Two or three weeks ago a client asked me to come out to his property to help him with some leasing tips for his staff. Long story short, upon my arrival I could not believe my eyes.
The property was a disaster to put it mildly and was being run as a D property in my opinion. The pool had not been cleaned, there was trash EVERYWHERE, none of the huge planter boxes had anything but trash and dirt in them, the lawns hadn’t been mowed, there were weeds in the planter box under the monument sign that were about to be so tall that they covered up the sign, etc, etc, etc…
Mon, May 03
by Jeff Smith 05.03.10
in Articles and Management.
By Jeff Smith, Realtor with Lifestyles Realty
I have recently been told by a very experienced landlord that 20% of residential tenants leave a property with damages equal to or greater than the security deposit. I felt like the more accurate figure in my experience was half that. We incredulously asked each other how that can be, with so many layers of protection in place to keep the players in the landlord/tenant relationship in line. As this discussion carried on, it became evident that each of us was going to take something new away from this conversation, and both of us would significantly improve our operations in the future.
This was the topic of one of the Lifestyles radio programs I recently hosted which I entitled “The 5 Layers of Protection from Tenant Damages.” This article is an expansion of that show because through discussions with my friend we recognized four additional layers. Hopefully this document is an example of how effective the paradigm of sharing ideas can be. It is also the heart of what a Lifestyles Unlimited Case Study Event is all about – members sharing ideas, education, information, and resources for mutual benefit. The ideas included here have reduced damages to my properties to a very negligible amount.
(read the article)
Mon, April 19
by Lifestyles 04.19.10
in Articles and Management.
By Renee Manes, Multi-Family Operations Consultant in Central Texas
Owners feel that the greatest income limiting factor in real estate is the calendar. Owners who focus on rental income alone know they are limited to a maximum of 12 months. Yet smart owner’s who look for that extra income can find it – let me show you where to look.
Non-Rent Income
While it is impossible to add another month to the calendar, it is possible to create extra revenue from rental property. Collecting ancillary or (non-rent) income is a tool used by many successful real estate investors to generate extra income and increase the value of their property.
There are many different sources of non-rent income to consider, such as Application Fees, Admin Fees, Rental Premiums on specific units, Pet fees/ Rent, and these are only a few. Let’s discuss some of these fees in a little more detail.
(read the article)
Mon, January 04
by Jeff Smith 01.04.10
in Articles and Management.
By Jeff Smith, Real Estate Investor and Lifestyles Houston Mentor
An Excerpt from the SF Real Estate Investor’s Policies and Procedures Manual
This article is not meant to just be a “How to …” guide on the way to lease a single family home.
Instead, what I wish to accomplish here is to make the point that your business is comprised of a series of processes and that by acting consistently over time you will achieve a predictable result.
Additionally I would like to illustrate by documenting your procedures you have a greater likelihood of following them with consistency so that you will get the outcome you desire, and that developing those procedures doesn’t have to be a painful or complicated event.
Mon, July 27
by Jeff Smith 07.27.09
in Articles and Management.
Written by Jeff Smith, Real Estate Investor and Mentor in Houston, TX
Property Management Priorities
Why is it that some landlords will tell you horror stories about their investing endeavors while others spend months at a time on tropical vacations?
Dr. Stephen Covey wrote that an important habit of effective people is to “Begin with the End in Mind.” Countless examples can be had to illustrate just how essential this concept is (Get the LUI Goal Setting Workshop Here); and you will find a few common characteristics in nearly all of them. They are that the goals are clear, concise, and simple and are very limited in number. These same characteristics should also apply to your goals in property management. Everything that you do as a landlord should address your top priorities which are:
- Preserve the Asset
- Minimize Vacancy
- Eliminate “Landlord Headaches”
By designing your property management procedures with clarity, brevity, and simplicity you can achieve your “end in mind” of a profitable investment management strategy that provides residual passive rental income streams.
