The Property Management Tool Kit

Mike Beirne is the Vice President of the National Apartment Association, Executive Vice President of a real estate management firm (overseeing a staff of approximately 650 employees and approximately one billion dollars in assets), and sits on the executive committee of the New Jersey Apartment Association. In addition to speaking regularly at industry conventions and trade shows, he writes for industry publications including Units Magazine

"Acknowledgments Introduction Chapter 1 The Investment: Sizing Up the Possibilities and Probabilities Understand how the characteristics of an investment affect income Financing Assess management needs, self- or fee-managed Fee management Management agreements Do your market research Quantify the value: The due diligence process Effectuate the takeover "From New Jersey to Topeka" Chapter 2 The Financials: Budgets and Financial Goals 00 Establish your financial philosophy Determine accurate benchmarks Baseline income budget Operating expenses Seek sound financial advice Manage the residents' money Other money stuff to consider Insurance Payroll Property taxes Fees "The Bubbling Courtyard" Chapter 3 The Human Ingredient: The People You Hire Hire for the future Profile your property and determine needs Hire to fit your property needs Teach instead of manage Become personal Don't delegate, proactively negotiate Keep plenty of data, data, data Mentor like a partner "Look, Listen, and Learn" Chapter 4 The Strategy: Create Value Identify the uniqueness of the investment Create value-added ancillary services and income Save for the future; capital investment is a must Utilize curb appeal, the greatest creator of value "The $17 Million Yellow Paint" Chapter 5 The Operations: KISS (Keep It Super Simple) Establish simple procedures Occupancy Delinquency and rent collection Maintenance and the physical plant Detail and standardize Communicate at all levels Follow up consistently "Driving Home with Rose" Chapter 6 Leasing: The Marketing of a Community Construct rental criteria Establish the marketing environment Understand the community's place in the market Begin the selling show Phone traffic Drive-by and walk-through traffic Internet traffic Decide where to advertise Initiate the application-qualifying process Prepare for move-in day Follow through with aftermarketing "Raise the Rents, Then We'll Lease Up" Chapter 7 Maintenance: Save Money, Make Money Be routine and repetitive (organize and categorize) Capital and structural components Curb appeal Routine daily maintenance Emergency maintenance Vacant "make readies": the perfect apartment becomes the perfect home Inventory and equipment control Reduce turnover with good customer service "The Tale of Two Managers" Chapter 8 The Administration: Tool Up Utilize the lease Setting the table Names, occupants, and identification Lease terms Rent, security deposits, and keys Utilities Rules and regulations Owner's and renter's rights and obligations Move-out policies Addendums Government regulations Owner's discretion Move-out policies After lease administration: understand your legal boundaries (notices) Create a review or follow-up system Computer or virtual management "Every Office Needs a Mary" Chapter 9 The Vendors: Partner with Others Acknowledge your weaknesses Enlist the talent of vendors Get the right product, at the right price, for the right reason Service vendors and agreements Single-issue contract agreements Product vendors Beta-test new products "Creating the Product You Buy" Chapter 10 The Future: Multiplying Your Portfolio, Going from Small to Big 000 Strategic thinking is a necessity Invest in due diligence A process for due diligence Attract financial partners Engage in the community ("be part of it, not apart from it") Engage the residents (they pay the bills) Initial contact: making the first impression count The rental pitch: closing the deal The move-in: securing the future renewal Continuing the customer contact Resolving resident conflicts Expand your team in stages Develop corporate communication strategies Picking key office personnel Communication tools The Internet, intranet, and cell phone Communication philosophy Network in the industry Brand your company "It's the People" Appendix A: NAA Lease Contract Appendix B: Did You Know That Appendix C: Glossary About the Author Index"