Posted on 22. May, 2012 by Marc Courtenay.
Most of us have heard the proclamations and the headlines emphatically stating “Housing Prices Have Bottomed.” Depending on your region, that may seem correct. Yet there’s an insidious impasse that may capsize this nascent, fragile housing recovery. I’ve been out there looking for houses to buy and potentially rent out for income.
Posted on 18. May, 2012 by Mary Girsch-Bock.
Tight rental markets and the resultant smaller budgets have caused many property managers to become creative when it comes to office staffing issues. And while the rental market has grown stronger in recent months, those same managers are finding more creative ways to assign work duties to existing staff members.
Posted on 11. May, 2012 by Marc Courtenay.
“When you have 400 units to manage like I do, you can’t afford to be shy about using email to keep in touch with my residents [tenants].” These words of experience came during an extensive interview I recently conducted with a veteran property manager. She also uses email (with an automatic acknowledgment of receipt) with her owners if at all possible. What is she telling her owner-clients?
Posted on 08. May, 2012 by Marc Courtenay.
In a recent article I mentioned how I interviewed a very experienced property manager. I asked her about some of the challenges she faces, including the topic mentioned in the title of this article. It’s really unpleasant to learn that a resident has suddenly disappeared without giving proper notice.
Posted on 02. May, 2012 by Mary Girsch-Bock.
One of the most contentious aspects for both property managers and tenants is the handling of a security deposit. Designed as a way to protect property managers and owners against possible damages, security deposits are not designed to be used as last month’s rent, and the majority of rental leases state that up front.
Posted on 26. Apr, 2012 by Ted Kimball.
When an unlawful detainer lawsuit is filed in California, every adult residing in a property has the right to be heard in court. This is true even if the person is not a named resident, is not an authorized occupant, and even if the person is unknown to the landlord.
Posted on 24. Apr, 2012 by Mary Girsch-Bock.
If you’re like most properties, you’ll have a mixed bag of results, ranging from gushing compliments from satisfied residents, to wild ranting from the tenant you evicted last month. Both current and former tenants can easily post unflattering remarks on various websites, and even Facebook pages.
Posted on 18. Apr, 2012 by Marc Courtenay.
If experience is the best teacher, then I recently had the privilege of interviewing one of experience’s most ardent students. She’s been remodeling old rental units, filling vacancies, pleasing both owners and residents for over 40 years. She and her late husband once managed over 1,200 residential rental units in Southern California.
Posted on 12. Apr, 2012 by Marc Courtenay.
Not to cause undue concern, but are your clients talking to other property managers about what they want and may not be receiving? The only way to answer the question is to get in touch with your clients soon, see how they’re doing and ask them what they want and need.
Posted on 11. Apr, 2012 by Mary Girsch-Bock.
While newer apartment complexes have separate utility meters for gas and electric, older properties often have a central meter for all utilities, with the end result being units marketed to tenants as ‘utilities included.’ An attractive prospect from a marketing standpoint, the fact remains that including utilities in your tenant’s rent can be a risky policy that may ultimately pay off for tenants while costing your management company thousands of dollars a year in inflated utility costs.
Posted on 06. Apr, 2012 by Marc Courtenay.
First let’s talk about interest rates. Recently the 30-year and 15-year mortgage rates (which are tied to the benchmark yield on the 10-year US Treasury bond) have begun to creep upward. The average rate on the 30-year fixed mortgage hovered near historic lows the week of March 12th, making home-buying and refinancing more attractive to those who can qualify.
Posted on 03. Apr, 2012 by Mary Girsch-Bock.
Of all of the reasons why tenants leave, (other than relocating in another area or buying a house) inadequate maintenance is right at the top. There aren’t many people that would put up with a ceiling leaking for days, or a toilet that won’t work, or a faucet that constantly drips.
Posted on 27. Mar, 2012 by Marc Courtenay.
The old dream for Americans was to save enough money for a down payment on a home that you could own or partly own by qualifying for a mortgage you could pay off over time. My, how times have changed. Many people I speak with still believe in the old dream.
Posted on 23. Mar, 2012 by Brannan Johnston.
Used in conjunction with credit evaluations and traditional screening methods, rental payment history can go a long way toward filling up an apartment community with qualified renters who pay on time.Resident screening companies love data. To determine whether or not a prospect is worthy of renting an apartment, vast databases are scanned for past purchasing behaviors, job histories, on-time and overdue payments and of course, credit history.
Posted on 22. Mar, 2012 by Leanne Barbat.
Many of our clients are perplexed about what to do with a garage or storage unit rental when they want to terminate the tenancy and receive back possession. Is an eviction required? The answer depends upon whether or not the garage or storage unit falls under the California Self-Service Storage Facility Act. If it does, an eviction is not required. This article is designed to clear up the confusion so you will be able to act appropriately whenever you want to terminate a storage rental lease.
Posted on 19. Mar, 2012 by Mary Girsch-Bock.
The traditional property management model has been to staff your office with leasing agents and they will handle all of the sales aspect of renting the apartment; from the initial screening, the showing, the application, and even move-in details. Yet, today, because of an enhanced Internet presence, management companies are seeing an increased number of people leasing sight unseen.
Posted on 15. Mar, 2012 by Marc Courtenay.
If you’ve been keeping track of the latest news on real estate, home prices, and the inventory of unsold houses you’re confused, encouraged, or perhaps dubious. For example, in Los Angeles, California the average house price is anticipated to drop yet another 7% during the second quarter of 2012 when compared to the second quarter of 2011. The median home price in the second quarter of 2011 was $343,000 according to a CNN report.
Posted on 06. Mar, 2012 by Marc Courtenay.
Every property manager has an opinion on how cooperative or uncooperative their residents are. Most property managers still refer to residents as tenants or renters, and that reality leads to the first of the three ideas to help your residents want to be more cooperative. My first idea (aka suggestion) is to begin to change the way you look at and speak about the residents who are renting the properties you manage and/or own.
Posted on 01. Mar, 2012 by Jamie Sternberg.
California law requires residential landlords to allow small day care providers to operate on residential rental property under certain conditions. To operate legally in residential rental property without the permission or consent of the rental owner, the day care must be limited to six children or less. The children of the day care provider count in that number. The number can be extended up to a total of eight but only if the rental owner consents to the increased number.
Posted on 28. Feb, 2012 by Mary Girsch-Bock.
While part of the selling process for any property manager is to increase visibility and drive more potential applicants into the leasing office, if more applicants than not end up walking out the door without filling out an application; there’s something wrong. Here are some suggestions that will get more of those walk-ins converted to applicants and eventually tenants.
Posted on 24. Feb, 2012 by Mary Girsch-Bock.
When familiarizing yourself with the federal laws, you may want to take a few extra minutes to review your applicable state laws as well. While some of these acts may be more relevant to your particular type of property management business than others, educating both yourself and your staff about these federal (and state) acts and the repercussion of violating them will ensure compliance, which is the most important thing of all.
Posted on 22. Feb, 2012 by Marc Courtenay.
This may be the defining year for catapulting your business to a higher level of productivity and financial rewards. What you’re about to read isn’t “feel-good” filler, but careful extrapolation based on current analysis and careful observations. The positive trend for residential rental income properties has accelerated into the beginning of 2012.
Posted on 20. Feb, 2012 by Bryan Ives.
In this webinar recording, Charity Hisle, an emerging leader within the multifamily industry shares her social media expertise on how to manage your online reputation.
Posted on 17. Feb, 2012 by Bryan Ives.
We were lucky to have Mike Whaling (30 Lines) and Doug Miller (Founder & President of SatisFact) present the results from a national study conducted in order to find out what online renters want.