PropertyManagementMaven

$84,000,000 for 12 minutes work? and people think Realtors make too much!

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Sun, 05 Feb 2012 19:23:22 -0500

According to Forbes, The Mags' half-time show is worth $84,000,000 IF she was getting paid - which she is not.

Typically, entertainers would have to appear 20+ times on LENO to get the media exposure that a half-time show at the Super Bowl will generate.

The "Peas" did not get paid and with Mags having a new movie, W.E., coming out this month and a new CD in March, this exposure is priceless.

While she won't get paid, all of her expenses ARE being paid for including dancers, musicians, transportation, lodgings.

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans

"...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 Almighty God...." Anonymous

Do you KNOW A Mrs. Murphy? You should if you WANT to Avoid Fair Housing Issues.

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Sun, 05 Feb 2012 05:58:00 -0500

What every real estate agent has heard and few remember is that there are EXEMPTIONS to the FEDERAL Fair Housing Act.

One of those exemptions is the Mrs. Murphy's rule OR Mrs. Murphy's Exemption under the FHA. This exemption provides that if a "dwelling" has four or fewer rental units and the OWNER lives in one of those units, that the home is exempt from the FHA. There really is no Mrs. Murphy * she is a fictional elderly widow who has converted her home into a rental or boarding house to supplement her income.

NOW, with the economic downturn, there has come the recent EXPLOSION of roommate advertising and matching websites.

Trisha Rowe of Grand Rapids Michigan wanted a roommate for the three bedroom single family home she owned. She posted a notice in a church bulletin indicating that she was looking for a female CHRISTIAN roommate. The Fair Housing Center of West Michigan filed a complaint stating that Ms. Rowe expressed an ILLEGAL preference for a Christian roommate. This prompted the Michigan Department of Civil Rights and the U.S. Department of Housing and Urban Development to take action.

....almost like Mrs. Murphy was NOT a feature in the FHA.

The Alliance Defense Fund provided legal assistance to Ms. Rowe and invoked her freedom of association under the First Amendment of the US Constitution and ULTIMATELY HUD agreed.

In a separate case, Roommates.com, which provides roommate locator service from their website, requests that users provide a "profile" where their roommate preferences can be "searched".

The Fair Housing Councils of San Fernando Valley and San Dieto filed lawsuits against Roommates.com indicating that these searches were a violation of the FHA.

Today, the U.S. Court of Appeals of the Ninth Circuit rejected these Housing Councils' claims.

The Court indicated that a roommate's unfettered access to one's home implicated considerations of SAFETY, PRIVACY, PROPERTY PROTECTION and the CONSTITUTIONAL FREEDOM of ASSOCIATION.

KUDOS! Mrs. Murphy is Alive and Well and Taking in ROOMMATES!

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

Why do homes buyers and renters ask about utility costs?

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Sat, 04 Feb 2012 13:48:21 -0500

I ask owner/clients about utility costs during my property management presentation at the property. When asked by a tenant prospect, I provide those number$ with a caveat as to the # of occupants and if anyone was working from home.

Via Bryan Robertson, Los Altos REALTOR Los Altos Real Estate - Homes For Sale (Sereno Group - Los Altos):

Every so often you get this question "How much are the utilities?" from either a home buyer or a prospective tenant. They usually want to know the average monthly cost of the water, gas, power, garbage, and sewer (or septic) before they make a decision to buy or rent. At first this seems odd but in reality it makes perfect sense. I've had this come up with three separate properties recently including a low-end rental, a high-end rental, and a luxury home. In all three cases, there were some interesting reasons for the questions, including...

The home buyer or tenant is stretching their budget

If they're close to their limit to get a better home or be in a better school district, they've probably got their monthly living budget maxed out. For these folks, another $100/month for one utility at my listing compared to less somewhere else becomes a point of contention. After all, it's a $1200/year cost difference! Just make sure you provide an accurate estimate so they don't get surprised over the next 12 months.

They are very frugal

From time to time I run in to people who have plenty of money but don't like to waste it. They run their homes very efficiently and want to know the average and minimum costs to operate it. These folks may ask for a monthly breakdown of costs to account for seasonal changes as well as other factors such as not being at the property (for people who travel a lot).

They have a lot of visitors

Many families have frequent out of town guests; both friends and family. Depending on the time of year these folks visit, their presence can drive up utility costs. I had one client who had a elderly family member visit during winter every year. That person needed the house to be "hot" and thus their heating bill for that month was double what it normally was.

These buyers or prospective tenants may also want to know how efficient the house is compared to others. If the cost of one property is higher than another of the same size, the added long-term costs could be a turn-off. While to some it may seem overally analytical, these are all perfectly valid questions.

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Bryan Robertson, Broker Associate | T: 650.799.9951 | Email: bryan@serenogroup.com | Website: http://www.BryanRobertsonHomes.com |CA License: 01191946 | Sereno Group - Los Altos branch | 369 S. San Antonio Road | Los Altos, CA 94022

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Recent Articles from Bryan's Blog

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New House Construction Costs in Los Altos

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

I'm Just Giving You the COLD HARD Truth Up In Here! Why I DO NOT Take Over-Priced Rental Listings!

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Sat, 04 Feb 2012 06:35:01 -0500

I got a phone call from a local homeowner inquiring about renting his house and in the fashion that these "cold calls" usually go, he was hesitant to give me his address * like I was going to come over there and stuff his mailbox with my literature! He should BE so LUCKY.

After some basic questions, I gleaned that 1) he had a LARGE rural home that he was in the process of finishing off the basement himself; 2) he has at least 2 mortgages on it and he bought at the HEIGHT of the sales market; 3) he loves the home and "hates" to leave it. Meanwhile, he is talking to HeadHunters about his employment prospects and expects to leave this summer.

He THEN proceeded to tell him what rental amount he wants and how I should proceed to market his home AND who his target renter market would be.

I suggested that while I had not seen his home, I know where it is * within NOISE distance of the interstate * 20 minutes to the nearest public school and middle school students have to change their bus once * 15 min to nearest grocery store * and YES! his home is in God's Country because I live 5 minutes away in the same ZIP CODE.

He had the PERFECT opportunity to get a professional property manager's expertise and insight FREE! A professional property manager who LIVES 5 minutes from his property and has done rental management in the area for the last 20 years.....and YET, he wanted to tell ME MY business.

So the COLD HARD truth is what I told him....his idea of $3k for rent is unrealistic - they are not getting that in the GATED, golf course community 10 minutes CLOSER to town with the same zip code; that his "finishing" off the basement would not get him an additional $500 per month in rent AND that he may have to include yard service in the rent because of he home was on 3 acres that required 3 hours of mowing every 2 to 3 weeks.

I told him that I would be happy to view his home; however, I would not take it to lease and manage if he insisted on being unrealistic * YES! I said THAT word * with his anticipated rent....WHILE I was thinking that I am sure he can find a newbie real estate agent who would L♥VE to take an over-priced RENTAL listing.

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

LARGE Home for Rent at Lake Monticello * Available July 1 * $1495 * 15 Min to UVa Med Center

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Sat, 04 Feb 2012 06:00:44 -0500

HTML>Rental Home - Lake Monticello, VA Single family rental,

> Click here for full details, additional photos, and an inquiry form < Single family

29 Hopi Way Lake Monticello VA 22963 4 beds/2.5 baths
$1495 / month

Gibson Management Group, Ltd.
Wallace S. Gibson CPM
PO Box 106
Keswick, VA 22947-0106

Phone: 434 979 9723

Email: cvillecpm@aol.com

Website: http://VaHomes4Rent.com

Location information

29 Hopi Way
Lake Monticello VA 22963 Planned Community: Lake Monticello Elementary School Zone: Central Jr. High School Zone: Fluvanna High School Zone: Fluvanna Driving Directions: Outside the Lake * Rt.53, L on Rt. 618, L on Tuscarora, R on Seminole, L on Kiowa, L at 2nd Hopi Way * House is on the left

Detailed listing information

Remarks: SUPER HUGE * 4BR, 2.5BA home with 2-car garage. Large living room with fireplace, formal dining room, eat-in kitchen with all new appliances and back deck off kitchen. 4 bedrooms upstairs and 2 baths upstairs. Nice level back yard. Easy access to Louisa, ZionXRoads, Pantops * 20 minutes to UVA and JAG schools
Bedrooms: 4 Bathrooms: 2.5 Monthly Rent: $1495.00 Date Available: July 1, 2012 Lease Info: 12 months Included in Rent: Trash Application Fee (Standard): $25.00 Sec Deposit (Refundable): $1495.00 Pets: Possible, with approval Fireplace: One fireplace Heat: Electric heat Cooling: Central air Community Features: Gated community
Clubhouse
Playground
Common area
Barbeque grills
Lake
Tennis court
Picnic area Approx Square Feet: 2400 Dwelling Type: Single family Floor Coverings: Carpet
Vinyl tile Window Coverings: Mini-blinds
Vertical blinds
All listing information is provided by the managing or leasing agent, is deemed reliable but is not guaranteed, and should be independently verified. Information is © Copyright 1997-2012 HERO PM and individual providers of data, who are bound to a membership agreement. HERO PM and all their websites are interactive computer services. Unauthorized reproduction strictly prohibited.

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

Know when to NOT Renew a Tenant's Lease * Lease Renewals are NOT just for INCREASES

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Fri, 03 Feb 2012 06:54:55 -0500

I've been working on my lease renewal spreadsheet for 2012. With fixed term leases, I task residents with advising ME in February if they wish to renew their lease for another 12 months.

While many do not do this, for the last 3 weeks, residents have been e-mailing and sticking notes with their rent checks that they want to RENEW their leases.

Although I try to warn residents of the issues effecting non-renewal of their lease * 2 pay or quit notices in 12 months * excessive maintenance requests (dripping faucets that do not drip when the plumber checks) * these issues are often over-looked as reasons AFTER the fact and residents think that once they are IN their lease, they get to STAY there until they want to leave.

Fortunately, by tasking them with notifying me and providing WARNINGS in my original lease resident handbook as to how to AVOID the issue of NONrenewal of their lease, there are no Fair Housing issues with my process.

I also use this rental renewal process to INCREASE rents and change or tweak my lease terms. This year I will be warning area residents on our county water service that there will be a $25 charge if the owners are notified that their water bill has gone delinquent. This is a process which is tedious to deal with as there is already a warning on their water bill that is often ignored.

Lease renewal time is a GREAT time to increase rents to JUST under market, tweak terms and conditions AND REaliegn lease end dates to be in the PRIME rental season.

PRO property managers RENEW with CONFIDENCE!

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

I went on a Presentation Cattle-Call Yesterday and I am GLAD I did

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Tue, 31 Jan 2012 06:01:39 -0500

I hate CATTLE CALL listing/rental presentations.....the property owner dials or e-mails area property managers for information on listing or property management services.

These seem to start in January and I try to PRE-screen some of these contacts for the type of property and intent of the property owner.

I started receiving an e-mail about 2 weeks ago about my services and while the owner gave me a general area of their property, they kept asking me for my literature - management agreement.

I indicated I would provide it after I met with them and viewed their property and I did that yesterday. They are leaving the area, have a very nice townhouse in a desirable school area that they had not realized.

The property owner brought out the management materials from another property manager and proceeded to use it as an outline of her questions to me.

It was VERY enlightening. The materials were boilerplate and while they were in a nice folder, they were printed with the specifics of the property inserted by a very poor hand writing.

There was loads of information on their services; however, there was NO information regarding the JOYS of being a landlord - no information on the tax advantages - not even a Schedule E form.

There was no personalization - no photo - no personalization for the property owners - NOTHING.

....I'll go back today and take a picture of the exterior of their property when the sun and light is right, do my personalized management proposal and my hand-written thank you note and hand-deliver it to their door tomorrow.

Meanwhile.....I took photos of another property before a showing yesterday afternoon and have a property presentation scheduled for Saturday for a 2-year old home in a DESIRABLE, NEW subdivision minutes from a LARGE area employer....

GOT MILK?

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

Thank you, Tom Clancy! LOCKED ON is Just What the Doctor Ordered

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Sun, 29 Jan 2012 08:04:19 -0500

I'm so glad that Tom Clancy is EXTENDING the Jack Ryan franchise to a second generation with his latest offerings....Dead or Alive and Locked On

If you have only known Clancy's character of Jack Ryan via Alec Baldwin * The Hunt for Red October * Harrison Ford * Patriot Games and Clear and Present Danger * of the EARLY CIA Jack Ryan in Ben Affleck's Sum of all Fears you have miss some GREAT reading.

I nominate Chris Pine to play the Jack Ryan JUNIOR character in Chancy's latest 2 offerings when they make it to the BIG SCREEN.

While his father is running for the presidency, JR is with a SUPER secret * COVERT agency working the VERY BACK channels to keep America safe.

Clancy has brought in several of Ryan SR's former associates including the John Clark character played by Liev Schreiber in the Affleck movie.

I'll bet Alec Baldwin NOW wishes he had kept on with the Ryan character movie franchise * he could have played a US PRESIDENT in the LOCKED ON movie.....

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

Found a great investment but can't interest anyone.....Investors are SMART!

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Sun, 29 Jan 2012 07:26:32 -0500

IMHO * the listing agent needs to fix the mistakes with the taxes, etc. AND allowing the former seller/homeowner to remain as a tenant is a mistake. They did not care enough about the property to organize their lives to pay the mortgage for a HOME THEY OWNED so they will not be able to pay the market rent.

Building in the seller as the tenant needs to be done in accordance with normal tenant screening including running credit on all would-be adult occupants.

The issues that caused the seller to not be able to pay their mortgage will not disappear with the short-sale

Via Debbie Holmes (Gold Key Real Estate):

Sometimes as an agent we find a cash cow..... A property that has significant extra value in price or a great rental value.... I found one such property.... It is 3 bedrooms, 1.5 bath 1152 sq ft. in Boise at a negotiated shortsale of $73000 plus closing costs. It is even possible that the owner would like to stay at the home and rent it. Whether you are looking for a home or an investment this is it. The value is $100,000 today if you turned around and sold it. I have been in it and wrote an offer on it in October. It is a nice home for the money. If you want to see it give me a call. This home is near the Boise Town Square. It's not my listing but it is a good one... I am even thinking of making an offer. I called my buyers but none of them are ready to move on it. To bad because it is a very nice home for the money.

Debbie Holmes

Gold Key Real Estate

(208)761-2551 Email: d5holmes@msn.com

To search Boise Homes visit my website

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

Benefits of converting longtime home into rental

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Sat, 28 Jan 2012 08:55:46 -0500

Christopher makes EXCELLENT points in his post * I am meeting with more and more HomeOwners who are moving or downsizing who want to keep their current home with a LOW or NO mortgage as an income producing asset!

Via Christopher Pataki Hockessin Delaware Real Estate (RE/MAX Associates):

Seniors are particularly careful about guarding their assets. With little monthly income, older people still living in their longtime primary residences need to make the most of an eventual home sale.

Helen (last name withheld), from Gig Harbor, Wash., was concerned that she would be taxed on the entire sale of her home because she had already taken the "over 55" exclusion with her late husband on a previous home.

While she would like to move to San Diego, Calif., where her daughter has built a new unit above the garage, she was leery about paying a huge tax consequence.

The good news for Helen, and others like her who had already taken the "one-time" $125,000 exclusion, is that they are still eligible to take the $250,000 exclusion ($500,000 for married couples) on the sale of a primary residence. And they can do it every two years.

The Taxpayer Relief Act of 1997 changed not only the $125,000 one-time home-sale exclusion for persons over 55, but also the "rollover replacement rule." Under the old law, a taxpayer could defer any gain on the sale of a principal residence by buying or building a home of equal or greater value within 24 months of the sale of the first home.

Tax on the gain was not eliminated, but merely "rolled over" into the new residence, reducing the tax basis of the new home.

The intent of the 1997 tax code, which replaced the "rollover" provision and $125,000 over-55 exclusion, was to allow most homeowners to sell their primary residence without tax -- and not worry about keeping records. Taxpayers no longer can utilize parts of either portion.

In order to qualify for the $250,000 exclusion ($500,000 for married couples), taxpayers must have owned and used the property as a principal residence for two out of five years prior to the date of sale. Second, they must not have used this same exclusion in the two-year period prior to the sale.

So the only limit on the number of times a taxpayer can claim this exclusion is once in any two-year period.

Helen said her Gig Harbor home (valued at $625,000) is now worth more than the sum of the original purchase price of $125,000 plus her exclusion of $250,000. However, there is a strategy she can use now where she can move in with her daughter, eventually pocket exclusion and roll the difference into another real estate investment that might help generate additional income or equity.

Guidelines have been adopted that allow investors who kept their home and used it as a rental property to take the exclusion without facing federal income tax liability.

For example, let's say Helen moved into her daughter's new "mother-in-law" unit in San Diego and rented out her Gig Harbor home for two years. Then, she sells her home and takes $375,000 ($125,000 plus $250,000 exclusion) cash-free.

If the home nets her $625,000, she can then roll the remainder ($250,000) into an investment property -- perhaps a share of an apartment building. She can derive income from the investment during her lifetime and then eventually place it in a charitable trust to avoid future tax liability.

If you are a cash-strapped seller -- especially a senior trying to fund your leisure years -- take the time to research all the possibilities of the sale of your residence. There may be tax-free strategies available you have not considered.

by Inman News

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

Marketing a Former Model Home For LEASE Presents Some Challenges

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Sat, 28 Jan 2012 07:10:05 -0500

I have clients who have bought several Model Units from an area developer. They get really nice units and the developer rents the units BACK from them while they market their UNsold/Unbuilt units.

I met with clients and the developer's representative this week to outline what will be done to turn a townhouse unit over to me as the developer is building DIFFERENT models for the remainder of the project.

There were some stipulations in the original purchase contract that we have REthought - we like the larger ADA 12-lite door to the lower level entry and while some specialty painting can be repainted and the doors REinstalled where they have been removed for easy viewing of the unit.

The NEW developer model is under roof and the furnishings of the current model will be moved to it when their specialty decoration and staging is completed.....THEN, I'll get a LARGER, beautifully appointed townhouse to LEASE at the Pavillions at Pantops!!

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

Real Estate Brokers and PROPERTY MANAGERS Are Joining Forces To Refuse Listing Syndication To Marketing Sites Like Trulia, Zillow, etc.

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Sat, 28 Jan 2012 06:37:44 -0500

I saw a teaser for this on Inman yesterday...I have stopped my rental listings from migrating to these sites * with the exception of HotPads * because they do not link to my actual website and want to control the FIRST CONTACT which is TEDIOUS.

Even Craigslist lets me REdirect viewers to my website for my First Contact.

Via Cameron Novak - Featured Corona Short Sale Agent Team (The Homefinding Center):

This is absolutely way past due. Sites like Zillow, Realtor.com, Trulia, Homes.com, etc., have cropped up to utilize our listing data to generate leads which they then sell back to other real estate agents who pay a fee for them.

As you can imagine, most agents know more about their listings than any other agent and as such, and his/her marketing on the internet and other places should lead the potential buyers back to the listing broker.

One of the newest brokers to adopt the NO LISTING SYNDICATION to scraper sites, is ARG in the San Diego area. Congratulations to them for stepping up to big business and saying "No" to them stealing out clients and treating them like a commodity.

Let's keep this in the front of mind for everyone out there. Suggest and reblog this with your own views on the subject.

Here's ARGs recent announcement...

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

Yes! I was a "CHILD REAL ESTATE AGENT" Que The Beatles! They Say It's Your Birthday.....

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Fri, 27 Jan 2012 07:00:49 -0500

YES! I was a CHILD REAL ESTATE AGENT....Except for brief stint as a secretary * in a real estate office * I have had a long career in real estate/property management.

I took the road to the DARK SIDE early in my career working for a local real estate developer managing his larger properties and ancillary out buildings as these properties were being developed.

As luck would have it, I have now been leasing my real estate office from him for over 6 years.

I've worked HARD this week to be able to take a b'day lunch with my sister and then go to a movie.

YES! I get the SENIOR movie discount and I deposited my government check yesterday......

Real estate is a profession we can do as LITTLE or as MUCH as we want....I have to agree that what does not KILL us does MAKE US BETTER!

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

Melbourne Park Townhouse * Available NOW * $1595 * 5 Min to UVA & New MJH campus/10 Min to NGIC

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Fri, 27 Jan 2012 06:47:22 -0500

Rental Home - Charlottesville, VA Townhouse rental,

> Click here for full details, additional photos, and an inquiry form < Townhouse

108-A Melbourne Park Circle A Charlottesville VA 22902 3 beds/2.5 baths
$1595 / month

Gibson Management Group, Ltd.
Wallace S. Gibson CPM
PO Box 106
Keswick, VA 22947-0106

Phone: 434 979 9723

Email: cvillecpm@aol.com

Website: http://VaHomes4Rent.com

Location information

108-A Melbourne Park Circle A
Charlottesville VA 22902 Elementary School Zone: Greenbrier Jr. High School Zone: Walker-Buford High School Zone: CHS Driving Directions: Park St N to Melbourne @ Rio Rd. L on Melbourne & L into Melbourne Park Circle

Detailed listing information

Remarks: This townhouse is LARGER than most single family homes * Full walk-out basement with storage and laundry, main floor with living room w/FP, dining area and large kitchen, second floor with 3 bedrooms, 2 baths. 4th floor has 4th bedroom, home office or finished playroom. Rent includes water, sewer and trash. Short drive to Pantops * Martha Jefferson Hospital * Downtown * UVA or NGIC
Bedrooms: 3 Bathrooms: 2.5 Monthly Rent: $1595.00 Date Available: NOW Lease Info: 12 months Included in Rent: Water
Sewer
Trash Deposit Payment Details: Leasing broker Application Fee (Standard): $25.00 Sec Deposit (Refundable): $1595.00 Pets: Possible, with approval Fireplace: One fireplace Heat: Gas heat Cooling: Central air Approx Square Feet: 2300 Dwelling Type: Townhouse Property Description: Borders preserve / public land Floor Coverings: Carpet
Vinyl
Hardwood Window Coverings: Cloth blinds
Plastic blinds
All listing information is provided by the managing or leasing agent, is deemed reliable but is not guaranteed, and should be independently verified. Information is © Copyright 1997-2012 HERO PM and individual providers of data, who are bound to a membership agreement. HERO PM and all their websites are interactive computer services. Unauthorized reproduction strictly prohibited.

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

LandlordWhisperer

10 Tips for a Healthy Landlord/Tenant Relationship

Wallace S. Gibson CPM * LandlordWhisperer (Gibson Management Group, Ltd.) — Thu, 26 Jan 2012 14:01:23 -0500

Rental prospects MUST do their homework online, FIRST. Desirable rental properties will rent FAST so rental prospects need to be prepared with their information to complete an application AND check to submit with their applications.

Via Jessica Chase - City Realty, Olympia WA (City Realty, Inc.):

During your rental search

1. Know what your expectations are before searching for a property. If your requirements aren't offered at a particular property, then move on. Don't expect a landlord to add an unreasonable amount of amenities or upgrades to an existing rental. There are often other units available that will meet all of your needs.

2. Submit completely accurate rental applications regardless of your shortcomings. Do not overstate your income or lie about credit problems. Landlords are increasingly open to working with challenged credit. Providing a clear explanation as to why your credit has suffered and expressing your desire to improve the situation will go a long way to sway a decision.

We always recommend a prewritten letter with this information be sent with the rental application, as it shows some planning and thought went into your process. Lying on an application is almost always grounds for denial or later termination of a lease.

3. Ask the right questions. Those questions are the ones most important to you. In most cases, landlords and agents are not required to disclose some information that may be important to you. Do not be shy when searching for a home to rent. Ask as many questions as necessary to make sure that you are comfortable with the decision you are making.

4. Get it in writing. If a landlord has promised a repair, new carpet, new appliances, or anything else will be done as a condition of your lease, then be absolutely sure to get it in writing, preferably on the lease document. Anything less opens up the chance for miscommunication and leaves an opening for problems.

I can't remember how many times I've spoken to tenants who were "promised new carpeting" at some point during their tenancy and did not get it. Promises don't get things done. Written agreements do.

5. Read your lease completely. This is an important process. You are making legally binding guarantees regarding payments, upkeep, repairs, etc. Read it thoroughly before you sign it. If possible, ask for a copy the day before signing the lease so that you have enough time to read and think about any potential questions.

Move-in time

6. Complete or request a walk-through to assess any existing wear or damage. This will alleviate many disputes at the time of move-out. Make sure this is done thoroughly and ask for a copy for your records.

7. Make sure that you know all of the pertinent property information (utility info, garbage day, mailbox number, instructions for alarms, entry systems, sprinkler systems, homeowners association rules, etc.).

By collecting all of this information upfront you can eliminate several calls to your landlord over the first weeks of tenancy. When landlords receive a flood of calls from a new tenant they instantly start to think of that tenant as high maintenance. This puts an instant strain on the relationship and can set up future problems.

An effective landlord should provide this information for the same reason, but many do not. By collecting all of this at the time of move-in you can avoid that unnecessary contact.

8. Make sure that you know the exact process for contacting your landlord in case of any questions or repair issues. Every landlord is different and each has a process for dealing with tenant inquiries.

You are best served to ask exactly how the landlord would like to be contacted. Don't assume that texting or calling is the preferred or most effective option. By following the landlord's preferred process you instantly become "easier to work with" than the tenant who contacts the landlord by some other means.

Landlords are also likely to respond more quickly to those who operate the way that they prefer to operate.

During your tenancy

9. Pay your rent on time. That's easy enough when everything is going well, but what about when things are not? Your best option is to contact the landlord as soon as you see a problem arise, and work out an agreement to get on track. Very few landlords will want to evict a tenant who they believe honestly wants to pay but is having a short-term problem.

The worst option is silence. A nonpaying, noncommunicating tenant will and should be dealt with harshly.

10. Be reasonable with your requests. Most landlord-tenant issues that don't involve money center around tenant maintenance requests that they feel are not handled adequately by their landlords.

There are many cases where the tenants are absolutely in the right and landlords have neglected their duty to provide clean, safe housing. However, in many other instances the requests made by tenants are completely unreasonable, and by utilizing a bit of patience and thought these issues can be resolved reasonably.

Handle very minor issues on your own. Almost any tenant can replace a light bulb, furnace filter, or smoke detector battery. They can tighten a door knob or put a closet door back on its track. However, these types of tiny issues constitute a huge number of service calls and maintenance costs for landlords.

If you have small issues and can't handle them on your own, then wait until a larger problem arises that truly requires service and ask if those smaller items can be addressed as well at that time, saving multiple service trips. If you have a non-emergency issue, don't require that it be handled on an emergency time frame.

There are many factors out of the landlord's control that go into how quickly an issue can be resolved, including vendor schedules, time of day/week, weather, travel time, etc. Tenants need to take these factors into account and try to understand that your landlord wants to resolve your issues and wants you to be a happy tenant, as it is in their best interest.

Above all else, it's important to remember that you are ultimately dealing with another human being. If you are speaking with a property manager or maintenance tech you are dealing with someone who can choose to help you or ultimately push your concerns aside. Your goal should be to get your questions answered and problems resolved, not to make as much noise as possible.

By portraying yourself as an honest tenant, preparing yourself for your tenancy up front, educating yourself on your lease terms and rules, and making reasonable requests using the proper channels, it is very likely that you will have a happier and more successful relationship with your landlord and a more pleasant stay in your rental property.

Ben Holubecki is a licensed real estate broker and a co-owner of STML Realty Group, where he oversees the business development and leasing activities of the company. Founded in 2003, STML is a full-service property management and leasing firm representing more than 100 individual property owners and overseeing management of approximately 400 rental units throughout the Chicagoland area. Ben is a regular contributor to Buildium's All Things Property Management blog.

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

Central Virginia

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