A landlord recently told me a story about how his condo in Natomas was flooded out by a prior tenant.
The tenant went to hang a small picture in the bathroom, and used a typical carpentry nail on the wall to hang the frame. Unfortunately, when the nail pierced the sheetrock, it also pierced the soft plumbing lines that ran through the walls, causing a spout of water inside the wall that went undetected until the unit was partially flooded.
If you have soft plumbing in your walls, it is imperative that you disclose this fact prominantly in your lease agreement, so that you can prohibit your tenant from piercing the affected walls (usually limited to kitchen and bathrooms) in any way.
Best wishes for a safe and leak-free holiday season.
Taking the time to screen potential tenants properly can help minimize risk and lead to a better long-term tenancy. Everyone knows the basics- you need to check credit, income and history. Here are a few helpful tips that you may not have considered:
1. List your qualifications in writing, either in your online ad, on your application, or both. Having the qualifications in writing minimizes conflict, helps the unqualified applicants "weed themselves out", and also limits liability as you have the written proof to fall back on if someone claims you declined their application based on some discriminatory statute, rather than the simple written facts.
2. Charge an application fee payable by secure funds. No personal checks or credit cards. Unqualified applicants often write bad checks (no mystery there), and credit card users will occasionally dispute the credit card charge if they are declined for the property. A secure payment conveys genuine interest in the property.
3. Application fees are regulated, so keep the fee reasonable ($25-30 is typical) and charge the same fee to EVERYONE. Charging a different fee in different situations (married vs. single, older vs. younger, family vs. roommates) leaves you open for a Fair Housing complaint, which can result in some hefty fines along with a civil suit.
4. Know who you are dealing with by getting a copy of their photo I.D. (Drivers License, Military, etc.), but collect this verification AFTER you have approved their application, NOT before. This will limit your liability if a declined applicant states your decision was based on information gathered from their I.D. (Age, Race, National Origin, etc.)
5. Never take the information at face value. When verifying employment, do not ask for the name of the supervisor given on the applicant. Instead, ask for human resources, or ask to speak to "a supervisor" that can verify employment (V.O.E.). Written format is preferable, so a faxed V.O.E. is always better than a simple phone call.
6. When verifying history, make sure all addresses that appear on the credit report are verified. We look for at least 2 years of verifiable history, but do not accept sublet history, so ask the right questions and do not be afraid to ask for further documentation (copy of their former lease, etc.).
Investors Choice Property Management is a Sacramento and Roseville based management company currently managing 100 single-family units. We are happy to share our ideas with Landlords and Agents alike, so your questions or comments are always welcome.
I remember growing up how I always loved the wind and the rain, but as a property manager during the winter, all I can think about during a storm are my roofs (will they leak) and my fences (will they fall).
Before the mercury plunges, make it a point to wrap your pipes. It's cheap, effective, and sure beats having the plumbing burst in the ceiling on a chilly morning.
If you are headed over to your rental anyways (I have a few homes to inspect out of the 100 or so I manage), check your smoke alarm and furnace filters, as these are areas of common tenant neglect.
Best wishes for a safe, happy holiday season. May your roof stay water tight and your fences hold fast.
Investors Choice Property Management (ICPM) pays one of the highest referral fees to Licensed Agents for Property Management Accounts, $400 per management client.
ICPM does NO SALES - We will promptly refer your clients back to you for any sales activity.
Expired Listings? Refer your clients to us for exceptional service, a great referral fee, and the added benefit of building a future base of good sales leads.
ICPM offers personalized service, with reliable communication & NO markup on repairs.
*SPECIAL OFFER THROUGH 12/31/08*:
For Each Account Referral to ICPM for Management: We will donate the first $50.00 we earn to CanTree.
Refer your client a vital service, get a $400.00 referral, and help ICPM give back to the community.
** Call or FAX Investors Choice today, or visit us online at www.investorschoicepm.com
Thomas R. Martin
Broker/Owner, ICPM
(916) 770-9707 Work
(916) 722-2121 FAX
3017 Douglas Blvd. #300 - Roseville, CA 95661
P.O. Box 417667 - Sacramento, CA 95841
tmartin@investorschoicepm.com
Landlord's have many different ways of locating a property manager for their rental unit, so here are few good tips if you are in the market to find a property manager. Feel free to ask any questions and check back periodically for more helpful property management advice:
1. Decide what kind of management style you prefer, up front. There are small, service based companies with 100 units or less, medium sized ones at 250-500 units, and giant ones with 1000 units or more.
2. Make your decision based on your own research, not on the amount of advertising dollars spent by the company in question. Big ads mean lots of money spent to attract clients, but say nothing about that company's ability to keep their clients satisfied.
3. Ask around. Talk to your real estate agent, your mortgage broker, etc. about whom they would recommend in the industry. Some of the best, most reliable services are backed by "word of mouth" referrals.
4. Know EXACTLY who you are dealing with. Just because a "company" has 20+ years of experience does not mean the owner of that company will have ANY involvement with managing your rental property, and many larger companies hire inexperienced trainees to cut costs and improve profit margins.
5. Your rental dwelling is a valuable asset, so STAY INVOLVED. Make it a point to perform routine "drive-by" inspections at least once every few months, or make sure the company you choose will do this for you. Better yet- get it in writing.
6. Beware lengthy contracts. If a management company has the skill to effectively manage your Sacramento or surrounding area property(ies), they should have no need to lock you into a long term contract. Insist on a month-to-month agreement with the manager.
7. Watch out for traps (hidden fees). Read your management agreement carefully. Watch out for cancellation fees. Ask for clarification on anything that does not make perfect sense, or get a third party non-biased opinion of the contract and it's terms. The problem with most lengthy management agreements is that the company has the ability to charge you for 6-12 months of management even if they fail to lease out your property.
After almost 16 years in Property Management, I have come to know the qualities that go into a successful Landlord/Manager partnership. For diligent, focused effort on your rental unit(s), consider Investors Choice Property Management. Visit us online at http://www.investorschoicepm.com and find out what we mean when we say "Experience Property Management the Way it Should Be".
Thomas R. Martin
Broker, ICPM
(916) 770-9707 Work
(916) 722-2121 FAX
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Property Management in Sacramento, Rosevillle, Folsom. ICPM is the company for investors that value the quality service and skill that comes from dealing directly with a Broker. -NO Repair Markups-
In over 16 years as a property manager in Sacramento, I have worked with small companies and large ones, and have learned to appreciate the qualities of both. Many clients take comfort in the size of a large company, often overlooking their shortcomings with the rationale that "they are big....they must be good". In some aspects, a big company can be a safe haven for investors that want to hand their rental property over and trust that all will be handled well, having little or no involvement in the process. For others that prefer a more "hands on" approach, a smaller management company may be a better fit, where there is more time and care given to each rental.
One area where a large company may indeed fall short of the mark is in customer service. Overburdened with 2 to 3 times the number of rentals that anyone could manage effectively, the big company property manager is a master of juggling, spending only enough time with each client to keep them from leaving the company, but never keeping their clients truly satisfied. As a former participant in this type of management, I know just how much thought goes into managing 250-300 properties by yourself, and the answer is "not much". When I left big management, I vowed never again to compromise my standards of service, sacrificing profitability in exchange for a more meaningful, dedicated approach to my clients, their properties, and their often-overlooked tenants. It was a life-altering decision, and one of the best I have made in my career to date.
At present, ICPM proudly manages 110 properties with the skill and care our clients have come to expect, in a manner that keeps our clients referring their friends, neighbors and family members.
Our business is over 95% referral-based and we can name every client, their property and their tenants by name.
When we say "Experience Property Management the Way it Should Be", what do we mean by this? There is no short answer to that question, but read on and, if you like what you read, consider visiting our website for more information.
ICPM specializes in the exceptional management of single-family homes, duplexes and condominiums throughout the greater Sacramento area, including Roseville, Rocklin, Lincoln, Folsom, Natomas and Elk Grove.
As a proud member of NARPM (National Association of Residential Property Managers), as well as an affiliate member of SAR (Sacramento Association of Realtors), we are dedicated to upholding the highest standards of excellence within our industry. We attend ongoing classes to keep at the top of the learning curve, as well as to set a good example for our peers within the industry. Whether it's Fair Housing, ADA Compliance, Security Deposit Accounting, our clients have the benefit of dealing directly with a Broker that stays up to date on Tenant/Landlord issues affecting the greater Sacramento region.
ICPM charges NO MARKUP on Repairs, and receives NO KICKBACKS from vendors. Any savings we are able to secure from our vendors are passed on directly to our clients. Many companies mark up the cost of maintenance. Some of these profits are openly disclosed, others are concealed through clever wording on the contract. At ICPM, we strongly believe that properly maintained units are essential, but the maintenance is expensive enough without your management company "padding the bill". We are already being paid a management fee to manage our properties, and that includes maintenance coordination.
At ICPM, all properties are personally managed by a Licensed Broker that stays involved with our clients home(s). If you or someone you know is ready to stop being lost in the shuffle and start being managed effectively, we'd love to have your business. Once you experience property management the way it should be, you won't settle for anything less.
AGENTS: Did you know ICPM does NO SALES and pays one of the HIGHEST REFERRAL FEES? Call us anytime to find out more.
ICPM proudly manages in the following areas:
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