Property Management Brainstorm

Are you struggling to find a property manager you can trust? Perhaps the best way to find a reliable team that provides top-notch service is to look for a property management company that provides its clients with certain guarantees.On this episode of Five Minute Friday, Bob walks us through the guarantees North County Property Group offers all its clients, including a Satisfaction, Pet and Performance Guarantee, explaining why his team doesn’t take any money from property owners until a tenant has moved in and rent is collected.Bob goes on to discuss the additional guarantees NCPG affords its Premium Program clients, describing their 30-Day Rental Guarantee, Tenant Default Assurance and 12-Month Tenant Guarantee. Listen in for insight around how Bob’s team handles the rare occasions when renters seek early termination of a lease and learn why it’s crucial to find a property manager who backs their promises with guarantees.Topics Covered[0:44] How Bob’s struggle to find a trustworthy property manager led him to self-manage his own investment properties[1:18] Why North County Property Group offers its clients several guarantees[1:59] NCPG’s Satisfaction Guarantee and penalty-free cancellation (with 30-day notice)[2:24] The details of NCPG’s Performance Guarantee and why Bob’s team doesn’t take any money from property owners until they produce results [2:53] How NCPG pays for damages beyond normal wear and tear caused by approved pets (up to $2,500)[3:36] The additional guarantees NCPG offers as part of its Premium Program[3:47] NCPG’s 30-Day Rental Guarantee for Premium Program clients[4:15] NCPG’s 12-Month Tenant Guarantee and what Bob’s team does when renters seek early termination[4:56] The most common reasons why a tenant might default on their rent + the Tenant Default Assurance NCPG offers its Premium Program clients Connect with Bob North County Property GroupResourcesNorth County Property Group Guarantees PagePet ScreeningThis episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Connect with Bob Prestonhttps://www.propertymanagementbrainstorm.com/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

The security deposit disposition, if not documented properly, has the potential to be highly contentious. So, what can we do to make the process run smoothly? And who, exactly, is responsible for performing the move-in/move-out inspections, itemizing necessary deductions, and returning the tenant’s remaining funds?On this episode of Five Minute Friday, Bob discusses who facilitates the security deposit disposition process, explaining why North County Property Group takes responsibility for identifying items to be repaired and refunding the tenant’s remaining deposit.Bob describes how the property’s condition is assessed and documented on a move-in/move-out or MIMO form when the tenant moves in and again at move-out, sharing what NCPG charges to a tenant’s security deposit and how long they have to send the former renter their remaining funds. Listen in for insight on documenting the security deposit disposition process properly to mitigate the risk of ending up in court.Topics Covered[0:39] Why North County Property Group facilitates the security deposit disposition process for its clients[1:15] The detail-oriented nature of the security deposit disposition process[1:54] How NCPG documents the move-in inspection and where the tenant’s security deposit is held[2:39] The tenant’s right to a pre-move-out inspection during the final month of occupancy [3:14] When the NCPG performs the move out inspection + what is charged to the tenant’s security deposit[3:38] How long landlords in California have to itemize deductions and send the tenant their remaining security deposit funds[3:52] The potential for the security deposit disposition process to be highly contentious + how to mitigate the risk of ending up in courtConnect with Bob North County Property GroupResourcesAllowable Security Deposit Deductions on FMF #1Bob’s Blog ‘Clear and Hazy: What Can Be Charged?’This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Connect with Bob Prestonhttps://www.propertymanagementbrainstorm.com/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

Being a landlord may sound simple, but there is more to it than just running an ad, getting a great tenant and collecting a monthly check. So, what are the financial, legal and ethical obligations around managing a rental property? And how can you avoid the most common mistakes landlords make?Today on Property Management Brainstorm, Bob is flying solo to walk us through the top ten mistakes made by landlords. He explains why it’s crucial to view your rental property as a business, understand the financial implications of renting your property, and maintain adequate records.Bob discusses a landlord’s responsibilities around legal compliance, deferred maintenance and proper insurance and shares how to set a realistic rent rate, market your property and respond to inquiries. Listen in for insight on establishing a consistent tenant screening process and weigh the pros and cons of self-managing your rental versus hiring a property manager.Topics Covered[2:27] Bob’s 20 years of experience consulting with prospective and existing landlords  [3:19] Why it’s crucial to view your rental property as a business + what questions to ask yourself before becoming a landlord [4:34] Understanding the financial implications of owning a rental property[5:20] A landlord’s responsibilities around federal, state and local legal compliance[6:23] Maintaining adequate documentation and record keeping[8:23] The two types of insurance policies required for a rental property[11:13] How to set a realistic rent rate for your property[12:45] Marketing a rental property + responding to inquiries[14:08] Establishing a consistent tenant screening process[15:38] Bob’s advice on having a sufficient lease agreement [16:28] Responding to tenant requests and setting aside reserves for deferred maintenance[17:49] The pros and cons of self-managing a rental vs. hiring a property managerConnect with BobNorth County Property GroupEmail info@ncpropertygroup.com ResourcesEpisode Transcript California Civil Code: Hiring of Real PropertyUS Fair Housing CodeConnect with Bob Prestonhttps://www.propertymanagementbrainstorm.com/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

The prevailing attitude among real estate investors is that all property management companies are much the same, so potential clients often ask, “What makes North County Property Group different?” or, “Why should we hire you?”On this episode of Five Minute Friday, Bob discusses some of NCPG’s differentiators, including their expertise in the high-end rental market and dedication to thorough tenant screening. He explains the team’s commitment to a set of guiding principles and ethics, sharing the Entrepreneurial Operating System (EOS) model they use to strive for continuous improvement.Bob goes on to describe North County Property Group’s practice of communicating with clients weekly via what they call a Listing Tracker. Listen in for insight around NCPG’s proficiency in selling a property with tenants in possession and learn what sets Bob’s team apart in terms of superior online reviews and corporate social responsibility. Topics Covered[0:40] The prevailing opinion that all property management companies are alike and why NCPG likes the question, “What makes you different?”[1:15] How running on EOS helps NCPG commit to a set of guiding principles and strive for continuous improvement[1:43] NCPG’s expertise in the high-end of the San Diego rental market and what that demonstrates in terms of our trustworthiness and comfort working with HNWIs[2:28] NCPG’s dedication to tenant screening and above-average credit score for renters[2:59] NCPG’s system of communicating with clients during the listing process via a weekly report[3:32] NCPG’s superior online reviews and expertise in selling properties with tenants in possession[3:53] Why Bob is most proud of NCPG’s dedication to corporate responsibilityConnect with Bob North County Property GroupResourcesFive Minute Friday #13: Running on EOSFive Minute Friday #14: Selling a Home with Tenants in PossessionNCCPG’s Corporate Responsibility ProgramNCPG’s About Us Page This episode is always available for listening, sharing, or download at Connect with Bob Prestonhttps://www.propertymanagementbrainstorm.com/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

At North County Property Group, about 25% of our portfolio are furnished short-term rental (STR) units. Clients with vacation homes in the San Diego area enjoy the cashflow that comes from renting out their furnished property when they aren’t using it, but we encourage owners to think carefully about what personal belongings to remove from the unit when guests are using the space.On this episode of Five Minute Friday, Bob offers an overview of how short-term rentals work, explaining how the properties are furnished by the owners, marketed on online travel sites, and occupied for short stays by visitors to the area.Bob goes on to discuss the risks associated with leaving belongings of financial or sentimental value in a vacation rental and the normal wear and tear that comes from having renters in and out of a STR space. Listen in for insight on deciding what personal belongings should be removed or made available during guest stays and learn how owners can secure expensive and irreplaceable items in a home when they are away.Topics Covered[0:40] North County Property Group’s portfolio of short-term or vacation rentals[1:06] How STR properties are furnished by the owner and marketed on online travel sites like Airbnb[1:35] The pros and cons of short-term rentals for property owners[1:55] Deciding what personal belongings should be removed or made available during guest stays [2:17] The personal belongings that the NCPG team sees on in-house meetings with prospective STR clients (e.g.: family photos, art, figurines and fine china)[2:44] The differing points of view around displaying family photos in a vacation rental[3:27] Why we recommend either removing personal items of financial or sentimental value or securing them in a locker or locked closet[4:06] The risks associated with leaving belongings in the home for renters to use and NCPG’s policy re: the damage or theft of personal itemsConnect with Bob North County Property GroupThis episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Connect with Bob Prestonhttps://www.propertymanagementbrainstorm.com/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

It’s easy for business owners to get caught up in the day-to-day and forget the visionary aspect of their job as leaders. But how do you build in time to work ON, not IN your business?Terry Ogburn is the founder of Ogburn’s Business Solutions, a consultancy that helps small businesses improve the bottom line. Today, he joins Bob to explain how he supports business owners in developing a vision for the future and designing a plan to reach their goals.Terry offers advice on taking time to reflect at the end of each day and shares the top four habits of successful business leaders. Listen in for insight on empowering your team to make mistakes and learn how to set up systems for working ON, rather than IN your business.Topics Covered[2:56] Terry’s mission to help businesses grow[3:29] The most common pitfalls for business owners [4:47] How fear can keep us working IN, rather than ON our business[6:23] How Terry helps business owners reach their goals[7:42] A leader’s role in helping employees grow and understand the vision for the company[10:01] Empowering your team to make mistakes[13:03] Terry’s take on joy as a key ingredient of success[15:37] Why it’s crucial for business owners to reflect at the end of each day[17:14] The four habits of successful business owners[21:18] Why business leaders need to embrace technology [22:11] Leveraging neurolinguistic programming to build rapport with different people[23:59] Terry’s story of the one decision that turned his business aroundConnect with TerryOgburn’s Business SolutionsTerry’s WebsiteCall (727) 422-4771Connect with Bob North County Property GroupEmail info@ncpropertygroup.com ResourcesEpisode TranscriptCrossing the Chasm by Geoffrey A. MooreThe 7 Habits of Highly Effective People by Stephen R. CoveyNeurolinguistic ProgrammingThe new eBookConnect with Bob Prestonhttps://www.propertymanagementbrainstorm.com/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

What happens if a tenant stops paying rent? The headache of dealing with a renter who defaults on their lease agreement keeps some investors out of the real estate rental market altogether. So, what can property owners do to manage the risk of tenant default?On this edition of Five Minute Friday, Bob explains what happens when a tenant defaults on their lease agreement and how a professional property manager can help property owners navigate the process. He walks us through some common scenarios when life circumstances change for tenants and how North County Property Group works to relist the property and secure a new qualified tenant.Bob also shares the protections NCPG offers its Premium Level clients, including Rent Assurance and eviction cost coverage. Listen in for insight on working through the unlawful detainer process required to evict a tenant in the State of California and learn how to mitigate the risks associated with tenant default.Topics Covered[0:41] The worries that keep some real estate investors out of the rental market[1:10] What happens when a tenant stops paying rent and how a professional property manager can help you navigate the process[1:46] How life circumstances can change for tenants and why North County Property Group offers its clients a 12-month lease guarantee[2:43] The work NCPG does to find new tenants when renters are relocated or lose their jobs[3:25] The protections NCPG offers its Premium Level clients should a tenant default on their lease agreement[4:10] The caveats around NCPG’s Rent Assurance protection[4:33] Why NCPG has never had an eviction in one of its properties + the plan they have in place should an eviction become necessary[5:14] The unlawful detainer process required to evict a tenant in the State of CaliforniaConnect with BobNorth County Property GroupResources Mentioned State of California Eviction Process FlowchartThis episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Connect with Bob Prestonhttps://www.propertymanagementbrainstorm.com/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

Most real estate investors don’t realize that they can sell a property even when it is occupied by a tenant. In the state of California, this is known as selling with Tenants in Possession, or TIP.On this edition of Five Minute Friday, Bob shares North County Property Group’s expertise in TIP, explaining how to keep tenants and buyers informed throughout the process and document the tenant’s right to possession via the Tenant Estoppel Certificate.Bob discusses the mistakes uninformed listing agents can make in handling TIP transactions and describes North County’s advantage in having an ongoing relationship with the tenants involved. Listen in for insight around North County Property Group’s considerable experience leading the successful TIP sale of a property.Topics Covered[0:40] The concept of selling a property with Tenants in Possession (TIP)[1:10] North County Property Group’s expertise in selling homes with TIP + the specific steps required by the California Department of Real Estate [1:37] The mistakes uninformed listing agents can make in handling TIP transactions[2:25] The value of North County’s ongoing relationship with tenants in the listing and selling process[2:53] Documenting the tenant’s right to possession through the Tenant Estoppel Certificate[3:23] North County’s experience leading the cooperative effort around the TIP sale of a propertyConnect with BobNorth County Property GroupResources Mentioned California Department of Real EstateCalifornia Association of Realtors Tenant Estoppel CertificateThis episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Spotify, and YouTube.Connect with Bob Prestonhttps://www.propertymanagementbrainstorm.com/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

How do property owners know they’re hiring a qualified property management company that operates within a clear set of standards? The best way is to look for members of the National Association of Residential Property Managers, or NARPM.Eric Wetherington served as the 2019 National President of NARPM. Today, he joins Bob to discuss the educational opportunities available to members of the organization, explaining who establishes its curriculum and what national, state and local events are open to members.Listen in for Eric’s insight around the legislative influence NARPM has developed and learn how YOU can benefit from the Code of Ethics and spirit of sharing unique to the NARPM community!Topics Covered[2:52] Eric’s background in property management and introduction to NARPM[4:11] Eric’s experience serving as President of NARPM in 2019 + his role in the organization in 2020[7:05] Why it’s important for property owners to hire NARPM members as property managers[9:16] The educational opportunities available to NARPM members[10:12] An overview of the three NARPM national conferences + state and local events[15:03] The top three professional designations in NARPM and how members can earn them[17:55] The legislative influence NARPM has developed through its PAC and lobbying groups[21:11] The NARPM Code of Ethics[24:42] Who establishes the professional development curriculum for NARPM[25:36] The distinction between NARPM and IREM[26:27] The benefits of being a NARPM member + the spirit of sharing unique to the NARPM community [30:37] The leadership opportunities available to NARPM members[32:33] Eric’s call-to-action for real estate investors and property managersConnect with EricNARPMNARPM on FacebookEric’s Profile at NARPMConnect with Bob North County Property GroupEmail info@ncpropertygroup.com ResourcesEpisode TranscriptDaymond JohnAnna Maria Farías at HUDThe new eBook, Best Practices for Renting Your Home, is offered as a free download on the North County Property Group website at Connect with Bob Prestonhttps://www.propertymanagementbrainstorm.com/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

Most business owners and entrepreneurs want to build a best-in-class company. But in the daily grind of running a business, it’s easy to lose sight of the vision you’re trying to achieve. At North County Property Group, we leverage the Entrepreneurial Operating System (EOS) to facilitate continuous improvement and become a better organization—each and every day.On this edition of Five Minute Friday, Bob shares the EOS model many business owners and entrepreneurs use to grow and improve. He explains how adopting the process has helped his team focus on the right things and keep them accountable to their goals. Bob walks us through each of the six key components of the EOS model, describing how his team evaluates themselves in the areas of vision, people, data, issues, process and traction. Listen in for insight around the value of quarterly goal setting and learn how the EOS system is helping Bob lead a top-performing company. Topics Covered[0:49] The EOS model for business owners and entrepreneurs[1:12] How adopting EOS has impacted Bob’s business [1:38] The objective of EOS + how it helps you build a best-in-class business[2:01] The six key areas of evaluation in the EOS model[3:27] How North County Property Group has had success with goal setting + how we measure our success[4:02] Bob’s take on how EOS has helped him become a better leaderConnect with Bob North County Property GroupResources Mentioned EOS WorldwideThis episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Spotify, and YouTube.Connect with Bob Prestonhttps://www.propertymanagementbrainstorm.com/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.