The Real Estate Property Management Guide
By Jeffrey Roark and Jeff Rohde
4.5/5
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About this ebook
In today's competitive real estate market buying property is one thing, but successfully managing and leasing your real estate investment can be an entirely different story!
The Real Estate Property Management Guide covers all aspects of residential and commercial real estate property management including: How to make sure you're buying the right property for you, how to choose a name for your holding company, how to find and keep good trades people, tenant leasing and management, how to market your property, and most importantly, how to close the deal!
The Guide is written for both new and experienced real estate investors. Whether you're investing in a single family home, an apartment building, a shopping center or an office building you'll find useful, real-world, actionable information that you can put to use right away.
The author of the book, Jeffrey Roark, has over 25 years of experience in all aspects of the commercial and residential real estate markets and the Guide is filled with his hands-on, practical experiences to show you how to property manage real estate the right way!
Jeffrey Roark
Writing under the pen name Jeffrey Roark, Jeff Rohde has over two decades of extensive experience actively working in and writing about all aspects of the real estate industry: Residential, multi family, commercial, leasing, renting, selling, group investing, business brokerage and property management. Jeff began his real estate career over 25 years ago in the Midwest by investing primarily in own investment portfolio. Over the past 15 years he has personally brokered tens of millions of dollars worth of real estate sales and lease transactions for his clients - and for his own portfolio - in retail, office, industrial, single-family and multi-family residential income properties, and in raw and subdivided land. Jeff Rohde is a Certified Commercial Investment Member. The CCIM designation is held by only 15,000 commercial and investment real estate professionals worldwide and is the highest professional certification one can earn in commercial investment real estate. In addition to over 25 years of experience working in investment real estate, Jeff has written several very popular real estate books under the pen name Jeffrey Roark - The Basic Property Management Guide, Investment Real Estate Analysis: A Case Study, How To Find & Keep Great Tenants, and How To Make Money In Property Management. These can be found through all of the major book distributors in both ebook and print formats. Jeff also operates J Scott Digital, where he specializes in content creation, editing and proofreading in the real estate, finance and investment, and general business sectors for clients around the globe. To learn more about Jeff Rohde and to view his weekly blog posts visit JScottDigital.com
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The Real Estate Property Management Guide - Jeffrey Roark
Introduction
About the Writer
The Real Estate Property Management Guide is written under the pen name Jeffrey Roark.
A pen name is used because the real Jeff
currently owns and operates a private investment brokerage in the Western U.S. Since the intent of this Guide is not to gain business for his brokerage, or share market-specific trade secrets, he has chosen this anonymous form of authorship.
Rest assured, The Real Estate Property Management Guide is based on over a quarter-century of actual, real-life experience. It is not academic, classroom or theoretical. Jeff’s clients pay him a lot of money for information you’re about to receive.
Jeff began his real estate career over 25 years ago in the Midwest by investing primarily in his own investment portfolio. Over the past 15 years he has personally brokered millions of dollars worth of real estate sales and lease transactions for his clients in retail, office, industrial, single-family and multi-family residential income properties, and in raw and subdivided land.
He is a Certified Commercial Investment Member. The CCIM designation is held by only 15,000 commercial and investment real estate professionals worldwide and is the highest professional certification one can earn in commercial investment real estate.
Jeff currently owns and operates a private investment brokerage located in the Western U.S. that provides sales, leasing and property management services to its clients. Those clients range from single-property investors to owners of large commercial portfolios. The firm’s advice to its clients is straightforward and based on the realities of the marketplace.
The Real Estate Property Management Guide provides the same candid advice.
Your investment with us is sincerely appreciated and we trust that what you learn from this Guide will pay for the purchase price many times over.
Why Did You Buy Your Investment Real Estate Property?
To make money of course.
Truthfully, why did you really buy your investment property? Why did you choose . . .
Retail
Office
Industrial
Residential
Single-tenant
Multi-tenant
What makes one better than the other?
And exactly how do you plan on making money with it?
It’s surprising how many investors can’t answer this question except with a vague idea of . . .
"I purchased the property at below replacement cost, therefore the property price is going to appreciate and then I can sell it and make money", or,
"I can raise rents because the current rents are below market".
In a time where there is so much vacant product available, is below replacement cost really a relevant measurement? Below replacement cost assumes that if a specific property is not purchased then a new one must be built, but in today’s market this is rarely the case when there is so much property to choose from.
Are the rents really below market? More often than not I’ve seen below market rents used as part of a property sales pitch by sellers or their brokers marketing property to buyers not familiar with the market. Think about it this way, if the rents are really below market why doesn’t the current owner just raise them himself?
Maybe you’re reading this Guide before you’ve actually purchased your property and will pick up some points to consider and think through before going under contract. Maybe you already own something and are looking for ways to make the daily operations, leasing and property management run better.
We’ll use Notes From The Field throughout this Guide to illustrate examples, create scenarios, and to expand on general points. Remember, these Notes From The Field are based on real-life experiences, with only the names and specifics changed!
Let’s get going!
Field Note #1
Just Because You Can Finance a Property Doesn’t Mean You Should Buy It
I remember receiving a referral from an existing client, for a friend of his who had decided to become a professional real estate investor. This investor had recently sold his business, along with the building that the business was located in, and had about $5 million to invest.
The investor had a strong relationship with a large national investment bank and would be able to purchase about $20 million in investment real estate by leveraging his existing cash.
To most commercial real estate brokers this might seem like a dream client. Imagine the commissions to be made from selling $20 million in investment real estate!
Our company provides more than just brokerage services. We also provide leasing and property management services, along with general real estate investment advice to the client.
Because of this business philosophy, if we recommend to a client that she buy a particular property the odds are our company is going to be handling the leasing and management as well. In one way or another we’ll feel some responsibility if the property performs well or if it goes south.
Whenever I begin working with a new client I always do some fact finding, to get a feel for the investor’s background and experience, comfort levels with different property types, general business acumen and overall investment expectations. Very similar to the information an investor provides when setting up an on-line stock trading account.
Here’s my line of questioning and the responses I received:
Q: Have you owned investment property before?
A: No.
Q: Are you looking for a specific product category - Retail, office, industrial, multi-family, single-family?
A: Good question. I haven’t really thought