUGH THE RENTAL UNIT WITH YOUR NEW TENANT, AND GUIDE THEM THROUGH THE INSPECTION FORM
PRINT LEGIBLY, AND BE AS SPECIFIC AS POSSIBLE WHEN NOTING THE CONDITION OF EACH ITEM
BE SURE THAT YOUR INSPECTION CHECKLIST REFLECTS ANY REPAIRS OR IMPROVEMENTS MADE AFTER THE INITIAL WALK-THROUGH INSPECTION
BE PARTICULARLY CAREFUL TO NOTE ANY AND ALL MILDEW, MOLD, PEST, OR RODENT PROBLEMS
BE SURE TO GIVE YOUR TENANT A COPY OF THE COMPLETED AND SIGNED CHECKLIST FOR THEIR RECORDS
The nitty-gritty details
Giving your tenant an informational letter
Distributing the keys to your tenant
THE IMPORTANCE OF CHANGING LOCKS BETWEEN TENANTS
Setting Up the Tenant File
Preparing a Welcome Package for Your New Tenant
Collecting and Increasing Rent
Creating a Written Rent Collection Policy
When rent is due
Prorating rent
Providing a grace period
Where rent is paid
How rent is paid
Digitizing the day-to-day: Electronic payments
Putting pen to paper: Checks
Busting out the big bucks: Cash
MANAGING MULTIPLE RENT PAYMENTS
Dealing with Rent Collection Problems
Collecting late rent
Charging late fees
EARLY-PAYMENT RENT DISCOUNTS: YES OR NO?
Handling returned rent payments
Dealing with partial rent payments
REWARDING TIMELY PAYMENTS
Serving legal notices
Raising the Rent without Sending Your Tenants Running
Figuring out how to raise the rent
Keeping your tenants (relatively) happy
HOW RENT CONTROL MAY AFFECT YOU
Keeping the Good Tenants (And Your Sanity)
Knowing What Tenants Want
OUT OF SIGHT SHOULDN’T BE OUT OF MIND
Timely and effective communication
Quick responses to maintenance requests
Consistent respect for privacy
Equal enforcement of house rules
Fair rental rates and increases
Recognizing the Ins and Outs of Renewing Leases
Reducing your turnover
Understanding the costs of turnover
Convincing tenants to re-sign
LISTEN TO AND CONSIDER YOUR TENANTS’ REQUESTS
Offering incentives for tenants to stay
Following up with tenants after move-out
Dealing with Problem Tenants
Recognizing and Responding to Common Tenant Problems
Late or unpaid rent
THE CHALLENGES OF COVID-19
Additional occupants
Inappropriate noise level
Unsupervised children
Exploring Alternatives to Eviction
Negotiating a voluntary move-out
Using mediation or arbitration services
Taking your tenant to court
Giving ’Em the Boot: Evicting a Tenant
Serving legal notices
Filing a formal eviction action
Following the do’s and don’ts of the eviction process
Collecting judgments
Handling Unusual Tenant Situations
Bankruptcies
Illegal holdovers
Broken rental contracts
Assignments or subleases
Departing roommates
Domestic problems
Tenant deaths
Moving Out the Tenants
Requiring Written Notice of Your Tenants’ Move-Out Plans
Providing Your Tenant a Move-Out Information Letter
Walking Through the Unit at Move-Out
Getting the 411 on the walk-through
Paying the security deposit — or not
FOR CALIFORNIA RENTAL PROPERTY OWNERS
Defining ordinary wear and tear
Using a security deposit itemization form
Keeping receipts for repairs and cleaning
Deducting from the security deposit
Dealing with Special Situations
Forking out the dough: When damage and unpaid rent exceed the security deposit
Having your facts straight: When disputes arise about the security deposit
Reclaiming what’s yours: When the rental is abandoned
ABANDONED PERSONAL PROPERTY
Techniques and Tools for Managing Your Residential Property
Working with Employees and Contractors
Surveying the Ins and Outs of Bringing Employees Onboard
Establishing job functions, work schedule, and compensation
Screening employees
Walking through the process
Hiring an employment-screening firm
Knowing your responsibilities
Working with your manager
POSTING ALL THE LEGALITIES
Staying on the alert for danger signs
Firing an employee
INDEPENDENT CONTRACTOR VERSUS EMPLOYEE STATUS
Building Your Contractor and Vendor Dream Team
Recognizing what to look for
Avoiding common pitfalls
HIRING YOUR TENANT AS A CONTRACTOR — OR NOT
Maintaining the Property
Recognizing the Importance of a Maintenance Plan
Being Prepared for Maintenance Issues
Emergency maintenance
DON'T LET THE PIPES FREEZE
Preventive maintenance
Corrective maintenance
Custodial maintenance
Cosmetic maintenance
Handling Rental Property Maintenance
Responding to tenant maintenance requests
Keeping tenants from doing repairs
REPAIR AND DEDUCT: REIMBURSING TENANTS IF REPAIRS AREN’T MADE IN A TIMELY MANNER
Tracking the life span of your appliances
Dishwashers
Refrigerators
Stoves and ovens
Water heaters
Purchasing parts and supplies
Keeping Safety and Crime Prevention in Mind
Tackling Crime in and around Your Rental Property
Turning to crime-prevention programs
The Crime Free Multi-Housing Program
The National Crime Prevention Council
Paying attention to tenant questions and complaints about safety-related issues
Responding to crimes when they occur
Taking Necessary Crime-Deterrent Precautions
Keys and access-control systems
Lighting
Security services
Prioritizing Tenant Safety
With tempered glass
With safe cords (or no cords) for window coverings
With anti-tip brackets for free-standing ranges
With appropriate enclosures and signage for swimming pools, spas, and hot tubs
VIRGINIA GRAEME BAKER POOL AND SPA SAFETY ACT
Addressing Environmental Issues
Fire safety
Carbon monoxide
Electromagnetic fields
Mother Nature’s wrath
Mold
Bedbugs
THE EPA AND MOLD: WHAT YOU CAN DO
Identifying a bedbug infestation
Removing bedbugs from your property
Money, Money, Money!
Two Necessities of Property Management: Insurance and Taxes
Developing a Risk-Management Plan
Cover Me, I’m Going In: Making Sure You Have the Insurance You Need
Telling the difference among types of insurance coverage
Common coverages
Additional insurance options
Excess liability (umbrella) coverage
PAYING ATTENTION TO COINSURANCE CLAUSES
Determining the right deductible
Talking with Tenants about Renter’s Insurance
RENTER’S INSURANCE IS NO LAUGHING MATTER
Understanding the Tax Angles
Sheltering income with depreciation
Minimizing income taxes
Taking new tax breaks for pass-through entities
Understanding passive and active activity
Qualifying as a real estate professional
Grasping (and appealing) property taxes
Financial Management and Record-Keeping
Organizing Your Files
Maintaining Property Records
Taking Care of Business: Accounting
Creating a budget and managing your cash flow
Doing your accounting manually
Using software for accounting
Recognizing the value of professional accounting software
Identifying some of the better programs
Finding New Ways to Increase Your Cash Flow
Considering Nonrent Revenue
Earning some cash with the wash: Laundry machines
Stowing some dough: Storage
Selling your space: Parking
Converting the World Wide Web to cash: Internet access
Cashing in on the ol’ dining room set: Furnished rentals
Putting Lease Options to Work for You
Taking Advantage of Government Programs
The scoop on rental subsidy programs
The lowdown on the Housing Choice Voucher program
Understanding how HCV works
Knowing what to do if you rent to HCV tenants
Summarizing the pros and cons of HCV
The 411 on rehabilitation loans
Working in Niche Markets
Taking another look at your pet policy
Renting to students
DECIDING WHICH DOG BREEDS TO ALLOW
Catering to senior citizens
Designating your rental units smoke-free
The Part of Tens
Ten Reasons to Become a Residential Rental Property Owner
You Can Diversify Your Investments
You Don’t Need Much Money to Start
It Can Be a Second Income
You Gain Tax Advantages
Real Estate Holds Its Value
You Get Leverage
It Beats Inflation
You Can Shelter Your Income
You Get a Positive Cash Flow
It Can Help You Retire
Ten Ways to Rent Your Vacant Rental Unit
Maintain Curb Appeal
Keep the Unit in Rent-Ready Condition
Establish a Competitive Rent
Offer Prospects a Rate Guarantee
Provide Wireless Internet Access
Offer Referral Fees
Accept Pets
Offer Move-In Gifts or Upgrades
Contact Corporate Relocation Services
Accept HUD’s Housing Choice Vouchers
About the Online Kit Materials
Index. A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
Y
Z
About the Author
Dedication
Author's Acknowledgments
WILEY END USER LICENSE AGREEMENT
