Enter your email address for weekly access to top multifamily blogs!

Multifamily Blogs

This is some blog description about this site

Property Managers and Landlords – How to Inspect the Property With Your Tenants

Property Management inspecting Rental Property

Property 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 to

a. identify and document the condition of the property
b. check the conditions of the appliances, security systems, heating, air conditioning systems
c. identify common areas
d. identify service areas such as trash, recycling,  newspaper delivery, mail box, club house and pool
e. provide information on utilities such as water, electricity, telephone and cable services

Property Management inspecting Rental Property


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.

 

1767 Hits
0 Comments

Property Management New Year's Resolutions

New Year's property management resolutionsAs 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, ......
Continue reading
4433 Hits
0 Comments

Easy Adaptions to Aging-in-Place

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.

1838 Hits
1 Comment

Finding the Right Multi-Family Property Investment

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......
Continue reading
3863 Hits
0 Comments

10 Property Management Pitfalls

A few weeks ago, we talked about 10 Signs of Property Management Success. This week, we’re going to take a look at the flip side of that coin, reviewing some indicators that it may be time to make some changes (after all, the time for New Years’ resolutions is just around the corner!). Following are a few red flags to keep an eye out for in your property management business. 1. Lack of referrals – This applies to both tenants and property owners. In an ideal scenario, you should be creating a web of referrals that expands year after year. If you’re not, it may mean that: 1) existing tenants and clients aren’t confident enough in your work to refer you or 2) business-building incentive programs are not in place. 2. Haphazard organizational systems – If your office doesn’t have an organizational system in place for things like accounting, rent payment tracking, and maintenance requests, your efficiency and accuracy may be taking a hit. An investment in property management software will pay off big in the long-run. 3. Sporadic maintenance schedule – Staying on top of regular maintenance (like winterizing) and repairs will keep your property value up and your tenants happy. Creating and sticking to an annual maintenance check-list is the most sure-fire way to stay on track. 4. High turn-over – This applies not only to your tenants, but also to your property management staff. While people move on for any number of reasons (both personal and professional) ,......
Continue reading
6125 Hits
0 Comments

Ode To Thanksgiving Day Resident Function From An Assistant Manager

Thanksgiving Dinner Oh How I love You!*I love that I did not get to go shopping for the items I needed to make you perfect for our residents.*I love that I was given a foil aluminum pan to cook a 20 lb turkey. Oh how I would have loved a big roasting pan that was real, you know the one that I can reuse again. It just makes sense because jeepers I'm going to have to cook a Ham in a month then another one for Easter. *I love that when I ask for Turkey Basting Tools I get a meat thermometer. That is great but, um, what do I use to baste the Turkey With and Brush the olive oil herb seasoning on. I guess I can use my hand and a small spoon. But wait, what about carving the Turkey what do I use then?*I love that after I have the Turkey all nice n pretty to put in the oven I see that I have no golf cart to use so I can transport the Turkey to the model. *I love that as I get my keys to put the Turkey in my car the Turkey juice spills all over my nice dry clean skirt, top, and nine wests (you know the ones even at clearance at $35.00). *I love that the bottom of the aluminum pan splits open as I get the Turkey out of my car and juice spills everywhere on my nice newly clean upholstery. The best......
Continue reading
2326 Hits
4 Comments

Property Management Companies - Tips to Prepare your Tenants for Natural Disasters

Guide for Landlord, Property Manager, Property Management Companies to Minimize Earthquake DamageDoes your property fall in one of these states: Alaska, Arizona, Arkansas, California, Hawaii, Idaho, Missouri, Montana, New Mexico, Nevada, Oregon, Utah and Washington?   According to the US government, these states fall in seismic active zones and earthquakes can cause significant damage to single family homes, apartment and commercial complexes. Property Management Companies, Property Managers and Property Owners should have a back-up plan ready to minimize damages to people and their properties in case of emergencies.Here is a check list to know if you and your tenants are prepared for natural disaster situations:1. Does your property meet the requirements of latest seismic safety standards.Find out if your property meets the requirements of latest seismic safety standards.2. Do you have an emergency plan in place? This plan should include measures for storing water and food, obtaining first aid training, appointing floor area leaders, conducting drills, and other such activities.3. Are your tenants prepared for emergencies?* Provide them with information on what to do during, and after an earthquake, and on how to secure furniture and other household items.* Encourage tenants to develop individual family plans for shutting off damaged utilities, reuniting family members, and evacuation, if necessary.4. Do you have tenants with special needs? Special needs may include mobility impaired, non-English speaking, elderly, or hearing or sight impaired. Provide your tenants with information on on what to do during, and after an earthquake.5. Do you have an Emergency team in place? The team could include both your staff and tenants and......
Continue reading
1639 Hits
0 Comments

10 Signs Your Property Management Company is a Success

While profitability is one great sign of success, there are also many other less tangible indicators that your property management business is doing well. Following is  a list of ten signs you’re running a good property management shop. How many items on this list apply to your business? 1. Your vacancy rates are low. Low vacancy rates can mean any one (and often a combination of) several good things: 1) that you’re doing a good job marketing your property to new tenants; 2) that you’re maintaining existing tenants; and 3) that your units are generally sought-after. 2. You receive new property management clients from referrals. In business, referrals are the sincerest form of flattery. When existing clientele are referring potential clients your way, it is a sure sign you’re doing things right. 3. You receive new tenants from referrals. Chances are tenants who are displeased with your property aren’t going to recommend your property to their friends. As with client referrals, tenant referrals speak kindly of your work and may also indicate that you’ve successfully instated a good tenant referral program. 4. Your tenants stay put. They like you, they really like you! As with all business, it costs far less to keep existing tenants than it does to find new ones. If your tenants tend to remain in your units for multiple lease periods, chances are you’re pricing your units right and making tenants feel well cared for. 5. Other property managers contact you for advice. While it’s nice to......
Continue reading
6820 Hits
1 Comment

Tips to Keep Your Books Updated

Property Management Companies Guide to BookkeepingWhy Book keeping?Without proper Business book keeping practices, your business is susceptible to cash flow issues and potential legal problems.  Book keeping is one of the most important of your business records since it includes all your business transactions.  Book keeping enables the IRS to evaluate your business operations and helps manage your business better. Here is a Guide to Understanding the Basics of Book Keeping:1. Maintaining Employee RecordsEmployers are responsible for maintaining records on withholding, employer matching, unemployment, worker’s compensation and employee forms such as the W-4 (Withholding Allowance Certification and the I-9 (Employment Eligibility Verification). 2. Tracking Revenues and ExpensesRevenue and Expense records can be maintained through a journal or a ledger.  Journal is a popular method that details receipts and expenses.  Ledger is a method that records transactions as credits and debits.  Recording revenues and expenses helps track how much and on where money is being spent, and how much money is coming in. 3. Recording Cash ExpendituresTo estimate your expenses as accurately as possible, it is important to record the cash your business spends. 4. Recording InventoryMaintain records of all inventory, dates purchased, stock numbers, purchase prices, dates sold, and sale prices.  Try to keep inventory holdings to a minimum based on business trends.5. Accounts Receivable and PayableMaintain all records of invoice dates, numbers, amounts, terms, dates and amounts paid or due, balances, and client information.Tip: Consult a professional to understand the most efficient way that works for you to keep your books.  Also, find out how......
Continue reading
1317 Hits
0 Comments

Building Managers and Owners: Lease Your Rooftop for Solar Energy and more!

If you have usable rooftop space, did you know that independent power producers, solar energy companies, urban agriculture companies, and more want to lease it from you? That is right, your rooftop space is a valuable part of your property now.  If you aren't listing it as a site for energy production or urban farming, you are missing out on getting a return from your unused rooftop space.  When your rooftop space is used as a site for energy production or food production, you get either a flat $/sq. foot lease rate, a split of the profits from the energy or food produced and sold, or a reduction in your energy bill with a Power Purchase Agreement (PPA). You can also get a combination, for example, a flat lease rate plus a PPA.  Site requirements for solar energy, wind energy and urban agriculture vary. Most flat (or up to 30 degree sloped) rooftop space may be useful for these purposes, as long as you have a 1,000 sq. foot or more building.    It's important to know that when they contact you, the interested power or food producers will request a site inspection to walk your property (with an Engineer) to determine if your rooftop has the structural capacity to handle additional weight.  This is a good and necessary step to ensure that your rooftop is a good fit for their projects. If all requirements pass, you can then begin negotiations of the lease rate, PPA, profit sharing, and other benefits you......
Continue reading
3224 Hits
0 Comments