Checklists

By Linda Day Harrison, theBrokerList, Chicago, IL

Walk around your office and various departments. Ask folks what tasks they absolutely hate to do or what seems pointless. You will gain a ton of insight about your processes and procedures. Find out why you do that task. Make sure you dig down deep and study the what-ifs of each task.

For instance, each time we do a batch of “X”, a paper printout is generated. The paper is then put into a bin and we file it by property. Every single company, building, and system is different so this example is just an illustration. The point is to ask, “What is the value of this task?” If you file this print-out by property, what is the value of that print-out, and how many times is it referenced or utilized? Why are you printing it at all, can the printing function be turned off? How long is the data retained? There are many questions to ask, but the most important point here is, somebody just needs to ask.

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

I’m sure you are beginning to understand the vital importance of an operational due diligence being conducted prior to your offer to purchase a rent roll becoming unconditional. Once that contract is unconditional you are bound to proceed with the purchase regardless of how inferior the business is that you are purchasing. Yes, I understand that in most purchases there is a retention period, usually three months (again, this is a time period I do not agree with) whereby you have the opportunity to not pay for any managements that you may lose in this period. But, under normal rent roll contracts it’s fairly standard that a percentage of the purchase amount is usually withheld in a solicitor’s trust account and is released when the retention period has expired. Some agents believe this period is their safe guard. Well, I’m here to tell you that you must not be lulled into a false sense of security and, with that said, I feel another article is worthy of this subject.

By Linda Day Harrison, theBrokerList, Chicago, IL

Do you manage your property, or does it manage you? This should be at the forefront of your mind every day. This question is meant to keep you on track and focused. Why? Because property management is an industry that can make or break you! As property managers we are the ultimate in multi-tasking. We know that anyone can become a property manager, but the ones that truly standout and differentiate themselves are the ones that manage their building. Not the other way around.

By Linda Day Harrison, theBrokerList, Chicago, IL

Touch It Once is a mindset, a philosophy, and a management style. It is the antithesis of procrastination coupled with a smart way to work by stopping redundant behavior dead in its tracks; both of which are the enemy of any efficient and well run organization.

The concept is simple – Touch It Once (TIO). Did you ever notice that each month the cycle is the same? Collect rent, send out 5 day notices, process accounts payable, cut checks, etc. So if this is something you know that’s going to happen, why is it so painful? Then at the end of the 30 day period, the cycle is going to start again! How can you not be prepared?! It happens every 30 days!

By Salvatore Friscia, San Diego Premier Property Management, San Diego, CA

For property management companies, the month of January signals a time to prepare and issue year end statements to their clients for tax preparation purposes. Consequently, each January the IRS requires that any taxpayers who have made payments in excess of $600 to workers that are not considered employees must prepare Form 1099 – Miscellaneous Income. Property management companies are also federally required to file Form 1099 for their clients regarding rental income received throughout the year. In addition, copies of this completed form must be provided to the IRS. The IRS compares the payments shown on the information returns with each recipient’s income tax return to determine whether the payments were reported as income and done so properly.

I was chatting with Mike Whaling yesterday, and we both agreed there are definitely some quick wins out there to help optimize your brand, stores, properties, etc. online.  It can be time consuming, but claiming your business's pages on Google, Bing, Yelp!, etc. can be quick ways to get some SEO juice for your websites and help promote your business on those additional channels.  Where I struggle from there is with a content strategy ongoing.

Here’s the honest truth, you can’t half-ass it anymore.  Search as we know it today is changing, and if you aren’t trying to be part of or help create conversation then I will predict that drive-by may become your best lead source.  OK, that could be extreme, but the algorithm is changing from a keywords model and more value is being put on conversation and connections with real people to a brand.  Criticize Google+ all you want, but even if that doesn’t do exactly what they hoped it most definitely highlights how Google is giving more credit to social connections.

Learn how to use descriptive language to spice up your marketing!

I’m all about saying something in a unique way when marketing apartments, but sometimes I find myself  with a brain cramp and it takes me a while to get those creative juices flowing.  How many times have you found yourself in the same situation while in a time crunch to get your copy out a.s.a.p. and all you can come up with to describe your community pool is “Sparkling”? 

The Apartment Leasing Kit - Be Prepared!

Throughout the years, I have created a Leasing Kit for each Property I have managed.  I have found this Kit to be extremely helpful and the most vital tool for the Leasing Team.  I hope this helps your Team as much as it has mine!

The leasing kit is your map to a successful and thorough presentation.  Although the leasing kit is designed as a sales tool, it must also be attractive.  Use a high quality binder and keep it organized at all times.  Papers should not be sticking out of the edges, and you should always be prepared with enough documents for your clients.  Do not run out!

The contents of the leasing kit may vary depending on the needs of each Property, but make sure to include the following:

• Floor Plans – Include room dimensions such as wall lengths, window sizes, linear feet of closets, storage capacity, etc.  Include the special and unique features found in each floor plan and location throughout the Community.  You can never have too much detail for your prospective residents!   Example:  All A2’s on the 2^nd floor have vaulted ceilings.
• Site/Property Map – Indicate the exact location(s) of where you have available apartments. 
• City and Neighborhood Maps – Include public transportation locations and routes, shopping and business districts, schools, grocery stores, etc. 
• Reference Page – Names and addresses of schools, medical facilities, areas of special interests, etc. 
• Leasing Collateral – Brochures and business cards are vital.
• Tape Measure – Assist your prospective resident with furniture placement and other special needs.
• Calculator – You never know when your prospective resident will inquire about a "pro-rated rent" or what the average utilities and rent add up to monthly.  Be prepared!
  
• Community Newsletter – Share while on your tour and discuss upcoming Community Events.
• Rental Applications/Rental Criteria – While on the tour, offer a rental application once you you’re your prospective resident is ready to lease.  This is a great closing technique.
• Apartment Availability Report – Never leave the Office without your Availability.  You never know if your prospective resident will inquire about other apartments and their availability. 
• Notepad/Guest Card – Document any questions that require follow up by the Property Manager or Maintenance Manager.
• Important Information Sheet - A list of all the important, daily contacts (vendors, repair technicians, etc.) the Property utilizes. 

Your leasing kit should contain a clip to hold the guest card.  This will help insure that you do not forget your client’s name!  Use the Guest Card to write comments and to continue gathering qualifying information.  This is a great place to write down pet’s names, amenity preferences, etc.  The more information you write down, the more your client will feel secure and comfortable knowing they have someone working with them that cares about their interests and not just a commission.  Remember to HUMANIZE yourself!  No Used Car Salepersons!

Having the client’s guest card with you will eliminate the need to “interrogate” them again for their information as well as showing that you are organized and very thorough with your tours.

Thank you!

Chris Hyzy

By Salvatore Friscia, San Diego Premier Property Management, San Diego, CA

A vital part of reducing cost when managing a rental property is limiting the expenses associated with tenant turnover. Tenant turnover usually requires the rental property to be professionally cleaned, painted or touched up, and carpets cleaned or replaced. In order for you to know what expenses to absorb and what expenses to charge back to the tenant, you should always know the current condition of the property as well as the condition in which the property was given to the tenant.

To accomplish this, each tenant should be provided with a written “Move-In/Move-Out” checklist. The “Move-In/Move-Out” checklist allows both parties to identify in writing the initial “Move-In” condition and the final “Move-out” condition of the property. These checklists will eliminate any misunderstandings regarding which party will pay for non-normal wear and tear repairs throughout the tenancy and upon move out. Prior to giving the keys to the tenant the owner should completely inspect the property and document the existing condition on the “Move-In” side of the checklist. It is necessary to document the condition of the appliances, windows, screens, blinds, doors, walls, lighting, flooring, a/c, heating, toilets, faucets, ceiling fans, and any other necessary interior and exterior areas. During the initial walk-through with the tenants, it is important to review the findings with the tenant and have the tenant sign and date the document.

By Peter Lamandre, Better by Design Real Estate, Scranton, PA

Whether your portfolio is made up of large complexes or scattered smaller units, performing unit and site inspections is an important value-added service that a property management firm provides to their clients. It is also one of the more time consuming aspects of our daily jobs. Performing the inspections requires scheduling with tenants, documenting observations, and follow-up on deficient items. It is also crucial to have the historic inspections readily available to reference changes in conditions.

Over the years my firm has tried numerous variations on a rather routine process; from the traditional pen and clipboard documenting observations on standard forms to utilizing digital cameras and even portable video.