Property Management Kit For Dummies

Title Page
Copyright Page
Table of Contents
Introduction
	About This Book
	Foolish Assumptions
	Icons Used in This Book
	Beyond the Book
	Where to Go from Here
Part 1 So You Want to Be a Landlord?
	Chapter 1 Residential Property Management 101
		Understanding Property Management
			Considering the benefits
			Confronting the icky parts
		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
	Chapter 2 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
		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
			Delegating management activities
			Knowing that your style is unique
		Being Honest with Yourself about Your Skills and Experience
	Chapter 3 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
			Compensating your property manager
			Making sense of management agreements
			Being aware of the tax consequences
	Chapter 4 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
		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
Part 2 Renting Your Property
	Chapter 5 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
		Preparing Your Rental Unit the Right Way
			General cleaning
			Maintenance
			Painting
			Final cleaning
			Carpet or floor-covering cleaning
		Using Outside Contractors
	Chapter 6 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
		Coming Up with a Fair Security Deposit
			Figuring what you can legally charge
			Keeping security deposits separate from your other funds
			Avoiding nonrefundable deposits
			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
	Chapter 7 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
	Chapter 8 FOR RENT: Effectively Using Advertising to Generate Interest
		Analyzing Your Advertising Options
			Talking the talk: Word-of-mouth referrals
			Showcasing your site: Property signs
			Broadening your horizons: The Internet
			Reading all about it: Newspapers
			Papering the neighborhood: Flyers
			Creating chat: Community bulletin boards
			Going where the jobs are: Local employers
			Meandering through other tactics to try
	Chapter 9 Handling Prospects When They Come A-Calling
		Understanding Why First Impressions Are Important
			Standing out from the crowd
			Being professional and well organized
		Valuing Phone Conversations
		Preparing for Rental Inquiry Phone Calls
			Being prepared with basic phone techniques
			Answering the phone
			Providing and obtaining the basic info
			Selling the prospect on your property
			Prequalifying the prospect over the phone
			Handling phone objections
			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
	Chapter 10 Strutting Your Stuff: Making Your Property Memorable
		Showing Your Rental Unit
			Showing a vacant rental
			Showing an occupied rental
		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
			Radon
			Sexual offenders
	Chapter 11 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
			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
Part 3 The Brass Tacks of Managing Rentals
	Chapter 12 Moving In the Tenants
		Establishing the Move-In Date
		Meeting with a Tenant Before Move-In
			Covering the rules with your new tenant
			Reviewing and signing documents
			Collecting the money from your tenant
			Inspecting the property with your tenant
			Giving your tenant an informational letter
			Distributing the keys to your tenant
		Setting Up the Tenant File
		Preparing a Welcome Package for Your New Tenant
	Chapter 13 Collecting and Increasing Rent
		Creating a Written Rent Collection Policy
			When rent is due
			Where rent is paid
			How rent is paid
		Dealing with Rent Collection Problems
			Collecting late rent
			Charging late fees
			Handling returned rent payments
			Dealing with partial rent payments
			Serving legal notices
		Raising the Rent without Sending Your Tenants Running
			Figuring out how to raise the rent
			Keeping your tenants (relatively) happy
	Chapter 14 Keeping the Good Tenants (And Your Sanity)
		Knowing What Tenants Want
			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
			Offering incentives for tenants to stay
			Following up with tenants after move-out
	Chapter 15 Dealing with Problem Tenants
		Recognizing and Responding to Common Tenant Problems
			Late or unpaid rent
			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
	Chapter 16 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
			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
Part 4 Techniques and Tools for Managing Your Residential Property
	Chapter 17 Working with Employees and Contractors
		Surveying the Ins and Outs of Bringing Employees Onboard
			Establishing job functions, work schedule, and compensation
			Screening employees
			Knowing your responsibilities
			Working with your manager
			Staying on the alert for danger signs
			Firing an employee
		Building Your Contractor and Vendor Dream Team
			Recognizing what to look for
			Avoiding common pitfalls
	Chapter 18 Maintaining the Property
		Recognizing the Importance of a Maintenance Plan
		Being Prepared for Maintenance Issues
			Emergency maintenance
			Preventive maintenance
			Corrective maintenance
			Custodial maintenance
			Cosmetic maintenance
		Handling Rental Property Maintenance
			Responding to tenant maintenance requests
			Keeping tenants from doing repairs
			Tracking the life span of your appliances
			Purchasing parts and supplies
	Chapter 19 Keeping Safety and Crime Prevention in Mind
		Tackling Crime in and around Your Rental Property
			Turning to crime-prevention programs
			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
		Addressing Environmental Issues
			Fire safety
			Carbon monoxide
			Electromagnetic fields
			Mother Nature’s wrath
			Mold
			Bedbugs
Part 5 Money, Money, Money!
	Chapter 20 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
			Determining the right deductible
		Talking with Tenants about Renter’s Insurance
		Understanding the Tax Angles
			Sheltering income with depreciation
			Minimizing income taxes
			Grasping (and appealing) property taxes
	Chapter 21 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
	Chapter 22 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
			The 411 on rehabilitation loans
		Working in Niche Markets
			Taking another look at your pet policy
			Renting to students
			Catering to senior citizens
			Designating your rental units smoke-free
Part 6 The Part of Tens
	Chapter 23 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
	Chapter 24 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
Appendix About the Online Kit Materials
Index
EULA