PropertyManagementMaven: February 2010

Today's (February 9, 2010) edition of the Boston GLOBE has a featured story that may cause all real estate professionals to perform still another re-assessment of standard procedures. The story chronicles the rather sad situation where a young woman purchases a condominium Unit in one of the trendy sections of Boston, and smells smoke when she visits the Unit and at her home inspection. The Listing Agent glibly informs the woman, and her mom and dad, that the current owner is "a smoker" and when she does the renovations which she has in mind, there will be "no smoke" in the Unit. The fact that she has an asthmatic condition will, therefore,  not affect her use of the Unit. Parenthetically, the articles states that the Buyer asked to speak to the then current owner to confirm the statements made by the Listing Agent. The Agent refused this request.

You can probably guess what happens next. In point of fact, the "smoke" issue emanates from the fact that two occupants of the adjoining Unit are heavy smokers. For your information, Massachusetts has virtually eliminated smoking in all public places. There is no such prohibition in private dwellings.

Even after putting more than $45,000 of improvements into her Unit, the smoke from the adjoining Unit has forced the Buyer into a situation where she cannot occupy her Unit. She has sued everyone in sight; the Condominium Trustees, the adjoining Unit Owners (who smoke) and the Listing Agent. According to the story, the adjoining Unit Owners and the Trustees have reached an out-of-court settlement. What that involves, money or a cease and desist from smoking, was not indicated.

The Listing Agent remains a defendant, and I do not have a real sense of where this case will come out if it reaches a jury and they render a verdict. I promise to let my ActiveRain followers know when I know more.

In the end, it would appear that the Listing Agent may have acted deceptively at the time of the sale. Certainly, not every potential Buyer suffers from Asthma. Why did he not respond honestly to the questions presented at the time? It seems to be bad practice not to conduct your business with integrity even if it means losing a sale. I am afraid that the Listing Agent will be a victim of "20-20" hindsight in this matter, and found accountable for his actions. My advice to my Realtor clients. One sale does not a season make!!! Tell the truth;  over-disclose. it always works out better for you in the end.

With the development of Internet and on-line banking, landlords have more options to collect rent from tenants besides the traditional mailing of the rent checks.

Here are 3 possible ways for landlords to collect rent:

Option I: Traditional Mail
Tenant mails a check to the landlord. It is best if landlord's bank do not provide on-line banking service or you do not have the ability to check balance on line.

Option II: Bank Deposit
By giving landlord's bank name and account number to the tenant, tenant can write a check payable to the landlord and make a deposit into landlord's account at the bank.

Option III: On-line Bill Pay
Landlord gives a copy of the deposit slip to the tenant. With bank's routine number and account number, tenant can set up an automatic bill pay on line. This method is most popular amount Internet savvy renters.

If landlord has the ability to check bank balance on line, option II and III provides the most convenience. It will prevent check get lost in the mail.

It will also save landlord a trip to the bank. This is especially handy if the landlord is out of the country or traveling.

I frequently get objections from applicants to downloading application forms, completing and faxing back to my office.  They don't want to have their "personal information" floating around a fax machine.

I just learned of FILLANYPDF.COM and used it...it works.

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