In the multifamily industry, it’s extremely important that you choose the right person to fill a new property manager position. The new manager has to not only meet your expectations in the office, but they also have to have the people skills to meet the expectations of your residents. Property managers are at the forefront of every property and, in the eyes of the renter, a relationship with them is a relationship with your community. One bad experience with a manager and your reputation can easily decline. While your company has already established a standard when it comes to the property manager position, make sure that your pre-employment screening has these key standards as well. Without these screening standards, you open yourself up to a lot worse than a loss of reputation – legal liabilities.
With wildfires burning throughout Southern California, it’s a good reminder to keep up fire safety standards this Holiday season. Although it’s unknown how the Ventura fire started, the negligent use of Christmas lights, lit candles and fireplaces, and greasy ovens have been known to be a tremendous safety hazard. During the holiday season a house fire is the last thing you need on your plate.
As you prepare your rental property for 2018, one of the biggest things on your list that you’ll need to tackle is next year’s budget. Before you sit down and nail out your projected income and expenses, take some time to review our few tips and tricks on organizing your budgeting process.
Promoting a rental vacancy in the midst of a market slowdown is a challenge. You have to work twice as hard to get your rental property visible online, deal with a decline in demand, plus prep, show, and go through your move-in procedure during cold, winter conditions. Additionally, many people take advantage of this time of year to go on vacation or visit family for the holidays. While attracting new renters to your property might take a little more elbow grease than in the summer, if you follow these steps you’ll breeze through the marketing and leasing process.
Congress’s H.R. 1, the “Tax Cuts and Jobs Act,” passed on November 16th and it is now up to the Senate to vote on this bill. According to the New York Times, Republican party leaders are hoping to bring it to the Senate floor by this Friday. While the rental housing industry has been relatively optimistic about this bill, provisions (like the removal of private activity bonds within the low-income housing tax credit) raise concerns.
“On behalf of all of us at CIC™, we wish you a Happy Thanksgiving! We hope you enjoy the holiday with family and friends. We are grateful for the continued support of our resourceful blog and are thankful for your business.”
In Good Service,
Sabrina Bower, President of CIC™
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For a lot of families, Thanksgiving is time for togetherness mixed with large amounts of stress. Whether you’re in charge of cooking the turkey or are simply circumnavigating family drama, the added responsibility of managing a rental property during the holiday makes for a unique situation. Take a look at some Thanksgiving-themed rental property horror stories and breathe a sigh of relief that your rental nightmares aren’t quite this bad.