PropertyManagementMaven: February 2008

In my rental market, we have many families moving into the area - military to local facilities and JAG school at UVa, medical school families as well as graudate school students....many of these families don't have time to come to the area to view homes.....luckily, with the assistance of my husband who does my floor plans and an AWESOME website hosted by HomeRentals.net, I am able to capture this market to the benefit of my clients with higher rents, faster rent-ups and more stable rental income.

1) My HomeRentals website allows 99 photos and shows them individually or in a slide show format

2) I take photos when the property is vacant and my husband does floor plans with the aid of a program called Home Plan Pro....

3)  I take at least 2 pictures of each room from opposite directions including the garage, basement, storage and laundry  I have loads of neighborhood photographs from builder/developer marketing websites as well as by taking them at various times during the year.

4) I have my application in PDF on my website so that if prospective applicants wish to apply for a property....they

......download the application form from my website, all adult applicants complete one and fax it to my office

.......I e-mail confirmation and request move-in monies via Fed Ex * first full month's rent AND security deposit with appropriate pet deposit.  I do NOT want certified funds....I want their personal check

......once I receive these, I generate a lease packet  * an original and 1 copy of my 6 page lease that I sign live, lead disclosure if required, my 19 page Resident Handbook with appropriate utility contact information marked, lease transmittal memo AND SASE.  I request that the signature page of the lease be faxed back to me and that one executed copy be returned in the SASE.  They retain 1 copy of the lease for their records.

.....when I receive the faxed signature page, I remove/cease the marketing of the property.

.....my leases ALWAYS expire the 3rd Friday of the month so there is often 7 to 10 days between the old and new tenants to accomplish any "make ready" items.

I ask that they advise me when they will be arriving in the area and I leave the home keys under the front door mat and any garage door openers on the kitchen counter.  When I drop off the keys, I make sure there is toilet paper in all bathrooms, that the blinds are open and thermostate temp set appropriately, that there are NEW front and back door mats and that the grass has been cut.

I make it VERY CLEAR that the property remains available until the executed signature page is received and their check is cashed.

http://VAHomes4Rent.com

I'm now expanding my PM portfolio of properties...I do this every spring and this year I am doing it a little differently...I am marketing/direct mailing to property owners selling their homes....here's my reasoning

At the end of last year's selling season - July and August, I started getting calls from owners who had moved, whose homes were sitting vacant and who wanted to rent them...I had been sending out a 3-panel brochure I have with Kiplinger article REAL ESTATE * RENT NOW * SELL LATER.....I print them on heavy brochure stock I purchased from Paper Direct.....unfortunately, I was a little late and too far past the season so this year I am doing it EARLIER almost when the homes go on the market.

I'll send out another brochure "Become a Landlord" with my services on it in a few weeks so that if/when their home does not sell, they will think about renting EARLIER rather than LATER.  Repetition is the key and these types of mailings are usually kept in a file, next to take-out pizza menus

I'm getting the sellers' names from the areas I already have rental homes in and I will have my signs on upcoming vacancies over the next few weeks....subtle reminders.  

If the owners have already moved, I've placed ADDRESS SERVICES REQUESTED under my return address and I'll pay the $.50 for their new address and put that on my mailing label matrix for the next mailing.

In addition to these flyers, I also have ads in local flyers that are stuffed in the holders under the mailboxes in these areas so prospective clients have already seen my ads as homeowners as well as my signs on my properties and now they have my brochure which offers them the option of leasing their property for the next year or so and not reducing their sales price or leaving the property vacant and subject to mis-hap.

I picked up 10 properties last year and hope to double that # this year and EARLIER!! 

Just like the Daytona 500 starts the NASCAR season, February starts my rental season.....

...getting 1099 information to IRS

...send out lease renewal letters

...post vacancies on our website

...inspect units being vacated

...prioritize exterior maintenance for better weather

...organize interior maintenance between tenants for vacancies

...start leasing upcoming vacancies

AND, now is the time departing property owners are deciding whether to sell or rent their homes.  I've averaged 3 property presentations per week for Jan, Feb and March for the last 5 years and 2008 will follow that path. 

Once I have gotten an e-mail or phone inquiry from a property owner, I send out our services brochure or full property management proposal in advance of a visit to an owner-occupied property.  Where a property has remained unsold and the owner wants to rent the home, I'll preview it using the MLS lockbox and send our management proposal as well as comps for rental homes in the area. 

I suspect 2008 will be a strong rental season for our area SFRs * UVA Medical Center is expanding, NGIC is expanding and there are new retail developments coming in east of town as well as growth to the north and Greene counties.  Additionally, many incoming families who would normally buy their new area home are electing to rent if they will be in the area 3 years are less.

Drivers start your engines!!

Yes, I am a Republican and he was a Democrat; however, he was an ASSET to all of us in Central Virginia and his passing is very sad. 

My sympathies to his wife and children and as a member of the AHIP board of directors, I wish to express my appreciation for all the work he did for the citizens of Charlottesville and Albemarle county - especially for low and moderate income residents and his efforts on their behalf. 

A local Realtor referred a local property owner to me this week.  He acknowledged that he was deciding if he wanted to sell his home now or rent it when they left the area. 

I previewed the home with him after reviewing past sales/features/description on our local MLS and tax essessor records...the owners have done many upgrades including adding some much needed storage and a home office.  A perfect rental home  for UVa graduate families or new-hires at UVA.

He acknowledged that they had down payment to buy in the area where they are moving and keep their local home.  Then I asked, since they had already talked to a Realtor about selling options, if they can buy a new home of equal or greater value than their current home?  His answer was that the home would cost less.....I then suggested he investigate the tax consequences of buying a home of lesser value AND that the option of selling their current home in 2 years after renting it for 2 years in a potentially HIGHER sales market would be the WIN/WIN as they could keep their new home as a rental and purchase a newer/larger home in 2 years and eliminate the potential for tax consequences for roll over replacement homes....they BUY in the slower/lower market and SELL in the higher market and have the cost of keeping their current home covered by the rental income - a WIN/WIN in a slow sales market.