valley rental housing journal - september 2014

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September 2014 - Vol. 8 Issue 9Rental Housing Journal Valley

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2. Three Important Steps For Building Property Management Compensation Plans - The Coach

3. Dear Maintenance Men:

3. Five Ps for Your Social Media Marketing Success

4. Multifamily NW Presidents Message How to Keep Your Competitive Edge

Continued on page 7

By Jade Bossert

Multi-family property own-ers have several options, to generate passive in-

come in retirement, that are unique to owners of income property. They include placing your residential in-come property under professional management and forgoing the day to day management duties, effecting a IRC 1031 exchange into a commercial triple net leased property, or taking on the role of a lender by providing seller financing, to the buyers of your income property.

Seller carry back financing is the most popular vehicle active owner/managers of multi-family properties use to fund their retirement. The ma-jor benefit is“mailbox money”, which is a monthly check sent electronically or by mail to the seller every month, for a set period of time. The current market interest rate for seller financ-ing is 5.5% to 6.5% interest.

A strong down payment, of 20% to 30% of the sale price, is recommend-ed when financing a buyer. Property tax, insurance and the monthly pay-ment should be collected by a title company or bank and disbursed to the seller. The property should be collateralized by a note and deed of trust that detail the terms of the car-ry back. The terms should include a late fee. In the event the seller is con-cerned about being paid off, a steep prepayment fee of 12% to 20% of the principle balance should be detailed in the note. If the property is 5 units or larger, it is considered a non-con-sumer transaction and not governed by federal Dodd Frank Laws.

Sellers are often able to get a sale

Fund your Retirement with

Seller Carry Back Financing

In business, the only thing that matters is what works, says Peder Johnsen, a third-generation spe-

cialist in senior living communities. “The people in your company

who are dealing with your custom-ers – the clerks, the caregivers, the customer service reps – are where the rubber meets the road,” says John-sen, CEO of Concordis Senior Living, www.concordisseniorliving.com, which owns, operates and develops senior housing communities.

“That’s why it’s essential for the company leaders, the men and wom-en in the offices that are often far

from the front lines, to be where the action is on a regular basis,” he says.

Concordis’ specialties include managing senior-living communities for other owners and developers, an art it has perfected, Johnsen says.

“We developed certain practices over the decades, first by building as-sisted-living communities and then by operating them,” he says. “These practices work in any business be-cause they keep the leadership ac-tively involved in what’s going well – and not – on the front lines, and provides a system for regular com-munication through all layers of the

company.”Johnsen offers these tips for man-

agement that produces excellent re-sults:

Identify the ‘Influencers’ in each work group.

As with most businesses, senior living communities require teams of staff, from administrators to house-keepers and everyone in between. Within the various groups that make up your business, identify the key players – the people who influence others’ behavior, whether or not they

3 Proven Management TechniquesThat Work in Any Business

Identify the ‘Influencers’ on Your Front Lines, CEO Advises

By Cliff Hockely

Buying real estate as an investment has been a well-estab-

lished investment strategy for thousands of years. You purchased or inherited a home or condominium and now you have to fig-ure out how to get your arms around it. Perhaps you were transferred and don’t think it is time to sell the home yet, you want its value to appreci-ate more. From a manage-ment standpoint, you have two choices, manage the property yourself or hire a property manager to take

care of it. This article will help you make a decision on which way to go.

Setting investment goals

First of all, realize that you need to set investment goals. In other words, ask yourself what you intend to do with the property. If it is free and clear you could save the money you earn and invest in more real estate… or pay for col-lege tuition for your chil-dren. When they are done with college you could use the cash flow to prepare for or amend your retirement plans. If you have a mort-

gage you have less cash flow to meet your needs which will affect your de-cisions. A few investments goals to consider:• Hold the property until

it is paid off and use the income for retirement

• Hold the property until the marketplace appreciates – then sell the property and:

• Reinvest in another property/ properties (maybe in better locations)

• Take the money to the bank.

• Spend the

money you made.

• Sell the property and use it to:

• Buy another home in another part of the country.

• Refinance the property after some of the equity has grown and buy an additional home.

Making the decisionIf you have time and

are a hands-on investor, you will want to screen the tenants, make the repairs, complete the tenant turns and do the accounting yourself. More often than

Benefits of Hiring a Property Manager to Manager Your Single-

Family Investment.

continued on page 6

continued on page 6

2 Rental Housing March Valley • September 2014

RENTAL HOUSING JOURNAL VALLEY

During the course of your pro-fessional career as a prop-erty management executive,

building new compensation plans will be one of the most important projects you ever undertake. In fact, this project has the potential to be an explosive issue for your team of SuperStars and must be designed with great care. The information in this article will outline three im-portant steps for building powerful compensation plans and will share many secrets for your success. When a compensation plan is built right, your team will love you and your company success will soar!

Gathering information and setting objectives: Start by evaluating your current compensation plans to see how closely it aligns with the criti-cal success factors for your property management company and your his-torical financial performance. Next, review what percentage of each per-son’s compensation is salary versus commission/bonus and compare this to competitive positions within the geographical locations you man-age. Lastly, develop specific com-pensation objectives, such as: perfor-mance to budget or goals, occupancy for each apartment community, fiscal performance of this quarter com-pared to the same quarter last year, resident retention and/or resident satisfaction surveys.

Tip From The Coach: Remem-ber, each person on your property

management team must see a direct connection between their efforts and their compensation plan. In addi-tion, how you define the objectives for your compensation plans will be a direct reflection of the exact indi-vidual or team performance you will receive.

Developing performance mea-surements and plan options: Once you have defined your compensation objectives, the next step is to deter-mine how you will measure perfor-mance. For instance, will your new compensation plan reward individ-ual performance, team performance or a blend of both? In addition, your compensation plans should also con-sider how often commissions/bo-nuses will be paid and what will be the impact if an individual or your team does not meet or exceed their compensation objectives. Next, de-sign several compensation models on a spreadsheet so you can see how an-nual compensation will vary as you change or modify the performance/pay variables. In addition, calculate the range of income your SuperStars will be able to earn over the next 12 to 60 months. Lastly, test and run your historical results through your new compensation plans to verify performance levels and income ex-pectations.

Tip From The Coach: Some of our property management clients like to confidentially share preliminary compensation models with just a

few SuperStars in their company to gather some additional insight be-fore finalizing their new compensa-tion plans. In addition, some of our clients will grandfather the compen-sation for their current team but all newly hired team members will be paid based on the new compensa-tion plan. Remember, there is no such thing as a perfect compensa-tion plan, but there is a compensa-tion plan that is well-suited for your property management company. Lastly, just because a compensation plan has worked in the past, does not mean it will work in the future as the property management profession is changing and evolving rapidly.

Selecting and evaluating your options: Once you have tested your compensation plans for accuracy and performance expectations, select the plan that most closely aligns with your company objectives. Sometimes it can be helpful at this point to have another set of eyes, outside of your property management company, re-view your new compensation plan to ensure it’s clear and reasonable. Next, consult with your internal resources to be certain they can de-sign and produce the information required by your new compensa-tion plan. In addition, your team will

need a written description of their new compensation plans and a fi-nancial spreadsheet detailing exactly how this compensation will impact them over the next 12 and 24 months.

Tip From The Coach: Once you have presented your new compensa-tion plan to your property manage-ment team schedule a monthly ap-pointment over the next six months to vigorously review and evaluate the results. In addition, ask for feed-back on your new compensation plan and swiftly address any prob-lems you or your teams discover.

Want to hear more about this im-portant topic or ask some additional questions about how to build pow-erful compensation plans? Send an E-mail to [email protected] and The Coach will E-mail you a free PowerHour invitation.

Ernest F. Oriente, a business coach/trainer since 1995 [31,500 hours], serving property

management industry professional since 1988--the author of SmartMatch Alliances™,

the founder of PowerHour® [ www.power-hour.com ], the founder of PowerHour SEO [ www.powerhourseo.com ], the live weekly

PowerHour Leadership Academy [ www.powerhourleadershipacademy.com/pm ] and

Power Insurance & Risk Management Group

by Ernest F. Oriente, The Coach {Article #220…since 1995}

Continued on page 5

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Rental Housing Journal Valley • September 2014 3


Dear

Maintenance Men:Can graffiti

scratched windows be repaired? I have a

number of windows that have been scratched or etched by graffiti van-dals. Replacing the window is very expensive. Do you have any recom-mendations?

Jessie

Dear Jessie:Yes, graffiti damaged windows

can be repaired. It is often a two step process involving removing the scratches or etching with a buffing compound and using anti-graffiti film over the glass. Cerium Oxide rubbing compound is typically used with an electric buffing wheel for getting the scratches or etching out of the glass. Cerium Oxide can be found on the internet, glass & stone shops or good hardware stores. 3-M makes a very good anti-graffiti film that can be used as preventive protection or as a sacrificial layer. If you decide to do the work yourself, be careful with the electric buffing wheel. Keep the buffing wheel moving over the scratches and never concentrate on one spot for long as it will burn the

glass. Removing scratches from glass is a bit of an art and we recommend contacting a repair firm specializing in glass graffiti removal.

Dear Maintenance Men:While getting a unit ready for rent, I

painted the concrete patio with flat con-crete paint. The patio looks much better; however I am worried the surface may be slick when wet. Should I be concerned and what can I do about it now?

Kristina

Dear Kristina:Concrete patios can be slick when

wet and more so after they have been painted. A simple solution is to use grit mixed in with the paint to give the concrete surface a bit of grip when walked on. Look for a clear non-slip polymer grip additive. The additive is mixed in with the paint or sealer and applied to the concrete with a roller. The polymer grit can be found at any hardware store in either the concrete or paint departments. Polymer grit infused paint can also be purchased if you do not want to mix in the grit. Avoid using silica sand or aluminum oxide; they both work, however they may change the appearance of the surface. Our

recommendation for peace of mind would be to repaint the patio floors using the above information as a guide.

Dear Maintenance Men: I have a number of patio decks

coved in artificial turf. Because of the sun and use, the “turf” is look-ing worn and tattered. What can I do to make it look better? Do I need to remove the old turf before putting down new artificial turf or can I glue down over the old? How do I remove the old turf and is it difficult? If I want to go back to a natural surface, how do I remove the adhesive?

KC

Dear KC:Sounds like you have your work

cut out for you! In order to get the new turf/carpet to look good on the deck, the old must be removed. The new turf/carpet will not stick to the old carpet and the old glue will need to be removed as well. If you have a small area of glued down turf/carpet to remove, use a hand scraper to pry the carpet off the surface. If you have a large area; use a roofing scrapper to quickly remove the carpet. The old glue can be removed using a scraper

and applying an adhesive removal solvent or a heat gun. Never com-bine the heat gun and the solvent as the solvent is flammable. The solvent can be found at any hardware store and should be used in a well venti-lated room. If you don’t want to use a solvent; use a heat gun to soften the glue and use the scraper to remove the glue. Both methods are messy and labor intensive; however the heat gun is the less toxic of the two. If you are not replacing the carpet and want to return to a natural surface; power sanding or media blasting may be needed to remove any trace of the glue. The surface will need to be sealed to complete the job.

Please call: Buffalo Maintenance, Inc for maintenance work or consultation.

JLE Property Management, Inc for management service or consultation

Frankie Alvarez at 714 956-8371 Jerry L’Ecuyer at 714 778-0480 CA contrac-

tor lic: #797645, EPA Real Estate lic. #: 01460075 Certified Renovation Compa-ny Websites: www.BuffaloMaintenance.

com & www.ContactJLE.com www.Facebook.com/BuffaloMaintenance


VALLEY

By Jerry L'Ecuyer & Frank AlvarezDear Maintenance Men:

By: Jeremy Juhasz

Small businesses and nonprofits face a different set of circumstances when it comes to social media mar-keting than their larger for-profit counterparts, namely, smaller bud-gets, fewer employees and a greater priority on traditional forms of mar-keting.

For those charged with market-ing, the biggest first step toward making social media an integral component of the plan may be con-vincing your organization. Despite widespread use of social networks for personal connections, the leader-

ship of smaller organizations often questions its effectiveness as a mar-keting tool and whether they’ll see a return on their investment.

I’ve developed and implemented social media strategies for a variety of organizations -- for-profits, non-profits, and individuals. For all of them, I’ve discovered, when it comes to social media, it’s important to remember the 5 P’s:

PlanIdentify what you hope to accom-

plish and create a strategy to take you there. Too many nonprofits and small businesses dive into social

media because they “have” to and don’t consider a plan of action before they do so. Make a list of what you want to accomplish. Is it to gain more donors? Get a higher atten-dance at your annual fundraiser? Increase sales?

Make it a priority to identify goals so you can create the social media strategies for meeting them.

PatienceNothing happens overnight. It

takes time to develop relationships and establish credibility with your brand and your target audience. Over time, events and a steady pace will win out. Rushing leads to mis-takes.

The type of patience I’m referring

to is a long-term mind-set. When day-to-day activities seem arduous and, at times, unfulfilling, know that each day builds to the greater goal. March on.

PersistenceYou must be stubbornly commit-

ted to your goals and your strategy. Keep plugging away and give your plan a fair amount of time and analy-sis before you pull the plug. If you know the plan is a good one, it’s not a good ideas to panic and change course simply because you’re not seeing results as quickly as you’d like.

That said, circumstances change, not every strategy works, and you

Five Ps for Your Social Media Marketing Success

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continued on page 6



16083 SW Upper Boones Ferry Road, Suite 105, Tigard, OR 97224 503-213-1281, 503-213-1288 Fax www.multifamilynw.orgPam McKenna

Multifamily NW President

Sponsored by:

By Pam McKennaPresident, Multifamily NW

This is a great time to be in the multifamily

industry with strong rent growth, an increasing demand for apart-ment living, and new developments under construction in multiple re-gions. It is during the strong upturn that we need to be ready for what is ahead in the years to come. You not only want to make the most of how well things are going now but you want to be sure your business is prepared to sustain growth in the market. This September, Multifamily NW offers the Spectrum Educational Conference and Trade Show. At this conference you can attend valuable educational classes that will provide insight on how to stay ahead of the game. More than thirty experts from the industry will share their knowl-

edge and insight with you. You can learn marketing tips that can set you apart from the rest. Tune up your leadership and communications skills. Learn maintenance tips for the office team. Choose from several fair housing classes, from fair hous-ing for maintenance to reasonable accommodations or medical mari-juana. Don’t miss out on the Oregon or Washington Landlord/Tenant Law classes packed with valuable information. Develop your financial management skills or learn ways to avoid expensive mistakes from human resource. Enhance your sales skills and increase your customer service skills and much more. And don’t forget you can earn 1 CEU credit per class towards your con-tinuing education credits.We will feature Colleen Kettenhofen, an award winning national speaker, author and workplace and leader-ship expert. “Colleen offers powerful advice and

eminently practical steps for both managers and employees looking to improve their professional per-formance and their lives!” Richard Jallichandra, CEO Technorati Media. This one-of-a-kind speaker blends humorous slice-of-life stories with valuable and actionable information on how to bounce back higher. And she shows how to implement this advice quickly and easily.On the trade show floor, you can visit any of the 150 industry supplier booths and learn the latest trends in products, services and technology. This one-on-one face time provides opportunities to network with sup-pliers you can partner with and others in the industry to share best practices.So who attends this event? Over

1,200 property managers, landlords, leasing associates, maintenance professionals, property owners, investors, property management personnel, marketing specialists and individuals looking to stay ahead of the curve. This is the event you won’t want to miss for 2014. Registration starts at 8:00 AM and General Session is at 9:00 AMSeptember 18th, 2014 at the Oregon Convention CenterVisit http://www.multifamilynw.org/ to register. I look forward to seeing you there!


VALLEY

How to Keep Your Competitive Edge

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September 9, 2014 9:00 AM - 5:00 PM CAM: Fair Housing (Portland, OR)

September 12, 2014 12:00 PM - 1:00 PM It's the Law Lunch Time Series: Habitability Disputes: From Mold to Make Believe (Portland, OR )

September 18, 2014 8:00 AM - 5:00 PM Spectrum Educational Conference & Trade Show (Portland, OR)

September 25, 2014 1:00 PM - 4:00 PM LARRC-Law and Rule Required Course (Eugene, OR)

September 29, 2014 9:00 AM - 4:00 PM CAM: Marketing (Portland, OR)

September 29, 2014 1:00 PM - 4:00 PM 10 Common Fair Housing Mistakes to Avoid (Corvallis, OR)

September 30, 2014 9:00 AM - 12:00 PM 10 Common Fair Housing Mistakes to Avoid (Eugene, OR)

October 10, 2014 12:00 PM - 1:00 PM It's the Law Lunch Time Series: Changing Ownership - How To Handle Transitions Into or Out of Properties (Portland, OR)

October 15, 2014 7:30 AM - 9:00 AM Fall 2014 Apartment Report Breakfast (Portland, OR)

October 16, 2014 4:00 PM - 7:00 PM COC Laser Bowling Party (Bend, OR)

October 21, 2014 12:00 PM - 4:30 PM MWV Luncheon: OR Landlord/Tenant Law Part 1 - Move Ins and Start of Tenancy (Salem, OR)

October 23, 2014 7:30 AM - 9:00 AM SWV Apartment Report Breakfast (Eugene, OR)

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[ www.pirmg.com ], has a passion for coaching his clients on executive leadership, hiring and motivating property management SuperStars, traditional and Internet SEO/SEM marketing, competitive sales strategies, and high leverage alliances for property management teams and

their leaders. He provides private and group coaching for property management companies

around North America, executive recruit-ing, investment banking, national utility bill auditing, national real estate and apartment

building insurance, SEO/SEM web strategies, national WiFi solutions [ www.powerhour.

com/propertymanagement/nationalwifi.html ], powerful tools for hiring property management

SuperStars and building dynamic teams, em-ployee policy manuals [ www.powerhour.com/propertymanagement/employeepolicymanuals.

html ] and social media strategic solutions [ http://www.powerhour.com/propertymanage-

ment/socialmedialeadership.html ]. Ernest

worked for Motorola, Primedia and is certified in the Xerox sales methodologies. Recent in-

terviews and articles have appeared more than 8000+ times in business and trade publications and in a wide variety of leading magazines and

newspapers, including Smart Money, Inc., Business 2.0, The New York Times, Fast Com-pany, The LA Times, Fortune, Business Week,

Self Employed America and The Financial Times. Since 1995, Ernest has written 225+

articles for the property management industry and created 400+ property management forms, business and marketing checklists, sales letters and presentation tools. To subscribe to his free property management newsletter go to: www.

powerhour.com. PowerHour® is based in Olympic-town…Park City, Utah, at 435-615-

8486, by E-mail [email protected] or visit their website: www.powerhour.com


VALLEY

The Coach ...continued from page 2

Current Interest RatesMultifamily Mobile Home Parks Fixed rates start @ low 3%Office Retail/Industrial/MOD Fixed rates start @ mid 3%

ATTENTION COMMERCIAL PROPERTY OWNERSNeed Financing for an Investment Property?

Al Williams, American Commercial [email protected]

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What Lending Sources Do You Use? I have access to dozens of commercial lenders with dozens of different and innovative loan products. You have choices – and are not STUCK with just one lender and whatever they have for a loan program. How Do I Reach You? I will come to you! Doubtful you will get any other banker to come right to your home or office and sit down with you to discuss financing in detail. Free Framed Print When We Meet! If you are going to need a new commercial loan anytime in the next 12-24 months, you should seriously consider moving NOW. If you are ready to start the financing process, just email me or give me a call. When we meet, I will bring as a gift a beautifully framed print of the cartoon below with your name on it – a keepsake for your home or office.



3 Techniques ...continued from front page Five Ps ...continued from page 3

hold a title or official authority. Meet with them on a regular basis so you can stay plugged in to what’s hap-pening on the front lines.

Identify areas that need im-provement.

Talk to them about systems and areas that need to be fixed, over-hauled or eliminated, and about how team members are working together. They’ll often have ideas for inno-vations. The idea is not to look for people or problems to blame, but to work together to develop solutions and improve the team’s overall ef-forts.

“The information you get in speaking with these key players is invaluable,” Johnsen says. “There may be nothing at all wrong, which is great, but these meetings give you, the CEO or manager, the informa-tion you need to constantly improve. It also reinforces the message to em-ployees that they and their ideas are valued members of the team.”

Figure out those “wildly im-portant goals.”

You can have the best people in the field working for you, yet if they’re not specifically guided to a certain goal, they are putting their time and effort toward an end that they’re assuming is correct. CEOs and oth-er upper-level managers have the

30,000-foot view, so it’s up to them to guide everyone beneath them.

“Short-term priorities may change slightly or drastically on a regular basis,” Johnsen says. “Your team may be self-sufficient, but their vi-sion is limited to their daily duties. If they don’t know that a goal or ob-jective has changed, they can’t work toward it.”

Peder Johnsen is the CEO of Concordis Senior Living, www.concordisseniorliving.com, which owns, operates and develops senior housing communities. He’s a third-generation assisted-living specialist whose grandfather and father built one of the first contemporary-style ALFs in Florida more than 30 years ago. Johnsen took over administra-tion of two small facilities at age 18. Today, he runs the full spectrum of ALFs – from “ALF lites,” where most residents live very independent life-styles but know assisted-living ser-vices are available if they should need them, to homes specializing in care for residents with Alzheim-er’s and dementia. He is an indus-try leader in staff development and training, and has overseen the devel-opment, acquisition and financing of several communities.


VALLEY

need to also be willing to recognize that it is time to try something new.

Be persistent in implementing your plan and in monitoring wheth-er you’re reaching the objectives that will take you to your goal.

Pay (what you can)These days, especially on

Facebook, it’s a pay-for-play land-scape. Pay where you can, if you can. The results can provide the spark you need to drive a specific cam-paign or to increase your overall vis-ibility to your target market. It can also be a very affordable alternative to other digital advertising options.

PrioritizeI can’t stress enough the impor-

tance of time management. If your marketing staff consists of only one or two people, it’s essential that you stay on top of your social media strategy by prioritizing your quar-terly, monthly, weekly and daily objectives and goals. Nonprofits and small businesses face countless new daily challenges. Sometimes we lose track of what’s most important. Take the time to identify those tasks criti-cal to your success and make them a priority.

You can succeed with social media even if your organization doesn’t have the brand recognition of a multi-billion dollar corporation. If

you remain even-keeled and set real-istic goals, the return on investment will follow.

Jeremy Juhasz is a social media strategist at EMSI Public Relations and a panelist for the Tampa Bay Marketing Summit, (www.tam-pabaymarketingsummit.com) on Aug. 8. Jeremy has years of experi-ence managing social media market-ing for the nonprofit sector, includ-ing launching social media and online strategies for Feeding America Food Bank and Goodwill affiliates. His multi-media background includes work as a newspaper reporter and as a marketing profes-sional. He’s a graduate of Alfred University and attended Kent State’s School of Communication and Information, public relations.


VALLEY

Five Ps



Hiring a Manager ...continued from front page Carry Back Financing ...continued from front page

price premium, when offering seller carry back financing. The loan can have a balloon payment or can be fully amortized. Fifteen year fully amortized loans are a great option for owners liquidating in their mid sixties. The monthly payments to the owners would probably be between 40% and 50% of the current gross rents. The first ten years of retire-ment are considered the go-go years, with retirees traveling, golfing and pursuing activities that are relatively expensive. Usually, by their late sev-enties retirees slow down. A fully amortized fifteen year loan could provide the income for active retir-ees to pursue many of their dreams worry free.

Just as you pay mostly interest in the beginning of paying on a mort-gage, when financing a buyer, you collect mostly interest. Therefore, the principle of the loan is preserved for an extended period of time. It is important to review a buyer's credit report and financial strength, just as would any prudent banker.

Once you sell the property, you don't want to foreclose and revert back to being a landlord. Put your-self in the buyers' shoes and struc-ture the deal so it is a win-win. If you know the property will need a new roof in the next couple of years, put it on before offering it for sale, Like-wise, if a few units are ready for new air conditioners, replace them before selling. You can recapture the cost in your sale price.

For generations, many people have funded their retirement and enjoyed their golden years by benefiting from seller carry back financing. It is one of the unique“ exit strategies” of real estate ownership.

Jade Bossert has sold real estate in Arizona since 1979. She is an Associ-ate Broker with Tierra Antigua Realty in Tucson and specializes in the sale of apartment complexes. Contact her at 520-797-6900 or [email protected]


VALLEY

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Property managers handle:

Rent collection: They know what it takes to get

the monthly rent collected from ten-ants. They deal with the tenants that won’t pay/ can’t pay, up to and in-cluding tenant evictions, something most landlords are unfamiliar with and very nervous about.

Tenant selection: More often than not they have

screened the tenants before move in, evaluated their rental history and their credit history and established their ability to pay. Property man-agers are like you, the fewer tenant turns they have the better, and the more money you make.

Dealing with problem tenants: Sometimes a tenant goes through

a divorce, a loss of a job, or some other crisis that turns them from be-ing a cooperative tenant to an unco-operative tenant. Property managers know how to handle those situations and can typically solve problems re-

lated to difficult tenants.

Maintenance: Most property management com-

panies handle property management emergencies 24 hours a day. They ei-ther have their own maintenance de-partment to take care of your proper-ty or they have a vast pool of vendors that are prequalified to take care of your property issues. These vendors deal with many property issues from basic carpentry to plumbing, electri-cal, roofing and mold remediation.

Vendor selection: Property management companies

have an extensive list of vendors they have good experiences with. Prop-erty managers need good results for their clients and take time choosing the vendors they work with. In ad-dition, property managers are sensi-tive to property maintenance costs and look hard to find cost effective vendors.Bill paying – financial reporting:

Not only are property managers required by licensing laws to submit monthly financial reports to their


VALLEY See You There!!!

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valley rental housing journal - september 2014

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