real estate: Don't Quote Cookie-Cutter Services! Part II
- 02/20/13 01:52 AM
By Linda Day Harrison, theBrokerList, Chicago, IL I came to the conclusion very early in discussions with potential new property management clients that an initial drive-by, preliminary meeting with the owner, if possible, and compiling facts about the property on my own internal “Real Property Inventory Profile” was the best approach for me to take in determining the information necessary. Keep in mind, this approach is only necessary with local owners who were typically comprised of a partnership of local individuals or related persons who pool funds to invest in real estate. If the potential prospect is an institutional-grade client, the … (1 comments)
real estate: Don’t Quote Cookie-Cutter Services! Part I
- 02/13/13 12:23 AM
By Linda Day Harrison, theBrokerList, Chicago, IL When I was on the front line, running a full-service real estate firm, I would be the point person on all new business calls. The first question from a potential client would almost always be "How much will you charge to manage my property?" Or "What percent will you charge to manage my property?" It was a frustrating position to be in, but one that was easily answered: "There's no fixed quote to manage your property." Of course, the argument would be that they called several other management companies and were quoted X or … (0 comments)
real estate: Danger in the Basement? Rent It Out
- 02/07/13 12:26 AM
By Colin McCarthy, J.D., Robinson & Wood, San Jose, CA So in American Horror Story, after some certain traumatic events occur and the building's history is uncovered, the protagonists STILL don't move out of the house. The writers are nuanced enough to know that the audience will ask the question "Why do they not move out now?" So they actually attack this head on. Money problems prevent both an immediate move-out and obstruct a potential sale. So because I like to think I am still more nuanced than the newly nuanced writers, I counter with: "Why don't you just rent the place out?" … (1 comments)
real estate: Don't Look Under the Gazebo!
- 01/31/13 12:46 AM
By Colin McCarthy, J.D., Robinson & Wood, San Jose, CA So let's talk American Horror Story and the liability of prior owners for dangerous conditions. Our favorite fun subjects, right? Before things got too silly, there's an episode where [spoiler alert] somebody dies and gets buried under the gazebo. This being a horror show, the victim is not content stay under the gazebo. Said victim gets out and causes all sorts of mayhem, including injuries and some pretty serious property damage. Would you stop throwing stuff around? If you, dear reader, saw a great investment opportunity in this property and bought … (1 comments)
real estate: That Home Is a Product
- 12/25/12 11:39 PM
By Colin McCarthy, J.D., Robinson & Wood, San Jose, CA One of my favorite movies of all time (I have a lot of them), Die Hard, has many great lines which I like to quote. Frequently it's the "yippee-ki-yay" line, usually right as I am about to win a case. Sometimes it's "What were you doing with the detonators, Hans?" for no real reason. I also like "You asked for miracles? I give you the F. (pause) B. (pause) I." But one of my favorite lines and the one that gets the ball rolling on all of the above is in … (2 comments)
real estate: Do Short-Term Rentals Make Sense for Property Managers?
- 01/04/12 08:15 AM
A guest post by Ashley Halligan, Analyst, Property Management Software Guide Short-term rentals, of all natures, have become a hot commodity – and a controversial one at that. Short-term rentals can include vacation rentals and temporary housing, often sought by vacationers, business travelers, or people who have recently relocated while seeking long-term living arrangements. Either way, it’s become an ongoing topic of debate and an attractive investment opportunity for property owners and managers. In comparison to traditional rentals, short-term rentals can charge significantly higher rates given their nightly and weekly availabilities. Some property owners have earned as much as 25% of their mortgage in a … (4 comments)
real estate: Five Things New Landlords Don't Know
- 11/07/11 02:22 AM
A guest post by Dusty Henry, All Property Management, Seattle, WA Renting out your property might sound like a great idea, and it is. Inviting tenants to live in your home, especially if you are not using it, can be a great way to make some extra money and let someone else pay your mortgage. The idea of enlisting and paying a property manager may at first seem contradictory to your idea of making money. If you only have one property and minimal outside commitments, then you might not have a problem managing your own property. However, there are some things … (6 comments)
real estate: Control Is the Key – When Unsafe Property Conditions Result in Injury
- 10/18/11 08:45 AM
By Colin McCarthy, J.D., Robinson & Wood, San Jose, CA Let’s continue with figuring out the basis for how a tenant can recover against someone for an injury due to an unsafe condition on the property. I say “someone” because as we have seen previously, it does not need to be the landlord who gets sued. It can be the lessor, the “occupier,” or anyone who “controls” the property. The last one may seem a bit redundant, but it is not. Certainly the person occupying the premises exerts control over it. Same for the owner. Even if he is renting out the property, … (4 comments)
real estate: Obviously, You Don't Need to Warn About That
- 10/03/11 03:24 AM
By Colin McCarthy, J.D., Robinson & Wood, San Jose, CA Have you ever seen that warning sign about alligators? The one that says, “Warning: feeding, enticing or molesting alligators is prohibited.” You probably had the same thought as me. Really? Is that warning necessary? Don’t we all learn before kindergarten that provoking man-eating animals is hazardous to our health? That it creates “an unreasonable risk of harm?” What about the sign warning you that your hotel balcony on the 17th floor “is not on ground level” and you should not jump off of it? Seems pretty obvious, right? An owner/lessor/occupier/person who controls … (7 comments)
real estate: Cloud Technologies to Enable Property Managers
- 07/25/11 09:24 AM
By Peter Lamandre, Better by Design Realty, Scranton, PA In many ways property management is all about being prepared; prepared in case of fire, prepared for emergency repairs. What happens when you become sick or injured? How prepared are you to run your business when you can’t actually be there? Recently I severely injured my back and contracted an infection at or around the same time, as if one wasn’t bad enough. Fortunately, for the most part, we were very prepared. I’d be remiss if I didn’t acknowledge the staff. I have a great staff, all of which are cross trained … (2 comments)
real estate: Not Everyone's a Property Manager!
- 07/19/11 04:53 AM
By Salvatore Friscia, San Diego Premier Property Management, San Diego, CA I made a quick trade, put an offer in on a property in Arizona and then closed my laptop and headed with the kids for lunch in La Jolla. It was after lunch that I had an all too familiar experience. We were playing tourist for the day and on the walk back to our vehicle we stopped into a small boutique store near the cove to allow each kid to choose an item of there choice as a fun reward for good behavior throughout the day. I noticed the … (4 comments)
real estate: Creating Soul and Personality for Your Business (Part 2)
- 07/08/11 07:41 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia Let’s continue from my last blog. If it’s all about the client experience, and it is (just ask your clients), then how do you create a memorable and enjoyable client experience? Remember that it has to be a “real” experience because clients can spot fakes and phoneys from a mile away. Therefore your team must internalise your business personality – it must become the natural way that they interact with clients and teammates as well as how they represent your brand and your service. Step one in creating a happy client experience; inject … (1 comments)
real estate: Creating Soul and Personality for Your Business (Part 1)
- 07/08/11 07:40 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia How do we know what service experience we want our clients to feel if we don’t know what that experience is ourselves? We don’t, so it’s no wonder our industry is mostly confused when it comes to delivering the best client experience. Have you ever experienced that feeling when you walk into a particular business and feel a culture, energy, or vibe that makes you feel good – appreciated and respected – yet you just can’t put your finger on why you feel that way? I have on many occasions. It’s what I refer to … (0 comments)
real estate: A Property Management Revolution?
- 06/07/11 03:37 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia Property management… just mentioning those two words usually sets off a plethora of comments, memories and grunts. Most of them are bad memories and grunts of frustration, annoyance and mild to wild anger. Yep, this sector of the real estate industry has grown up to be like the delinquent teenage child who is hell bent on causing pain and humility, rebellious in every sense of the word. You only have to ask around to discover that this is a problem the world over… yes, that’s right, the world over. Why? There are many reasons why, … (4 comments)
real estate: Set Ground Rules Early with Owners and Tenants
- 05/18/11 03:59 AM
By Ben Holubecki, STML Realty Group, Glen Ellyn, IL I’ve always had a lot of respect for professionals who truly learn from their mistakes. Many of the top companies and executives in the world admit that they have made plenty of them over the years. What sets the successful companies apart from the unsuccessful ones is the ability to immediately make adjustments and avoid making the same mistake twice. It can be costly to make an error on the job but it can be devastating to repeatedly make the same mistake over and over again. That’s why I sat down last week to … (6 comments)
real estate: QR Codes for Property Management
- 05/05/11 03:52 AM
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 … (1 comments)
real estate: Should I Allow Tenants to Make Unit Upgrades?
- 05/02/11 04:27 AM
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 … (7 comments)
real estate: Welcome Spring to Your Property
- 04/11/11 04:23 AM
Though it may not seem like it quite yet depending on where you live, believe it or not, we’re officially a couple of weeks into spring. Over the past two years, we’ve blogged about winterizing on an annual basis. As with the winter months, you’ll want to welcome the spring season with a bit of property maintenance and some minor adjustments (and repairs, if necessary). Happily, the transition from the cold months to the warmer ones tends to be far more simple than getting ready for winter. Throw open the windows. Welcome the sunshine by opening up those storm windows, which … (1 comments)
real estate: Staff Versus Software for Property Management
- 03/29/11 03:11 AM
There’s no doubt about it—of all the business problems you could potentially have, being too busy is certainly not a bad option. However, being too busy can become a problem if you lack the bandwidth to stay on top of things. If you consistently find yourself putting off certain tasks or letting them fall through the cracks altogether, it’s time to make some changes. Being overloaded can result in a slip in the quality of the service you provide or oversights, both of which may guarantee you’re not so busy for long. The obvious answer to too much work is bringing … (2 comments)
real estate: Choosing the Right Business Entity for Your Property Management Business
- 03/21/11 04:10 AM
The business entity you choose for your property management company will affect you in very real ways—especially when it comes to taxation and financial and legal liability. This is a big decision and one that you may want to make with the assistance of your accountant or attorney. Following are the four business entities most commonly used by property management companies and some basic information about each. Sole Proprietor The title of this business designation pretty much says it all—a sole proprietorship is a business owned by one individual. Unlike more complex options, sole proprietorships do not have to be legally … (1 comments)
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By Linda Day Harrison, theBrokerList, Chicago, IL
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