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A Door-to-Door Guide for Apartment Operators

The importance of understanding what multi-family residents are looking for in a rental facility is critical for property managers and operators to keep up with the competitive rental market. In today’s technological society, updating multi-family facilities to feature the most updated building technology and amenities is expected among many renters. Until recently, updating buildings to include electronic locks was more a question of if, not when, for property managers and operators. Elevated installation and implementation costs were enough for even the most experienced multi-family operator to turn away. The question has now become where the best place to start implementing these locks is. The answer – the renter’s front door. Today, the cost of installing electronic locks in a multi-family community has decreased significantly and become more mainstream. What’s more, this technological upgrade is an amenity that residents have come to look for when searching for an apartment as it is the first thing a prospective renter sees upon touring a facility. While installing a smart interconnected lock was once more difficult, the trouble has since been mitigated and these locks now provide an added sense of security for both property managers and renters. Electronic locks log who comes and goes and gives property managers the ability to manage who has access to the facility and when. To entice more potential renters, property managers and operators should consider the switch to electronic locks. For example, in a recent survey of 1,000 Americans by Wakefield Research, 61 percent of millennial renters said they we......
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Critical Mistakes Some Property Managers Have Made

Not Screening Potential Residents The stories I have heard from managers that have chosen to not screen their potential new residents are dumbfounding to me, if you don’t know the history of an individual(s) you can put yourself in jeopardy by having them move into your community. To be safe you should at least run a background check and always be sure to check references (work and last residences). Hiring Unskilled Maintenance Members I understand the desire to save money but hiring unskilled workers will eventually cost you more than doing it right the first time. The work that a novice does will more than likely need to be replaced in a shorter time frame if not completely just redone properly. Have it done right the first time. Hiring New Contractors on a Regular Basis When big projects arise on property and you reach out to get 3 bids every time in an effort to save money you are setting yourself up for bigger problems. While you are getting multiple bids, which will take days your issue on your property is sitting with nothing being done with it and residents/tenants are put out so the longer it takes the more likely you will also have resident/tenant complaints. The paper work you are created by going out for these bids every time will also take a lot of additional time. We always recommend building a team around you, find a great plumber, contractor, roofer and have them be your go to people. L......
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Things To Consider If You Want To Build Wealth Through Real Estate

Things To Consider If You Want To Build Wealth Through Real Estate
When it comes to building your wealth, many of us have a variety of options we would love to try out. For those with a bit of financial fluidity to their name, getting into the world of real estate can sure sound enjoyable. Buy up an old building that needs work, slowly do it up, rent it out, use that to take on another building…so on, so forth. However, as we all know, real estate isn’t quite as simple as that! Here are just some of the major things to consider before diving in.   The Good   The major positive of running your own property portfolio is the return on investment. Most of the time, having even just 2-3 properties could help you pay for the next properties and see a nice profit on top. With the right decisions made, having a property portfolio can become very lucrative in a rather short space of time. Also, you can use it to help make your tax investments a little cheaper. Depending on where you live and what tax band you fall under, you can see some pretty wild tax write-offs which can mean you are putting your own money to make yourself more successful in the future, rather than seeing it vanish. Another key benefit of being involved in the housing market is the fact that it’s one of the few markets always in demand. People need somewhere to live – it’s like food and getting your hair cut; they are industrie......
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Resident Retention Tips For Property Manager & Landlords

Resident retention in the real estate industry is a critical part to an investor’s success.  Several factors go into the cost of acquiring residents, marketing, and make ready costs. There is also lost revenue from vacant units, making it a key part of your ROI. We put some tips together to help you retain your residents. A key factor in a resident staying is they feel they belong to a community. Their apartment should be more than a place to sleep and eat. Create a social media presence for your community. Try to get your resident to utilize your page to talk about the events you hold on the property. Talk about your staff and the community. Look to create experiences within the community. The day a new resident moves in, you should have a nice welcome gift waiting for them. Something they can use in their new place. Also, a popular idea is a gift certificate to a local restaurant for takeout or pizza. After a long day of moving, it’s nice to order some food and relax. Creating events for your property can give your residents a sense of community, and allow them to get to know each other as well. Fun events like cook-offs, BBQs or events for their children are usually big winners. An added benefit is once your residents get to know one another, they become more vested in the community, looking to better it, and taking a pride of ownership mentality. Training your staff in t......
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12 Ways to Reduce Liability on a Multifamily Property

shutterstock_215430139The risks of lawsuit are great on a multifamily property.  There are a lot of ways that you can be held liable for other people’s mistakes.  It’s time to protect yourself.  There are a lot of easy ways to significantly reduce your liability when owning and managing an investment property.  Here are just some suggestions below: 1. Don’t Allow Pets on the Premises For some landlords, allowing pets on the premises is a risk worth taking to have happy tenants.  That said, injury and death has been known to occur due to pets being on the premises.  Although the pet is under the responsibility of the tenant, the landlord’s decision to allow the pets on the premises is considered part of the fault for the injury or death that occurs from an attack on another resident. 2. Require Renters Insurance of Tenants If a tenant’s guest injures themselves in the tenant’s unit, the tenant is held liable, but only as long as they are able to pay.  Let’s say that you have a tenant that can barely afford rent as it is, let alone a lawsuit.  Then somebody else is going to have to take up part of that bill.  That sometimes can be the landlord’s insurance.  If you require that your tenants have renters insurance, then they will be more likely to afford any accidental damages that happen to their guest. 3. Require that Vendors Have Insurance too There is high potential that a vendor working on your property may injure themselv......
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A Tenant Signs the Lease and then Vanishes. What do you do?

The prospective tenant passed your background check, they were very welcoming in the showing, and really everything looked great when you signed the lease.  But then when move-in day comes, nothing happens.  The tenant is nowhere to be found.  Plans can change on a dime.  Below are suggestions on handling and preventing cases like these. Procedure: If you have already signed a lease with a tenant, it is a binding contract and you must go through the same legal process as any other tenant. This will be a unique circumstance since the tenant is not presently occupying the unit and may not see the notice on the door.  Post the notice there anyways.  You don’t know if the tenant will return or not.  You as the landlord need to make every attempt to clearly communicate the 3-day notice to pay rent or quit.  This means not only posting a notice on the door of the property, but also emailing, making phone calls, and any other possible form of communication you have at your disposal.  After this period of time, and you have established that the unit is vacant, you then will be able to go back to putting the unit on the market. Can I enter the property to check that the tenant is there? You must first provide a 24 hour notice before entering a unit.  This will simply extend the timeline to getting the unit filled with a paying tenant. If you haven’t received the rent payment on the day it was due......
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The 5 Top Reasons Why Multi-Family Investing Is a Very Smart Choice

I get asked all the time if they should REALLY invest in multifamily properties. Of course, my immediate answer is “absolutely!” I do not say absolutely because I actively play in the niche. I say so, because there is no reason that multifamily isn’t right for almost everyone. Okay, it is a given fact that we are all playing with different investor identities. However, multifamily investing mitigates almost majority of investment risks, making it an absolute choice for anyone who seeks to grow wealth. Multifamily property investments are obviously today’s most powerful strategy to get your money growing. This is the only type of investment that can provide a consistent cashflow month after month. But that reason alone is only the most common you may have heard many investment gurus talk about. Here are 5 more proof multifamily investing is a smart choice: 1. Makes Property Management Easy Imagine owning 12 single-family homes across the city and manage them. Long drives, impossible schedules and lengthy list of things to do are probably your perennial dilemma. Now, imagine just managing 12 homes under one roof? That means you can easily assign the property to an efficient property management of your choice. No driving, site visits, etc. freeing your time for things that matter most to you. 2. Easier Property Appreciation Appreciation is difficult and often rare. Why? You need to do specific renovations, improve amenities that can be a great benefit to the “tenants.” This is the only way appreciation may happen. With single-family homes, your......
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Don’t let a Landlord-Tenant Dispute Become a Natural Disaster

shutterstock_171847709Don’t wait until disaster strikes to protect yourself and others from damages. Have a plan in place to prevent landlord-tenant disputes when there is property damage of any kind.  You should take steps to ensure that the lease clearly designates who is responsible for what damages and when.  Both parties should also have insurance when replacements or repairs have to be made. Mind the Lease Lease Termination Landlords should take special care in the rental agreement about terms and conditions for terminating or breaking the lease. This should include stipulations that specify how much advanced notice a tenant must give in order to break the lease and what fees will be incurred if the contract is violated.  Both parties are required by law to provide a 30 day notice that they will be terminating the lease, but you can choose to request a larger time frame in the lease.  Keep in mind that if special circumstances develop on the property, such as a tornado ripping off the roof of the property, the tenant can’t be expected to continue to live in the property.  In such situations that the property is deemed to be untenable, the Landlord must either provide alternative housing for the tenant during the period of repairs or terminate the lease. Damage Repair Replacement and repair for damages are generally isolated for the landlord and the tenant.  The tenant is to be responsible for their own personal belongings inside of their unit.  The landlord is responsible for the upkeep of the physical property inside and out. What if the pro......
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The Americans with Disabilities Act for Landlords And Property Managers

The Americans with Disabilities Act, commonly known as “ADA” is a federal civil-rights law protecting the rights of people with disabilities. The ADA places guidelines for access to: Employment State and local government programs, services and buildings Access to places of public accommodation such as businesses, transportation, and non-profit service providers Telecommunications George Bush signs the Americans with Disabilities Act of 1990; standing left to right Reverend Harold Wilkie, Sandra Parrino of the National Council on Disability; seated left to right, Evan Kemp, Chairman of the Equal Employment and Opportunity Commission, George Bush, Justin Dart, Chairman of the ‘s Committee on the Employment of People with Disabilities. Washington DC, USA, 26 July 1990. (Photo by Fotosearch/Getty Images). The scope of the law is fairly broad and addresses many of the obstacles affecting the participation of people with disabilities within society. Many of the ADA’s civil rights protections parallel the Civil Rights Act of 1964, and the protections it established for racial, religious minorities and women. Occasionally, management companies may be faced with a lawsuit for non-compliance with ADA laws.  These compliance problems are usually preventable as many times they result from violations which stem from the lack of proper guidelines, policies, procedures, and/or practices regarding accessibility. Implementing current policies can go a long way toward avoiding the expense associated with ADA lawsuits. As owners, landlords, managers, and tenants can be jointly and severally liable in the event of non-compliance. Making it important to ensure you have safe practices in place to address......
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A Day in the Life of a “Smart” Apartment Renter

According to a study published on Business Insider in 2016, the average cell phone user touches his or her phone 2,617 times each day. The modern individual’s reliance on technology stems further than just mobile devices. Everything from our cars to our watches and cell phones have an operating system today. So, what does an operating system look like in a smart apartment? It’s no secret that the smart home revolution is upon us. From the smart lock on the door to Wi-Fi thermostats, residents in smart homes and apartments are be able to customize their living spaces far beyond paintings hung on the walls or carpet on the floor. Home automation is used to describe devices that utilize connectivity and embedded sensors to complete common household tasks. With the implementation of home automation, a single-family resident is able to enter a personal pin code for their smart lock that opens the front door, which then triggers their music of choice to play on speakers, while the lights adjust to a relaxing preset, and the oven preheats for that night’s meal. The advent of the smart home has been made possible through the Internet of Things (IoT), which allows everyday objects to send and receive data, making home automation and related products easier to use and more affordable for the average renter. But it’s not just the desire of being on the cutting edge of technology and having the highest end amenities that attracts renters, owners and property managers to smart technol......
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