True. Dealing with the difficult situations allow us to grow and learn as managers, etc. The hardest...
Thank you Jason. The point I was trying to make regarding the resident event is that the vendor open...
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Property Management

- Blog posts tagged in Property Management

Posted by on in Property Management
A few weeks ago,  I had the privilege of meeting with some people from another Property Management company. This meeting was a reunion of sorts because the lady I met with used to work for Maryland Management several years ago. I got the opportunity to learn first hand about their challenges. I didn't go there as a consultant or anything...nothing that fancy (or expensive) but it was just a meeting of the minds; an exchange of ideas. I always like learning about how others deal with some of the same issues we do. Our ideas are so diverse. This is one of the things I love about the multifamily industry. At the end of the day our goals as property management companies are the same aren't they? Maximize our NOI, rent our apartments for a fair market rent and keep our residents as happy as possible. It's amazing to me the different paths companies take to get there. That was no more evident than in my visit. What does company culture really mean? By definition company culture is a set of ideas or beliefs for an organization. What struck me as funny about my visit was that our portfolio sizes were similar, our accounting software was the same but we weren't even in the same ballpark with how we approached the challenge of renting apartments. They were doing tons of things with outside owners that we would never imagine doing but they had no vacancy report to view. (It was tabulated...

Posted by on in Property Management
Property Inspection 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. Recently we have been testing and are just rolling out a new process for conducting inspections. A fully digital and paperless inspection process; allowing for a swift method to memorialize observations by following a consistent process. With the advent and proliferation of smartphones and tablets in the marketplace this process is becoming more streamlined. As an avid iPhone user the apps we use are iPhone/iPad based. However searching though your application marketplace I am sure you can locate apps for windows and android based devices as well. A few helpful apps that you may want to look are: Tap Inspect. Tap inspect is a free app that allows you to customize the inspection process and deliver customized reports directly to your client from the field. You can include photos of the property and...

Posted by on in Property Management
Tenant Screening By Ben Holubecki, STML Realty Group, Glen Ellyn, IL I was recently on the phone with a rental property owner who was considering utilizing our leasing and property management services and he asked me an interesting question.  He asked me how the downturn in the economy and the flood of foreclosures and short sales had affected the way that we make decisions about rental application approvals.  I had not given the issue a lot of thought as the housing collapse didn’t exactly happen overnight.  However, as I reflected upon the way that we used to process rental applications a few years ago as compared to the way we do today there is a big difference in our process as well as the information that we deem important.  There are several factors that have contributed to the change in the way that tenants are screened and selected. The biggest factor that we have seen is that the market is now flooded with people who are converting from property owners to renters.  While a small percentage of these people are making this transition by choice, a huge percentage of them are being forced into rentals as a result of foreclosure, short sale, and the inability to procure financing for a home purchase.  This presents an interesting dilemma when reviewing a rental application as these applicants do not fit the typical renter’s profile that we are accustomed to making decisions about.  This has also forced traditional selling real estate agents into the rental market which...

Posted by on in Property Management
Emergency Plan Checklist By Geoff Roberts, Buildium, Boston, MA We all had it drilled into our heads as kids: Better safe than sorry! Whether it was through fire drills or being told to wear a helmet when riding my bike, hearing this phrase is amongst my earliest memories. It may sound elementary, but it’s still true. And the same goes for your property. Having property emergency preparedness plans in place will help mitigate damage and protect the safety of your tenants in case of an unexpected event. What kind of plans do I need?  You will need to have a plan on hand in the event of fires, floods, earthquakes, and other unforeseen emergencies that may potentially apply to your region. Tenants need to know not only how to evacuate the building, but also what to do in cases where they must remain inthe building as a disastrous event occurs (such as an earthquake). In addition to outlining what residents should do in case of emergency, you will also need a solid plan of action for yourself and/or other responsible parties. Know what tasks must be performed and who is responsible for completing them. How do I create emergency plans for my property?  Your insurance agent, local fire department, local police department, and Red Cross may all have resources that can help you formulate your own emergency preparedness program. Additionally, professional property management associations, networking groups, or colleagues may be able to provide guidance. With that in mind, following are some items every emergency preparedness plan should cover:...

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  ...