Robert S. Griswold - Property Management Kit For Dummies

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Before you put that FOR RENT sign in the yard, read this  Hello there, future landlord. You’ve found what you’re looking for—a complete package of information and resources to teach you what you need to know and make your life (and your tenants’ lives) easier. With 
, you can learn how to manage single-family homes, large apartment buildings, treehouses, dollhouses… okay, there’s not much info here on managing dollhouses, but everything else is definitely covered. Find good tenants, move them in, and keep them happy and paying rent on time. When it comes time for a change, learn how to move tenants out and turn over the property, easy as pie. 
This book makes it simple to understand tax and insurance requirements, building maintenance concerns, and financial record keeping. Plus, the updated edition reflects the current rental property boom, new technologies, changes to the law, and the inside scoop on the latest Fair Housing issues to keep you out of court. Emotional support animals? Rent control? Bed bugs? Eviction? It’s all in here. 
Find out whether property management is right for you, learn what you need to get started, and be successful as your residential rental property portfolio grows Get your ducks in a row—develop solid marketing and advertising strategies and resources, build up-to-date rental contracts, figure out the legal side of things, and minimize your income and property tax bills Make sure you’re renting to responsible people, and deal with the occasional problem tenant without major drama Maximize your cash flow by keeping your rents at market prices, efficiently handling maintenance, and ensuring your property has great curb appeal with the features and benefits sought by today’s tenants Become a top-notch property manager with this one-and-done reference, plus online bonus materials.

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Property Management Kit For Dummies - изображение 87If you have an older property, renovating may be more difficult because of some of the hazardous materials used in your unit’s original construction. If you suspect any hazardous materials based on the age of your property or the type of construction, be sure to have testing done before you do any work. Hazardous materials such as asbestos and lead-based paint aren’t cheap to remove. Often, you’ll be better off leaving the materials in place as long as they haven’t been disturbed. Consult an expert on removing hazardous materials before determining the extent of the renovation and the proper methods to ensure that all hazardous materials are maintained safely. Also, check with your local building-code enforcement or health department for requirements on the proper handling and disposal of hazardous materials.

The Environmental Protection Agency (EPA) has implemented a lead-safe certified renovator program, and you should use only contractors who are on the approved EPA list. See www.epa.gov/lead to find a certified lead-safe firm near you. For more information on environmental hazards, see Chapter 10.

OBTAINING THE APPROPRIATE PERMITS

When you’re considering renovations or upgrades, make sure to get the appropriate building permits or licenses required in your area. You don’t need to be a code expert, but having a general understanding of both local housing codes and state housing laws is important. Evaluate your property to ensure that the planned work meets current building codes. Every state and many local municipalities have building codes that dictate the minimum standards to which all buildings must substantially comply. Often, they have housing, fire, and health and safety codes as well. Reviewing rental housing industry publications can alert you to significant changes in these codes. Also, using specialized trade contractors who stay current with all code changes that affect their work can be helpful.

If inspectors find that your property isn’t in compliance with the proper codes, you may receive violation notices and potentially expensive fines. Building codes are updated and changed regularly, and typically, properties aren’t required to meet the new code requirements unless the properties are renovated and new building permits are obtained. Make sure that you or your contractors are aware of the code requirements, and incorporate the necessary code-compliance measures into your renovations to maximize the safety of your tenants and to protect yourself from violations and fines.

Painting

The next step in getting your vacant rental unit ready is painting. The keys to success here are preparation and knowing what to paint when. Follow these steps to turn your unit into a rental work of art:

1 Select and purchase the paint you want to use.Standard colors are best so that you can easily and affordably touch up your rental unit instead of having to repaint it. One coat of a high-quality flat white latex paint is usually sufficient, so use this standard to help determine the quantity you need to buy. Note: You may require more gallons if you’re changing the paint color to a much lighter shade than the current version. Try to use the same brand of paint, because colors can vary by brand. If you’re changing from a flat to a semigloss finish, you may be able to do so in one coat. If you’re painting a flat finish over a gloss, you’ll likely need to prepare the surface so that the new paint adheres. Plan to use semigloss paint in kitchens and baths for easy cleanup and resistance to moisture. Although this type of paint may cost more, you save in the long run; purchasing higher-quality paint means that you don’t have to repaint the entire unit when it inevitably turns over.

2 Take everything off the surfaces you’re painting.Remove all nails, screws, picture anchors, and similar items. Detach all door hardware, air-vent covers, and electrical cover plates too.

3 Strip all dirt from the painting surfaces.Make sure to clean the walls in particular. Treat grease, crayons, water stains, and other blemishes with products designed for that purpose.

4 Check that walls are properly patched.You may also need to do some scraping and sanding to ensure that your new coat of paint adheres properly.

5 Start painting.Paint the unit in its entirety (yes, I mean walls, doors, door and window frames, baseboards, closets and closet dowels, and ceilings), unless you recently painted the whole unit and need to touch up only one or two walls. Lucky you! If you have acoustic ceilings, be aware that these ceilings present special problems, particularly if they contain asbestos. Be sure to test for asbestos if you’re not sure. Always consult a professional painter or licensed acoustic contractor before attempting to patch or paint an acoustic ceiling, and note that spraying paint is better than using a roller. Don’t paint damaged surfaces and/or surfaces that show signs of moisture without determining the source of the problem and correcting it. Wet or moisture-damaged drywall indicates either plumbing leaks or water intrusion into the property’s interior. The sooner you identify the culprit and make the necessary repairs, the better. If a slight stain remains after you resolve the problem and the surface is dry, try spraying the area lightly with a bleach mist to see whether the stain disappears. If not, you must paint.

6 Replace everything you removed from your painting surfaces after the paint has dried.Reinstall all the door hardware, air-vent covers, and electrical switch plates and outlet covers, replacing any that are damaged or covered with paint.

7 Clean up any lingering mess.Remove any paint that has strayed or splattered onto the floor, windows, countertops, cabinets, appliances, door hardware, air vents and woodwork. Don’t use sinks or bathtubs for paint cleanup.

Final cleaning

Cleanliness sells, and the only people you want as renters are the ones who accept dirt in their homes only as a temporary condition. For many rental property owners, the thought of cleaning up after someone else is too much to bear. Luckily, many local cleaning services do a great job for a very reasonable price. Remember: You don’t have to do everything yourself.

Property Management Kit For Dummies - изображение 88If you decide to clean the unit yourself, however, keep the following pointers in mind:

Pay particular attention to the kitchens and baths. A dirty or grimy kitchen or bathroom can be a real turnoff to potential tenants. Be sure to clean and regrout the tile; completely caulk around all countertops and bathroom fixtures; and clean the single dirtiest spot in most rental properties: the shower-door track. For a final touch, install a new toilet seat, and place a paper sanitary ring around the toilet to indicate that it’s been sanitized. This last step in particularly important in a post-pandemic world!

Focus on smell. If a rental unit doesn’t smell clean, it won’t matter how diligently you’ve cleaned it. Rental property owners often overlook the importance of the sense of smell. Consequently, you can have a real advantage over the competition for an amazingly small investment by recognizing the value of this underappreciated sense. Here are a few ideas:Use pine-oil or lemon disinfectant and cleanser to neutralize any bad odors left by previous tenants.Place baking soda in the refrigerator and drains, and grind a lemon in the garbage disposal to suppress any odors.Put a cinnamon stick in a shallow pan of water, and place it in the oven on low heat.Go to your favorite big-box discount store to find affordable liquid potpourri, available in a variety of scents. Avoid using certain fragrances that may be offensive to your prospective tenants. Too much use of scents may be distracting; your prospect may think that you’re attempting to cover up a bad smell that will return. Remember that two of the most difficult scents to eradicate are cat urine and tobacco smoke, and because they permeate the carpet and wall and ceiling finishes, air fresheners will work only temporarily. Consult a professional for a better solution.In a short time, your rental unit will be filled with pleasant scents that remind your prospective tenants of Mom and apple pie. Why? Because this is a time when you want to go with something with mass appeal rather than your personal favorite scent: essence of yak.

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