PropertyManagementMaven: April 2009

I took a 2-day course by my web host HOMERENTALS.NET a few years ago and some of the information shared by those attending the course was the use of a spreadsheet to keep track of listing postings AND that postings should be done on the weekend....it was a no-brainer for me and I am wondering why just like weekend emergency "on call" rotation, why more property management/real estate firms do not post their listings on the weekend.

I posted 5 listings at 7:30A today/Sunday, and had the WHOLE of our area Craigslist rental listings for my listings for over 5 hours until the next rental listing post.  Additionally, historically, there are fewer listings on the weekends AND more people start their search on the weekends or in the AM so posting early 7 days a week as been my routine for over 2 years.

My spreadsheet is simple.....3 columns with the property address abbreviation/Availability Date/Rent THEN 1 thru 31 rows down for the days of the month and 6 columns across.  I use excel so that I can change each section independent of the other.....I post the same row of listings every 5th day and I keep them in different colors.  When I have an application or lease out on a property, it remains on my website; however, I put another listing in it's space in the CL listing rotation. 

If there is EVER a question as to what property listing I posted when, I have my spreadsheets saved since day ONE.....This is my spreadsheet from August, 2008.  I've never posted more than 8 listings in a day and when I get a new listing, I create a CL ad, post it and e-mail a link to my new clients - they are SO IMPRESSED!!! 

Reluctant Landlords see the $$$ and not the $$$$$$$....they chase the few bucks they will loose if they do not rent their property QUICKLY and have to come out of their pocket for a mortgage payment and they do NOT see the many bucks they will loose if they take the wrong/unscreened residents who stop paying their rent, loose their jobs, or as is the more common case, vacate the property with no notice.

Reluctant Landlords who rely on real estate agents to locate and screen residents fair little better.  Most real estate offices no longer have access to credit screening services as a result of their E&O insurance requirements and manditory site inspections by the screening service.  As support staff has been reduced in many offices, these services have been discontinued and the agents may not know that they no longer have access to these basic tenant screening resources.

Likewise, they rarely have the proper forms for the leasing service.  The lead based paint disclosure for SALES is NOT the same lead based paint disclosure for RENTALS....agents do not know this.  In many states, there are mold disclosure requirements for one or both activities. 

Tenant  move-in inspections may be mandated by state landlord-tenant laws and if they are not followed, claims against the tenants' security deposit may well be forgiven at the end of the lease term.

A month of paying a mortgage versus 3 or 4 months of vacancy in mid-winter or a long drawn-out eviction is not worth the risk of not doing it RIGHT!!

Wallace S. Gibson, CPM * Over 45 years of property management experience to serve you *

Gibson Management Group, Ltd. is a full-service property management company. Our management program is tailored to high end single family homes of character, country and estate properties as well as town homes.

We offer listings in the city of Charlottesville and Albemarle county as well as Greene, Louisa counties and the Lake Monticello area of Fluvanna county.

"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almightly God...." Anonymous

Now leasing quality rental homes in the Central Virginia area for summer availability * http://VaHomes4Rent.com

http://www.brightrentals.com/listings.aspx?state=VA&city=Charlottesville

Today I started getting inquiries from property listings on BrightRentals....I've never heard of them so when I checked their website - the listings they have are ALL OLD, STALE listings that were rented a year or so ago....NONE ARE AVAILABLE NOW.

I checked with my website host, HomeRentals.net, and they indicate they are not exporting/partnering with BrightRentals and when they do send listing feeds to their partners - HotPads, etc., they send active listings.

How did BrightRentals get these listings and how do I stop them?

I've e-mailed their sales contact e-mail and their main e-mail to remove my listings!!  I do not have an account with them so I can't login and remove them manually.  I have not decided whether to respond to listing contact with "this listing is no longer available" so please contact BrightRentals to remove it OR just not respond at all.  My e-mail signature contains a link directly to my website so they can see that the properties are not there.

As I indicate, this has me by my 9.5B Nikes!!  Any suggestions?!?

In the TLC show  "Say YES to the Dress"!  the brides have an idea what they want their bridal dress to look like and they "will know it when they see it"!

Unfortunately, many Reluctant Landlords feel the same way....a corporate rental * GREAT!!, rent checks come in like clockwork....a part-time resident, only in the area a few days out of the month * WONDERFUL!!!, less wear and tear.....actually, BOTH of these would-be tenant prospects are problematic.

Corporate rentals, unless there is a personal guarantee by the actual resident occupant, can be a nightmare.  If the tenant is fired or the corporation goes into bankruptcy, if there is not sufficient corporate documentation as to why the employee's rent was being paid, the trustee in bankruptcy can actually call BACK the lease payments.

Additionally, residents who do not LIVE at the property FULL TIME can give the landlord a false sense of security.  In a power outage, heat can go off and pipes can freeze and no one knows until it is way too late.  Routine items are not handled and likewise maintenance ends up being delayed or not at all.

A rental prospect who is a friend of a friend?!  PERFECT!, until the friend/tenant looses their job and your friend is not returning your phone calls and neither is your tenant.

Renting to FRIENDS, FAMILY and FRIENDS of FAMILY rarely work successfully.  Finding good residents should be done the old fashioned way - one or two applications at a time!!!

Wallace S. Gibson, CPM * Over 45 years of property management experience to serve you *

Gibson Management Group, Ltd. is a full-service property management company. Our management program is tailored to high end single family homes of character, country and estate properties as well as town homes.

We offer listings in the city of Charlottesville and Albemarle county as well as Greene, Louisa counties and the Lake Monticello area of Fluvanna county.

"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almightly God...." Anonymous

Now leasing quality rental homes in the Central Virginia area for summer availability * http://VaHomes4Rent.com

One of the quickest ways to burn out as a landlord is to DO TOO MUCH.  Many landlords think they have to do EVERYTHING whereas they really only need to do a few things - and do them well.

When turning over a property to a tenant for the first time, landlords fail to have the property professionally cleaned, the carpets professionally cleaned and the yard professionally cleaned up and maintained from DAY ONE of the tenancy.  By establishing the benchmark for these conditions AND having the bills as documentation, the landlord does not get worn out doing these items themselves AND the same service firms can be used when the tenants vacate to RETURN the property in the same or similar condition.

In my move-out check-out letter, I provide the names and contact information of these 3 vendors in case the residents do not have the time to perform all of these tasks themselves.  I provide a 2 page cleaning check list AND move-out/key return instructions.

Many professional landlord indicate they do the cleaning because they can't find a cleaning service who will move the refrigerator - I have that on my cleaning guidelines and because I recommend the cleaning firm to over 60 potential clients ANNUALLY, they perform according to my guidelines...the cleaning gets done; I have the deposit to return to the residents or to use for late fees or other charges AND the property is properly maintained.OH!!....if the departing residents attempt to do the work themselves and it is NOT done correctly, my lease provides for a 20% markup/service charge if I have to have the work done and charge their deposit....a win-win.

Wallace S. Gibson, CPM * Over 45 years of property management experience to serve you * Gibson Management Group, Ltd. is a full-service property management company. Our management program is tailored to high end single family homes of character, country and estate properties as well as town homes.

We offer listings in the city of Charlottesville and Albemarle county as well as Greene, Louisa counties and the Lake Monticello area of Fluvanna county.

"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almightly God...." Anonymous

Now leasing quality rental homes in the Central Virginia area for summer availability * http://VaHomes4Rent.com

Yes, it's tax time; however, that is not the reason.....in the chronology of local real estate, people think about moving 45 to 60 days before their current lease end date.

I will be renting a home July 1 to a family moving "into town" from their over-priced "boondocks" home.  Although I have set up a time for them to see the home, they have already submitted their applications and a check for their security deposit.  When they moved to the area, they used a local Realtor who pressured them to take an unsold listing of their office which was totally unsuitable for their family and chauffeur schedule.  They actually have found a better house for less money closer to town.

I will be renting a home in July to a family moving into a single family home from a large apartment/condo property.  They currently have a garage that is used for storage and they be getting a larger home with rooms to actually put their belongings into.

Incoming military and medical families are renting most homes sight-unseen...there are sufficient resources on the web and through their work contacts for them to be directed to the desirable rental areas and previewing them on my website makes the process easy.

The increase in families moving into the area who want to rent rather than buy is now becoming apparent to local Realtors.  Although most rental prospects do not contact Realtors if they are not planning on buying a local home, Realtors who do become involved have few resources other than our local MLS system that is difficult to negotiate if it is not used correctly; additionally, they get lost in Craigslist and even if properties are offered by Realtor member property managers, they do not realize that no rental commission is being offered so none will be paid.

Rental families moving into the area are using Craigslist and search engines rankings to find local rental homes.....our home listings are featured prominently in ALL of them....finding us just got EASIER!!

http://VaHomes4Rent.com

Coming into rental check-in/check-out season, having clear procedures is important.  Having procedures from the START of the landlord/tenant relationship is IMPERATIVE!!

I do not show occupied properties without first receiving completed rental applications for all of the adult applicants.  If prospects want to view a property, they can "preview" it on my website as I have interior photos and floor plans along with neighborhood information and mapping capability.  Most prospects appreciate this convenience.

Sort of like blogging, they can do their rental search in their PJs at o'dark thirty and not be limited to getting property information during EST weekday work hours. 

If they are coming into town to view rental properties, after I receive their applications via fax or e-mail, I schedule a weekday viewing of the property with the current occupants.  I do not schedule viewings during the weekends out of courtesy to my residents and I try to schedule viewings when residents are at work or school and pets can be penned or put in a crate or garage.

I don't collect credit check fees or move-in monies unless they elect to rent the property and want me to proceed with verifying their application information.

While waiting for my husband to meet me for brunch today, I read Sharon Epperson's article in PARADE * April 12th * What to do if you can't pay the bills...

http://www.usaweekend.com/09_issues/090412/090412thinksmart-money-pay-bills.html

Under "What Should You Pay First?"....she mentions paying the mortgage and RENT!~!  WOW!!!  How UNIQUE!!!

While this makes sense, so many financial gurus mention car payments (so they can find employment or get to work), and food on the table....my response has always been - take the bus so you can have a place to PUT THE TABLE, I am so glad this concept has taken root somewhere.

In the past, during economic downturns, may people were actually advised to get evicted as it would put them at the head of the list to get subsidized housing, food stamps and housing grants.  I've never advocated this approach and I realized it provided some assistance to residents who were struggling.

Cruising between Fox News and MSNBC, I actually saw where Dave Ramsey indicated debtors in financial peril should pay the rent well down their list of payment priorities. 

Even though it is the BIGGEST bill most people have per month, that just means they should budget better for its payment.  As Epperson's article suggests, paying credit card balances just stops the phone from ringing; however, not paying the rent actually removes the problem also as there will be no place for the phone to ring!!!  Prioritizing payments is IMPERATIVE and paying the RENT should be at the TOP OF THE LIST.

Kudos!!!  A financial writer gets it!!!

I recently had a prospect caller ask me "what does Property for Lease" mean? 

My signs are printed with my company colors and because I offer ONLY fixed term leases, I elected to have PROPERTY for LEASE on my signs.

Many "ready made" signs have riders with FOR RENT or FOR LEASE which are being used interchangeably which may be sending the WRONG message to prospects.

Typically, property FOR LEASE is for a longer, fixed term - 1 year or longer.  The caller who saw my sign on a rural property with a large house surrounding by fencing and paddocks wanted to know if just the LAND was for lease which often happens with country property and acreage.

Multi-units offered for shorter terms or on a month to month basis are posted with FOR RENT signs connoting that the length of rental term will be shorter than one offered on a lease.

Additionally, a rental agreement can be as short as one page and a lease agreement as long as 80 when used for a commercial property.

By using the correct term when discussing the properties we are representing, we can more correctly convey our desires and condition for the "letting" of the property. 

The three major property managers who post on CL in Central Virginia are now using our Craigslist HTML export from our HomeRentals.net web sites property listings when posting our rental ads.  These ads have watermarks on the photos and prospects just have to click to our website to view additional photos.  I don't put in an e-mail so anyone interested contacts me through my website or my office phone #.

It works GREAT!! It is FASTER to post and SCAMMERS are not hijacking my listings anymore so I am not getting "do you know?" calls and having to spend my time to re-check local CL ads daily to see if my listings are being used in a SCAM so I can have them flagged for removal.

Unfortunately, many property owners who post individual ads may not know that their ads are being hijacked so they don't check and don't know how to respond to get them removed.

http://charlottesville.craigslist.org/apa/1115497266.html

I want to thank Bob Machado for his post on watermarking his listing photos....it started me thinking about how to build my "better mousetrap"!!