Property Management Tips

Always Get It In Writing And In The Lease

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Sometimes the owners of rental properties are too trusting for their own good. You, as the property manager, undoubtedly know what I’m referring to. But that’s why the owner hires you to begin with. They don’t want to have to deal directly with the resident-tenant, right?

For this article I wanted to share a true story that demonstrates why it’s imperative to protect your clients from situations where the resident says something like, “We don’t need it in writing. I have great references and my word is as good as any document.”

In this story it was the Property Manager’s idea that in special circumstances an arrangement between an owner and a tenant was a workable idea. Arrangements and special circumstances are the issue in the following story, which I think you’ll agree sounds more like a nightmare.

“My father’s property manager presented him with a tenant who was willing to make repairs on a property in exchange for a reduction in rent for a period of 12 months. This wasn’t my father’s first experience with such an arrangement and he knew this was a risky venture however the Property Manager assured him that this was a good deal and that the tenant had done work for him in the past and he felt confident that [the] tenant was able to meet Dad’s requirement’s. Dad agreed to this arrangement based on the manager’s recommendation. My Father agreed to pay for all materials necessary to clean, paint, and to make some cosmetic repairs to the home and the tenant agreed to provide all the labor in exchange for the discount. I’m sure you can already guess what happened but I’ll fill you in anyway. The tenant proceeded to gut the house, removing everything he felt needed to be replaced. I was able to stop him before he yanked out all the kitchen cabinets. When I went into the house I saw that he had taken out chunks of drywall so he could search for mold. I later found out that the property manager had given back the funds (first month’s rent and deposit) so the tenant could purchase supplies as well as paying for labor of two people he had hired to do some of the cleanup work. After three weeks of waiting for work to be completed I decided to have a discussion this with the property manager, which didn’t go well. [The manager said] ‘Either we go through with the deal or he would quit. My dad decided to stop the madness … so the Property Manager quit. He did, however, agree to pay for replacing all the drywall, a small token compared to the condition [of] the house now. He also left us dealing with the tenant who wants to continue with the arrangement or he wants his deposit and rent back. Oh and to make matters worse, there’s nothing in writing about the arrangement other than the standard lease agreement.”

Read more: http://www.propertymanager.com/2013/03/in-writing-and-in-the-lease/

Love thy neighbor

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The Secret Core Values of Amazing Property Management Companies

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I love the naval warship parable that speaks to the idea of being inflexible or self-absorbed. As the story goes, the captain of a massive, heavily armed warship is summoned to the bridge at some crazy late hour. One of his officers briefs him; there is an oncoming ship that will not yield to their right of way.

The captain retorts by telling the officer to respond to the ship by telling them to acquiesce to their position. He does and the light out in the distance flashes a message that flies in the face of all logic, “No. You get out-of-the-way.”

Baffled and disrupted, the captain puffs his chest and tells the officer to send a message that includes the fact that they are a massive warship armed for freedom and willing to assert their wherewithal. The message comes back out of the shadow of distance:

“I am a lighthouse.”
Property Management Companies Serve the People that Serve Them

I like to think of core values as being akin to lighthouses: Permanent fixtures against which to break yourself in the quest of being the most amazing person you can be. And it is no different for property management companies.

In that respect, I think the companies that make the transition from status quo to greatness understand that people are at the heart. And a strict adherence to a concrete set of core values diminishes the need for stringent policies, procedures, carrots, and sticks. People are motivated and compelled to action because they understand that they are part something bigger than themselves.

Read more: http://www.propertymanagementinsider.com/amazing-property-management-companies.html

Space Investors: Multifamily Moon Colonies Underway

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The Man on the Moon may have some new neighbors by the end of the century. Property Management Insider recently learned that an anonymous group of developers believe that space is truly the final frontier for the next generation of multifamily housing development by building apartment communities on the moon.

A spokesman for the group, Thome O’ Mannon, said land is being acquired in “significant” parcels to develop several mid- and high-rise mixed-use communities at various locations on the moon in anticipation of future space colonization and possible rental housing shortages on earth due to over population.
NASA Making Lunar Real Estate a Reality

Until the current Administration recently shelved plans for colonization, Lunar habitation by 2020 was on NASA’s to-do list. Astronauts were to be frequently sent into space to create an outpost where they could study existing and future life, assuming that a sustainable oxygen supply could be found. Large, inflatable, and transportable habitation modules were built to give the lunar explorers a place to live.

O’Mannon says that initial plans, assuming sufficient oxygen supply is available, will include building multifamily housing modularly to minimize installation time. Units would be stackable and interlock with others, enabling a quick build of a multi-story housing facility.

The group has already created a marketing plan for “Moondular Units,” which would be built on earth and shuttled to the moon through the International Space Station.

“This is not far-fetched at all,” said O’Mannon. “Historically, housing has overcome many geographic issues within our planet. We now comfortably live in flood plains, in the desert, in areas where extreme weather and temperature or everyday occurrences. Texas for one. The moon is just the next chapter.”

Read more about property on the moon here: http://www.propertymanagementinsider.com/multifamily-moon-colonies.html

4 Easy Tips for Integrating Twitter’s Vine Videos into Your Apartment Marketing Plan

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Is social media integrated into your apartment marketing plan? If the answer is “yes,” then adding Twitter’s Vine videos into the mix might be right for your apartment community. In January, the social media platform Twitter announced Vine, an iPhone app that allows users to record 6-second videos that can be easily shared with Twitter (and Facebook) followers.

Adoption of Vine is still early, and while we’ve only begun to scratch the surface of how to use it in business, I’ve provided what I feel are the four best high-level tips to get your apartment community started using Vine to engage residents and prospects.
1. Determine Call to Action

What is it you want your audience to do/how do you want them to react after seeing your Vine video?
2. Define Your Audience

Who are they? Are they social media savvy? What do they care about and how can you use this to provide them information that will keep them engaged with your community? How do you want your apartment community’s relationship with them to change?
3. Tell a Story

Once you’ve identified your audience, use Vine to “talk” to prospects and residents about your community. Create more than a simple picture of your community and focus on actions, subjects and points of interest. For example, provide a sneak peek into what other residents enjoy doing at your property—whether it be a pool party, enjoying a good workout or hanging out in the clubhouse. Most importantly, have fun telling the story, much like Taco Bell did recently to promote its new Cool Ranch DLT.

See the video and read more here: http://www.propertymanagementinsider.com/integrating-vine-videos-into-apartment-marketing.html