PropertyManagementMaven: May 2009

http://www.kiplinger.com/magazine/archives/2009/07/best-cities-2009-where-the-jobs-are.html

Actually, our area has been fairly recession proof because of the University of Virginia, National Ground Intelligence Command, and large local private employers and we are importing new-hires for many highly skilled jobs in the medical, security and education professions.

While local Realtors may promulgate this information to generate sales and listings, I advise current clients of this ranking AND put copies of the Kiplinger article in my rental management proposal to encourage clients and would-be clients to think of their current Charlottesville/Fluvanna as investment so that they can retain it and diversify their investment portfolio with a good rental home in a VERY DESIRABLE area.....

During the last several weeks, I have had 3 almost identical discussions at property presentations with would-be client/property owners.  They ALL need to move out of their current homes - for job relocation, down-sizing, or to return to school - and they all do not want to sell their current homes.

Two talked to local Realtors who referred them to me for property management services and one found my professional listings on Craigslist.  One may return to the area and want to keep their current home and all THREE will be renting where they are moving to.

I explain that renting elsewhere when they are currently home owners may present a special problem since they have no landlord reference....so I'll be their landlord reference.  Several years ago, I devised a letter outlining the management program we have devised for the marketing of their current home and provided my best estimate of the rental income we will obtain.  I will not provide a copy of their tenants' lease; however, my letter has proved to be beneficial in the past and I provide a link to the property listing in my website.

I don't know whether anticipating these clients' needs got me the managment of their current homes; however, anticipating some of the unknown problems they may encounter during their moving process has been beneficial to them and eased their move to their new homes.

http://www.newsmax.com/science/us_cell_phones_only/2009/05/06/211510.html

This AP article acknowledges something that I have been experiencing for several years.  My residents are no longer using land telephone lines.  They use their cel #s and local cable for DSL/internet access.  In rural areas with no DSL, they are using HughesNet for internet and DirectTV for tv reception and may still have no land line if they already have a cel phone since they can get faster internet through HughesNet than telephone dial up.

For this reason, I changed my rental applications several years ago and removed the blanks asking for business and home telephone numbers for applicants and I now ask for their CEL and E-MAIL addresses.  Since their application form follows their application process through the lease preparation to entering their resident information in my PM software when their lease is signed and check for their move-in monies is deposited, I have the only contact information I need at the first contact. 

After entering their lease term information in my PROMAS pm software, I enter their contact information in my PALM software which syncs with my Sprint Centro cel phone....I do not enter their full lease information in my pm software since I use the contact management feature of my cel phone.

When residents call me from their KNOWN cel phone, my cel phone displays their name and calling #; likewise, I have the same information for client/property owners so that I can answer the phone with their name which always seems to surprise them or I can let their call go to voicemail and respond to any message with an e-mail if appropriate or via phone if it is an emergency.

By having this information in my Palm software, I can copy and paste information including their name and address if an envelope is needed!!!

John TENANT

E-Mail johnTENANT@hotmail.com
Mobile 409-1234

Address
Mr. and Mrs. John J. TENANT
My NICEST rental home
Charlottesville, VA 22901

Monthly Rent:: 2495.00
Lease Start: August 1, 2008
Lease End: December 31, 2008
Renewal Date: NONE

http://www.forbes.com/forbes/2009/0525/086-investment-guide-09-buy-or-rent.html

This article points out something that I have been experiencing for the last two years.....UVa Med School residents coming for 2 or 3 years have bought homes in the past.  Beginning in 2007, they started renting which put 100+ more rental prospects in the area wanting 2+ year leases for SFRs.  Likewise, incoming military personnel coming on staff with the UVa Law/JAG school bought homes; however, they are also now renting.  Either they can't sell homes they own elsewhere, or they don't want to be stuck with an unsold home if they are reassigned from our area.

The both the Med and JAG school have websites where departing homeowners can place listings for their Homes for Rent and Homes for Sale.....3 of the homeowners have contacted me within the last 3 weeks as they have gotten no interest in their rental homes and are worried their current residents will leave the area and they will not be able to secure new tenants...in 2 cases, the rent was over-priced and in the third case, there were no photos of the property in the JAG listing.

When showing rental homes to prospects who mention the rent is higher than a mortgage payment, caution them that there is flexibility in renting and they will have more financial options renting a home if they have to leave the area.

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

Once they locate tenants, the reluctant landlord often feel their job is over....in actuality, it is just beginning.  Having the proper forms and check in procedure is CRITICAL.  Many states mandate a move-in inspection routine for documentation as to the condition of the property.  Landlords who fail to follow state required procedures often get a nasty surprise when their tenants vacate.

Having the check in - whether done together or documented within the time specified in the lease - is often overlooked in an effort to get the lease signed and checks cashed.

Often residents view this procedure as an opportunity to make a  request for repairs or maintenance and the property owner landlord feels they lived with these items so that the tenant should be able to do so also.  This is often the first bone of contention in the relationship that really does not have to happen.

Separating the move-in inspection from request for repairs should be outlined in the lease and in the move-in document itself.  A routine for requesting/reporting maintenance issues - ALWAYS in writing * usually via e-mail or fax is also important so that there is a clear understanding for this important procedure.

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