Property Management Tool Kit

ISBN-10: 0814473512

ISBN-13: 9780814473511

Edition: 2006

Authors: Mike Beirne

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Book details

List price: $19.95
Copyright year: 2006
Publisher: Amacom
Publication date: 9/13/2006
Binding: Paperback
Pages: 336
Size: 7.25" wide x 9.00" long x 1.00" tall
Weight: 1.650
Language: English

Acknowledgments
Introduction
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"
The Financials: Budgets and Financial Goals
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"
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"
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"
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"
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"
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"
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"
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"
The Future: Multiplying Your Portfolio, Going from Small to Big
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"
NAA Lease Contract
Did You Know That
Glossary
About the Author
Index
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