Asbestos vs. Espestice

Written by Apartment Management Magazine on . Posted in Blog

By Chris Visser

Asbestos needs little or no introduction nowadays. Ever since its implication in asbestos-related cancers, it has received a worldwide spread of recognition. Asbestos is a group of naturally occurring silicate minerals that are popularly known for it’s unique properties as being durable, flexible, and extremely resistant to heat and fire.

The mining and utilization of asbestos has been going on for hundreds of years, but in the 1950s, the use of asbestos greatly increased as it was used in the production of all sorts of materials and a lot of these were used in houses, apartments, & condos.

Asbestos was commonly used roofing materials, cement, pipes, insulation, gaskets, and even it was even made into a thin sheets as a “protective” covering fabric.  In the late 90s, it was officially and scientifically linked to be the primary cause of asbestosis and malignant mesothelioma.  These are deadly cancers, and ever since then, stories have continued to pile up on the topic, with the hope of ensuring public sensitization.

Asbestos pic

Legal Issues Unique to the Design-Build Project Delivery Process

Written by Apartment Management Magazine on . Posted in Blog

By Design Everest

DesignBuild

Although design-bid-build has been the traditional method for delivering projects to clients, the popularity of the design-build project delivery method has been growing steadily. The design-build delivery method typically shortens the time needed to complete a project since there is a single entity working on the project, but this also entails that all responsibility for the project is held by a single designer/builder.(1) This leads to a unique set of legal issues that apply to the design-build project delivery method. These legal issues can be categorized under the following six divisions:

The critical role of construction in property management

Written by Apartment Management Magazine on . Posted in Blog

By Ruben Walker | CAM Construction

Construction is more important than you think

If you own a commercial building or complex, you are either managing it yourself or have a property manager. So you know there are many responsibilities and tasks associated with managing your property. But you may have never thought about the role of construction in property management. This post takes a look and gets you up to speed on what you need to know about this important aspect of the job.

5 Reasons to Hire a Real Estate Professional When Buying or Selling!

Written by Apartment Management Magazine on . Posted in Blog

Shared content from Keeping Current Matters

Whether you are buying or selling a home it can be quite an adventurous journey, which is why you need an experienced real estate professional to guide you on the path to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.

The 5 reasons you NEED a real estate professional in your corner haven’t changed, but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market continues to pick up steam.

What’s so Great About a Real-Estate Fund?

Written by Apartment Management Magazine on . Posted in Blog

By Kathy Fettke | RealWealthNetwork.com

You had a tough time getting to sleep. Then, the phone rings. You think it’s the doorbell as you stumble out of bed, in your dreams, and suddenly realize your cell phone is doing it’s ringtone vibrating dance on the nightstand.

“Hello? … The heater. … Right now? … Your kids are crying? … Let me call you back in five.”

Okay, that’s one possible scenario in the life of a landlord, if you manage your own properties. Or, you could have a property manager. In that case, the phone call would come the next day telling you of a difficult night with tenants, and requesting permission to spend a certain amount of money to remedy the situation.

How Sustainability Helps in Enhancing Property Values

Written by Apartment Management Magazine on . Posted in Blog

By Michael Lanning | National Real Estate Investor

There was a time when we spoke of green buildings, and it was a conversation focused in large part on the building envelope. Over the years, that conversation has advanced; in a sense it has been turned inside out. Today we speak of high-performance buildings measured by their degree of sustainability and their ability to maintain and enhance the comfort, health and productivity of those occupying the space.

In this ever-advancing field, the ongoing education of property and asset managers is key. As IREM stated in last year’s “Building Performance That Pays,” a report on the Institute’s first Energy Efficiency Survey, “The on-the-ground activities that contribute to building energy efficiency put property managers in an ideal position to impact operational efficiency, in conjunction with their teams and in cooperation with tenants.”

There are multiple goals in the practice of sustainability. As we have said, there is the professional and personal well-being of the tenants. This, in turn, supports long-term occupancy and for commercial buildings in particular, the ability of corporate occupiers to hire and maintain employees. This leads to the ultimate goal of the asset and property manager: value enhancement.

10 Habits to Adopt if You Want to Become a Real Estate Investing Legend

Written by Apartment Management Magazine on . Posted in Blog

by | BiggerPockets.com

When people start talking about greatness, there’s always something a little surreal about it. Greatness is for athletes and activists and the type of people that others make documentaries about. Greatness is a characteristic that’s sometimes difficult to see applied to yourself (if you’re the humble type) in that larger-than-life kind of way.

You see these big names, these legends in your field—role models you look up to and aspire to be—but do you truly believe you can be like them someday? Can you be as influential, as inspirational, as aspirational?

We have role models and mentors in real estate investment. That’s just how it is. To be clear, I am not talking about the social media hypers who post 17 memes a day about winning, being a winner, being a ninja legend, greatest of all time with bikinis, boats, planes, and trains! Those are neither role models nor mentors nor legends.

But here’s the thing a lot of us have trouble believing: You have the potential to have influence, to be a mentor. Will you have legions of followers reading your blog and hanging on every word of your Twitter feed?

Probably not. And if you do, that kind of presence takes years to build and comes with responsibility to not let it go to your head.

But what you can have is respect—and a greatness that comes with wisdom and a stellar reputation.

14 Smart Ways to Grow Your Property Management Business

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by Jason Van Steenwyk | All Property Management

1. Contact home sellers

Ask if they would be interested in renting their home instead of selling it outright. This gives you the chance to catch homeowners at a critical decision point: You know they’re planning on exiting their home–it’s just a matter of finding a seller who’s not counting on the proceeds from the home sale. (This probably won’t make you very popular with local real estate agents.)

2. Offer a referral incentive to current clients

For example, you can give a free month or two of property management services for a referral that turns into a one-year property management contract or more. Remember, property investors and landlords talk to each other.

3. Join your local real estate investment club

Volunteer to host clinics on how to be a successful residential landlord. Don’t go to solicit business–be an effective leader and a great teacher now, and they’ll come to you later.

Why Rent Controls Will Create Another Monster

Written by Apartment Management Magazine on . Posted in Blog

RentReport

Calls for rent controls to be enforced on Auckland’s heaving rental market to stop price gouging will only create another beast, says Auckland’s landlord association.

Auckland Property Investors Association is responding to this week’s news of a rental agency hiking its rents on vacant apartments by 5 per cent a week during a period when pressure from students surged to record levels.

APIA vice president Peter Lewis says despite people thinking rent control provides long-term security for tenants, and tilts the balance of power away from landlords towards the tenants, they also create a Pandora’s Box.

“People who advocate for controls think they make for a fairer market in which households with lower incomes cannot easily be pushed aside by landlords keen to upgrade their property to a higher specification with a commensurate rent increase,” says Mr Lewis.

How to Find and Keep Great Tenants

Written by Apartment Management Magazine on . Posted in Blog

by Kathy Fettke | RealWealthNetwork.com

HappyTenants

Finding a great tenant begins with having great information — and lots of it. Information is a landlord’s crystal ball. And the best time to get this information is “before” the tenant signs on the dotted line.

One of Real Wealth Network’s preferred property managers calls it the “honeymoon period” because tenants will tell you more about themselves when they want something from you — such as the keys to your property. And it’s not just important for the selection process. This information can be critically important a year or two down the road, if your rental situation suddenly goes south.

This property manager, who prefers to remain anonymous, owns hundreds of properties herself. After years of dealing with both good and terrible tenants, she is a wealth of knowledge about what it takes to select the right tenants. Here is some of her advice:

Tenant Screening Priorities

1. Begin with a criminal background check and a civil background check.
Criminal background checks are good for things like arrests, convictions, and warrants, while civil background checks will let you know if applicants pay their bills on time or have any judgements against them. Civil background checks tell you more about whether they will make “good tenants” and not just “law abiding citizens”. Lexus-Nexus allows you access to a more comprehensive database of information.

2. Credit checks are important for different reasons.
Credit checks are useful, but less important than background checks because they generally won’t tell you much about the tenant’s rental history. It is useful for understanding the applicant’s credit “load” and whether bill collectors are chasing them. Even if you don’t plan to do a credit check, always have prospective tenants sign a release form for obtaining one in case you need it in the future.

Bad credit does not always mean a potential tenant won’t pay their rent. For example, someone who lost their home to foreclosure during the housing crisis may have bad credit today but if the rent is less than their mortgage was, they could become very good tenants.

3. Current landlord information is helpful but you may learn much more from previous landlords.
Current landlords may not tell you if someone has been an excellent tenant because they don’t want to lose them — or they may not tell you if they are horrible tenants because they want to get rid of them. So talking to previous landlords may get you more honest information. Ask for information on two previous landlords.

4. Make sure they are who they say they are.
Request a photo ID and several pay stubs to verify source of income. Ask about next of kin and emergency contacts.

5. Be sure understand Fair Housing rules so you don’t discriminate.
Protected classes include: race, color, sex, religion, national origin, familial status and disability. In Ohio, military personnel are also protected. So know your state rules. Attorneys and paralegals are “not” a protected class. Renting to them could put you at a disadvantage in the event of a future court battle because the landlord would have huge legal fees while the tenants would not need legal advice, or would have access to “free” legal advice. Talk to an attorney on your side to protect yourself in advance with a bullet-proof lease agreement.

The Importance of Good Marketing

It’s also important to be able to attract a large pool of candidates so you can find the right tenant and not feel desperate to just take anyone. To do that, you need quality advertising. Another property management company, Renters Warehouse, offered advice on that:

Place your ad on a website that will display contact information accurately and consistently. Renters Warehouse uses proprietary software to spread the word on hundreds of websites.

Your ad needs to be impressive in order to attract the right tenant. Use high quality or professional photos of both the inside and the outside of the rental property. The photos should be taken with good lighting, and the unit should be spotless. A video walkthrough is also a great idea along with plenty of details.

Renters Warehouse says that most prospective tenants want to know everything about an apartment before they decide to call for a viewing. If you have a pet policy, say so in the ad. If you don’t allow smoking or you need a 2-year lease, spell it out in the ad. You could also include interesting details about the rental or the neighborhood and information about an HOA.

You should also have an eye-catching headline that will showcase a few desirable or unique qualities about your rental. Use well-chosen adjectives that represent your property truthfully. If it’s a recently-renovated older home in a happening neighborhood, the title could read: “Amazing, Upgraded Home Near Shopping & Entertainment.” Or if you expect to attract a younger crowd, cater to them with “happening” words or phrases. Just be sure your description is accurate.

One final point — If you are worried about current tenants making a unit look presentable during the tenant screening process, make sure you require their cooperation with a clause in the lease. For Renters Warehouse, that clause requires cooperation within the final 60 days of the agreement. It also says that most tenants are willing to work with you on those showings, so don’t be afraid to ask. It’s important that prospective tenants get a good impression.

Renting to People Who Plan to Have Roommates

Real Wealth Network has a hot tip for landlords renting to tenants who who plan to have roommates at some point. By requiring the lessee (the person signing the main lease) to inform the landlord of any potential sublessees (people who sublet from the lessee) the landlord can know who’s living in their home at all times.

The landlord then also has a “point person” to talk to about issues.

A clause about rules in regards to renting the property on VRBO or Airbnb would also be useful so you can control if your property might have complete strangers living there for the weekend.

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The Real Wealth Network is a real estate investment club that educates members on how to diversify their real estate portfolio nationwide by sharing information on the best US markets for cash flow and future appreciation. The company also offers referrals to experienced and highly-rated brokers, property managers, and real estate professionals in those markets. You can join for free at www.realwealthnetwork.com.

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