Legal Corner

Written by Apartment Management Magazine on . Posted in Blog

By Stephen C. Duringer, Esq., The Duringer Law Group, PLC

Question          I just closed escrow on a small building and I’m trying to figure out who’s who.  I received the rental agreements, but the tenant information seems incomplete.  The applications, the few that I’ve found so far, are old and outdated.  I can’t seem to find any telephone numbers for the residents, and I’m not real sure that the names on the agreements are the same people who actually live in the units.  I’ve read your articles before and I know the importance of reviewing the files and doing thorough due diligence before closing escrow, but this deal just happened too fast.  Now that I’ve closed escrow, what can I do to clean up the records?

7th Annual Income Property Management Expo

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Educational Conference & Exhibit Hall returns to the Pasadena Convention Center Tuesday, March 12th

The 7th Annual Income Property Management Expo at Pasadena Convention Center on March 12th features a robust educational program focused on timely and important issues for building owners, investors and property managers, opportunities to meet with industry experts and see what’s new in products and services. Free registration is available online for admission to the conference and exhibit hall.

Easy Tips & Tricks on the Five Phases of Tenancy

Written by Apartment Management Magazine on . Posted in Blog

Widget’s Way featuring Patti “Widget”

Application Process and Screening perspective tenants

Answer your phone “Property Management” when advertising a unit for rent. Deceiving applicants will simply hang up if they think a management company will be reviewing their application, instead of a private owner that they may be able to hide information or be deceiving.

Symptoms of a Water Heater That is About to Break in Your Rental Apartment

Written by Apartment Management Magazine on . Posted in Blog

by Sandra Wood

When you own a rental property, tenants rely on you to provide certain basic amenities,
including hot water. Not only is it desirable for showering, but it’s also needed for household
tasks like dishwashing and laundry. To keep renters happy, make sure you know how to
recognize these signs that you may need water heater repair services soon.

Dominate the Rent Market With These 5 Tips From Industry Experts

Written by Apartment Management Magazine on . Posted in Blog

By Appfolio

“Federal Reserve officials have outlined risks to the U.S. financial system, reports the Wall Street Journal. U.S. apartments are getting smaller, while rents are rising, according to MarketWatch.” National Real Estate Investor (November 29, 2018)

Zillow recently published their 2019 market forecast, and according to their analysis, property managers and landlords have a lot to smile about as we head into a new year. Thanks to rising interest rates and shrinking inventory, rent growth will pick up. Competition for affordable housing is expected to get even tighter, as people search for a home they can afford. While the summary sounds like a landlord’s dream-come-true, this is no time to get complacent. Dominating the rental market means planning for the best, and preparing for the worst. Here are five tips to help you think about changes your property might make to increase revenue without alienating renters who need budget-friendly housing.

Top 10 Worst Property Management Mistakes

Written by Apartment Management Magazine on . Posted in Blog

By John Wilhoit, Jr.

The question that will come to mind as you read this is “who does that”?  The unfortunate answer is too many people charged with operating valuable assets- multifamily assets. We are in an industry full of talented people. Mostly.  There will always be exceptions and bad actors. The exceptions are often those lacking training. The back actors- they are just that.

Your Game Plan For Success in 2019

Written by Apartment Management Magazine on . Posted in Blog

By Rommel Anacan

How was your 2018? Did you achieve everything you wanted to? Did you achieve anything on your list? Overall do you feel 2018 was a great year for you? Or, was it a more challenging year for you?

Step #1: Pause and Reflect

Whether you ended 2018 on the mountain top or in the valley, you owe it to yourself, your goals, your dreams and visions right now to set yourself up for success in 2019! What can you do? Read on!

Notice that I began this post by asking you questions? I encourage you to schedule a pause in your life as soon as possible to truly reflect and think about your 2018. During this pause turn off all of your technology, grab a pen and paper (a journal would be awesome!) close the door to your office, or get out in nature, go for a hike, grab a glass of wine, put a fire on and think about these questions:

  • What worked for me in 2018?
  • What didn’t work for me in 2018?
  • What goals did I achieve?
  • What goals did I not achieve?
  • Wait…did I even have any goals???
  • What would I have done differently if given the chance?

Top Rental Housing Laws You Should Already be Following

Written by Apartment Management Magazine on . Posted in Blog

By Becky Bower

2018’s proposed multifamily and rental housing legislation left the industry relatively unscathed by the end of the year. Despite a few challenges, things are looking up. As we see what 2019 has in store for new laws affecting rental properties, owners, and property management companies, make sure you are in compliance with these notable 2018 housing laws.

Damages vs. Wear and Tear

Written by Apartment Management Magazine on . Posted in Blog

Widget’s Way featuring Patti “Widget”

Your tenant has vacated the property and now you have 21 days to account for the security deposit. The law allows landlords to deduct portions of the security deposit to cover the cost of damages caused by a tenant. Landlords cannot deduct normal wear and tear, or the expected depreciation of a property. E.g. If carpeting has been destroyed and it is 8 years old, perhaps no allowance is appropriate as the floor coverings were due for replacement. Similarly, destruction of a brand new carpet may result in full replacement cost to be deducted from the deposit.