The Property Management Tool Kit

The Property Management Tool Kit

Author: Mike Beirne
Pub Date: September 2006
Print Edition: $19.95
Print ISBN: 9780814473511
Page Count: 336
Format: Paper or Softback
e-Book ISBN: 9780814429419

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Table of Contents

"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

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""

Appendix A: NAA Lease Contract

Appendix B: Did You Know That

Appendix C: Glossary

About the Author

Index"

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