| |
| |
| 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 | |