Robert S. Griswold - Property Management Kit For Dummies

Property Management Kit For Dummies®, 4th Edition

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Published simultaneously in Canada

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Library of Congress Control Number: 2021948956

ISBN 978-1-119-83578-3 (pbk); ISBN 978-1-119-83579-0 (ebk); ISBN 978-1-119-83580-6 (ebk)

1 Cover

2 Title Page

3 Copyright

4 Introduction About This Book Foolish Assumptions Icons Used in This Book Beyond the Book Where to Go from Here

5 Part 1: So You Want to Be a Landlord? Chapter 1: Residential Property Management 101 Understanding Property Management Examining Types of Real Estate Renting Your Property Getting Your Hands Dirty: Managing the Property 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 Recognizing the Advantages of Owning Rental Property Eyeing the Unique Characteristics of a Good Manager Being Honest with Yourself about Your Skills and Experience Chapter 3: Managing Your Residential Property Yourself or Hiring a Pro Managing Your Rental Yourself Exploring Professional Management Chapter 4: Taking Over the Property Knowing What to Get Up Front Working with the Current Tenants During the Transition

6 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 Preparing Your Rental Unit the Right Way Using Outside Contractors Chapter 6: The Big Three of Property Management: Rent, Security Deposits, and Rental Contracts Setting the Rent Coming Up with a Fair Security Deposit Choosing the Type of Rental Contract You Want Chapter 7: Formulating a Marketing Plan Developing a Successful Marketing Plan Understanding the Importance of Good Advertising Being Aware of Fair-Housing Laws Chapter 8: FOR RENT: Effectively Using Advertising to Generate Interest Analyzing Your Advertising Options Chapter 9: Handling Prospects When They Come A-Calling Understanding Why First Impressions Are Important Valuing Phone Conversations Preparing for Rental Inquiry Phone Calls Planning for Open Houses and Walk-Throughs Chapter 10: Strutting Your Stuff: Making Your Property Memorable Showing Your Rental Unit Taking the First Steps to Get the Renter Interested Handling Mandatory Disclosures and Environmental Issues Chapter 11: Eenie, Meenie, Miney, Mo: Selecting Your Tenants Understanding the Importance of Screening Establishing Tenant Selection Criteria Verifying Rental Applications Notifying the Applicant of Your Decision Avoiding Housing Discrimination Complaints

7 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 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 Dealing with Rent Collection Problems Raising the Rent without Sending Your Tenants Running Chapter 14: Keeping the Good Tenants (And Your Sanity) Knowing What Tenants Want Recognizing the Ins and Outs of Renewing Leases Chapter 15: Dealing with Problem Tenants Recognizing and Responding to Common Tenant Problems Exploring Alternatives to Eviction Giving ’Em the Boot: Evicting a Tenant Handling Unusual Tenant Situations 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 Dealing with Special Situations

8 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 Building Your Contractor and Vendor Dream Team Chapter 18: Maintaining the Property Recognizing the Importance of a Maintenance Plan Being Prepared for Maintenance Issues Handling Rental Property Maintenance Chapter 19: Keeping Safety and Crime Prevention in Mind Tackling Crime in and around Your Rental Property Taking Necessary Crime-Deterrent Precautions Prioritizing Tenant Safety Addressing Environmental Issues