Valley Rental Housing Journal - March 2014

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March 2014 - Vol. 8 Issue 3

Rental Housing Journal Valley

2. The Dreaded Annual Reviews – How to Make Them Effective

5. How To Find Property Management Super Stars…In 30 Days!

3. Dear Maintenance Men:

6. Tax Time Doesn’t Have to be Taxing

4. Remedies After the Lease is Up

7. Got cats on your property? Spay/ Neuter this spring to prevent litters, curb bad behavior

EUGENE • SALEM • ALBANY • CORVALLIS

VALLE

WWW.RENTALHOUSINGJOURNAL.COM • PROFESSIONAL PUBLISHING, INC

EUGENE • SALEM • ALBANY • CORVALLIS

Experts on Buying & Selling

Tips for Rental Housing Owners

able deposit information all make the potential Buyer feel secure with the records. Maintain a monthly record of all income and expense items, in detail, and keep receipts. The more organized you are, the more impressed the Buyer will be.

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esearching frequently promoted tips for rental housing owners brought up a plethora of topics related to the functioning and financial survival of properties. Ultimately I want to narrow in on three different factors that I feel make the biggest impact on a smoothly operated building. Three business mannerisms which have been around forever but are now requiring methods of modern improvement are documentation, exceeding customer expectations and obtaining insurance coverage. Documentation has been a funky transition from literally having everything hand written, to the invention of the telephone and now to the endless possibilities of internet communication and email. Everyone communicates on the phone and in a lot of ways it is the most direct and efficient way of getting the job done. However, how many times have things slipped through the cracks or been mis-communicated because the original message is lost in translation and memory? I can’t hear our property managers reiterate enough to their resident managers the need to follow up on phone calls with an email summary. It saves so many steps and provides a great back up when controversy arises. Along with always having documented evidence, the old busi-

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ental Housing Journal sat down independently with apartment brokerage experts, Joseph Chaplik, Linda Fritz- Salazar and Greg Frick. This is the advice each gave: RHJ: What advise do you give to an investment property owner when they are considering putting a property on the market? JC: If you are considering selling, I would recommend working with a broker and brokerage firm that has the following: They should have a specific and sole expertise in the apartment market and a good history of past transactions as well as current activity. Working with the right professional is the main difference with selling correctly or making huge errors. LFS: I stress street appeal and operational health of the investment.

Continued on page 3 Professional Publishing, Inc PO Box 30327 Portland, OR 97294-3327

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Simple cosmetic enhancements and bookkeeping housekeeping can have a significant impact on the final sales price. The property’s appearance is the first perception a Buyer will have. The owner that shows pride in his property is a step up from the others. From simple items, such as trimming bushes and trees, cleaning up around the dumpster and parking lot, or replacing unit numbers on front doors to touching up paint on trim, gutters doors, window sills fences and gates will all have a positive effect on the property’s appearance. The operational health of a property can be a best foot forward by having organized books and records. Make sure all leases are up-to-date and tenant files are organized and orderly. Keep a monthly “rent roll” that will show all of the particulars for each unit, not just the day and the amount of rent paid. Things like move-in date; lease expiration date, refundable deposits and non-refund-

GF: Find a firm that knows how to listen. By listening to what your goals and objectives are, a good broker can help put a plan together that will help achieve your goals. Be careful of those who might just tell you what you want to hear! The person you work with should listen to you, and be willing to tell you when, given all the circumstances involved, it’s not in your best interest to sell your property. Then, when you’re sure the time is right, choose a brokerage team with the experience, knowledge and skill to implement an effective plan of action. RHJ: What about buying? What words of wisdom do you have for prospective investor when they are considering buying a property. JC: If you are considering buying, I would recommend working with a broker and brokerage firm that has the following: They should be experts in the apartment market and have the knowledge and deep resources to assist with finding the right property for sale. There should be a lot of data given to you by your broker to help evaluate the right purchases and how it compares to the rest of the market. They should also know the future potential of properties and how to protect your investContinued on page 4

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