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Regardless of your pet policy, it is fine to charge a pet deposit or fee, as long as you allow residents to have service animals.
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Apartment Rent

Feb 06
2012

Rent Roll Buying and Selling – More Than Meets the Eye

Posted by Buildium LLC in Resident Satisfaction , Resident Retention , Rent , Property Management Companies , Property Management , Move , Lease Agreement , Customer Service , Communication , Business Center , Brand Monitoring , Apartment Industry , Apartment Development , Apartment

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By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia

Recently, I have been involved in the sale and purchase of a rent roll. I had the rare opportunity of consulting for both the buyer and purchaser. Let me say, this was the smoothest and least stressful rent roll transfer I have ever witnessed!

Now some might say there is a conflict of interest by consulting to both the seller and the purchaser, and yes, I would agree! I definitely had my reservations about consulting and advising to both of them, but I discussed my dilemma with both parties. They both agreed they would retain me as the consultant and adviser through the negotiation, transfer, settlement, transition and retention period. In fact, I even conducted the inspection and overview on the selling rent-roll, and prepared the due diligence report.

Jan 23
2012

A Resident's Expectations

Posted by Buildium LLC in Residents , Resident Satisfaction , Resident Retention , Rent , Property Management Companies , Property Management , Lease Agreement , ApartmentRatings.Com , Apartment Maintenance , Apartment Industry , Apartment Community , Apartment , Accounting

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By Steven Van Zile, Total Management, New York, NY

Within the past 24 hours, here are the maintenance issues I’ve experienced at the property where I reside: the maintenance person, loyal to this building for 33 years, responds to a clogged toilet by advising us to pour bleach down the toilet. Concurrently, the intercom buzzer is stuck and won’t shut off. And, of course, the elevator renovation that started out as a one week project actually turned into a three week project, providing 6th floor tenants the opportunity to save money by cancelling their gym memberships.

It’s always seemed simple to me; as residents, we pay rent, maintenance fees, or mortgage payments and the property management staff provide services for the resident. Building and trust owners hire those property managers based on their abilities to keep churn rates low, vacancy at zero, and tenants happy all at or below a budget designed to re-invest in the property. So what happens when we tenants aren’t happy? Well, in today’s age of instant knowledge and access, a lot of renters turn to rating sites like Yelp or apartmentratings.com to spitefully pen scathing reviews in an attempt warn others. These sites might be seen as a threat, but if you’re really good at your job, more transparency can only help you, and reviews will actually help your business grow.

Jan 13
2012

Weighing in - why accepting credit cards for rental payments might not be a good idea.

Posted by Bill Szczytko in Technology , Residents , Rent , Multifamily , Apartment

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Accepting credit cardsAccepting credit cards for rental payments has been a hotly contested item in the office since Twitter published its first tweet. I'd like to get your opinion on it - not because I want to win some office bet (1/2 day off!) but because I still think this is a sticking point for some companies. Let's clear the air, check the evidence and try to figure out what we should do.

Pay a convenience fee for being convenienced.

Quick math. If you collected $10 million dollars a month in rents and that was all paid by credit card at 2.5% per transaction that would be $250,000 a month you'd flush down the toilet. It isn't practical for our bottom lines to write these kinds of numbers off. (Shoot if it was, I'd process the transactions using some crayons and a phone and keep the $250,000 myself). Only way you can overcome these lopsided mathematics is to charge a convenience fee. The trouble is the laws regarding the fees are pretty convoluted and require a decoder ring and expensive lawyers to understand. 

Here's the skinny: Discover (the card that pays you back) doesn't care who you charge a convenience to just as long as it isn't higher than what they're charging you per transaction. MASTERCARD says:

Dec 06
2011

The True Value of a Property Management Company

Posted by Buildium LLC in Residents , Rent , Property Management Software , Property Management Companies , Property Management , Occupancy , Multifamily , Customer Service , Communication , Apartment Residential , Apartment Marketing , Apartment Leasing , Apartment

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A guest post by Andrew Payne, Louisville Property Management, Louisville, KY

Before doing business with a property management service, a property owner must feel that the company’s 8-10% management fee is valid and deserved. When you take a call from a prospective client, you must sell yourself based on what you truly offer. This article covers some key areas to explain when discussing your company’s role in the business.

Dec 05
2011

The Comeback of the Transferee Tenant

Posted by Buildium LLC in Residents , Rent , Property Management Software , Property Management Companies , Property Management , Multifamily , Move , Communication , Apartment Leasing , Apartment Demographics , Apartment

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By Ben Holubecki, STML Realty Group, Glen Ellyn, IL

One area that really took a hit during the economic downturn over the past few years was the ability to lease property to employees being hired and transferred.Young couple looking over moving documents with property manager Nobody was hiring, and it seemed that very few companies were taking on the expense of transferring their employees to other markets. Although the job market continues to stagnate, overall it does appear that in many markets companies are beginning to add staff, and once again we are seeing an influx of transferring employees and executives.

Nov 15
2011

Setting Your Rental Property Rate

Posted by Buildium LLC in Rent , Property Management Software , Property Management Companies , Property Management , Multifamily , Apartment Leasing , Apartment

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A guest post by Andrew Payne, Louisville Property Management, Louisville, KY

Whether you’re listing a property for the first time or the tenth, it’s important to confirm that your pricing is market competitive. Setting a proper rental rate ensures that you’ll attract plenty of customers to the listing, while also being able to maintain a high standard of tenant screening.Setting Your Rental Property Rate In my property management company, we seek to set the rental rate in such a way that maximizes both interest and profitability. Here are some of the methods that we employ.

Nov 14
2011

Repair or Replace?

Posted by Kerry Sugrue in Rent , Renovation , Recycling , Property Management , Multifamily , Green Ideas , Budget Issues , Apartment Residential , Apartment Maintenance , Apartment Industry , Apartment Community , Apartment , Amenities

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As much as we talk about the importance of recycling, the United States is the number one trash-producing country in the world.  This means that 5% of the world’s population generates 40% of the world’s waste! With last week being National Recycling Week, I thought it would be fun to show you some ways to conserve waste and save money by repairing, versus replacing, your appliances.  The below infograph, from Part Select, shows the cost to replace some common appliances.  If you click on the buttons, possible symptoms and their fixes are shown.  Have fun playing around with this and maybe next time one of your resident’s dishwasher leaks, you can save some money by repairing it.

 



For more visit Apartments.com/blog

Nov 14
2011

Can Your Property Rights Be Violated by Cable Placement?

Posted by Buildium LLC in Residents , Rent , Property Management Software , Property Management Companies , Property Management , Community Policies , Apartment Community , Apartment

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A guest post by Michael Gonzalez, Melrose-Sovereign, Orlando, FL

When you live in a condo association, you are guaranteed certain property rights. With good property management, your rights are guaranteed in your governing documents, and one of the most important of these is the definition of “Common Elements.”Cable Placement These elements constitute all of the community that is not included within the units (hallways, lobbies, elevators, etc…). “Common Elements” also include easements through units for conduits, ducts, plumbing and wiring. These rights are common in most condo associations, and they are often not fully understood by their residents. We have recently come across a situation that represents this.

A cable company violated a resident’s property rights by drilling and running a television cable through the closet on their balcony. The cable company said that they were given permission by the condo association board, however, the closet on the resident’s porch is not technically “common space.” The closet is considered part of the unit as defined by the association’s governing documents. The resident’s cable was violating the property rights of the unit below them and their property rights were being violated by the unit above them. When the resident questioned the cable installer about it, he simply said that the association board gave him permission to do this. This is a violation of the owner’s rights because the wiring that was being installed was obstructing the resident’s use of the closet, so they demanded that the cable be relocated. The previous television cable was run through the walls, which is a much more aesthetically pleasing solution and does not violate the resident’s property rights, as the walls are a part of the “Common Elements.” The owner was eventually able to get the cable relocated and the association board apologized.

Nov 08
2011

Bonuses and Incentives in the Real Estate Industry: Striking Accord

Posted by Buildium LLC in Residents , Resident Satisfaction , Resident Retention , Rent , Property Management Software , Property Management Companies , Property Management , Occupancy , Multifamily , Lease Agreement , Communication , Apartment Marketing , Apartment Leasing , Apartment

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By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia

Are you in a position to create your own bonus and incentive plan that strategically builds your business, not just your property manager’s pocket? Successful bonus and incentive plans are all about understanding your team at an individual level, your agency’s business plan, and your market area.Bonus So, this week, let’s take a look at how understanding these critical factors converts to a bonus and incentive plan where all parties- the team member, property owner and you, the business owner- win now and win in the long-term.

What happens if, for instance, the average weekly rent in your market area is $300 and the property manager has a target of five new managements per month? The property manager could in fact reach the target of five new managements, but the five properties average only $200 per week. The problem – the property manager’s focus is on numbers and not quality.

Oct 11
2011

Five Things to Consider Before Buying Your First Investment Property

Posted by Buildium LLC in Student Housing , Residents , Rent , Property Management Software , Property Management , Multifamily , Apartment

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By Munveer Garcha, Policy Expert, London, UK

If you’re considering purchasing a buy-to-rent investment and becoming a first-time landlord, there are a few things you should consider. Here are our top five pointers to think about before taking the plunge.

1. Location, location, location.
It’s vital that you carefully consider the location of your rental property before investing. The location will influence the desirability of your property, and that in turn will impact the amount of rent you can charge. Consider your target market – is the area mainly home to young families? If so, consider the proximity of the rental property to good local schools. If it’s a student area, try to find a rental investment that’s well connected to the main campus buildings. Also, are there good train and bus stops nearby as well as local amenities like shops and banks?

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