landlord: One of my LONG STANDING Goals for my Business has been Realized! Yeah ME!
- 06/09/12 02:24 AM
For the past 10 years, I have had a BUSINESS goal to have floor plans of ALL of my rental properties * ALL OF THEM * Almost 100 properties.
I originally wanted photos of all of the properties VACANT and even when a property is occupied by the owner, I take photos of the property VACANT right before I provide the unit keys to the new residents.
10 years ago, my husband started doing floor plans for me on HomePlan PRO software and he actually wrote a article on doing floor plans for the NARPM newsletter * Residential Resources.
Now, as … (39 comments)
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landlord: Let's NOT Communicate MORE MISinformation about LANDLORDS 1099 Reporting!
- 04/18/11 10:25 PM
There has been a requirement for businesses * INCLUDING landlords (property managers) * to report payments in excess of $600 on 1099s annually. Along with providing a copy to the recipient by the end of January, a copy must be sent to the IRS by the end of February in the required format.
THIS PROVISION WAS NOT REPEALED under the recent legislation signed into law April 14th. The requirement for the provision of 1099s is STILL a requirement and ANY information to the CONTRARY is MISinformed. The IRS provision for the 1099 reporting requirement has been in effect for a … (3 comments)
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landlord: YAHOO! Outlines the 5 Things Your Landlord Won't Tell You! I Disagree!
- 12/11/10 10:19 AM
My list would be slightly different. 1) This Building is in Foreclosure is NOT necessarily something that a tenant needs to know IF they have a lease. The lease will be honored by the bank, mortgagor or whoever else takes title and if the property is a multi-unit building, having TENANTS is a GOOD THING! 2) You should complain more is also NOT something I would encourage. Complaining PROPERLY is MORE effective * in writing * preferably in writing or via e-mail WITH your e-mail and phone contact information. Answering the phone or e-mail from service personnel AND allow entry … (8 comments)
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landlord: Landlord 10 Commandments!
- 08/23/10 05:04 AM
1. Thou shalt not rent to friends or relatives.This should be enhanced to include friends from church or co-workers.2. Thou shalt not show the unit until the property is rent-ready.One of the BIGGEST problems tenants complain about is seeing a property while the landlord is in the midst of repairs and the repairs are not completed.3. Thou shalt not provide property keys without a signed lease and move-in monies in hand.Landlords who don't have their paperwork in order BEFORE showing property often provide keys thinking they will have the paperwork completed later.4. Thou shalt not covet other landlord's employees … (12 comments)
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landlord: Key$ have VALUE and MEANING to Landlord$ and Tenant$!!!
- 03/28/10 08:30 PM
There are keys and then there are KEYS!!! One of the MOST IMPORTANT things a new property manager learns is the VALUE and the MEANING of keys.
The First thing we learn is that keys equal possession. Once the paperwork is complete and monies are paid, the new residents get keys to the property they have just rented. Hooray!
The Second thing property managers learn is to NEVER give the only/or all of the keys to the residents. Keeping a file set or 3 is ALWAYS good idea.
The Third thing a property manager learns to do is to put … (3 comments)
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landlord: 5 BIGGEST Mistakes Made by Rental Property Owners
- 03/16/10 08:34 AM
JUST LOOKING IN THE LOCAL NEWSPAPER CLASSIFIED ADS or ONLINE RENTAL LISTINGS for COMPARABLE RENTAL RATES.... Prospective tenants have many ways to check comparable rental rates besides the newspaper and Craigslist. Local property managers, Realtors, the internet listings. Property owners renting their own property need to check these sources in addition to the newspaper. Local property managers can provide a list of rental rates - current and past - for various areas, subdivisions, buildings. For apartment rental rates, owners should check the internet listings on Craigslist, their local apartment association and community sites. LISTENING TO WHAT OTHER PEOPLE ARE GETTING FOR … (5 comments)
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landlord: Following up on TENANT showings can be BENEFICIAL and is RARELY Done!
- 03/15/10 08:56 AM
Although it is common in real estate sales, following up on rental prospects is a good idea if only to learn what can be done better in your process. All it takes is a telephone and a few minutes to call your prospects. Doing a bang-up job of it takes more preparation, though. Here’s a good system that many multi-unit managers have utilized with success: 1. You have to get the name, e-mail and phone number of everyone who looks at your units. Capturing phone numbers with appointment confirmation calls is the easiest and if you don’t, you can’t follow up. … (3 comments)
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landlord: Tips for TENANTS with Pets who want to Rent
- 03/15/10 04:24 AM
I am one of the FEW pet-friendly property managers in our area * probably because of the heavy student rental population so I have some tips for renters with pets to aid them in their success finding a pet-friendly rental home....
☛ Be completely honest about the number, size and types of pets you have. ☛ Be sure that your pets are spayed/neutered and fully vaccinated before you begin searching for a rental. Unneutered pets are much more likely to bite, urine mark and stray from the property, and these behaviors can be very costly for landlords. ☛ Get a written … (7 comments)
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landlord: It’s Not TOO Late to “RECESSION-PROOF” RENTAL PROPERTIES.....
- 03/04/10 09:33 PM
With continued down-turn in the economy, the Fed keeping interest rates low and first-time home buyers buying homes at record rates, rental property owners should be employing any and all means possible to “recession-proof” their investments in real estate. 1. Revamp the application process....clean up/update rental application forms and strengthen credit requirements. If you are using an old “retail CBI” report, update to the use of a scored credit report - much like mortgage credit reports - where the application’s current obligations can be viewed v the amount of the proposed monthly outlay for the rental home. If the applicant is … (5 comments)
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landlord: Agents!! Working with First Time Home Buyers on a LEASE? Better check their Termination Options!
- 03/04/10 04:56 AM
I had a phone call today that was surprising. Because I had a dba of Landlord Tenant Services, some government agencies think that I dispense landlord-tenant information and they often refer tenant callers to me.
I'll answer questions when I can; however, one call today was a shock. The caller/tenant is in the midst of purchasing their first home after re-signing their lease last year. Their lease does not expire for 10 months and their Realtor is telling them that their purchase contract TRUMPS their lease.....HELLO?! On what planet?
I told the caller that I did not think that was true … (3 comments)
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landlord: The Landlord * Know a Landlord? Thank a Landlord!
- 03/03/10 09:59 PM
Through hard work and persistence, the landlord provides housing for those who do not choose to own their own property. The landlord epitomizes what has made this nation great: individual achievement. The landlord is the embodiment of the idea that each person has the ability to be successful if he or she is willing to do what is required for success. Because of the landlord almost half of this nation's people have a place to live. Because of the landlord builders, remodelers, craftsmen, banks, mortgage bankers, insurance companies, utilities and many other businesses make a profit. Because of the landlord local … (5 comments)
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landlord: Don't forget to REMEMBER to Appreciate our Tenants!!!
- 02/27/10 04:34 AM
Good tenants are a treasure....and we can not forget that their rent pays the bills. Any other kind of treasure you would guard, protect and cherish. But too many times as landlords and property managers, we forget about our treasured customers who pay their rent on time, never cause a disturbance, take care of their homes, report problems promptly and are good neighbors.
The fact is, 95 percent of tenants are good. We want them to continue making their homes with us. Here are four ways to help show them that you are just about the best landlord there is. … (3 comments)
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landlord: OWNERS.....Put your hands on your head and back away from the property
- 02/24/10 03:30 AM
When our area “sales market” started to “go away”, many rental property owners got anxious about the re-leasing of their rental property.....sometimes to their financial detriment:$ * Owners of a high-end rental home upon hearing that the landscaping needed some weeding and mulching visited the property over a weekend - the same weekend that the property was being shown by a local Realtor to rental clients who were anxious to see the property after viewing it online. When the Realtor and her clients drove by the property and saw several passenger cars in the driveway, they thought the home was being … (3 comments)
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landlord: Help! I Just Inherited an Investment Property, and One of the Tenants Called me a "Landlord" What Should I do? 7 Golden Rules to Know
- 02/16/10 05:27 PM
This is a GREAT post on the JOYS of being a LANDLORD!!!
This cry for help came in from one of my clients via a voice mail message. Owning a rental property provides great tax breaks and potentially good financial returns, but also exposes the individual to major legal liabilities. This individual was in a lot of trouble and needed to take a quick lesson in Landlord 101. Based on my experience, I put together the following list of 7 basic aspects for my new investor-client to study, and to help him become a good law-abiding landlord and a … (0 comments)
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landlord: You may be their AGENT, I still can NOT talk to you!!!
- 08/30/09 11:41 PM
In the last few weeks, I've been called "silly" and "unprofessional".....because I won't talk to my residents' real estate agents.
I calmly indicate that I know my residents are looking for a home and their lease and Resident Handbook outline their options for being relieved for the remainder of their lease terms.....Goodbye!
Most states landlord-tenant statutes contain a CONFIDENTIALITY statute on safeguarding applicant/tenant information. Just as credit reporting services require a site inspection to determine if our files are secure, state legislatures have enacted laws that provide guidelines and limiting statutes on WHO we can provide our residents' … (14 comments)
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landlord: NEW Age Old Question * Directions v GPS
- 08/28/09 12:02 AM
For the second time in 2 weeks, I have had prospects who want to view my rental homes show up LATE for their appointment because of their GPS.
Now I have BEAUTIFUL directions on my web site listings - directions from nearest large street/road with R/L turns AND there is a photo of the front of the house. Usually the wife has printed out my listings and the direction section is on the first page of the 2 pages.....meanwhile, the husband insists on using their GPS - either brought with them OR rented with their rental car.....1 prospect couple was … (10 comments)
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landlord: Having a "Roommate" QUALIFICATION procedure will HELP keep good residents!!!
- 08/26/09 12:34 AM
In some areas where the economy has not "stimulated", many tenants who rented as "singles" are approaching their landlord about taking in a roommate.....landlords who say NO face lost rent and a vacancy depending on their tenant's financial situation so having a policy to accommodate their tenants is a MUST.
Provide tenants with applications and require that their roommate complete it and return it to you. Charge any application or credit check fee as appropriate. Screen the applicant and if they pass, offer your tenant the option of approving them as an AUTHORIZED OCCUPANT under the current lease OR offer to … (4 comments)
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landlord: Financial Writers Starting to GET IT!~! Pay your RENT * Pay your Mortgage
- 04/12/09 06:43 AM
While waiting for my husband to meet me for brunch today, I read Sharon Epperson's article in PARADE * April 12th * What to do if you can't pay the bills...
http://www.usaweekend.com/09_issues/090412/090412thinksmart-money-pay-bills.html
Under "What Should You Pay First?"....she mentions paying the mortgage and RENT!~! WOW!!! How UNIQUE!!!
While this makes sense, so many financial gurus mention car payments (so they can find employment or get to work), and food on the table....my response has always been - take the bus so you can have a place to PUT THE TABLE, I am so glad this concept has taken root somewhere.
In … (2 comments)
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landlord: "No Comment"....is a GOOD THING * Resist Talking to the Media * They don't WANT your side * They want a STORY!
- 03/14/09 12:25 AM
Some PM friends of mine just had their first run-in with the print media calling them for a comment on a story ABOUT THEM.
The back story involves their HVAC firm setting up an appointment to do their fall HVAC service and using a key to enter the property. Halfway across the living room, the tech met an hysterical woman with a towel wrapped around her screaming. The HVAC tech apologized and left the unit....then the phone calls started including the still-hysterical woman who barely speaks English calling the PM while he was on his way to a property showing.....then the … (1 comments)
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landlord: Evicting non-paying residents * don't forget $$$ for the rest of their lease!!!
- 04/23/08 12:12 PM
Up until a few years ago, Virginia had one of the lowest Small Claims court limits * $2,500...then the VA legislature upped the limit to $5,000 and VA landlords are slowly educating themselves on how to use this court to their advantage....shortly after the increase, I had an eviction of a resident paying $1,295 with 6 months remaining on their lease...for the month they owed rent, I filed an eviction (unlawful detainer) for possession and a judgement for the deliquent rent.....at the SAME time, I filed a small claims court case for the remaining rent up to the $5,000 limit and … (2 comments)
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For the past 10 years, I have had a BUSINESS goal to have floor plans of ALL of my rental properties * ALL OF THEM * Almost 100 properties.
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