Perfect Phrases for Landlords and Property Managers

216 Pages·2008·0.6 MB·English

by  John A. Yoegel

Perfect Phrases for Landlords
and Property Managers
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Perfect Phrases for Landlords
and Property Managers
Hundreds of Ready-to-Use Phrases
for Negotiating Agreements,
Dealing with Tenants, and
Managing Maintenance
John A. Yoegel, PhD, DREI
New York Chicago San Francisco Lisbon
London Madrid Mexico City Milan New Delhi
San Juan Seoul Singapore Sydney Toronto
Copyright © 2009 by John A.Yoegel. All rights reserved. Except as permitted under the
United States Copyright Act of 1976, no part of this publication may be reproduced or
distributed in any form or by any means, or stored in a database or retrieval system,
without the prior written permission of the publisher.
ISBN: 978-0-07-164186-9
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Contents
Preface xi
Acknowledgments xv
Part One:
The Landlord and Property Manager 1
Chapter 1: Managing Investment Properties:
Goals and Objectives 3
Chapter 2: Managing Investment Properties:
Skills and Responsibilities 7
Planning 8
Budgeting 8
Maintenance 9
Marketing and Leasing 9
Skills Needed by a Landlord or Property Manager 10
v
Contents
Part Two:
The Business of Property Management 11
Chapter 3 The Property Management
Team 13
Assembling the Team 15
Training 18
Managing the Team 21
Compensation and Motivation 24
Policy and Ethical Issues 27
Chapter 4 Property Manager–Client/Owner
Relations 31
Owner Objectives 33
Communications 36
Chapter 5 Business Development 39
Developing New Business 41
Real Estate Investment Counseling 44
Real Estate Development 47
Chapter 6 The Management Agreement 51
Preparing for Negotiations 53
Term of the Property Management Agreement 56
vi
Contents
Compensation 59
Duties 62
Termination and Renewal 65
Reports 67
Part Three:
Managing the Properties 69
Chapter 7 Managing Residential
Properties 71
Medium to Large Apartment Building 72
The Small Property 75
Lease Negotiations 78
Tenant Relations 81
Chapter 8 Managing Commercial
Properties 85
Negotiating Leases 87
Tenant Relations 90
Management Issues 93
Chapter 9 Managing Owners: Condominiums
and Cooperatives 97
Condominiums and Cooperatives 99
Condominiums 104
Cooperatives 105
vii
Contents
Chapter 10 Special Purpose Properties 107
Industrial Properties 109
Mobile Home Parks 112
Medical Buildings 114
Self-Storage Facilities 118
Age-Oriented Housing 120
Chapter 11 Tenant Relations 123
Communications 126
The Problem Tenant 129
Chapter 12 The Management Plan 131
Regional Analysis 133
Neighborhood Analysis 137
Property Physical Analysis 140
Income Stream Analysis 143
Operating Budget 146
Capital Budget 149
Beyond the Management Plan 152
Chapter 13 Landlord (Owner) Management
Issues 157
Nonresident Landlord 159
Resident Landlord 163
viii
Contents
Chapter 14 Issues Common to All
Properties 167
Maintenance 167
Nondiscrimination 171
Risk Management 175
Chapter 15 Marketing the Property 181
The Marketing Plan 182
Advertising 184
Describing the Property 187
Promotional Activities 190
Networking 193
Resources 197
About the Author 199
ix