Category: Residential Management
Defining “Visitors” v. “Roommates”
Posted on: February 17, 2012 by total
January 30th, 2012 When a visitor or guest stays in a rental property long enough, it can begin to have a significant impact. Water, sewer and other bills may go up. If the tenants are paying these bills, then rental managers and owners in this situation may not have a problem.
Tenant Scams to Watch Out For
Posted on: February 16, 2012 by total
Posted by Teresa on January 27, 2012 under Eviction , Tenant Screening & Background Checks | Landlords, have you ever been the victim of a scam pulled off by a “professional tenant?” There are always a few lurking around in the shadows. We’ve heard a few stories lately about landlords who have suffered losses because they unknowingly fell victim to a pro
Multifamily and Crime
Posted on: February 16, 2012 by total
There is no way to avoid it. If you are in any way involved with income property management then sometime during your career path you and the assets under your management will be impacted by crime. Sometimes, violent crime. I am not exactly sure why crime is such a big seller on television. There are more Cops and Robber shows than ever. Perhaps it is because even a single act of crime impacts so many lives. When crime comes to your doorstep it is usually unexpected and seldom perpetrated by in-place residents. People forget that criminals have cars too. They are mobile
Tenants’ finances may be stretched by rent growth
Posted on: February 16, 2012 by total
February 7th, 2012 Multifamily Executive reports that data from sources (including rental data firms MPF Research and RealFacts) suggests rental managers may need to stop increasing rents soon. Property management companies and rental owners increased rents an average of 2.3 and 4.7 percent during 2010 and 2011, MFE notes, but the Bureau of Labor Statistics only reported 2 percent growth in wages year-over-year during the third quarter of last year. This suggests rents may significantly outpace wage growth, analysts say, threatening to price residents out of their units.
Real Estate Finance and Demographic Trends
Posted on: February 16, 2012 by total
With pent up demand for multifamily why is the construction pipeline slow to respond? Credit underwriting. With a plethora of real estate assets available for sale why is sales volume year-over-year about the same? Credit underwriting. Real estate finance is not for the faint of heart. The credit pipes “frozen” in 2008 continue to un-thaw three years later. And reading demographic trend tea leaves is becoming a tricky business. With no end in sight to the current credit crisis, multifamily construction is hampered to the Nth degree. Multifamily owners benefit now, yes, with less product in the pipeline and pressure on rents. However, the need persist for more multifamily housing even as economy begs for construction jobs. With the lingering glut of foreclosures and limited consumer demand for new homes, housing starts have few friends. “Since the beginning of this recession the home ownership rate in the United States has dropped from 69% to 66%” – RBC Capital Markets Do we really need the housing starts going forward? Is there a pending housing shortage? Here are some facts: • Fact: U.S. population growth is slowing to around one percent • Fact: The average age is increasing to over 35 years old • Fact: The U.S.
When Tenants Sublease Without Your Knowledge
Posted on: February 15, 2012 by total
Posted by Teresa on January 20, 2012 under Eviction , Landlord Tips | Just because you don’t allow subleasing in your rental units doesn’t mean your tenants won’t do it —for a number of reasons.
Setting Pet Fees
Posted on: February 15, 2012 by total
January 30th, 2012 Landlords and property management companies may find it difficult to figure out how to set appropriate pet fees for renters bringing an animal to live with them. Type of animalThe amount you want to charge may depend on the pet.
Tenant Moved Out on Your Sublet Agreement and Left You Holding the Bag?
Posted on: February 09, 2012 by total
Maybe your tenant skipped out on the remainder of his sublet agreement and now you are left with a vacated, non-producing room or property. What do you do now? 1. The first thing you do is make sure you keep emotions out of it, stay objective and goal oriented. Gather your ex-tenants files
The High Co$t of Evicting Tenants
Posted on: February 07, 2012 by total
Posted by Teresa on January 9, 2012 under Eviction | The last thing most landlords and tenants want to face is an eviction . For landlords, it’s messy, time-consuming and can be costly. For tenants, eviction can hurt their chances of renting another home, and could even leave them homeless
Landlord Behavior to Avoid in the New Year
Posted on: February 07, 2012 by total
Posted by Teresa on December 21, 2011 under Landlord Tips | It’s time to put together your New Year’s Resolutions for 2012 . And while you are probably an excellent landlord in every way, you may be considering making a few improvements in the New Year. To help, we’ve compiled a list of landlord behaviors to avoid: Avoid the temptation to go through your tenants’ private spaces
