As a property manager, you have a great resource that shouldn’t go untapped right at your fingertips: your tenants. For as well as you know your property, most property managers don’t actually live on-site. Because of this, your tenants are more qualified than anyone else to provide insights into potentially beneficial changes, improvements, and upgrades that can make your property more appealing—and perhaps even more valuable.

You can solicit information from tenants in a number of ways: through an old-fashioned suggestion box either on-site or at your property management office, through an online form, or through a questionnaire for tenants to fill out upon move-out (or at any other point during their residency at your property, for that matter).

In addition to all this, when it comes to encouraging tenants to share their thoughts and suggestions, property managers may want to consider taking a cue from condo associations. Hosting forums on an annual or bi-annual basis for tenants to submit ideas for changes and/or to vote on potential changes you are considering rolling out at your property is a great way to not only receive important feedback, but also to bring tenants together to brainstorm and share ideas that you may have never even considered.

Though you have the ultimate say about what does or does not happen at your rental property, receiving this sort of organic feedback can lead you in the right direction, providing a lot of insight into what tenants do and do not want to see happen at your property. You can learn more about what’s working and what’s not. Not only this, but opening the floor up to tenant opinions also provides them with a sense of community and “ownership” of the property. Fostering this sort of intangible connection between tenants and your property can have a significant positive effect on vacancy rates. After all, happy, invested tenants are far more likely to feel “at home” and, consequently, less likely to look for new housing situations.

If you do opt to host a tenant forum, be sure to clearly publicize the event so that all tenants are aware it’s happening. Post notices around your property or hand out fliers, distributing them to tenant mailboxes or directly to their door. If at all possible, host the forum in a common area on-site so that it’s easy for everyone to attend. Pick a time when most people are likely to be home, most likely in the evening Monday through Thursday.

To maximize the effectiveness of the forum, encourage tenants to share their thoughts by fostering an atmosphere where everyone feels comfortable sharing ideas and speaking freely. Though you may not be able to incorporate every idea they have, even unworkable suggestions may ultimately plant the seed for a solution or improvement you never would have thought of otherwise.

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In case you don’t know, Buildium is headquartered in Boston, Massachusetts. Boston has had one heck of a winter this year — official statistics cite January 2011 as the third snowiest January in the city’s history with 38 inches of official snowfall. And trust me, December and February weren’t exactly hurting in the snowfall department either. Needless to say, the city’s snow removal budget is shot and property managers across the city are likely going crazy. These links will help all of you in snowy climates deal with snow removal that much more easily.

• If you live in a snowy climate, have only one or two properties, and handle snow removal yourself it may be a sound investment to purchase a snow blower. Snow blowers are available at stores like Lowes or the Home Depot and can range from $100 to several thousand dollars. As a rule of thumb, you get what you pay for — and your back will thank you.
• This might be overkill, but with the amount of snow shoveling related injuries and cardiac arrest cases lately this tutorial shows you how to shovel snow safely and includes an instructive video.
• Check out this list of the snowiest major US cities — property managers in or around these areas certainly have to be ready to battle the elements. Albuquerque, New Mexico, made the list?
• Property managers in snowy climates should also be concerned with snow removal from roofs in particularly snowy circumstances. Roof collapses are often unavoidable under the weight of wet, dense snow and can be a major setback for property owners and tenants alike.

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If you live east of Nebraska, chances are you’ve spent a lot of time thinking about snow lately. As cozy and idyllic as it can be to watch flutter to the ground when you’re safely tucked away by the fire in your living room, snow is a very different beast when you’re forced to contend with it. Particularly this winter, when a new blizzard seems to be blowing in on a weekly basis.

As a property manager, contending with mother nature is part of the job description. Some cities even have laws mandating that you are legally responsible for removing snow and ice from the public sidewalks in front of your property. Even if your town doesn’t have such laws, it’s still in your best interest to get rid of that snow. Should someone happen to slip and fall in front of your property—which is all too easy to do right now—you may be legally and financially responsible.

Let’s begin by looking at the areas you’ll want to shovel:

1. A clear path leading from the sidewalk to your property’s entry door.
2. A clear path leading from the driveway/parking lot to the closest door.
3. The driveway.
4. The sidewalk area around/on your property.

In addition to shoveling these areas, you will also want to scatter salt and/or sand to ensure people don’t slip on any remaining ice.

With that in mind, what are your options for removing snow and ice?

Do it yourself.
If you opt to remove snow yourself, remember, it can be hard work. If you live in a snowy climate, chances are you’ve seen news stories about individuals suffering cardiac arrest while shoveling. Aside from this worst-case scenario, anyone can cause themselves physical injury, pain, or simply more work than is actually necessary when shoveling if done incorrectly. Before you begin, be sure to check out these 16 Cardinal Rules for Snow Shoveling.

Offer tenant discounts.
If you have a willing and able tenant, discounting rent in return for snow shoveling can create a great win-win situation. Your tenant saves on rent, and you get your snow removed. If you choose this option, figure out the going rate for snow shoveling in your area (you should be able to determine this with just a few minutes on your local Craigslist page). Have your tenant track time spent shoveling, then multiply by the average snow-shoveling rate. This amount should then be deducted from the tenant’s rent. One word of caution: be sure to make it clear to your tenant beforehand that you expect them to do a thorough job. If you are embarking on this scenario for the first time, check out the tenant’s work upon completion to make sure it’s a job well done and that all necessary areas are clear and safe.

Hire a contractor.
Hiring a contractor to take care of your snow is likely the most hassle-free way of getting rid of that snow. Again, Craigslist can be a great resource.  Alternatively, ask fellow property managers and owners for recommendations. If you’re really on top of things, you may want to locate a contractor before the snow hits and their schedules fill up.

Be sure to click here for more tips on winterizing your property.

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This is the first post in our Property Management Stories from the Front Lines series. If you’d like to submit a story for consideration, please email us at marketing@buildium.com.

By Greg Guillen, Esquire Property Management, Camarillo, CA

One of our new clients successfully self-managed their rental home in California for the past seven years. The landlords recently re-rented their property and executed a one-year lease.  Within two weeks of moving in, the new tenants discovered a small patch of mold-like growth inside the kitchen sink base-cabinet. The landlord promptly sent a handyman to clean the affected area with bleach. That same day the tenant checked into a hospital claiming illness from toxic mold exposure. Needless to say, the landlord became concerned and hired a mold remediation contractor.  The landlord decided not to file a claim with their homeowner’s insurance policy because they didn’t want their rates to increase.

When the remediation was completed, the landlord paid $5,000 for service. Said work took ten days to complete and included the removal and replacement of one kitchen cabinet, containment tents, etc. Additionally, a microbial hygienist gave a clearance.

Even with these precautionary measures, the tenant sued the landlord for toxic mold exposure. Fortunately, the tenant gave up possession and both parties forfeited the lease. Considering the tenants were allegedly exposed to mold for two weeks, I feel this is a frivolous lawsuit. Ironically, the tenant’s attorney was seen actually assisting the tenants move their furniture into a moving truck.

The landlord is currently being sued for personal injury damages. As such, the landlord finally decided to contact her insurance company so they could defend against the lawsuit. The insurance company requested a timeline of events, which was provided, then informed the owner that her policy has an explicit exclusion for mold removal and restoration, thereby denying her reimbursement of the restoration repairs.  Additionally, the insurance company informed her that because she did not immediately notify them of the mold claim four weeks prior, they would not be responsible for representing the landlord against any personal injury claims, nor attorney fees.

Landlords need to read and understand their policies as most policies state that owners have a duty to report all incidents immediately.  Isn’t it common for rates to increase after a first claim, and worse, another claim could likely get you non-renewed; making you uninsurable?

What do you think? Please weigh in by commenting below.

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Getting ready to purchase or sell property? The first step to a smooth real estate transaction is finding the right real estate agent. Throughout the property selling and purchasing processes, your real estate agent will be your eyes, your sounding board, and your advocate. Here are some things to consider when selecting your real estate agent.

Referrals from Trusted Sources
Nothing is a better testament to a realtors ability than a proven track record. Ask friends and associates for agent referrals. It’s particularly helpful to speak with trusted sources whose situations are similar to your own. For example, if you are looking to purchase a multi-unit investment property, seeking referrals from other multi-unit investors may lead you toward a better match than asking someone who used a realtor to sell a single-family dwelling.

Trust yourself too. Try visiting some open houses and meeting agents one-on-one. Open houses will give you the opportunity to meet a variety of agents and to get a feel for them, the properties they work with, and how your personalities mesh.

Online Resources
You can further narrow your search by doing some online research on sites like Yelp and Realtor.com to identify local realty companies and specific agents respectively. Also be sure to check out ActiveRain, a social networking platform for real estate agents that provides consumers with the opportunity to acquaint themselves with agents through professional blogs, profiles, and other online resources. Finally, keep an eye on relevant real estate transactions in your area (vis-a-vis local newspapers, web sites, MLS listings, etc.)  to see what names frequently pop up. This should give you a good idea of which realtors have specific expertise in your area.

Area Expertise
Particularly in larger towns and cities, it’s wise to find a realtor that specializes in your neighborhood. A realtor’s neighborhood-specific knowledge can assist you with making savvy investments that account for factors other than just the property itself (schools, local amenities, neighborhood culture, etc.).

When it comes to selling your property, a realtor who specializes in your area will have a particularly distinct knowledge of what the neighborhood market is like, comparable recent sales, and winning strategies. While realtors who cover a more wide-ranging area can certainly also obtain this information through industry databases, personal experience within a smaller area will give you that extra edge.

Request a Plan of Action
When selecting a listing agent for your current property, ask potential realtors to give you an idea of the strategy they would recommend for the sales process. Pricing a home is, to some degree, subjective. Some realtors recommend erring toward the lower end of the pricing spectrum to obtain more buyer interest and drive the price upward with competition, while others aim for a higher listing price from the offset. Verse yourself in different strategies, and go with the one that feels right for you. It’s important to have a thorough knowledge of how the process will work before you commit to an agent.

And, of course, always trust your gut. You are entrusting your realtor with a significant investment — aside from expertise and a proven track record, the ideal realtor will be someone you enjoy working with and feel good about as well.

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When purchasing a new property, it’s just about impossible to overdo the due diligence process. Whether the property is your new home or an investment property, you should enter into each and every purchase with a proven methodology. These links will help you navigate the home-buying process with new-found efficiency, while offering you piece of mind.

• Keller Williams provides a series of YouTube videos entitled, “This Month in Real Estate.” These videos are a great resource for tracking seasonal and monthly trends in the home-buying market.
• This mortgage pre-approval calculator is simple to use and will give you a good sense of how large of a loan you’ll be able to get pre-approved for.
• If you’re serious about buying, chances are you can benefit from working with a realtor. Yahoo is a great place to find top real estate professionals in your area.
• This checklist will let you know what a typical property inspection should cover, as well as what to look for in each area of the property.

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The importance of being methodical when purchasing property can’t be overstated. As you go through the purchasing process, make sure you have accounted for each of the following items on our Home-Buying Checklist.

Look for Seasonal Slumps
As with every other type of shopping, some times of the year are better than others when it comes to purchasing property. Even during years when it’s a seller’s market, there will likely be certain months that are better suited for buyers than others. For example, home sales tend to be slower around the holidays when people are already feeling over-extended financially. Bad weather can also inhibit other would-be buyers from checking out potential purchases, which means less competition for you if you strap on those snow shoes and a couple of extra layers. It works to your benefit to slant your property purchases to these slower times of the year, when there is less competition out there to drive prices up.

Get Pre-approved
Obtaining a loan pre-approval will not only save you time in the long-run when you want to jump on a purchase as quickly as possible, but it will also help narrow your search parameters (after all, no use falling in love with a place that ends up being financially unfeasible). By having a solid idea of your price limit ahead of time, you can be sure that you’re not looking at properties that are above your price range or, alternatively, settling for an inferior property.

Find a Realtor Who’s Right for You
Finding a realtor you trust will make your search a much more simple endeavor and could even give you a jump on new-to-market listings. Begin by asking trusted sources for references and also be sure to research professionals in your area on Realtor.com. Remember, you’re paying your realtor — feel free to conduct interviews and make sure that you’re identifying just the right realtor.

Inspect, Inspect, Inspect
Though most states require inspections, even if they don’t, you want to get them done. Once you’ve signed the paperwork, the house is yours — problems and all. You are always best to enter into a property purchase as informed as possible. A property may seem like a steal, but if you have to replace the roof or resolve mold issues a few months down the line, you’re getting more than you bargained for. For more information on what you should specifically expect from a home inspection, be sure to check out this post.

Check the Title
Always make sure that the person you’re buying the house from is in the clear. As with repairs, you don’t want to pay a high price to assume someone else’s legal issues. Click here for more information on how to obtain information about titles and other public records in your area.

As we’ve discussed before on this blog, you can never do too much research when it comes to property purchasing. For more tips, take a look at some of our previous blog posts on the home-buying process.

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With a variety of property management and real estate based TV shows recently becoming popular on channels like TLC, HGTV, and A&E, the average TV viewer is getting some valuable education by tuning in. Whether you are a first-time real estate investor or a property manager with many years of experience, these shows can be useful in helping you learn about the housing market in different areas of the country as well as in providing budget-friendly tips for flipping properties. With these shows as inspiration, we’ve included below a list of other educational resources for those of you who love these shows.

• Who says TV isn’t educational? In our previous post we also left out HGTV’s Property Virgins. Check it out to see first-time home buyers navigate the market.
• Sick of commercials? Not a big fan of television? Check out Richard Jorgensen’s The New No Nonsense Landlord. It’s a great guide for beginning property investors and provides sound best practices in property management.
• Are you getting serious about your property management education? IREM’s Certified Property Manager designation is among the most respected certifications in the industry.
• If you’re serious about property management, you’ve got to get serious about accounting. There’s no way around it. Our Property Management Accounting book is a great place to start.

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