Florin Iftode
Great article and great ideas Gino.
I really love the idea with the pizza contract. Definitely it i...
Very interesting article! Airbnb is definitely going to become a major topic for the multifamily ind...

Training Trivia

If a prospective resident wants a lease with an ending date not available on the lease expiration matrix, it is smart to make an exception and allow their lease to end when they desire to secure the lease.

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2039907327 [{"id":"290","title":"TRUE","votes":"16","pct":"20.78","type":"x","order":"1","resources":[]},{"id":"291","title":"FALSE","votes":"61","pct":"79.22","type":"x","order":"2","resources":[]}] ["#ff5b00","#4ac0f2","#b80028","#eef66c","#60bb22","#b96a9a","#62c2cc"] sbar 200 200 /polls/vote/104-if-a-prospective-resident-wants-a-lease-with-an-ending-date-not-available-on-the-lease-expiration-matrix,-it-is-smart-to-make-an-exception-and-allow-their-lease-to-end-when-they-desire-to-secure-the-lease No answer selected. Please try again. Thank you for your vote. Answers Votes ...
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Property Management

- Blog posts tagged in Property Management

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,...

Posted by on in Property Management
I just got done reading an article in USA Today on aging in place remodels for boomers that are getting to be “the age” where a few modifications can be a big assistance to staying put in the golden years, and have to say, when I saw the list of most popular aging in place updates, compiled by our friends at NAHB, I thought, “Some of these are an absolute no-brainer, they’re so easy to implement.”A percentage of projects remodelers have done in the last year to be able to age in place: (For a complete checklist, click here.)Grab bars 78%Higher toilets 71%Wider doorways 57%Added lighting/task lighting 45%Non-slip flooring 20%Easy to read thermostats 13%They’ve got the numbers, stability and  spending power...make a few easy adaptions to meet their needs and you’ll uncovered a unique marketing niche, or you may discover you keep a resident you otherwise might have lost....

Posted by on in Property Management
It’s the holiday season, and no one wants to be the neighborhood Scrooge. Those tenants that want to go all out when it comes to decorating for the holidays can do so in their own units, but it’s also nice to incorporate subtle bits of holiday cheer to the common areas of your property. Think of it as one of those little touches that demonstrates your ongoing investment in and appreciation of your tenants. Holiday decorations are a great low-budget way to make your property more cozy and cheerful for tenants. After all, tenants who truly feel like their units are “home” will be far less likely to move. Decorating doesn’t have to cost a lot of money, nor do you have to decorate with items that require a lot of upkeep (as we all know, Christmas trees, though fun to look at, can require a lot of regular attention when it comes to sweeping up and keeping them watered–not to mention the fact that a dry tree can be a fire hazard). Consider incorporating one or more of these simple items to jazz up your properties with some holiday cheer. Light it Up While hanging lights around the entire exterior of your property may be more effort than you want to exert, lights can provide a quick holiday fix when used in other ways–wind them around banisters or string them in pre-existing plants in common areas. A conservative amount of lights is extremely affordable at common chains like CVS and Target (a...

Posted by on in Property Management
We need your help! Throughout the course of writing the Buildium Blog we’ve covered countless property management scenarios. We hope that our property management tips, advice, and best practices have been helpful to your company — at the very least we hope that they have provided you with an opportunity to reflect on the way that your company does business. We constantly hear stories from property managers — those of you who are out there managing your properties day-in and day-out — pertaining to specific challenges, nightmares, or unique occurrences encountered on the job. Whether your story is funny, horrifying, or enlightening we’d like to give you the opportunity to share. Buildium will now be accepting submissions for our “Property Management Stories from the Front Lines” series of blog posts. So what do you need to do? Send us an e-mail detailing your story and what you think makes it unique. The best stories will become a series of blog posts on the Buildium Blog, which can then be weighed in on by other industry professionals. In exchange for your story we will highlight your company, your expertise, and your company website at the end of each post. This will provide great visibility for your business, and great discussion points for all of our readers. Please e-mail submissions to This email address is being protected from spambots. You need JavaScript enabled to view it.. We look forward to hearing your story! -The Buildium Team Property Management Software Rental Property Management Software Landlord Software HOA Software Property Management...

Posted by on in Property Management
Top 10 Tax Tips for Property Management CompaniesProperty managers running their own companies should prioritize for end of the year tax planning, and keep more money in their pockets by taking advantage of the tax benefits available to them. Unfortunately, 2010 is the worst year for end of the year tax planning due to the deadlock in Congress and the inability of Congress to act upon tax issues. One of the positive tax law changes affecting property managers and property management companies is the Small Business Jobs Act of 2010, which provides $12 billion of tax incentives – including bonus depreciation, enhanced expensing, and other relief for small businesses.   1. Accelerate or Defer Income: In 2011, tax rates are expected to revert to 2001 rates. The top income tax rate will increase to 39%and the lowest rate of 10% will be eliminated. If you are in the top tax bracket, it might be better to accelerate income. However, those in the lower tax brackets should follow the traditional tip of deferring income. Income timing is not easy, and you should be sure to consider its impact on various deductions and any tax credits. 2. Accelerate Expenses: Accelerate expenses to reduce your business’s taxable income. Purchase goods and services needed by the business. Pay early bills like cell services, subscriptions, rent, insurance, utilities, and office supplies. You can also stock up on any office supplies, like printer paper and ink cartridges.. The acceleration or deferral strategy depends on the projected profit and losses for your business and the...

Posted by on in Property Management
In many ways, the current economic climate makes for a great time to purchase a multi-family investment property. The prominence of short sales and foreclosures has given way to good purchase prices in many areas of the country. Add to this the fact that there are some incredible interest rates out there right now (even for investors) and the fact that many former homeowners have now found themselves back in the rental market, and there’s a very valid argument that this is a good time to get into the multi-family market. If you are considering making a multi-family property investment of your own, following are a few things to consider before taking the leap. Know what you’re looking for Before you even begin to look at properties, have a clear idea of what you’re looking for and what you’re willing to put into a property, both financially and in terms of your time. Of course, this is always subject to change if you find just the right place, but that doesn’t mean that you shouldn’t go into the house-hunting process without a fairly narrow baseline in mind. Aside from basics like location and size, you also want to have know whether you’re looking for a “fixer-upper” or a “as-is” property. Look at the whole package Looking for a multi-family investment property is different from looking for a single-family home and requires a bit more of a discerning eye. Remember that you will be renting multiple units out to different tenants. To...

Posted by on in Property Management
Passion, Do You Have It? How Do We Put Passion Back Into Our Office Staff ? As the slow season begins we tend to lack passion for leasing and the property. It's common for those of us into the industry to get the winter blues. But the question is how do we break away from the winter blues and put the passion back into the entire staff from Property Manager to Maintenance and into the property residents. There are several ways to do this and I want to share a few with you and hear your thoughts. I think we can learn allot from each other on this subject.   Lets get excited about marketing now more than ever. What you do now for marketing is going to set the tone for the spring and summer. You want to get the word out there now before others do, you want to stay in the back of peoples mined. You want your prospects remembering you every time they think about moving this spring or summer. The only way to do this is to market your community everywhere. Spice up your marketing locations by venturing to areas you have never been before. Also get the entire team involved make it a contest on who can come up with the best marketing location, idea, or new business contacts. I was recently just told not to spend money on marketing right now because you would not get any traffic, that right now it would...