PropertyManagementMaven: March 2009

I ask this because in my over 40 years as a property manager, I have seen where it used to take 3 days to screen a rental applicant, it now can take less than 15 minutes.   I remember calling the credit bureau, giving my firm's passcode and the applicant's SS# and it would get a call back the next day with very sketchy credit information.  Originally I would take the information down long-hand and then the credit bureau gave us sheets that we could use to fill in the information - this was BEFORE faxes and computers.  I would call employers and I would call current and past landlords....all VERY time consuming.

Now all of this information including current and past landlords is available online.  Judgements are available online and many LARGE multi-unit properties are reporting residents' credit accounts MONTHLY just like a retail account.

I suspect the next generation of PM software will have this capability via DSL which may require our offices to be more secure and employee turnover more costly in changing passwords and software education.

As more and more landlords, big and small, rely on technology to give us the tools and resources to do our jobs, applicants who have made poor credit choices in the past will have a harder time finding good rental housing.

I received a call the other day from an owner/client who lives in the UK.  She comes to NoVA periodically to see her parents and evidently had half a day to drive down to Charlottesville and walk around her property....she always files with plenty of time to book her tickets so I questioned why she did not alert me of her visit so I could notify the residents..,her answer was that she did not think they would mind.

Basically, it is not her property.  She pays the taxes and mortgage on it; however, she does not have the right to come onto the property and walk around.  Since the property is in a rural area and the residents work shifts, she could have easily awakened the residents or had the police called by the neighbors  -  worse, she could have been shot!

The sooner property owners start thinking about the BUSINESS of renting their property, the sooner they will learn to treat it as a business and not just drop by from across the world.

Wallace S. Gibson, CPM * Over 45 years of property management experience to serve you * now renting homes in Central Virginia for the summer rental season....http://VAHomes4Rent.com

The Charlottesville area of Central Virginia is used to being ranked HIGH in most Forbes  "Places" surveys - Best Places to Live, Best Places to Retire, Best Place for Finding an EXCELLENT Property Manager and NOW we are ranked #11 in Best Small Places for Business and Careers According to their March 25, 2009 online issue.  We are the ONLY city in the state of Virginia and while I disagree that we do not have any billionaires per se * we have Fox Sports Newscaster Howie Long and his son Chris of the St.Louis Rams, Arthor John Grisham, Sissy Spacek and her husband Jack Fisk, and many members of the Dave Matthews Band which got its start on our Downtown Mall.  The Rolling Stones played in UVa's Scotts Stadium and U-2 will play here this year.

http://www.forbes.com/lists/2009/5/bizplaces09_Charlottesville-VA_2496.html

Many of the newer businesses are associated with the expansion of the University of Virginia Medical Center and the building of the new Emily Couric Cancer Center (named after Katie's sister who was a State Senator and died of cancer), the expansion of the private Martha Jefferson Hospital and the doubling in size of the NGIC * National Ground Intelligence Command * I'd tell you what they do but then I'd have to kill you.....yes, there are loads of opportunities for new, small businesses...it's where I started my business almost 12 years ago!!! 

March 19th was "match day" for all medical school residents around the country.  This is an IMPORTANT "Known" date in many real estate offices around the country where there is a teaching hospital in the area....sort of like the date the old Yellow Page ad listing sales closed used to be in commercial real estate (commercial tenants needed to rent their business address in order to be listed).

Luckily, the University of Virginia Medical School is in Charlottesville and whereas in past match situations, those incoming residents might have bought a home in the area, they are now RENTING because they will only be here 2 to 3 years and they do not want to be caught with an unsold home when they depart the area.

In viewing homes for sale in an area where I have a good inventory of desirable rental homes, I found residents who rented from me 4 years ago and then bought a home...they are leaving the area now after buying at the height of the sales market.....it is doubtful they will get the amount they paid for their home and they will be leaving in the summer - yes, I'll send them a flyer in case they would like to rent their home if they can not sell it....

Just as these incoming residents are a source of residents for my properties, departing Med Center residents are a source of property management clients and listings.....

Wallace S. Gibson, CPM * 45 years of property management experience at your service * Now renting Central Virginia rental homes for the summer, 2009 season.... http://UVAMedCenterRentalHomes.com

With the current economy, many tenants are doubling up and renting properties together....sometime, it does not work out.  When we get these calls, we need to know what our state law allows and REQUIRES us to do....one of the BEST resources is Legal Momentum.org

http://www.legalmomentum.org/assets/pdfs/housing-02-27-07.pdf

This is a a state-by-state guideline for domestic violence.  Check your state for the laws that apply to landlords and property managers and check back after your state legislature ends for any additions that may have been added.

Wallace S. Gibson, CPM * 45 years of property management experience to serve you * Now leasing for summer occupancy http: //VAHomes4Rent.com

Our prime renting season started a week ago - the UVa Medical Center residents were matched and they are now looking for area rental housing.  Military JAG families have been renting for over a month for homes available this summer and many rent directly sight unseen from my website.

I post a selection of my available properties on a rotation basis early in the AM on Craigslist.  I actually have a spreadsheet that charts out what posts when during the month and I post them early since many prospects are in the Near or Far East on military assignment.

Somehow these prospects are in contact with local Realtors who are calling me on these rental homes.  Since I only feature vacant properties on lockbox on our Realtor MLS, either the Realtor or would-be client is viewing these other properties on CL.

Having had 3 phone calls in the last week from Realtors wanting to preview occupied homes (no prospects in tow), I have finally advised them that I am not offering my $250 referral fee for these properties and they should be previewed online.  Two Realtors did not understand that my referral fee offer is made in my MLS listing and that just because we are both Realtors, it does not mean that all of my rental listings will pay the referral fee.

I'm curious how other property managers handle referral fee and working with Realtors who do nothing but pick up the phone and expect a referral.

While setting up my business page on Facebook, I was presented with the question of the Office Hours of my business.  I was stumped.  While I am at my office 3 to 5 hours every weekday, and a few hours each weekend, I answer my e-mails 24/7 and I answer my cel phone ALMOST always!....What are my office hours?

For as long as I have had my own property management business, my office has almost always been on a second floor with a locked ground floor entry for security and I choose these locations to cut down on tenants stopping by to pay their rent and take 10 minutes of my time in the process and to offer security to my and my clients files.

Unlike a storefront real estate office that may encourage walk-in inquiries, I don't want walk-ins.  I get rent checks from the post office, I manage my website from my home and office * both with DSL * I show properties AT the property and when I am in my office, I don't want distractions.

I do have a conference room at my office and occasionally I will have a client meeting there; however, I encourage that most client meetings be at the rental property  and most tenant lease signings are handled electronically or via Priority Mail.

So....I guess I am still stumped...what ARE my office hours?!?

For several years, Chip Dicks' VRLTA update seminars have been SRO so they are now given in Richmond, NoVa and Tidewater.....sign up now and get CE credits, good networking and loads of education from an enjoyable speaker!!!  No question is too easy or too hard!!!  He's got the answers!!!

http://www.varealtor.com/LinkClick.aspx?fileticket=99bY92KrASQ%3D&tabid=773

Richmond Association of Realtors * April 16th * 9 to 4

VA Penninsula * April 28th * 9 to 4

NoVA/Alexandria * April 29th * 1 to 4

As many professionals in real eastate, I buy my car by its ability to carry my FOR LEASE signs...when I changed from driving Chevy Blazers (4 in all) to a Lexus RX, I actually took my normal real estate sign with me to the dealership to make sure the sign fit in the back cargo/hatch area (I LOVE the auto hatch feature).

So for the last week or so I have been placing PROPERTY FOR LEASE signs on my properties that will be turning over this summer.  Since I have mostly single family homes, I place them in mulched or flower bed areas where they do not pose a problem with grass mowing which will be upon us in a week or so.

All my current signs are out or will be by the end of the week.  I remove them ONLY when the property is leased and I place it on another property if needed or it comes back to my basement.

I inventoried them this past winter, cleaned them and fixed missing screws/washers and glued down any letters that were coming up (these are vinyl signs made by local sign maker in my co colors).  I have 2 signs with no metal stands that I place in windows of condo units if they can be read from the outside.

Since the signs are made specifically for me, if I need more, I need to order them NOW for pick-up in May....

Wallace S. Gibson, CPM * 45 years of property management experience to serve you * Now leasing for summer occupancy * JUST LOOK FOR MY SIGNS!!!

"What do you mean, I can't see the property?"  I'm getting this question a lot more these days.

I have interior photos and floor plans of my available rental properties on my website.  The photos are of the property when it is vacant.  For properties that I am listing for rent this summer, I am getting calls wanting to view the property. 

Some of these callers are sitting in front of the house and are calling me from my sign; some are calling in anticipating of coming into the area to search for rental housing in a few days.  Unfortunately, many have failed to read the showing instructions on my website and many do not realize that these properties are actually OCCUPIED now.

I always try to accommodate showings if I have completed rental applications for all the adult applicants AND I have provided the current residents with notice; however, the days of me grabbing keys and jumping into my car are over. 

I'm curious why callers expect me to drop everything I am doing, come to the property, disturb the current residents to show them a house they could have seen from the convenience of their current home several weeks ago. 

If prospects only have a few days to select their new rental home, doing their "home search homework" would be in order so that they can investigate other aspects of the area - schools, shopping, etc - after narrowing down their home search by availability, rent and length of lease.

Wallace S. Gibson, CPM * 45 years of property management experience at your service * Now renting Central Virginia rental homes for the summer, 2009 season.... http://VAHomes4Rent.com