Randi R
Sounds great. Would love to see in a low income community. Lol. Maybe they could influence the wa...
Thanks Terry, Let me know when your article is published. I want to share it with our community as ...
Enter your email address for weekly access to top multifamily blogs!
Multifamily Blogs
  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Team Blogs
    Team Blogs Find your favorite team blogs here.
  • Login
    Login Login form
Subscribe to this list via RSS

Property Management

- Blog posts tagged in Property Management

Posted by on in Property Management
By Salvatore J. Friscia, San Diego Premier Property Management, San Diego, CA Having to make repairs to your rental property should not come as a surprise. For some reason most owners drop the ball when it comes to handling maintenance requests from their tenants. Some owners struggle to understand the importance of addressing repair issues in a timely fashion. They fail to realize how the lack of maintenance affects the condition of their property and ultimately the quality of tenants the property attracts. The owner, not realizing that every rental property regardless of age will have its fair share of plumbing leaks, electrical problems, water heater issues, and broken appliances will either let maintenance repairs linger or handle them in a poor fashion. Repairs should not to be confused with the normal upkeep such as cleaning, changing light bulbs or plunging a clogged toilet. These issues are the responsibility of the tenant. Repairs can be considered anything a licensed bonded contractor should take care of such as; plumbing, electrical, appliance repair, heating/cooling, flooring, & construction. These types of repairs are best left to the professionals and when handled appropriately, exhibit the owner’s willingness to resolve repair issues properly and in a timely fashion. In some cases a handyman can be useful and worth the small fee to resolve minor repairs. Now, if you normally handle repair issues yourself and have the knowledge and experience to do so then that becomes a judgment call, but most owners would rather sit back and...

Posted by on in Property Management
By Peter Lamandre, Better By Design Real Estate, Scranton, PA I was out and about this week and while on the interstate I pulled behind a contractor that had a QR code on the back of their tow trailer. While I applaud them for embracing an emerging technology, it occurred to me that that may not be the best application of a QR Code. Some of you are probably wondering, “What the heck is a QR Code?” QR code is an acronym meaning Quick Response code. It seems as though QR codes are the latest rage in advertising. But what are they? Without getting into the computer advantages of using QR codes versus standard bar codes; they are in essence a 2D bar code allowing you to pack a large amount of information in a small space. The QR code was invented by a subsidiary of Toyota in the mid 1990s for tracking parts during shipment. The format of the code allowed machines to quickly scan and track parts on a conveyor belt and route their destination accordingly. Fast forward 20+ years and with the proliferation of smartphones with cameras what was once a way to track machine parts is now the hottest new way to pack more advertising into smaller spaces. Would you rather see this… FOR RENT 3 BR, 1BA ½ double $xxx/mo plus utils call for details XYZ Management, Inc maybe with a picture, a phone number perhaps a website, etc. or A single image that when scanned...

Posted by on in Property Management
By Colin McCarthy, J.D., Robinson & Wood, San Jose, CA What do you call 50,000 lawyers at the bottom of the sea? “A good start.” No doubt many of you have heard this joke or a variant. Well I am a lawyer and I am here to tell you that I am also a human being. I have a wife. I have three children. I have the same hopes and dreams for them and myself as you do for you and your family. These jokes are insensitive, unkind, and hurtful. What do you have when a lawyer is buried up to his neck in sand? “Not enough sand.” Hey! Now wait a minute. No one seems to like lawyers. Especially those who have done well for themselves. Entrepreneurs and business persons, who frequently excel in the world of business often lament the presence of lawyers. “Lawyers only take my hard-earned money,” is a common refrain. “Lawyers add no value, all they do is slow me down,” is another. Why does California have the most lawyers and New Jersey have the most toxic waste dumps? “New Jersey got to pick first.” Why I never. It is also true that not a lot of people like landlords and real estate developers. Ever hear the one about the tour group in Egypt? The tour guide is describing a crypt within a pyramid. “This crypt is over a 1000 years old. It has not been touched, altered or upgraded in any manner in those 1000...

Posted by on in Property Management
By Ben Holubecki, STML Realty Group, Glen Ellyn, IL As a professional property management company we have found that one of the most difficult concepts for rental property owners to grasp is the true cost of vacancy.  Investors who have been in the rental game for a while understand that in almost all cases the greatest expense they will experience over the life of their investment property will be the cost of vacancy due to lost rent and preparing the property between tenants.  100% of our managed properties have or will go through a vacancy and prep period.  Based upon our experience in managing this process literally thousands of times we provide the following advice to our property owners to help minimize the costs associated with turning around the property and to expedite the placement of a new tenant to begin collecting rental income again. Get started now.  The worst thing that can be done is to wait for any particular task to be completed before starting on the next.  The game plan should be in place the day the tenant vacates the property.  Vendors should be ready to come in and provide quotes, marketing efforts should be getting put into place, and a firm deadline for completion of the necessary clean-up/repairs should be determined. Get your utilities in order – Make sure your utility accounts are in order as soon as your tenant leaves.  Nothing is as frustrating as having the carpet cleaners or painters show up to an empty...

Posted by on in Property Management
Every now and then, a tenant offers to make repairs to the unit he’s living in. Often, such offers are made in exchange for rent (in other words, the cost of the repairs is deducted from the monthly rental rate). In other instances, the tenant simply wants certain upgrades in his unit (a new paint job, removed carpet, etc.) and offers to do them himself. The argument for this is that the tenant can enjoy a place that “feels like home” and you reap the rewards of these upgrades once the tenant vacates the unit. Clearly, there can be benefits to this sort of situation: You receive property upgrades at a reduced (or negated) cost, and your tenant gets to customize the unit to his own preferences. Unfortunately, though, there can also be some pitfalls. All too often in these scenarios, tenants are not qualified to complete these upgrades or updates up to par. The result is unfinished or sub par work that ultimately becomes your responsibility to rectify. Not only this, but such deals can also result in sticky financial situations and—in extreme situations—legal problems. Let’s say that one of your long-time tenants wants to repaint his living room from the standard white all of your units are painted in to a more colorful rustic red. You agree that the color would suit the space well and tell your tenant can deduct the price of paint and labor from his next rent payment. When the first of the next month...

Posted by on in Property Management
For those looking for a new career in the Apartment Industry, or Property Management Companies needing to post job openings, I have created a list of websites I have been using. Americasjobexchange.com AAGDallas.com (Apartment Association of Greater Dallas) Apartmentcareers.com Apartmentcareerhq.org Apartmentjobs.org Apartmentjobz.com Backpage.com Bright.com Careerbuilder.com Careerfield.org Craigslist.com         Getpropertymanagementjobs.com Getthejob.com Ihirerealestate.com Indeed.com Job.com Jobfox.com Job-search-engine.com Jobster.com Locljobboard.com Monster.com  (AKA – hotjobs.com)    Oodle.com (AKA – facebook.com) Pmjobs.com  (AKA – apartmentjobs.com) Propertymanagerjobs.com Resumebucket.com        Salesgravy.com Simplyhired.com  ...

Posted by on in Property Management
I am issuing three main challenges to all of you today, I call it “GAB.”  We can all impact our business in a big way by focusing more time and attention on these three concepts:  Growth-The primary measure of our success is our ability to consistently grow our profits.  Many opportunities exist today and most of these are with our current residents and clients.  These customers want us to deliver quality and value for their rental dollars, and continue to build, acquire, and keep clean, manicured quality communities.  We must listen to our customers, understand their needs and wants, and provide more of the service they desire.  As we do this, we will discover the vehicles that provide growth beyond today’s base business.  This growth will in turn provide personal growth opportunities for all team members.  This growth helps lead us to our goal:  To be a leading player in our marketplace. Accountability-One concern in our business today is a lack of accountability.  Our business is not complicated.  Job duties and responsibilities are well defined.  What is missing is consistent follow-up and measurement against expectations. As team members, we must expect more accountability and ownership from each other, throughout our business.  Going forward we will all be accountable.  Better Business-Finally, we need to find business models that result in a more efficient business.  The good thing about this is that there are many great ideas already out there! Start looking at successful companies outside of property management in order to be...

Posted by on in Property Management
We often get so wrapped up in what amenities we are offering at our apartment communities, that we often simply overlook the experience we want to create!  So instead of offering a unique lifestyle at our communities, we instead often offer a bland one size fits all experience.   If your only plan to create an "experience" at your community is to label it as "luxury", you might want to reconsider how you plan on making your residents fall in love with your property!  This video went a little longer than I anticipated, so sit back with a cup of joe and enjoy!  (or not enjoy, if you think I am crazy...) Want to connect with me?  Add me as a friend on my profile and friend me on Facebook!...

Posted by on in Property Management
The worst thing we can do for someone's development is to discourage them; especially to discourage someone who makes progress, no matter how slow it is. -MMD The way you look at someone and the tone of voice you use may be discouraging your staff and causing damage beyond repair. Perceptions lead to, stem from and essentially are opinions and while inevitable, can be damaging on so many levels if made public.  You are who you are, you do what you do, you say what you say and that’s why this is the land of the free and the home of the brave.  Artists push boundaries, scientists imagine the unimaginable, comedians identify the humor in in everything and why should you be any different?  Why do we obsess over what other people think?  What good would it do if we conformed and masked our true self? I agree that not all behavior is appropriate for the workplace so please don’t misinterpret the meaning behind this post.  Don’t lose sight of your customer and the level of service necessary to keep them.  On the same token, don’t lose sight of who YOU are and the level of acceptance YOU need to keep growing. Bob Dylan, Jim Carrey, Lady Gaga, Jeff Dunham, Eminem…I could go on for hours.  Do they offend you?  People’s perceptions dictate popularity.  No wait, they don’t.  Ok well technically they do.  Majority rules right?  I’m sure many of you reading this will answer yes to the question above and many of you may answer...

Posted by on in Property Management
Keeping records on hand is important for a number of financial and legal reasons. Just because you’ve paid off an account or a tenant has vacated a unit, it doesn’t mean that you’ll never have cause to deal with these vendors or individuals again. Whether it’s for taxes, future loan applications, or legal issues down the line, you always want to be sure you have access to the information you need at any future point. Following are a few things to keep in mind about keeping records. What kind of records do I need to hang on to? As a business owner you will want to hang on to records that pertain to: Personnel Tenants Financial transactions (both payments received and payments made) Property-related information (both your properties and your clients) Insurance Legal documentation Audit documentation How long should I keep records for? The answer is: It depends. While the default answer for this question tends to be “seven years,” that is only the case in certain instances. Different types of records should be kept for different periods of time. Standard time periods include one year, three years, seven years, and, in some cases, permanently. As it relates specifically to property management, you will want to keep the following information for these specific periods of time: One Year Employee applications Purchase orders Meeting minutes Three Years Banking records Expired insurance policies Correspondence (with clients, tenants, real estate agencies, vendors, etc.) Internal audits Seven Years Accident reports/claims Accounts payable ledgers Accounts receivable...