Property Management for Dummies

  Author:    Robert S. Griswold, Robert S. Griswold, Robert S., MBA Griswold
  ISBN:    0764553305
  Sales Rank:    11199
  Published:    2001-04-01
  Publisher:    For Dummies
  # Pages:    384
  Binding:    Paperback
  Avg. Rating:    5.0 based on 18 reviews
  Used Offers:    33 from $8.63
  Amazon Price:    $14.95
  (Data above last updated:  2008-10-11 04:38:47 EST)
  
  
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Property Management for Dummies
  
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.

                  Reader Reviews 1 - 21 of 21                 
  
  
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10-01-08 5 (NA)
(Hide Review...)  Property Management Basics
Reviewer Permalink
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.
(Review Data Last Updated: 2008-10-10 05:50:37 EST)
06-05-08 3 0\1
(Hide Review...)  Great overview of property management
Reviewer Permalink
This book offers a fantastic overview of property management for someone who has no idea about it. Very easy to read and well set out into small subsections.
(Review Data Last Updated: 2008-10-01 04:13:06 EST)
03-11-08 5 1\1
(Hide Review...)  Best Investment I've Ever Made
Reviewer Permalink
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.
(Review Data Last Updated: 2008-06-05 18:46:36 EST)
01-23-08 5 0\1
(Hide Review...)  Very informative. I am satisfied.
Reviewer Permalink
This book has been very satisfactory and I will probably read it again a couple of times. In fact, I think I'll start reading it again today. I recommend it to any neophyte property manager.
(Review Data Last Updated: 2008-03-11 20:10:22 EST)
01-04-08 5 1\2
(Hide Review...)  Moving Out Tenants Section Outstanding
Reviewer Permalink
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.

(Review Data Last Updated: 2008-01-24 01:11:59 EST)
12-02-07 2 1\1
(Hide Review...)  Nothing for Condos
Reviewer Permalink
Although I knew this book was written for rental property management and not condos, I hoped it would have at least a couple chapters of overlap that condo property managers could use. Even though I have not been a condo property manager (I rented property in the past), I got nothing out of this book. The author of this book took the title too seriously. It seems written for people who have no understanding of rental property management in this country. Take a close look at the table of contents before getting this book. I just ordered Be A Successful Property Manager by Woodson, Roger.
(Review Data Last Updated: 2008-01-05 19:02:41 EST)
08-23-07 4 0\1
(Hide Review...)  Great Resource!
Reviewer Permalink
This book provided a great starting point for me. Guiding me in a good direction. I eventually contacted Talley Properties http://www.TalleyProperties.com for my management needs.
(Review Data Last Updated: 2007-12-02 00:49:41 EST)
06-09-07 3 0\2
(Hide Review...)  Read it, didn't do it
Reviewer Permalink
We were looking at the possibility of purchasing a rental home for the first time. I felt this gave us quite a bit of very useful information & was easy to understand. However, we did not end up with the rental home we thought. We did not realize that an insurance coverage on a rental property built in 1950 would be so much! However, we fould out the hard way that the plumbing & electricity must have documentation saying they have been updated & when. It also helps to have a brick home over a woodframe. There were only 2 companies out of about 20 that we called who would even consider insuring the home & at that they wanted about twice as much as I pay on my homestead. The book didn't warn us about that, but was pretty good in describing the laws & procedures involved in purchasing, maintaining, and renting a property.
(Review Data Last Updated: 2007-08-23 20:54:00 EST)
03-10-07 5 4\4
(Hide Review...)  Terrific for those just starting out...
Reviewer Permalink
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.
(Review Data Last Updated: 2007-06-27 14:05:04 EST)
03-09-07 5 1\1
(Hide Review...)  Terrific for those just starting out...
Reviewer Permalink
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.
(Review Data Last Updated: 2007-04-09 18:13:24 EST)
11-11-06 5 1\1
(Hide Review...)  Very good resource
Reviewer Permalink
This is an easy-to-read resource that provides a good basis of knowledge for the aspiring property manager. It's a great place to start if you have no idea what else to do. It should have come with a CD with all of the forms that it mentions, but that's a minor gripe.
(Review Data Last Updated: 2007-06-27 14:05:04 EST)
11-10-06 5 1\1
(Hide Review...)  Very good resource
Reviewer Permalink
This is an easy-to-read resource that provides a good basis of knowledge for the aspiring property manager. It's a great place to start if you have no idea what else to do. It should have come with a CD with all of the forms that it mentions, but that's a minor gripe.
(Review Data Last Updated: 2007-03-10 06:58:52 EST)
09-12-06 4 (NA)
(Hide Review...)  Great Book!
Reviewer Permalink
Really got me thinking and was filled with very useful, helpful, informative, but easy and simple to understand tricks. One of my favorites. A+
(Review Data Last Updated: 2006-09-12 06:52:06 EST)
06-27-06 4 2\3
(Hide Review...)  Easy to digest.
Reviewer Permalink
This book helps the new property manager get a feel for what it takes to be a property manager. Easy to read.
(Review Data Last Updated: 2007-06-27 14:05:04 EST)
03-18-06 4 10\11
(Hide Review...)  Very good book. Surprised!
Reviewer Permalink
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!
(Review Data Last Updated: 2007-06-27 14:05:04 EST)
08-29-05 5 8\12
(Hide Review...)  Helpful Book
Reviewer Permalink
The Property Management for Dummies book was just what I needed. It is written in a clear, sensible way AND the index helped me get to the subjects I needed quickly.
(Review Data Last Updated: 2007-06-27 14:05:04 EST)
07-09-05 5 6\7
(Hide Review...)  All levels of landlords will benefit from this book
Reviewer Permalink
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.
(Review Data Last Updated: 2006-07-07 07:17:03 EST)
03-25-05 5 43\45
(Hide Review...)  Great guide for the property owner
Reviewer Permalink
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.
(Review Data Last Updated: 2006-07-07 07:17:03 EST)
12-14-01 5 115\122
(Hide Review...)  You are not a "Dummy" if you read this book.
Reviewer Permalink
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.
(Review Data Last Updated: 2006-07-07 07:17:03 EST)
08-18-01 5 58\60
(Hide Review...)  A Must Have Reference On Propery Management
Reviewer Permalink
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.
(Review Data Last Updated: 2006-07-07 07:17:03 EST)
06-13-01 5 32\33
(Hide Review...)  The best information on property management is in this book!
Reviewer Permalink
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.

(Review Data Last Updated: 2006-07-07 07:17:03 EST)
  
                  Reader Reviews 1 - 21 of 21                 
  
  
  
  
  
  

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