Customer Reviews

Property Management for Dummies

5 star:		(16)
4 star:		(4)
3 star:		(1)
2 star:		(1)
1 star:		(1)

 

 

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.

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.

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.

Whether you live on the east coast or the west coast, looking to own a condo or a multi unit investment, this book will help answer a majority of the most puzzling questions a landlord might have in managing a property. It gives simplified step by step instructions on each process throughout the book....fun to read and very clearly written.

If you are about to enter the world of being a landlord, this book will tell you the rules. Every person needs this book for his or her financial self-defense and peace of mind. Read this book and preclude the problem before it happens.

Great addition to your library and you may find yourself referencing it as a situation arises. The Dummies' author, Robert S. Griswold, covers all the usual subject matter plus insurance, evictions, and other lawsuits in greater detail than most other landlording books. Has nice graphs and charts to illustrate the author's points.

My only complaint is that there isn't much mention about the all-important first step - finding a rental unit with positive cash flow. This book can't help you much if you own a rental unit that's costing you hundreds each month to run.

As a newbie in the world of real estate investment and property management, I found this book tremendously helpful. It is easy to read, contains a number of sample documents (just wish they were available on CD or online), and takes you through the process from beginning to end. Although the entire book is informative, I found the chapters on preparing your rental property, generating interest, and handling prospects/showing the rental, to be particularly useful for me as I get started. As a person new to this field, I find myself sometimes not even knowing the right questions to ask, or the right things to consider. Mr. Griswold covers it all in detail, and this helped me to visualize what the experience will be like. Case in point, the telephone interview check sheet, guides you through what questions to ask of the potential tenant, so that you can determine if this person may or may not be a good candidate, before taking things further. Why waste their time, or yours? This is just one example of the many tips and guidelines available in this book.

The reason i gave this book a 4-star feedback is because i happen to have a book which is more extensive that this one, but as well more expensive. But this book, just about covers it all on the topic and very concise. I will keep it as an excellent reference book. Good for anyone; experienced or begginer property managers and for people who have rental units. Great buy!

This is a great book for the reference shelf of almost all rental property owners or landlords.

I particularly like the section on Moving Tenants Out. I have been managing tenants for about 7 years in rental properties that I own, but after reading the section, I realilzed that I had been overlooking several useful techniques.

The best technique of all was to send the tenants a "Move-Out Information Letter." The letter thanks the tenants for making your rental ujnti their home, but more importantly it providest them with the procedures to follow to prepare the rental unit for thefinal move-out. It tells them how clean you expect the property to be in order for them to have their security deposit returned.

The copy of the move out letter provided in the book is one that I will use from here on out.

I found that this book covered the basics. Very easy to read and understand. However, the contents seemed to be mostly common sense type of information. Not too many unique thoughts or ideas. If you are really interested in learning more in depth information about managing your own property, I suggest reading a variety of books by genuine realty experts and then contacting your local realty board in the state you live in. The law varies so much from state to state, you really need to read the tenant-landlord act in the state where you reside before you make any real decisions about managing your own property.

I just paid off my house mortgage and decided that it might be a good idea to invest in a rental property. I didn't have a clue as to what that might entail, in fact, the only time I ever lived in a rental was for two years and we rented from my in-laws. Talk about clueless! This book is incredible! It takes you step-by-step through all the aspects of owning a rental property and even has forms and lists you can use. It tells you how to check out prospective tenants, how to show the property to prospects, how to deal with problem tenants, how to manage the property and actually make money, and so much more, and it's all written so that even I could understand it. It also tells you what copies to request from the present landlord, such as copies of the present tenants leases, current insurance policy, property tax bill, any service agreements if applicable - pest control, maintenance, lawn care, and more.

I'm starting to look at properties now that I've done my homework and I feel much more confident and knowledgeable. I don't know what I would have done without this guide.