Property Management Blog

Thursday, December 31, 2015

Property Management Blog

Determining Rents

Setting the rental value can be a tricky process. It is an art and a science combined, with many factors to consider. Even when a property manager and/or owner carefully derive a rental price, it is subject to change if rejected by prospective tenants. Supply and demand One major underlying factor determines rent - supply and dem...

Thursday, December 31, 2015

Property Management Blog

Working with the Market

As they say - all things change. The rental market swings up and down depending on the interest rates and the sales market. Different markets can lead to more properties on the market for rent. If there are more vacancies available, owners simply need to utilize other tools to keep their units occupied Be Competitive with the...

Thursday, December 31, 2015

Property Management Blog

Raising the Rent

While reviewing their return on investment (ROI), many property owners think raising rents will improve the bottom line for the upcoming year. It is important to review income and expense figures on a regular basis and stay in tune with the housing market. However, as your property management company, we know there are many things to cons...

Thursday, December 31, 2015

Property Management Blog

Who is Responsible for that Repair?

Today, when you buy or rent a property, the amount of paperwork required is often staggering. Once upon a time, an agreement to purchase or rent a property was one page, but now the basic agreement is multiple pages accompanied by multiple disclosures or addendums. In any area of the country, it is increasingly important in today's inves...

Thursday, December 31, 2015

Property Management Blog

Risk Management and Habitability

What is habitability and why is it so important? Essentially, it is anything that endangers the livability of the property and the health and welfare of the tenants. Many common issues are lack of heat, running water, major roof leaks, unsafe electrical, carpeting, stairways, or sidewalks, etc. When renting a property to others, whet...

Thursday, December 31, 2015

Property Management Blog

Lead Based Paint

Lead base paint has been an important issue since March 6th, 1996, when the Environmental Protection Agency (EPA) & Housing & Urban Development (HUD) released the regulations on the Residential Lead Based Paint Hazard Control Act. Property managers and landlords nationwide have worked to comply with the law. Additionally, ...

Thursday, December 31, 2015

Property Management Blog

When It Is Not A Pet

Ordinarily, property owners have the right to refuse animals while renting their property. However, there a specific circumstance exists when a dog, cat, or possibly another animal it is not considered a pet. When a disabled person with an assistance animal applies to rent a property, a landlord cannot refuse to rent to the prospective te...

Thursday, December 31, 2015

Property Management Blog

Inheriting the Tenant

When an investor purchases a property with an existing tenant, the first thoughts are that rent will immediately come in and there will be no vacancy period. This means initially avoiding higher maintenance costs, leasing fees, and advertising costs. Of course, everyone hopes this is the ideal tenant and the rental agreement has all the b...

Thursday, December 31, 2015

Property Management Blog

Actions Speak Louder than Words

This is an age-old saying but one that can apply to a landlord/tenant relationship. Many property owners do not realize they can alter a contract by their actions. Often property owners are reluctant to issue a Pay or Quit Notice to a tenant, but then when rent is late, it is important. The following story is true, although the names are ...

Thursday, December 31, 2015

Property Management Blog

The Personal Touch

The economy definitely has mixed reviews - interest rates are still low, the stock market is working toward recovery, and many people throughout the country have been working tirelessly to help unemployment, feed the hungry, and aid disaster victims. There is record high unemployment, record home foreclosures, battles on the health care i...

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