"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…mehr
"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."Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
Mike Beirne is the Vice President of the National Apartment Association, Executive Vice President of a real estate management firm (overseeing a staff of approximately 650 employees and approximately one billion dollars in assets), and sits on the executive committee of the New Jersey Apartment Association. In addition to speaking regularly at industry conventions and trade shows, he writes for industry publications including Units Magazine
Inhaltsangabe
"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
