Property Management for Dummies

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.

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.

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.

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.