Posted on 04. Oct, 2013 by Leonard Baron.
When one wants to value property, like an apartment building, to get a feel for what it is worth, there are two different commercially recognized valuation approaches that are used. The first one is the comparable market approach analysis (CMA), which is used both for single unit residences and multi-unit properties. The second valuation approach is called the Capitalization Rate Valuation, or “Cap Rate” and it is used primarily for income producing multi-unit and other commercial properties.
Posted on 30. Sep, 2013 by Sara Thompson.
You already know that you, as a landlord, have a legal obligation to provide your tenants with a safe and secure property. This can usually be accomplished by making sure that every door and window has a working lock, and there is adequate lighting around the exterior. However, even if your property is safe and secure if the neighborhood is sketchy potential tenants will continue to avoid it.
Posted on 27. Sep, 2013 by Bryan Ives.
On September 17th with our co-hosts Grace Hill, we hosted an informative webinar titled ‘Hot Technology Trends,’ featuring Nat Kunes, Director of Product Management at AppFolio. Nat discussed which hot technology trends are emerging in the property management market and how you can leverage them to grow your business.
Posted on 25. Sep, 2013 by Mary Girsch-Bock.
The number one job of the property manager is to lease. Whether it’s a unit in a multi-family complex or a single family home; the success of the property manager lies in large part in how quickly and how effectively they lease empty space. Today, there are more leasing tools available to property managers than ever before.
Posted on 23. Sep, 2013 by Marc Courtenay.
Are you ready for a shocking statistic? The latest psychological data and anecdotal evidence is that a large percentage (some studies show it’s over 50%) of the general public in the U.S. is willing to tell lies. Sometimes people call them “white lies”, others rationalize them as “half truths”, but a lie is a lie. Depending on which organization or school of psychology I’ve contacted, I’ve learned that somewhere between 10 and 15% of the population in America are classified as sociopaths.
Posted on 16. Sep, 2013 by Mary Girsch-Bock.
Yes, technically it’s still summer, but we all know that Labor Day weekend marks the unofficial end of summer. While many regions of the U.S. will see warm temperatures well past Labor Day, it’s never too early to start preparing your properties for cooler temperatures. Getting a jump on seasonal preparations will also reduce the likelihood of being caught unprepared by an early winter storm.
Posted on 12. Sep, 2013 by Tara Armbruster.
Before a renter actually goes out and looks at apartment complexes, she browses online to find locations that she might like. Social media has created an opportunity to win over prospective renters before they even visit your complex’s website. But just mentioning your available units is not enough, especially if you’re managing a large property. You need to get creative.
Posted on 09. Sep, 2013 by Alex Osen.
At Fourandhalf, we spend a lot of time talking to our clients about property management marketing techniques. However, even the best marketing strategies will fall short if a property manager isn’t able to close leads. Without a lead management system, your marketing efforts, social media presence, your pay per click programs and your business networking will simply be a way of spending money instead of making it.
Posted on 28. Aug, 2013 by Ted Kimball.
Personal service should generally be attempted before resorting to substituted service or posting and mailing. If the notice is posted, California law requires that it be placed in a conspicuous place on the property. The main entrance door for the property is likely the most “conspicuous place” on the property. To avoid privacy issues, it is also recommended that the notice be turned facing the door, with all four corners taped to the door securely and the words “from management” written on the outside.
Posted on 26. Aug, 2013 by Sara Hinds.
Have you noticed fewer tenants wanting to pay rent in ways other than good old checks or direct withdrawal? You’re not alone, and it’s not just a trend in your area. The fact is, adults in more than 24 million U.S. households — one in five — are “un-banked,” with no bank account, or “under-banked,” with adults conducting some or all of their financial transactions outside of the mainstream banking system.
Posted on 21. Aug, 2013 by Leonard Baron.
People frequently purchase investment real estate with the belief that they will save some money on their income taxes as a result of their property ownership. And this could be true, but in many cases real estate provides an owner with virtually no tax savings at all. In this article we’ll talk about rental properties and how you can figure out, with your tax advisor, if your real estate ownership will assist you to reduce your annual tax bill.
Posted on 19. Aug, 2013 by Mary Girsch-Bock.
Completing a leasing agreement with your tenants is the single most important task that you will undertake. While completing a lease has likely become second nature to most property management professionals, you may want to take a little extra time and think about everything that needs to be in that lease; before it’s presented to your future tenants.
Posted on 16. Aug, 2013 by Tara Armbruster.
Across the country, the “rental rush” is starting to set in, and for the first time since the housing market bubble busted in 2008, home prices are at the highest ever. The housing prices are having an unintended effect on the rental market, which has led to a growth spark within the property management industry as a whole.
Posted on 13. Aug, 2013 by Mary Girsch-Bock.
Your landscaping is immaculate on your property. Your office and your staff offices are clutter free and welcoming. The chairs and sofas in your clubhouse are comfortable and stain free. Perhaps a batch of fresh-baked cookies sits in the reception area. Everything is in its place – right?
Posted on 08. Aug, 2013 by Leonard Baron.
When you make a big purchase, or an investment, buy a car, sign up for healthcare, etc. you do you “homework” to hopefully make a sensible decision that gives you good value for the money you are spending. When you buy real estate, which is likely to be the most expensive, most complex, and riskiest purchase you will ever make, there is an extraordinary amount of due diligence that you should do to reduce your risk and make a smart decision.
Posted on 07. Aug, 2013 by Tara Armbruster.
Property managers have had a long time to figure out how to keep tenants happy. But with the advent of online reviews, it’s now necessary to make sure that tenants aren’t just happy, but that they share their enthusiasm for a particular apartment complex online.
Posted on 01. Aug, 2013 by Stephen Modafferi.
This article is an overview of specific provisions of the Mobilehome Residency Law related to fair housing issues. State and federal fair housing laws may supersede or modify the MRL. Mobilehome park owners and managers faced with potential fair housing law issues should seek input from legal counsel familiar with state and federal fair housing law and the California Mobilehome Residency Law.
Posted on 30. Jul, 2013 by Marc Courtenay.
Recently I was perusing one of the online realtor association sites. There was a page lamenting that homes above a particular low price range weren’t selling. Alarming titles like “Shock Treatment May Dial in Price Reductions” suggest that home prices are often priced too high when put on the market. Is the next phase of the housing recovery lower prices? Perhaps so, depending on the area of the country and the number of foreclosed homes that are entering the supply of houses for sale.
Posted on 25. Jul, 2013 by Leonard Baron.
Commercial real estate financing for income producing properties is a little different from residential real estate financing. In residential financing, the bank looks toward the borrower’s income as the primary source of repayment on the loan. With commercial financing, the bank looks first at the property’s income as the primary source of repayment on the loan.
Posted on 23. Jul, 2013 by Marc Courtenay.
First let me encourage you to listen to the free online webinar on a topic for property managers. Online rental expert Pierre Calzadilla (Manager of Trulia Rentals) provides practical tips about the effective approach to filling vacancies that you can apply to your business right away. Pierre covered the following: The top trends driving today’s […]
Posted on 17. Jul, 2013 by Marc Courtenay.
First impression matter as much as ever! Curb appeal still can make a big difference when it comes to attracting quality residents. Don’t believe me? Do what I did and interview rental shoppers. Location and the area of town is one of the “Big 3 Criteria” for prospective residents. Affordability was also one of the 3 biggies. Then I asked prospects, “How important are the exterior looks of the rental property?”
Posted on 15. Jul, 2013 by Leonard Baron.
When discussing real estate investments, we often hear people say the three most important words in real estate are location, location, location. And while “3L” properties may be some of the finest looking and most prestigious properties to own, the reality is that they are generally very poor investment choices. The reason is that the investment returns on these location properties are typically very low; and one should strive for better investment returns to compensate for the risk.
Posted on 11. Jul, 2013 by Marc Courtenay.
If you look at the latest Case-Shiller Home Price Index data released on June 25, 2013 it’s no longer a question that the trend for the price of an existing home is on the upside. Cities like San Francisco saw the largest year-over-year growth at 23.9%, while New York saw the lowest at 3.2%. Those rates compare with a 20-city average of 12.1%, the fastest annual pace in seven years.
Posted on 10. Jul, 2013 by Mary Girsch-Bock.
Under the best of circumstances, being a property manager can be a stressful career choice. Throw a distressed property in a high-crime area into your portfolio, and that stress level can increase tremendously. While it won’t be easy, turning a crime-ridden property into a safe haven for grateful tenants and a money maker for your portfolio can be done.