landlord tenant laws

Top Ten Landlord-Tenant Laws

Rental housing laws are designed to protect both parties in the landlord-tenant relationship. Landlords want to protect their property, business and rental funds, and a renter wants to protect his right to quiet enjoyment and peaceful living.

Knowledge of and compliance with federal, state and local regulations is crucial for both landlords and tenants. The major federal laws that affect all landlords and property managers are the Fair Housing Act and the Fair Credit Reporting Act.

States laws regarding rental properties and tenant rights typically concern practical matters.  These include things like the rights and responsibilities, legal lease terms, lease termination guidelines, and how evictions must be handled.

Legislation Property Managers
apartment lease renewals

How To Increase Renewal Rates

 

Tenant turnover expenses can quickly add up beyond the time investment required to fill a vacant property.

Multifamily Executive reported last year that renewal rates have hit an all time high with 51.5% of the nation’s apartment renters choosing to renew their leases in August 2015.  This number reflects a historic high, despite rising rental rates and large levels of new supply.

Nationally high renewal rates is great news for property managers who understand the expenses associated with tenant turnover. The cleaning costs, repairs, and lost income from the turnover period can cause a serious dent in your cash flow.

The reality of tenant turnover results in a mad dash for property managers to keep their best renters happy and settled. Why spend precious time marketing a rental property when you already have rent paying tenants living in the property? Like most ideal business scenarios, however, renter retention is easier said than done.

Property Managers
multifamily lease renewal

Multifamily Apartment Marketing: What is the Value of a Single Lease Renewal?

Whether you operate a shoe shine stand or a multifamily property your business is built on renewals, or re-occurring income from existing customers.  In multifamily, a high percentage renewal rate makes for a much more predictable income stream.

The value of a lease renewal can be quantified.  Granted, while different for each property, the amount is one that has a direct impact on asset value, particularly when multiplied by their effect on year-over-year Net Operating Income.

Property Managers
apartment marketing

Multifamily Apartment Marketing & Leasing Choice

Why do people lease from this property and not that one? What are some of the “subjective”  factors that affect leasing choice? Multifamily demographics is a tool to measure change as it has significant influence on apartment marketing.  Think “revere engineering” for lease acquisitions and lease renewals.

Demographics is such a “data rich” topic and one that reflects there are truly no two properties exactly alike.  Think about demographics as a real-time tool to measure resident sentiment. Think about the scope of information that a potential resident considers and what makes a property of interest without relying on just numbers.

Property Managers
creating compensation plans that work

Creating Compensation Plans That Work

During the course of your professional career as a property 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 important 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 critical success factors for your property management company and your historical financial performance.  Next, review what percentage of each person’s compensation is salary versus commission/bonus and compare this to competitive positions within the geographical locations you manage.  Lastly, develop specific compensation objectives, such as:  performance to budget or goals, occupancy for each apartment community, fiscal performance of this quarter compared to the same quarter last year, resident retention and/or resident satisfaction surveys. 

Property Managers
4 keys to effective property management leadership

4 Keys to Effective Property Management Leadership

We all have leaders who have inspired us to be more or do more than we thought possible. When you think about effective leaders in your life, what characteristics do you think contributed to their leadership ability? Whether you are an executive member, a regional supervisor or site level supervisor of your property management company your success depends on your ability to lead.

4 keys to effect leadership
4 keys to leadership in property managementWe all have leaders who have inspired us to be more or do more than we thought possible. When you think about effective leaders in your life, what characteristics do you think contributed to their leadership ability? Whether you are an executive member, a regional supervisor or site level supervisor of your property management company your success depends on your ability to lead.

Property Managers
site amenities for multifamily

Top Tips For Outdoor Living Spaces

To homeowners and renters across the United States, beautifully designed outdoor living spaces are among the most important features you can offer. In fact, the 2014 study by American Institute of Architects showed that the demand for outdoor living rooms increased by 14 percent between 2012 and 2014. What’s more, a total of 63 percent of participants surveyed said that they wanted an outdoor living space. With that in mind, here are some of the best tips for giving your tenants the outdoor spaces they want.

Property Managers