How to Help with Tornado Relief Efforts

My part of the country has been hard hit by severe weather over the past few days. Last Wednesday (May 15), as many as three tornadoes slammed into the lakefront town of Granbury, which is outside of Dallas. And we’re all aware of the horrible tragedy that is unfolding in Oklahoma after a massive tornado roared through the suburbs of Oklahoma City this past Monday…Read More

Property Management Cooperatives: Banding Together to Cut Costs

I spoke with a property manager the other week who was lamenting the tight profit margins he said he was forced to accept in order to get more business from property owners. He was interested in property management software as one way to cut costs and boost margins, which is a great solution. But are there other ways for property managers to cut costs in addition to increased automation…Read More

Is Your Apartment Pool Making Residents Sick?

The battle cry of the summer swim season will soon be heard across the nation as recreation center and apartment community swimming pools begin to open their diving boards to the public and apartment residents over the Memorial Day weekend. Whether you’re a dedicated lap swimmer, a casual sunbather, or a parent looking for something to occupy your kids, chances are you’ll be spending a lot of time poolside over the next few months…Read More

Responding to Online Apartment Reviews: The Smoke Signals of the Internet Age

One of the oldest forms of long-distance communication, smoke signals, have been used to transmit news, signal danger, and gather people to a common area. These signals were created to indicate “all is well” or “danger” or “beware.”…Read More

Want to Get Away? Tips for Taking Time Off as a Landlord

It is Memorial Day weekend, the unofficial beginning of summer.  The time when many go on or start thinking abut vacations.  One of the most difficult things about being your own boss can be finding the time to get away.  We all need the chance to recharge our batteries once in a while, but when you are a small business owner/landlord it may not be that easy to get up and go…Read More

The Property Management Field Guide to Cicadas

This spring the massive “Brood II” batch of 17-year cicadas will emerge from the ground throughout the mid-Atlantic states for a few weeks of noise-making, mating, and egg-laying. Though their time as surface dwellers will be brief, around four to six weeks, they’ll surely make their presence known…Read More

To Manage or Not to Manage: 5 Important Considerations To Ask Yourself

For many investors, the idea of managing their own rental property seems crazy. Why would you bend over dealing with tenants when you can pay somebody else to do it for you? On the other hand, there are those investors who shun the idea of giving away 8-10% for someone else to process a monthly check and take a few phone calls throughout the year. Regardless of which side of the fence you are on, determining whether or not to manage your own investment properties is an important exercise…Read More

Make Your Property a Magic Kingdom: Five Ways Disney Builds Extreme Customer Loyalty

The Disney brand is one of the most powerful in the world. They successfully deliver their message, confirm their credibility, connect emotionally with customers of all ages, motivate their employees, and build extreme customer loyalty. Their brand resides within the hearts and minds of customers old and young…Read More

Building Your Rent Roll: Organic Growth vs. Acquisition

I get asked this question a lot: “What’s the best way to build my rent roll?” I always reply, “What are your business’ goals for growth?” There are two viable methods for building your rent roll – organic growth and acquisition. But, truth is, choosing a method requires you to consider which best aligns with your business’ growth strategy and can successfully achieve your goals. There’s a catch – whatever method you choose must be strategically planned, implemented, and managed in order for it to effectively build your rent roll and achieve your goals…Read More

Tenant or a Professional Bum – Do You Know How to Tell?

A go-to favorite in the Leybovich household is a romantic comedy Hitchstarring Will Smith, Kevin James, and Eva Mendes.  In one of the scenes early in the film Hitch, played by Will Smith, is shooting pool with a buddy at one of New York City’s high-class up-town bars.  Hitch takes a shot, which rattles in and out of the pocket, at which Hitch shows frustration and tries to convince his friend that the shot should count. In response to this, his buddy gives one of the most profound “Hollywood” monologues I have ever heard; it is short but makes a lot of sense and goes something like this…Read More

Single Family Home Rental Trend Benefits Property Managers

Low mortgage rates aren’t enough to tempt some young people to buy a home. Instead, they’re opting to rent one. In Memphis, for example, property management companies like Lubin Property Management LLC and Renshaw Property Management are seeing big growth in single family rental homes…Read More

Remodeling? Avoid These Costly Mistakes

While many Americans are ready to take on remodeling/renovation projects this spring, doing it the wrong way can be costly. Some errors to avoid:…Read More

Perennial Curb Appeal: Four Tips for Creating Year-Long Color

Each year, properties spend thousands of dollars on colorful flowers to boost curb appeal and improve property maintenance during growing seasons. In a day’s time, beds are stripped of the remnants of a hard winter and transformed into vibrant, colorful bouquets of annuals that please residents and attract new ones…Read More

Two Terms Marketers Need for Today’s Media Landscape

We knew that the Internet would bring with it a whole wave of new media disruption. We were unprepared for just how massive the disruption has been. You needn’t look any farther than this one staggering statistic to understand the scale of change: Google’s advertising revenue is larger than that of the entire print industry’s revenue…Read More

Apartment Amenities: Understanding What Gen Y Wants

The multifamily industry spends considerable time and money targeting Gen Y renters through property management, apartment development, and marketing. And when 72% of people under 30 years old live in rental housing, its easy to understand why…Read More

Pain and Gain: The Net Result of Great Property Management Leadership

In the quest to be an amazing-over-the-top multifamily business leader you must find the pain and go there. Not just arrive at the point but stare the pain right in the face and power through it. If your occupancy is struggling, go through the pain of looking in the mirror and asking yourself if you are the right person to lead the recovery…Read More

Rent Locally, Shop Locally

If you’re a property manager, how can you encourage your tenants to support local businesses? Create a rewards card. This is the approach taken by LLC Property Management, based in Los Angeles and Dallas. They offer each tenant a card they can use to get discounts at local shops. The tenant saves money and local shop owners get more business…Read More

How to Avoid Landlord Burnout: 5 Actionable Tips

We all know that being a landlord is a 24-hour job. And we also know that — according to Murphy’s Law — anything that can go wrong will, and if a series of events go wrong, they will do so in the worst possible sequence…Read More

Get Ready for the Next Apartment Glut

The multifamily industry suffers from a boom-bust cycle that’s more predictable than any other in real estate.  I believe it’s a function of the time it takes to put up an apartment building compared to single family housing.  The next bust is on its way and it could mean lower rents and higher vacancies for investors owning single family rentals in some markets as well apartment owners…Read More

Mandatory Recycling: A Tale of Two Texas Cities

As the adoption of mandatory reporting for energy benchmarking in the multifamily industry continues to grow in cities across America, it should come as no surprise that mandatory recycling programs are also becoming more popular. But getting everybody onboard with such a program is easier said than done. Some of the burden for cost and compliance falls in to the hands of property management companies and apartment communities—and neither is particularly pleased about it…Read More

All properties can be a much safer place for tenants and staff if a simple maintenance plan is adopted.

A few very good examples are, takes less than five minutes to change those smoke detector batteries, every month or so replace all the furnace filters throughout the property, and certainly check the electrical system that power source for the property lights, refrigerators, microwaves, garbage disposals, water heaters, washer/dryers, and the many other appliances that are used. Do not ever allow lack of simple maintenance let the electrical system break down.

Many of the structured systems on the property have moving parts with motors, belts, and gears that make them the focus of a lot of wear and tear. Some are basically made from substances that will naturally degrade or just stop working. Certain ones need a service repair or replacement over time. They can even be subject to attack by insects, animals, and mold. Therefore by adopting a schedule of simple maintenance a major inconvenience can be avoided.

Things done yearly:

- Shut off Valves:

To be prepared for all emergencies make sure the entire staff knows the location of all of shutoff valves at the property.

Whole-Property water shutoff valves: These are the main shutoffs beside the meter if the

property is on City water. If a well is used, the shutoff will be on the building side of the

pressure tank. Cut the power to the tank.

Toilet Shutoffs: Show the entire staff how to shut off the toilet by turning the ribbed oval

handle under the tank if it ever starts to overflow.

Sink Shutoffs: There are handles beneath the sinks or within the cabinets; the one on

the left is usually for hot water, the one on the right for cold.

Dishwasher Shutoffs: Under the kitchen sink is a reducer coupling and shutoff valve

that leads to the dishwasher on the ½ inch hot water sink supply line. If there is a

basement it could also be between ceiling joists just below the appliance.

Gas Shutoff Valve: Identify the location and show entire staff how to shut off.

- Electrical Panel/Breaker box:

Identify location and show entire staff how to shut off main breaker in an emergency, or flip any circuits back on after an overload. (If it’s a common occurrence hire a electrician to upgrade the panel or wiring).

- Gas-Fired, Forced-Air Central Heating Systems:

Hire a licensed HVAC person to inspect the thermostat, electrical components and controls, check the heat exchanger, flue, ducts, air flow and air fuel mixture, adjust the burner and oil the motor and circulating fan.

- Fireplaces and Chimneys:

Have wood burning fireplaces and stoves inspected annually and cleaned and repaired as required to prevent chimney fires, carbon monoxide poisoning and mortar and flashing failure.

Things done in Spring

- Clean and Service the fireplace/wood stove chimney as needed.

- Check the air conditioning system and have it serviced if needed.

- Clean or replace the air conditioning filter.

- Check the humidifier and clean it.

- Check all smoke detectors, carbon monoxide detectors and security alarms; replace batteries.

- Clean all windows, screens, and hardware. Repair as needed.

- Open any valves to your outside hose connections.

- Examine the foundation for cracks, leaks or signs of moisture; repair as required. Ensure the

sump pump is operating properly.

- Check downspouts for loose joints and clear any obstructions to ensure water flows away from

the foundation.

- Clear all drainage ditches and culverts from debris.

Baseball is in full swing and the birds are singing. Football teams are in spring training and the flowers are blooming, so it is a good time to reflect on managerial duties that need refreshing because all professionals need to stay on top of their game and breathe fresh air into their work.

Why not start with finding and screening new tenants?

No tenant means zero rental income, so the property manager must know how to advertise the properties cheaply and in a way that will attract excellent tenants at the same time. Have a clear knowledge of local tenants gives the manager a far-reaching and cost effective method to reach potential tenants.

Remember that once a potential tenant arrives then the screening begins by weeding out the rotten ones. This involves finding tenants who are both cooperative and reliable in paying rent. It is that 2 step process.

Step one involves interviewing applicants for their source of income, family status, attitude and reason for renting. This can be on the phone to save time. Step two is to run that credit check to make sure that they are able to afford their rent.

Collecting that rent remains the crucial duty of a property manager. To be sure that rent collection is flawless a manager should take the obvious steps of stating due date, payment methods, and the actions taken for late and unpaid rent.

Bear in mind the reasonable demands of the tenants and cheerfully get those repairs done.

At the same time the manager must deal with some trouble makers such as a tenant who tries to sneak away without paying rent. The manager needs to know exactly what to do in that case.

This means that managing people well is being able to connect with them, so the property manager needs to have good people skills so that their tenants will respect their authority while being satisfied with the way they are treated.

Making sure that the rental property and its outdoor areas are well maintained will always lead to lower vacancy rates and higher rental returns. Being that person is an excellent way to succeed in this growing field. 

Details are never too small. Common area concerns include electrical wiring, plumbing, walls, paint, flooring, roofing and the landscaping. Also furniture and appliances have to be maintained and repaired due to daily wear and tear. 

With larger rental properties making sure that the common areas such as the corridors, stairways, lifts and void decks are in proper working condition is a full time job. Taking time to reflect on how well we are keeping up is an excellent renewal practice.

Since managing rental property is like running a business being able to maximize rental income and cut bills can mean the difference between a profitable cash flow rather than a money sucking liability.

Finally review that need to have ready access to cheap and reliable third party property services so that you will be able to slash the bills and maximize the returns of that rental property.

A property manager performs the transactions and procedures associated with selling or leasing particular properties. They are the link that connects the property residential or commercial owner and their tenants. That manager is responsible for finding tenants, completing formalities for leasing, and the maintenance and tax-related aspects of the property. They make sure that the transactions take place timely and efficiently.

If that was all there was to the job then no further re-write would be necessary. It isn’t, so onward.

Since the property manager must search for an appropriate tenant they need to take into consideration the expectations of the owner as well as the tenant/customer.

Next it is vital that the manager market and promote the concerned property. Then off course when someone shows an interest in the property, they must show them around, and furnish them with the requirements, terms and conditions, and the expectations of the owners.

These are obvious and apparent to any seasoned and reasonable property manager, but often the everyday jobs become forgettable as to why we do them.

Re-visiting duties and then giving them a re-write will give cause for excellent results.

With that in mind a great manager will ensure that tenants do not cause damage to the property, but when there is a repair required they fix the damage promptly. The property manager needs to be a skilled negotiator with all interested parties on behalf of the owner.

When legal formalities arise in leasing or selling the property the manager needs to be versed in the tax-related aspects as well as data that includes, zoning regulations, tenant laws, tax information, federal laws, and property values.

This leads to dealing with all the documentation related to the lease/sale. This includes the rules and regulations, lease agreement, purchase or sales agreement, contract work documents like, maintenance and repair work orders. When the documentation is completed it is the manager’s responsibility to file and maintain those records.

As important as all that is the manager is responsible for the employee payroll in addition to supervising their work.

According to analyst Omkar Phatak, “every field of human endeavor needs managers who can effectively execute their set of duties and deal with unforeseen situations that may arise at times. Good managers are the most essential prerequisite of any business success story. The property management field needs able managers to take care of residential and commercial properties.”

Many residential or commercial property owners prefer to outsource the task of managing a property to a professional property management company. They are charged with regular maintenance, rent collection, tenant agreements, payment of taxes and any emergencies. The property managers that are hired by these companies become responsible to execute these duties on behalf of the owners.

Phatak notes that, “the ideal candidates are ones with a mixed bag of experience in diverse fields, but experience in real estate counts. You have to be good at handling numbers and people. The roles of residential/rental property managers are substantially different and hence you will find a separate description of their job profiles.”

After re-considering the range of tasks that they need to handle, the role of a property manager is challenging. “The buck stops at the manager’s desk as far as any problem related to the property is considered. If you think you have it in you, to deal with emergencies that may crop up and handle the wide range of administrative duties, this is the career for you.”

How Much Do You Know about Fair Housing? [Infographic]

So, you think you know your Fair Housing laws? Each year, thousands of complaints are filed through the U.S. Department of Housing and Urban Development (HUD) and its partnering agencies alleging discrimination. The National Fair Housing Alliance estimates that there are more than 4 million violations annually, with only a fraction being reported to HUD and its partnering agencies…Read More

How to Show Older Rental Properties

Last time, in “How to Renovate Older Rental Properties,” I discussed the best way to get old properties ready to rent. Now I want to discuss ways to show your older property…Read More

Multifamily’s Anne Sadovsky: The Queen of Fair Housing

Anne Sadovsky still has game. The widely recognized multifamily housing speaker and trainer – the queen of Fair Housing – keeps a torrid pace. Stopping for deep breaths just isn’t in the routine…Read More

DIY Landscaping: 5 Ways to Bust Out Bamboo

Bamboo is one of the most exotic and eco-friendly materials used in construction. Long associated with Asian cultures and design, this giant grass has been trending in the U.S. for the last few years, especially in flooring. It is strong, beautiful and, thanks to speedy growth, an economical choice for consumers and a renewable resource for producers. Outside, there are countless ways you can use bamboo to have a stunning effect…Read More

Baltimore Apartment Market Cools Amidst Economic Uncertainty and Rising Construction [Video]

Baltimore was one of the hottest apartment markets in the country in 2010 and 2011, and that led the metro’s biggest wave of new apartment development in more than two decades. But in the last year – ahead of all the new supply completing, apartment fundamental have begun cooling off…Watch Here

Effective communication skills are often neglected in a busy workforce, and staff can become unhappy and confused.

According to Haleem Ossman, chief executive at Ossman Consultants managers must understand that staff interaction, communication and teamwork are the vital factors in company development.

He states that, “In today’s competitive business market, purpose, vision, social responsibility, learning, and fair recruitment are the factors to get right. Managers must be able to demonstrate leadership qualities, with constructive criticism. Motivation and reward are important factors”

The manager needs to encourage staff to take responsibility. To that end they must have access to information for decision making. The following are a few tips from Ossman for the effective manager.

The manager needs to make sure the business plan, values and strategy is communicated to staff in a way that helps build respect, and boosts individual and team achievement.

The happier a team is the more productive. Strive to keep tense moments controlled and balanced so that the staff feels challenged, but never intimidated.

Let the staff see rewards up ahead, instead of fruitless toil. Make staff bonuses and increments line up with clearly communicated performance targets.

Encourage feedback. It gives a good indication of the attitudes in the company and can help to build a calm atmosphere.

A scheduled appraisal of performance will help identify staff issues and then resolve them early before a difficult situation arises. Also a weekly and monthly staff meeting with clear objectives and agreed outcomes will provide focus.

Remember that there is an art of listening. In addition discover the ideas the staff has. Ossman states that, “

It is a good idea to create a staff training plan. Ossman states that, “When people are trained to deliver a quality service within a supportive and knowledgeable team, it instills confidence. Make learning and development consistent, ensuring skilled staff can work in a flexible way, helping the business to manage the demands of a changing market place.”

Finally he encourages managers to maintain a high level of commitment by, “fully engaging with your staff; involve them in planning and decision making. Staff will feel a moral responsibility for the success of your company, a great team boost.”

In addition to Ossman’s advise, Andy Trainer from Silicon Beach Training offers a few tips for motivating a team that gives a manager even more of an edge.

Trainer says that, “In difficult economic times like these companies need to be as productive as possible and a motivated workforce is a productive one!”

So he encourages managers to:

1.) Get to know their staff, show a real interest, and know that if their contribution is valued they will be more motivated.

2.) Praising your staff for good work will encourage them to do more of the same.

3.) To enhance staff creativity let them express themselves creatively and offer ideas for the that they will feel they will have a good impact on the company.

Finally Trainer points out that, “A manager’s role is to get the job done via the people you manage and a team that feels empowered will be more effective. Every moment you are with your team has an effect on them so you need to take a consistent approach with your management style. If, one day you are motivating and empowering but moody and secretive the next you will lose the trust of your team.”

So lead by example and, “Be motivated yourself.”

The Top 3 Apartment Lead Sources Used by Renters

Ask any marketing director what causes some of their biggest headaches, and you are sure to hear about the need for the correct lead source to be entered into the property management system when a prospect visits a community. Unless you know where your leads are coming from, you won’t know where to allocate your marketing dollars….Read More

Should You Raise Rents?

In many parts of the U.S., there are fewer rental units, and a greater percentage of Americans are renting than they were just a few years ago…Read More

Reduce Fair Housing Claims by Providing Good Customer Service

Property owners and managers know that customer service plays a key role at all levels of the resident experience – from the front office to maintenance. Chipper smiles, upbeat conversations and presentations plus a can-do attitude wins when it comes to increasing occupancy and retaining residents…Read More

How to Help Out Your Property Management Company, Follow-Up

I received some really great response to my post, 10 Ways to Help Out Your Property Management Company, and some important questions that I want to address here…Read More

Go Green Up Top With a Living Roof

For thousands of years humans relied on natural roofs — made from sod, mud or straw — to keep their homes cool in the summer and warm in the winter. Today, “living roofs,” the next generation of those earlier thatched roofs, are slowly sprouting up throughout the U.S., primarily in cities where green space is limited and the benefits are more substantial…Read More