gino barbaro
Hi Rick
The deal is in Maryville, TN. It neighbors Knoxville. It is a slow grower but an area whe...
Rick Sanguinetti
Thank you for your article. I enjoyed it very much. I am an investor in San Francisco. It is a very ...
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Property Management

- Blog posts tagged in Property Management

Posted by on in Property Management
One of the great benefits of the reality television craze is that distance education no longer has to cost any more than the price of your monthly cable television subscription. Of course this certainly does not apply to all sectors of reality television, but when it comes to house-flipping and home improvement shows on channels such as A&E, HGTV, and TLC  it certainly is possible to mix entertainment and education. Here are a few of our favorite TV shows that offer up some great business-minded take-away. Designed to Sell, HGTV Designed to Sell is perfect for those real estate investors who have done the hard work of renovations and are ready to flip their home. Or, for that matter, for anyone who is looking to sell their property and wants to command the best price possible. This show is inherently budget-friendly, with the premise of providing sellers with a maximum budget of $2,000 to invest in making their home as appealing as possible to would-be buyers (and, thus, maximizing the sale price). Designed to Sell relies on the expertise of interior designers, stagers,  and home improvement gurus, bringing a team of helping hands straight into your living room. Income Property, HGTV Though Income Property is geared toward first-time buyers who are looking to make some money from their homes by renting out rooms within their homes to cover their mortgage, host Scott McGillivray offers up a ton of tips that property managers can apply. With ten years of experience under his...

Posted by on in Property Management
Property Management Handle Repair RequestsProperty management companies, landlords or property managers – try responding promptly to address the tenant’s requests. In some extreme cases, the tenant may be entitled to withhold rent and your property management company could be held accountable for personal injuries as well.   Guide to Handling Tenants Repair Requests:1. If you’re not available by phone at anytime, make sure that you have some type of answering or paging service available at all times.2. Provide all tenants with several copies of Maintenance/Repair Request forms when tenants move in.3. Make additional forms readily available to your tenants. 4. For all telephone requests, complete the form and file it in the tenant's records.5. In responding to all complaints, you may want to verbally follow up and then provide a written response. 6. As a rule of thumb, you should try to fix problems within 24 hours that may cause major inconveniences to the tenant and less serious requests within 48 hours.7. Use a 24-hour repair service if required for personal security and safety problems8. Be sure to comply with state and local laws and ordinancesIt is important to take action at the earliest to address the tenant's repair requests....

Posted by on in Property Management
It’s a well documented fact that Americans take less vacation time than business professionals in any other culture. According to a disturbing analysis in a May 2007 Businessweek article, “Americans take even less vacation than the Japanese, the people who gave rise to karoshi—the phenomenon of being worked to death.” While it’s certainly admirable to be a hard worker, there’s also a fine line between dedication and over-doing it. The truth of the matter is, taking time off work is important—not only does it give you the chance to attend to the rest of your life, but it also provides the opportunity to mentally rejuvenate and the distance to remain excited about your job over the long haul. Both of these, after all, are ultimately integral to your business success. Even if you’re already sold on taking time off work, that doesn’t mean it’s always easy. Many property managers simply don’t have support staff. In other words, if you’re not doing the job, who is? When you’re dealing with tenants, work can come at any time on any day–it’s just not always as simple as a weekend or scheduling vacation time. So how do you take time off? Here are our five favorite tips to help make that “me” time more easily obtainable. Tip #1: Plan Ahead If you’re one of those personality types that has a difficult time relaxing when important deadlines are on the horizon, make sure you plan your relaxation ahead of time. Yeah, yeah—we know it sounds a bit counter-intuitive. But...

Posted by on in Property Management
Property Management inspecting Rental PropertyProperty Managers or Landlords and Tenants should perform a joint inspection of the rental property or rental unit before the tenant moves in. The objective of the inspection is toa. identify and document the condition of the propertyb. check the conditions of the appliances, security systems, heating, air conditioning systemsc. identify common areasd. identify service areas such as trash, recycling,  newspaper delivery, mail box, club house and poole. provide information on utilities such as water, electricity, telephone and cable services At the end of the inspection, Property Managers or Landlords and Tenants should review the check list and sign each page. Property Managers or Landlords should retain the original check list and provide a copy to the tenant. The check list should be updated as repairs are made to the unit, including what and when the repairs were performed. Both the parties should initial any changes to the original check list. When the tenant moves out, this checklist serves as evidence as to why property management company, landlord or property manager can withhold all or part of a security deposit.  ...

Posted by on in Property Management
 Any time you manage other people or projects your life goes from simple to crazy!  The only way to survive is to learn to delegate.  While many joke that they have mastered the art of delegation (and now spend the majority of their time, feet on desk, surfing eBay or YouTube) most supervisors struggle with this key management technique.  Unless managers delegate some of their work, they are acting as individual contributors instead of as a leader.  To delegate means to assign a task to another person.  This gives them the responsibility and formal authority for accomplishing that task.  One key item to remember is that while authority and responsibility are passed on to a subordinate, the buck still stops at the manager’s desk.  Therefore, monitor progress to ensure that the task is done with quality and on-time. An added benefit of delegation is that it provides experiential learning.  This allows the entire team to develop and grow.  There will be mistakes but the educational opportunities are well worth it.  Several years ago an employee bashfully entered my office.  I could tell he felt horrible.  With prompting he relayed that he had screwed up on a project and it would cost a property a chunk of change.  I asked, “Will you ever do that again?”  He emphatically replied, “No!”  Consider this tuition for the school of life.  Today he is very successful in the multifamily industry (and he never repeated that mistake!) There are three basic components to delegation—just think much...

Posted by on in Property Management
It's 2011. The holidays are over. Back to reality, right? To help ease back into work-mode and get a handle on what I need to accomplish this year, I started by making a list. The problem is the list just keeps getting longer and more detailed, making it harder for me to decide what my urgent, top priorities are. As you contemplate the goals you want to achieve this year or simply the things you might want to avoid, a good place to start may not be a list on a piece of paper, but a walk through the kitchen. Why the kitchen? The kitchen is a hot-spot for home fires. Cooking, in fact, is the leading cause of all winter residential-building fires. And the winter season brings the highest number of home fires than any other time of year, as reported by the U.S. Fire Administration.* Residential building fire incidence is collectively highest in the three winter months of January, February, and March. Winter residential-building fires result in an estimated average of 945 deaths, 3,825 injuries, and $1,708,000,000 (yes, that’s 1.7 billion!) in property loss each year. “These fires are a painful reminder of what we see every year,” said National Fire Protection Association (NFPA) President Jim Shannon. “The temperatures drop and fires increase.” So what can you do to prevent your property from becoming the next victim of a fire? The first step in prevention is knowledge: knowing how and where fires typically start.  Quick: what was the leading...

Posted by on in Property Management
Throughout the course of my college and young professional years, I moved quite a bit — to new student housing, then back home for the summer, then to a new city for a new job. Throughout the course of these events roommates were shuffled and I encountered several different subletting scenarios, each of which was handled differently. For sake of better understanding a tenant’s reasons for subletting, I thought I would share a couple of the different scenarios that I encountered. Scenario #1: The Summer Sublet I first found myself subletting the summer following my graduation from graduate school. I hadn’t yet landed a job and wasn’t prepared to move back in with my parents, so I found an apartment to sublet in a condominium complex near a local University. I didn’t know the student whose room I was subletting or either of his two roommates, but the place was clean, spacious, and I’d have a balcony off of my room. I was psyched. In this scenario, I simply paid rent to the tenant whose room I was subletting. He asked for a $300 security deposit and then I mailed him a rent check every month for the duration of the summer. I wasn’t in my new place very much and was always quiet and respectful, so the situation worked out great — I even got my security deposit back. That said, I’m pretty sure the property managers had no idea that I was living in the apartment or that it...

Posted by on in Property Management
Chances are you put a lot of effort into finding just the right tenant to entrust with your unit: you run a credit and criminal background check, you verify employment, you speak with applicants’ past landlords, and perhaps you even require an additional personal reference or two. In short, you do everything within your power to make sure that your unit is rented to the most reliable, responsible tenant possible. Performing this due diligence protects your property, your financial well-being, and also generally makes your life easier by bettering the chances that you’ve selected a tenant who will be a thoughtful neighbor to other tenants on your property. Therein lies the biggest problem with subletting units: in such instances, you are typically entrusting this screening process to another party, essentially allowing a pre-existing tenant to select someone to occupy your unit on your behalf. Of course, it certainly works in the pre-existing tenant’s best interest to find a subletor who is responsible, who will take care of the unit, and who will make rent payments in a timely manner. After all, it’s the pre-existing tenant who will remain on the lease and ultimately be held responsible for any damage or financial obligations until the initial lease term has run its course. However, most tenants simply don’t have experience in property management or a complete handle on what it is that constitutes an ideal tenant. Because of this, problems can arise when subletting enters the equation. On the other hand, there are...

Posted by on in Property Management
 Why is training so important?   Training your onsite staff is extremely important especially now with 2011 coming up. This is the year for the Multi Family Housing Industry. We have already started witnessing numbers changing for the good and it will only get better from here. Now is the time to monopolize this by making sure we have well trained staff onsite. A well trained staff that knows what they are doing will make a big difference in your portfolio.   There are different ways to train your staff from using Grace Hill, The Telephone Doctor, Toni Blake, Kate Good, and The Training Factor. But those all cost money and sometimes we just don’t have it in the budget. But I will tell you if you can spring for it at least once Skype with Toni Blake for all the Leasing Specialist in your company or region. It is worth the money and your staff will walk out energized and ready to take on the world. What you have to do as an owner, regional, or corporate leader is decide what will work best for you’re on site staff when it comes to training.   One of the things that I loved and miss about my previous company was our monthly Leasing Classes that the regional’s had for us. Sometimes they would be for three hours or all day depending on what they wanted to train us on to help improve our leasing skills. We went from a region where...

Posted by on in Property Management
New Year's property management resolutions As 2010 draws to a close, it’s a good time to reflect on lessons from the past year and apply them to the future. As you prepare to move into 2011, be sure that you know not only what didn’t work in 2010, but also what did. After all, the goal is not to create a cycle of constantly tweaking systems and procedures but, rather, to find methods that work optimally for you and your tenants and stick with them. For an overview of where 2010 leaves you, begin by honestly asking yourself the following two questions: What was the highlight of my property management year? What was the lowlight of my property management year? When you’ve answered both of these questions, you should have a good idea of where you stand. Say, for example, that the highlight of your year was filling 40 percent of your available vacancies throughtenant referrals. This indicates that you are doing a great job of keeping your units in good shape and keeping tenants happy—in other words, in both of these realms, you’ve already found a formula that works. Though you may want to make little adjustments in these areas here and there, for the most part, you should continue doing exactly what you’ve done in 2010 on into 2011. Conversely, once you’ve come up with the lowlight of your year, you’ll want to determine why it happened and what needs to be changed in 2011 to prevent a similar occurrence from happening again. Let’s say, for example,...