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EXCELLENT BOOKS FOR PROPERTY OWNERS AND MANAGERS

We asked property managers and real estate experts to share their favorite books. Here are recommended books to help educate industry professionals.

Numbers Game: The Science of Increasing a Rent Roll Author: Ben White Recommended by Daniel Foley, founder of SEO Consultancy In the sense that it is a science that can be measured, tracked, and optimized, growth is a game of numbers. This book demonstrates how to evaluate each market’s growth prospects through persuasive consumer research. Five growth channels can be used to identify every lead source. A tailored marketing effort can be used to assist any growth objective.

Home Buying Kit For Dummies Authors: Eric Tyson and Ray Brown Recommended by Matt Teifke, founder and CEO of Teifke Real Estate The book includes a glossary of key real estate terms, making it a valuable resource for anyone in the property management field. It’s one of the best business books for property managers. It provides insights into what potential renters are thinking when they’re searching for a new home.

This book is chock full of helpful information for first-time homebuyers, which can be beneficial for property managers who are working with potential renters who are looking to rent their first home. The book covers everything from understanding credit scores to negotiating with sellers, mak-

ing it a valuable resource for anyone in the property management field.

Rental Property Management: How to Create Wealth Through the Management of Rental Properties Author: Angela Williamson Recommended by Catherine Mack, co-owner of House Buyer Network Through this book you can start reaping the rewards of your investments. You’ll learn how to locate the right properties and how to acquire and then rent them. Investing in real estate is something you shouldn’t leave to the toss of the dice but rather you should learn about it. Written by a successful real estate investor, this book gives you the inside track on how to get started and avoid the pitfalls associated with property management.

The author writes from experience and in an easy-to-follow way. Out of many property management books, this stands out as the simplest to digest. It features difficult topics broken down into bite-sized chunks. For anyone just starting out or for the more experience investors who look for a confidence boost, this is the book for you.

Property Management Kit Author: Robert S. Grisworld Recommended by Cam Dowski, real estate mogul, WeBuyHousesChicago.Co Among the Book you’ll find suggestions for advertising vacant rental units, enhancing curb appeal, and modernizing the apartment complex and rental units up for lease with contemporary features and amenities desired by today’s renters. Effective techniques for locating trustworthy renters, choosing rental rates, drafting a strong lease agreement, relocating your renters, and collecting rent are all covered in the book.

You will be familiar with the needs for a multifamily property in terms of taxes, insurance, and meticulous financial reporting. This book will also walk you through the potential problems you might run into as a rental property manager, such as dealing with renters who pay their rent late, having to evict renters, handling emotional support animals in spite of your pet policy, building maintenance concerns, and emergency maintenance issues. The most recent updates to Fair Housing regulations, law revisions and property management technologies are here to help you stay out of trouble. With the help of this comprehensive resource-filled bundle, you may become one of the top rental property managers in your neighborhood.

Real Estate Finance and Investment Authors: William Brueggman and Jeffrey Fisher Recommended by Sai Blackbryn, CEO and marketing head of CoachFoundation.com

A favorite for real estate information. It covers a wide range of topics in real estate and finance, starting with the fundamentals of PV, NPV, FV, and interest rates. It moves on through REITs, leveraged structures, for-sale properties, and income properties. Even for someone without a background in finance, it is simple to grasp and read.

The content is based on the American market, but real estate may vary widely from country to country. If you are from another nation, you must be careful in how you perceive each part so that you can customize it to suit your requirements.

The 7 Stages of Small Business Success Author: Carl Gould Recommended by Anna Scheller, CEO of Capri Temporary Housing We are in one of the greatest economic downturns seen in recent history, and Carl Gould predicted it in his book. The 7 Stages book acknowledges that, and then helps managers and business owners build a road map to their destination using the secret opportunities afforded by an economic downturn.

This book offers ideas to make a huge turning point in property management. Not only does it help outline where you want your property management to end up, but it helps to turn around a failing business and transform it into a multimillion dollar company. This book is the ultimate guide to creating your road map to success.

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TIPS TO MANAGE RISING INSURANCE COSTS

Q. What is the current state of property insurance rates in 2022 and going forward into 2023? The industry is experiencing higher insurance rates and re-rated ZIP Codes into what is called ‘high fireline zones,’ which is the propensity for propelling a fire to jump from one property to another one. Newly built properties cost less to insure since they have many safety features. Older properties cost more due to the building codes enforced today. A house built before 1950 is going to cost more to insure than one built in 2022 per square foot.

Q. If you want a competitive price for property insurance, what criteria can you use to determine which provider works for you? If you’re looking for a competitive price, consider the age of the property and pay attention to discounts, which include reduced prices for properties with fire sprinklers, monitored alarm systems, water sensors, etc. Also, you can reduce overall costs if you get an umbrella policy that includes car insurance.

Always get at least three quotes. They should be about to 10 to 15 percent difference in cost.

Q. What coverage is absolutely required to protect your property? Make sure you insure your property enough to cover the rebuild cost per area/ZIP Code. Also, make sure to keep on cost of construction in your ZIP Code. You can calculate the cost per square foot. It’s important your coverage allows you to replace your

By Curt Bulloch

house at an equal value before your loss. More coverage is better than less. Consider a policy that has at least 150 percent extended replacement cost on the dwelling. Building code coverage should be at least 25 percent or more if you have an older house built before 1960. Some carriers will offer 200 percent replacement cost. Take it to protect your property. Carriers will also automatically increase your coverage year over year to keep up with inflation.

Q. What kind of coverage isn’t necessary? Home warranties aren’t necessary. Most carriers offer equipment breakdown coverage for a small fee. This fee is a good value, as it covers things like service line coverage for gas, water, and sewer-line failure.

Q. What if, for example, you need fire, earthquake, or flooding coverage, but providers have marked it up so much, it’s much too costly but you have to have it? What can you do to mitigate costs? If your property is in a high fire zone, the California Fair Plan offers a policy with fire coverage only. Then you can purchase a companion policy called ‘Difference in Conditions’ for other coverage such as: water damage, theft, liability and more. Earthquake and flood policies both have large deductibles. It’s important to understand how the deductible works and what is covered. Most importantly, if you want to save money, prevent claims by inspecting and maintaining your property. Q. What is your best tip to overcome escalating insurance costs? Choose a higher deductible.

Q. Is there anything property owners must know about property insurance? Coverage changes every year. Review your policy, ask questions, do research on how much to rebuild or remodel your house based on today’s dollars you will need. Can you afford a high deductible?

Curt Bulloch, owner of Bulloch Insurance Brokers Inc., specializes in insurance for property managers and rental property owners. He has 15 years of experience in financial and legal research data sales management, design and support, content and data licenses, managing and growing licensed data.