Property Management for Dummies [Paperback]

Robert S. Griswold MBA (Author)

Book Description

Series: For Dummies (Lifestyles Paperback) | Publication Date: April 15, 2001

You'll need to wear many hats in the business of property management: advertiser/promoter (in seeking tenants), host (in showing your property), handyman (in keeping up with and arranging repairs), bookkeeper (in maintaining records), and even counselor (in dealing with tenants and their problems). But Property Management For Dummies will help you maintain your sense of humor – and your sanity – as you deal with these challenges and more.

You may become an unintentional property owner – someone who inherited a house from a relative and didn't want it to sit idle, or someone who transferred to a job in another city and decided to rent your home rather than sell it – or you may have entered the world of property ownership intentionally. Either way, real estate offers one of the best opportunities to develop a steady stream of residual income.

Property Management For Dummies is organized by specific topic areas, so you can easily and quickly scan a topic that interests you, or you can troubleshoot the source of your latest major headache. You'll discover how to

• Evaluate your skills and personality to see whether you have what it takes to be a landlord
• Keep your units occupied with paying tenants who don't destroy your property
• Move in your new tenants and move them out – and everything in between
• Assemble the right team of professionals to help you, from employees to contractors
• Insure your property and understand the taxes that go with it
• Look for additional sources of income beyond rent, including the opportunities and pitfalls of lease options

While many of life's lessons can be uncovered by trial and error, property management shouldn't be one of them – the mistakes are too costly and the legal ramifications too severe. In this book, you'll find proven strategies to make rental property ownership and management not only profitable but pleasant as well.

Editorial Reviews

Review

"First-time landlords, this is the only book you'll ever need - a real pro simplifies every step of the process" -- Dick Barnes, Editor, Inman News Features and former Real Estate Editor for the Los Angeles Times, April 2001

"Griswold is the guru of smart property management. You won't find a better written, more practical book on the subject." -- Ken Harney, nationally syndicated real estate columnist, The Washington Post Writers Group, April 2001

"Not just theory — great advice in plain English for all rental property owners and managers." -- Dr. Arthur B. Laffer, father of Supply-side economics and the Laffer curve, Laffer Associates, San Diego, April 2001

"This is an outstanding reference guide authored by an experienced and outstanding property management professional". -- Dr. Rocky Tarantello, USC Real Estate Professor Emeritus and President of Tarantello & Associates of Newport Beach, CA, April 2001

This all-inclusive book should be required reading. On my one to 10 scale, this outstanding book rates a solid 10. -- Bob Bruss, nationally syndicated real estate and book reviewer, June 2, 2001

From the Publisher

(John Wiley & Sons) A easy-to-read, friendly guide to property management, for those with no experience whatsoever. Shows how to takeover rental properties, prepare the rental property for prospective tenants, advertise the property, thoroughly and legally screen tenants, moving in and moving out tenants, collecting and increasing the rent, tenant relations and retention, proper maintenance procedures including outside vendors, safety and security issues, fair housing issues, legal issues, accurate record keeping, taxes, and insurance, and other practical matters. Includes sample leases, rental agreements and many other excellent forms and letters for day-to-day use. Also, lots of great cartoons by Rich Tennant. Softcover.

See all Editorial Reviews

Product Details

• Paperback: 384 pages
• Publisher: Wiley Publishing, Inc.; 1 edition (April 15, 2001)
• Language: English
• ISBN-10: 0764553305
• ISBN-13: 978-0764553301
• Product Dimensions: 9.1 x 7.2 x 0.7 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 4.4 out of 5 stars  See all reviews (23 customer reviews)
• Amazon Best Sellers Rank: #148,014 in Books (See Top 100 in Books)

More About the Author

Robert Griswold runs Griswold Real Estate Management with offices in San Diego, Los Angeles and Las Vegas, teaches for the Institute for Real Estate Management, hosted a San Diego real estate radio call-in show for 15 years, and regularly appears on NBC-TV as their Real Estate Expert.

Customer Reviews

Most Helpful Customer Reviews

154 of 161 people found the following review helpful:

5.0 out of 5 stars You are not a "Dummy" if you read this book., December 13, 2001

By 

Guy M. Blasi (Highlands Ranch, CO USA) - See all my reviews
(REAL NAME)   

This review is from: Property Management for Dummies (Paperback)

I met the author at a meeting of the Institute of Real Estate Management in Chicago several years ago. I hold the same "Certified Property Manager (CPM)" designation. So, I did a double take recently when I saw this book on the shelf of a book store. And I did a triple take when I saw that Robert had written it! Robert Griswold is an educator, and it shows in the book. I've been in property management for over 20 years and I bought the book and took it home for several evenings of enjoyable reading. (By the way, my wife thinks I'm nuts! I can't leave my work at the office.) Robert Griswold writes at the easiest common denominator. The book is entertaining and answers the wide variety of questions. Most property managers are "generalists", meaning you have to know a lot of things about a lot of topics: collecting rents, fixing up space, evicting tenants, dealing with difficult people, roof specialist, bookkeeper/accountant, landscape specialist, plumbing specialist, HVAC specialist, etc., etc. One thing that any property manager will know, it is a very detailed career. If you are a person with an interest in property management, a novice or a long-time veteran, this is a must-read book.

77 of 80 people found the following review helpful:

5.0 out of 5 stars Great guide for the property owner, March 25, 2005

By 

David E. Levine (Peekskill , NY USA) - See all my reviews
(REAL NAME)   

This review is from: Property Management for Dummies (Paperback)

This is an excellent guide for the property owner who wishes to manage his/her own property. Importantly, this volume includes a chapter on the issue of whether to manage the property yourself or retain a professional property manager to do it. The pros and cons are weighed. Key issues for the owner are evaluated with the most important (with the possible exception of safety and security) being tenant relations. You can't derive income if you have tenants who fail to pay the rent, so tenant screening is important, including background checks. Additionally, good relations means tenant retention. High turnover means expenses and loss of income during periods between tenants. Additionally, tenancies sometimes have to be terminated and the owner should consider alternatives to the expense and uncertainties of eviction actions. Such an alternative is negotiating with the tenant his/her vacating the premises.

An important chapter covers the issues of employee relations (if you own a multifamily building you will most likely have employees), maintenance and security/safety. Security and safety issues cannot be minimized and the property owner should do the utmost to keep the property safe for both employees and tenants. Indeed, safety may be the most important single duty of a property manager. In the area of commercial property management, particularly since 9/11, tenants pay huge pass alongs in rent to assure tight security. So too, in residential property, security is a crucial issue. There should be a good system to be buzzed in with exterior doors that lock and cannot be opened by intruders. Lead paint, asbestos and other potential hazards must be addressed, not only as a matter of good management but as a matter of law. OSHA and other regulations protect employees and must be complied with.

This book is excellent for owners of property. If you are interested in the profession of property management, this book is helpful but far from complete. Since the book assumes that you are managing your own property, it does not deal with relations with owners. Drafting a management plan, regular reporting, budgeting and other aspects of manager/owner relations are not covered. So, this is a five star book with the caveat that the book is basically for owners, not professional managers.

68 of 71 people found the following review helpful:

5.0 out of 5 stars A Must Have Reference On Propery Management, August 17, 2001

By 

John R. Van Duyne, Esq. (San Diego, CA) - See all my reviews

This review is from: Property Management for Dummies (Paperback)

Robert Griswold's Property Management For Dummies is a wonderfully practical digest on property management covering every applicable subject both for those considering becoming a landlord and for long time landlords. Easy to read, and easy to jump right to the subject on which one needs the most help, Mr. Griswold's years of experience and wisdom are made accessable to the reader. Having been a property manager for over three years now, I was surprised by how much I learned from this book. For anyone considering property management or being a landlord, this book lets one know in advance all the factors to weigh before making that leap. I'll state it again -- you must have this book if you are in any way going to be involved in property management.