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Property Management Outline

Property Management Outline
 
I owned and operated a property management division at my brokerage for over 20 years (with the assistance of my wife Janie :-).
 
We sold that “book of business” over 12 years ago and continue to get a check every month…got the most recent one yesterday
 
Managing a property is like managing a business. To do it right you must have a plan, and you must execute your plan. Each property you manage, each new tenant you meet will teach you more about the business of property management.
 
Remember that you will never know “all there is to know” about property management. Like everything in real estate, there is always more to learn. The more you read and study, the better off you will be. Landlord tenant law and contract law varies from state to state. A good source of information on the subject will be your local Apartment Association and your local Association of Realtors. This is where you earn your keep as an investor. It can make you or break you.
Outline
 
I. Establishing the Rental Schedule
 
II. Marketing – Advertising and Merchandising
 
III. Tenant Selection
 
IV. Maintenance
 
A. Preventive
B. Corrective
 
V. Record Keeping and Tax Benefits
 
VI. Leases and Rental Agreements
 
VII. Landlord-Tenant Relations
 
A. Rental Increases
 
B. Security Deposits
 
C. Termination of Tenancy
 
D. Eviction
E. Discrimination
 
VIII. Owners Goals
 
A. Income
1. Quantity
2. Quality
3. Durability
 
B. Appreciation – Based on income
1. I = R X V
2. V = GSI X GM
 
C. Tax Benefits
 
IX. Investment Property Types
A. Single Family/Condo/Co-op
B. Duplex/Triplex/Fourplex
 
C. Multi-Unit Residential
 
D. Office Building
 
E. Hotels and Motels
 
F. Shopping Centers
 
G. Mixed Use Buildings
 
X. Insurance
 
XI. Operational Plan
 
XII. Resident Manager
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