A cost many landlords don’t take into account is their loss on lease or vacancy. Think of the effect on your net income. The loss of one month revenue can equate to over 8.0% of the annual rent. What can you do to lease your property sooner, and avoid the loss of revenue? Many landlords now are staging their properties.Read More
New Property Under Management
Great 6-Unit building in prime Venice Walk-Street. Two blocks from the beach.Read More
“Adverse Action” when employment screening is concerned, is defined as, a denial of employment or any other decision for employment purposes based in whole or in part on a consumer report which adversely affects any current or prospective employee. FCRA §603(k)(1)(B)(ii) andFCRA §615.Read More
1. Increase Occupancy (Smartly)
Each month you have a vacant unit sitting you lose about 8.3% of the potential yearly revenue from that unit, which means that every month it sets vacant it starts to add up quickly. As soon as you find out that you will be having a vacant unit you need to do a market survey to confirm the current market rate on your unit. Have your lead maintenance person who does your final walk through prepare the list of repairs/maintenance issues (if any), as they do the walk through. By doing so, they can order the needed material the day of, and can be prepared to start the turn of the unit as soon as it becomes vacant.Read More
California Property owners need to know about Senate Bill 7, as the deadline for compliance is closing quickly. The bill would require a landlord to make certain disclosures to the tenant prior to the execution of the rental agreement, if the landlord intends to charge a tenant separately from rent for water service in a property with submeters.Read More
A little over 70% of the rental market now comes with dogs in tow. This trend is not letting up anytime soon. If you want to be competitive in the marketplace, you might consider making adjustments to your properties’ common areas. It might also, be a smart move to update some of your units ammenties. Open yourself up to opportunities by installing and/or offering dog friendly units. It’ll offer you a competitive edge in attracting new renters, instead of limiting your potential lessees. Here are some ideas to help you become a dog friendly rental location.
1) If your property has a laundry room, you can consider putting in a washbasin on the floor where your residents can wash their dogs. There are companies out there now which make specific pet-friendly wash basins which are easy to maintain. They are designed to capture any loose pet hair before it goes in down the drain.
2) When you are turning your units, consider flooring which would be most suitable for a dog. Hard surface flooring is especially favorable.
3) Think about your open areas, and converting them into dog runs. You could fence in the area, and create a nice place for dogs to play and exercise. Manufactures have developed artificial grass specifically for this purpose. Be sure to have water always available for tired pooches on hand afterwards.
4) Consider creating a partnership with a Dog Daycare facility. This could include, but not limited to drop off and pick up at residents' apartments and home training sessions to name a few.
5) Hire an in house dog walker. It’s a great amenity to offer your residents. Or create partnerships with local dog walkers, who may offer a discount to your residents.
6) Work with a local veterinarian willing to make house calls
7) Create a Facebook page for the dog owners in your property to meet, and book playdates for their fur babies.
8) Hold the occasional meet and greet for all the dog owners in the building. It’s great way to get together, and also introduce their dogs to one another.
9) Include some dog friendly items (treats, toys, shampoo, etc…) in the welcome gift basket to a new tenant.
These are just a few things you can do to make your property attractive to this ever growing group of renters and their canine family. We do recommend that you require pet insurance of some kind. We all have bad days, where we are a bit grumpy and may lash out. Be sure you, as the property owner, are covered.
We occasionally run into situations where we take over the management of a property and we find that the owner is frustrated with self-managing and the residents are frustrated with the ownership and in turn they are no longer happy with their living situation and their relationship has become quite toxic. When property managers end up in the middle it can be challenging at first but we eventually are able to quiet the situation and find out what the core issues are. Many times the landlord is just tired of the constant calls and feels harassed, while the residents feel the landlord doesn’t care about them or the property. The residents need to know that the ownership cares and values them at some level. Showing them that you care by keeping the property clean and well maintained is a great start.
The simple things like keeping the bushes trimmed so no one can hide behind them or keeping the lighting operating properly is a good start, but you really need to have a focus on all aspects of the common areas. We recommend doing a walkthrough inspection of the units every 6 months or so, check for dripping water, peeling paint, mold and all health and safety issues and making notes on each and every item as well as how it happened and when it will be repaired. The maintenance team needs to document when they did the repair and when it was completed and, if possible, snap a photo of the completed work that is time/date stamped.
Keeping ahead of maintenance issues can be daunting if you don’t have the right maintenance members, be sure to pick and choose your time wisely and you will save thousands of dollars in the long run.
The residents need to know how to put in a written work order that is available online, in the office or by email and be sure they know how long it will take you to process the order, do the inspection and address the issue so that everyone is happy. The better the communication you can provide the more likely it is that residents will help you take care of the place they live and your investment.