Landlord 101: Managing Rental Properties


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  • 12
    Lessons
  • 26
    Exams &
    Assignments
  • 11
    Hours
    average time
  • 1.1
    CEUs
  • 4,424
    Students
    have taken this course
 
 
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Course Description

Have you ever wanted to be a landlord? This multi-faceted career can be challenging and rewarding both personally and financially. Our course provides a broad yet detailed examination of the many areas that a property manager must blend together to be successful. Lesson 1 asks the question: are you ready to be a landlord? It focuses on the disciplines involved in property management and discusses planning and goal setting. In Lesson 2, you'll discover the benefits of commercial and residential properties, and what types of tenants will be renting from you. We explain what to do before purchasing a property and how to make an offer in Lesson 3.

Ownership rights and responsibilities are discussed in Lesson 4, including laws and regulations you must abide by. Lesson 5 examines the financial factors to consider and how to set rental prices. You'll learn how to choose the best tenants and how to attract them to your property in Lesson 6. Dealing with tenants (and how to avoid bad ones) makes up Lesson 7.

Lesson 8 covers handling tenant issues and explains the eviction process. We focus on the lease in Lesson 9 by explaining how to create a lease and the lease dispute resolution options are available to you. Lesson 10 will help you understand the five types of property maintenance and describes common trouble spots. In Lesson 11 we discuss financing options for purchasing your property. The course concludes with Lesson 12, which explains how to sell your property.

A Career in Income Property Management

Becoming a Landlord
 
You have decided that you want to own real estate property. You have some money to invest and you are ready for years of rental income, tax deductions, and equity growth. Real estate investment has traditionally been a relatively secure long term strategy to build wealth, and your strategy is to buy numerous properties and manage them yourself. However, what is it really going to take to buy and hold these investments, and make sure they earn you money over the years?

Even during strong economic periods, maintaining a portfolio of successful investments takes time, energy, and money. Owning an income property typically means being available at any time in case of emergency. Having the right personality, and perspectives, will determine whether a property owner succeeds or fails at holding and managing properties. Patience, responsiveness, and communication skills are hallmarks of a solid real estate management strategy.

The ability to plan is also an essential component for long term success. Developing a long term plan will help define goals and objectives and manage your growth. A solid plan is a reminder of where you are heading, and how you will get there.
The first step towards a career in property management involves self analysis. Before putting any financial effort into property management, you must ask yourself if you are prepared to commit to a long term strategy. What is your temperament?
Can you handle emergencies or financial difficulty? Are you a good judge of character, can you spot troublesome, potential renters? These and other questions should be addressed to make sure that you would be able to manage each rental situation.

Becoming a property owner involves six core disciplines requiring skills and knowledge.

Sales and Marketing

Ability to advertise and market to prospective tenants. Ability to sell property effectively.

Money Management

Able to understand and manage expenses. Knowing how and when to increase income.

Building Structure and Carpentry

Understand basic carpentry, electrical, plumbing and climate control systems. Understand property specifics, landscaping and building inspection requirements.

Communication

Ability to communicate with tenants, municipal officials, maintenance, and repair personnel.

Negotiation

Able to negotiate price, terms, conditions, and other facets. Able to deal with tenants and property sellers.

Regulatory

Knowledge of building code, zoning, and other restrictions. Understand permitting requirements and process.

Once you determine that you have the ability to become a property owner, it will be helpful for you to understand what issues are involved in property management. As you can see by the table above, there are several disciplines that intersect when you own and manage real estate. Once you understand each discipline, and design a strategy to handle elements within each discipline, running a property will be easier. Let us look at some basics of income property management.

  • Finding the right property. Searching for solid properties with good rental potential; what to look for during inspection; how to analyze income and expenses.
  • Buying the property. How to negotiate price, terms, and other considerations in your favor; what type of mortgage to use, and when to refinance; when to use creative financing to purchase the property.
  • Attracting and retaining tenants. How to bring in tenants, keep them happy and generate profit from them; knowing what channels to use to attract the best tenants; how and when to increase rental income.
  • Resolving building and property issues. Handling repairs, weather damage, code violations, equipment replacement, and updates; dealing with neighbors and community issues; complying with regulations and requirements.
  • Handling tenant issues. How to deal with delinquent payments, damaged property, community violations (loud noise, unsafe conditions), occupancy violations, and other lease issues, handling special requests.
  • Dealing with vacancies. Limiting empty space; promoting rental openings; preventing vacancies by creating long term relationships.
  • Financial activities. Paying expenses such as repairs, maintenance, updating, and waste removal; paying debts on the property; collecting rental payments on time.
  • Dealing with contracts. Creating effective agreements for purchases and leases; handling clause violations directly (minor offenses) or through litigation (major offenses); and ending a contract.
  • Complying with laws. Meeting structural codes (fire, safety, others); operating according to property owner and tenant laws; meeting housing regulations.
  • Keeping good records. Performing financial accounting; documenting activities; maintaining complete, accurate, and updated records.
You do not have to be an expert in each discipline of property management; however, you will have more success and fewer headaches if you become familiar with each aspect. Remember, if you want to remain in this career for the long run, you will be better off if you take the time to become more knowledgeable.

Setting Goals

The next step in your journey to becoming a successful income property manager is to determine your personal goals and your financial goals. Your personal goals may include how many and what types of properties that you want to manage, how much time you will be involved in this effort, and where the properties will be located. Financial goals should include income and expense objectives, return on investment (ROI), short term (3 to 5 years), and long term (10 to 30 years) net worth calculations. The goals that you set should be firm but flexible; they will become a map for you to follow, but changing circumstances may force you to alter your goals occasionally.

To ensure that your goals as a property management professional are solid, they should follow the well known acronym S.M.A.R.T.

Specific. Use actual dates, dollar figures, locations, resources, and other criteria that will make up your goals. Specific goals provide focus and clearly define your efforts as you proceed with this endeavor. If you simply indicate general objectives such as, "You would like to earn more money." your goals will be difficult to manage and to measure.

Measurable. To track your progress, use measurements (such as dollar amounts) that can be easily compared and analyzed. Establish monthly, quarterly, and annual figures for each of your objectives. Concrete data allow you to stay on track, push to reach target dates, and feel a sense of achievement when the goals are reached.

Attainable (Achievable). Establish goals that can be reached by effort, by committing yourself to improving skills, attitude, financial capacity, abilities, and knowledge. As you achieve and experience more, your goals will seem closer and opportunities that you once ignored may be realized.

Realistic. Determine what you want to achieve by setting reasonable benchmarks. Goals are not dreams; they should be rational, given your financial status, education, experience, attitudes, and abilities. If you want to stretch yourself, establish two sets of goals, one set that can easily be reached with appropriate work and another set that might be possible with a lot of hard work.

Timely (Time Sensitive). When setting goals, connect achievement with a timetable. By establishing goal dates, you will create a sense of urgency. This sense of urgency can drive you to achieving your goals; without it, you may not push yourself enough and you may become disappointed or lose focus. (T can also stand for tangible.) Have goal achievement affect your senses. By rewarding yourself with a sensory experience, such as an expensive meal or new clothing, you "feel" goal achievement through a direct physical connection.

Experts suggest that you document your goals in writing. While you may be able to determine and set goals simply through a thought process (and perhaps repeating them to yourself), written goals are the most effective way of managing and achieving each objective. By writing goals down, you create a record to follow, you can visually share your goals with another person, and you will establish the significance of setting each goal.
  • Completely Online
  • Self-Paced
  • Printable Lessons
  • Full HD Video
  • 6 Months to Complete
  • 24/7 Availability
  • Start Anytime
  • PC & Mac Compatible
  • Android & iOS Friendly
  • Accredited CEUs
Universal Class is an IACET Accredited Provider
 
 

Course Lessons

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Lesson 1. A Career in Income Property Management

This lesson introduces you to property ownership and management. We cover the basics of property ownership requirements and discuss setting personal and financial goals 18 Total Points
  • Lesson 1 Video
  • Review Article: Property Management Goals
  • Take Poll: Rental Property
  • Complete Assignment: An Introduction
  • Complete: Lesson 1 Assignment
  • Complete: Lesson 1 Exam

Lesson 2. Property Types

This lesson covers the two primary real estate classifications: commercial property and residential property. We examine retail, industrial, and office buildings, and discuss what to look for in a commercial property. Then we cover residential investments 10 Total Points
  • Lesson 2 Video
  • Review Article: Property Management Software
  • Complete: Lesson 2 Assignment
  • Complete: Lesson 2 Exam

Lesson 3. Buying Your Property

This lesson covers the steps involved in purchasing an income property. We will start with analyzing a property, then discuss financing options, and continue with the strategy of making an offer. We end with an examination of the basics of a purchase and 15 Total Points
  • Lesson 3 Video
  • Review Article: How to Get Financing for Rental Properties
  • Complete: Lesson 3 Assignment
  • Complete: Lesson 3 Exam

Lesson 4. Rights and Responsibilities

This lesson covers the obligations that are involved in landlord and tenant relationships. We begin with the responsibilities you have as a property manager, including your duty to maintain the property. Next, we provide an overview of income property. 14 Total Points
  • Lesson 4 Video
  • Complete: Lesson 4 Assignment
  • Complete: Lesson 4 Exam

Lesson 5. Financial Considerations

This lesson covers the financial aspects of managing properties. Starting with elements of a budget, we proceed to a discussion about setting your rental prices. We conclude with the tax implications of property ownership. 14 Total Points
  • Lesson 5 Video
  • Complete: Lesson 5 Assignment
  • Complete: Lesson 5 Exam

Lesson 6. Tenants

This lesson covers how to attract and retain quality tenants. We start with a discussion on how to reach the best possible prospects. Then we will examine how to choose the tenants you want. The lesson concludes by offering ways to keep good tenants. 13 Total Points
  • Lesson 6 Video
  • Take Poll: Tenant Qualities
  • Complete: Lesson 6 Assignment
  • Complete: Lesson 6 Exam

Lesson 7. Dealing with Tenants

This lesson covers a property manager's greatest challenge, the tenants. We will discuss things that can go wrong, how to avoid bad tenants, and an effective approach to handling situations involving tenants. 15 Total Points
  • Lesson 7 Video
  • Complete: Lesson 7 Assignment
  • Complete: Lesson 7 Exam

Lesson 8. Tenant Issues

This lesson covers the management of issues involving tenant behavior. We will discuss how to manage tenant behavior, five common problems involving tenants, and the eviction process. 14 Total Points
  • Lesson 8 Video
  • Review Article: Feuding Tenants
  • Take Poll: Tenant Issues
  • Complete: Lesson 8 Assignment
  • Complete: Lesson 8 Exam

Lesson 9. Creating a Lease

This lesson covers the essential tool for property managers, the lease agreement. We will explain the importance of a lease then cover essential terms within a lease. The lesson concludes with a brief discussion on how to resolve disputes regarding the le 15 Total Points
  • Lesson 9 Video
  • Review Article: Raising Rent - What to Consider
  • Complete: Lesson 9 Assignment
  • Complete: Lesson 9 Exam

Lesson 10. Property Maintenance

This lesson covers maintenance issues involved in property management. We discuss the types of maintenance required and examine common areas that may need maintenance. 13 Total Points
  • Lesson 10 Video
  • Complete: Lesson 10 Assignment
  • Complete: Lesson 10 Exam

Lesson 11. Financing

This lesson covers the elements of financing an income property purchase. We start with fundamental concepts and what lenders look for. Next, loan types are discussed. The lesson finishes with some creative ways to finance a purchase. 12 Total Points
  • Lesson 11 Video
  • Complete: Lesson 11 Assignment
  • Complete: Lesson 11 Exam

Lesson 12. Selling Your Property

This lesson covers the process of selling an income property. We explore whether a real estate broker is necessary then discuss the selling approach. The lesson finishes with an examination of what buyers look for. 58 Total Points
  • Lesson 12 Video
  • Take Poll: Let us know what you think of this course
  • Take Survey: Program Evaluation Follow-up Survey (End of Course)
  • Complete: Lesson 12 Assignment
  • Complete: Lesson 12 Exam
  • Complete: The Final Exam
211
Total Course Points
 

Learning Outcomes

By successfully completing this course, students will be able to:
  • Know career opportunities in income property management.
  • Define property types.
  • Know buying your property.
  • Describe rights and responsibilities.
  • Know financial considerations.
  • Define tenants and what to look for in a tenant.
  • Describe dealing with tenants.
  • Know common tenant issues and how to resolve them.
  • Create a lease.
  • Describe property maintenance responsibilities.
  • Determine when to sell the property, and
  • Demonstrate mastery of lesson content at levels of 70% or higher.
 

Additional Course Information

Online CEU Certificate
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Document Your CEUs on Your Resume
 
Course Title: Landlord 101: Managing Rental Properties
Course Number: 7550158
Languages: English - United States, Canada and other English speaking countries
Course Type: Professional Development (Self-Paced, Online Class)
CEU Value: 1.1 IACET CEUs (Continuing Education Units)
CE Accreditation: Universal Class, Inc. has been accredited as an Authorized Provider by the International Association for Continuing Education and Training (IACET).
Grading Policy: Earn a final grade of 70% or higher to receive an online/downloadable CEU Certification documenting CEUs earned.
Assessment Method: Lesson assignments and review exams
Instructor: Linda Zavadil
Syllabus: View Syllabus
Duration: Continuous: Enroll anytime!
Course Fee: $70.00 (no CEU Certification) || with Online CEU Certification: $95.00

Student Testimonials

  • "The total scope of the course and what would be involved in becoming a Property Manager was most helpful. It emphasized the many areas you would have to know to be successful. The course was very useful and the instructor was encouraging. " -- Blair W.
  • "The class was a great experience for me and I am glad that they have schools like this to help people." -- Jonathan P.
  • "I absolutely enjoyed this course. I felt that the reading material was easy to read and understand. My husband and I have purchased a couples of 3 flat buildings. I feel that the course has been very helpful, I have learned a lot by taking this course. Now the knowledge that I have gained by taking this course will be helpful to us in being landlords." -- Doris C.
  • "My course instructor was excellent." -- Bryan S.
  • "I loved how the video pretty much matched the text. I am more of a visual learner than just reading." -- Shane N.
  • "Enjoyed the videos and Tests.. Great refrence Websites!!" -- Matthew T.
  • "The entire class was very helpful." -- Deven H.
  • View More Testimonials...

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