Author: Bryan P. Church
Publisher:
Published: 2017-05
Total Pages: 544
ISBN-13: 9780692829660
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Real estate professionals are frequently hired by real estate investors to provide professional management services during the holding period between acquisition and disposition of a property. Real estate brokers, who specialize in buying and selling properties, may handle the acquisition and disposition of the asset; however, a property management specialist is needed to properly manage the asset during the holding period. In fact, management of the property during the holding period is the most critical factor in the overall success of the investment. Property managers are usually paid a percentage of the gross collected rents each month, so the income stream is more predictable than real estate brokerage commissions. For this reason, many real estate professionals are attracted to the property management business because of the steady income.The book investigates the day-to-day life of a property manager which includes everything from showing the property to prospective tenants, to signing lease agreements and performing tenant walk-thru inspections. Types of property managers are examined, along with property management plans and property management agreements. Tenant screening and finding prospective tenants are explored, along with lease agreements, security deposits, and tenant management issues--which include lease terminations and evictions. Records management, cost controls, and office procedures are studied to determine the best ways to increase profits for the property owner. Preventive, corrective, cosmetic, emergency, and deferred maintenance is covered in-light of their importance to profits during the holding period. Specific property types are investigated and include: single-family rental properties, condominium rentals, multi-unit residential properties, leased investments, and specialty properties.
