Property Management Brainstorm

It goes without saying that every landlord dreams of a quick and seamless leasing process that results in a happy tenant and ongoing rental income. But what can we do to make the leasing process run more smoothly? How can we reduce the number of days on market and fulfill our owner’s expectations—without taking on tenants who are not a good fit?Todd Breen is the experienced real estate broker, investor and property manager behind VirtuallyinCredible, a company offering video training, marketing and outsourcing specific to the property management industry. On this episode, Todd joins Bob to discusses the two major benefits of posting video property tours on your website and the value in leveraging VirtuallyinCredible’s leasing call center to boost your live answer ratio. Todd also describes the process he uses to pre-lease an impressive 80% of his inventory prior to vacancy, the biggest mistake property managers make in the tenant screening process, and the statistics around how many prospective tenants tell lies of omission or co-mission on rental applications. Listen in for Todd’s argument against the idea that all money is good money and learn his tips for working less and earning more as a property manager!Topics Covered[4:05] The two major benefits of posting virtual video property tours on your website[12:21] Why it’s crucial to train and monitor your call center staff around Fair Housing Laws[13:27] Todd’s take on coming soon listings and the process he uses to pre-lease 80% of his inventory prior to vacancy[20:36] The biggest mistake property managers make in the tenant screening process[23:13] The statistics around how many rental applicants tell lies of omission and/or co-mission[35:38] Todd’s tips for earning more by focusing on dollars per doorConnect with ToddTodd on LinkedInEmail sales@virtuallyincredible.com Connect with Bob North County Property GroupResources MentionedEpisode Transcript SPONSOR: Use Square to help run your business, accept credit cards, and free point‐of‐sale app—with no long-term contracts! Your first $1,000 in credit card transactions are processed free when you sign up with my link: https://squareup.com/i/858F5E87F4.Explore the offerings at VirtuallyinCredibleConnect 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.

Lockboxes provide efficiency and convenience, allowing real estate agents and vendors access to a property when we can’t be there. But is it a good idea to utilize lockboxes for property showings? When does it make sense to allow prospective tenants to look at a property on their own? And what can we do to mitigate any security issues associated with using lockboxes for self-showings?On this episode of Five Minute Friday, Bob explains how North County Property Group makes use of lockboxes to assist in property showings. He covers the three main types of lockboxes, simple combo, Sentri and electronic, describing which is used primarily with vendors and which is exclusive to licensed realtors.Bob goes on to discuss when the North County team uses electronic lockboxes for self-showings, allowing prescreened, prospective tenants to view a property by themselves within a limited time window. Listen in to understand how property managers can use electronic lockboxes to track who’s coming and going from a property and learn why the benefits and efficiencies of using lockboxes outweigh the slight security concerns.Topics Covered[0:41] When North County Property Group makes use of lockboxes to assist with property showings[1:14] How simple combo lockboxes work and why we use them primarily with vendors[1:39] How licensed realtors access Sentri lockboxes via a card provided by their local association and MLS[1:59] How electronic lockboxes provide access only to those with a preprogrammed code[2:14] Who issues codes at North Country Property Group and how the management team tracks who’s coming and going[2:33] When the North County team issues realtors and prescreened prospective tenants ‘self-access codes’[2:50] The conditions for using self-access lockboxes and the limited time window when self-access codes can be used[3:15] How periods of self-show activity are tracked in the North County system and our team’s practice of making regular visits to the property[3:36] North County’s policy around allowing property owners to opt out of self-access showings [3:45] North County’s confidence in the safety of self-showings[4:34] Why the benefits and efficiencies of using lockboxes outweigh the slight security concernsConnect with Bob North County Property GroupResources MentionedProperty Management Brainstorm EP024: Tenant Turnover Issues SolvedConnect 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.

Once you start marketing a property available for rent, inquiries come at you from all directions. You’re answering phone calls, responding to texts, and replying to emails—at all hours of the day and night. So, what is the most efficient way to respond to rental inquiries and schedule property showings? Is there a way to automate some parts of the process?On this Five Minute Friday, Bob walks us through North County Property Group’s system for responding to rental inquiries, explaining how their leasing department answers questions, conducts prescreening, and schedules showings. He describes the advanced marketing system they use to respond automatically to email inquiries with instructions for scheduling a showing online, ensuring that they don’t miss an opportunity to get the property rented.Bob speaks to the efficiency of using an online scheduling tool synced with the leasing agent’s calendar. Listen to learn how the North County team uses an online rental application to screen prospective tenants within minutes, using their specific rental criteria to collaborate with property owners on a decision.Topics Covered[0:40] Where to go for more information on responding to rental inquiries[1:10] The complexity of answering phone calls, texts, and emails from prospective tenants and scheduling property showings[1:34] North County Property Group’s efficient system for handling rental inquiries[1:41] How their leasing department answers questions, conducts prescreening, and schedules showings during leasing office hours[1:59] How their advanced marketing system automatically adds contact information from an email inquiry to its database and sends an autoresponder email with instructions for scheduling a showing[2:24] How leasing agents can schedule a showing over the phone OR provide prospects with instructions for setting up a time online [2:44] The high degree of efficiency provided by an online scheduling tool and how it can be synced with the leasing agent’s calendar[3:50] How prospective tenants can submit a rental application online and be screened for credit score, eviction history, and criminal background within minutes[4:30] How the North County Property Group team uses its specific screening and rental criteria to collaborate with property owners on a decisionConnect with Bob North County Property GroupResources MentionedConnect 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.

If you own a short term rental property, you want to maximize the return you get from every booking you make. One of the simplest and fastest ways that can be done is through effective pricing practices.On this episode, Bob speaks with Marc Peckler, Senior Account Executive with Beyond Pricing. The Beyond Pricing approach to short term rental pricing is nothing short of amazing. They use dynamic pricing technology to find the proper rate for your rental property every single day of the year… not just seasonally. You won’t want to miss this intriguing conversation. Outline of This Episode[2:03] Setting pricing for short term rentals can be confusing and difficult[3:30] The challenges facing the short-term rental Market and property owners[7:46] How should short term rental pricing be computed?[9:59] Dynamic pricing is similar to airline ticket pricing[13:22] Can the average or do-it-yourself owner use this service?[15:55] Analyze your short term listings by “health” to maximize profits[20:45] A powerful calendar tool is important for many reasons[22:40] Try out the demo to see how Beyond Pricing would work for your propertyDynamic pricing changes everything when it comes to short term rentalsWhen pricing short term rental properties, it's important to consider holidays, time of year,  special events in the area, attractions nearby, occupancy rates of similar properties in the area, and corporate and community needs that might increase the demand for short term  housing. Resources & People MentionedSPONSOR: Instacart grocery delivery - get connected to personal shoppers and get free grocery delivery if your first order is over $35 using this link: Instacart (affiliate link) SPONSOR: Buzzsprout Get a $20 Amazon give card if you sign up for podcast hosting using this link: Buzzsprout (affiliate link)AirBnBVRBOBooking.comEpisode TranscriptConnect with Marc PecklerBeyond Pricing website (affiliate link)Marc on LinkedInConnect With Bob Prestonwww.NCPropertyGroup.com 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.

In this Five Minute Friday, Bob discusses the proper insurance coverage that a landlord should have at his rental property before placing a tenant. With Long-term Rentals (typically unfurnished, rented under a 12-month lease) there are two types of insurance policies that should always be required.The first type of insurance is a “rental dwelling” policy:The rental dwelling insurance policy should be a minimum of $1,000,000 public and premises liability insurance. Rental dwelling policies usually cost less than homeowner policies because the owners personal belongings are typically moved out of the home and do not need to be covered.The rental dwelling designation is critical if the house were to become uninhabitable. In such a case, the insurance would pay the property owner’s lost rent during the rebuilding period.Property managers will require current proof of a rental dwelling insurance policy to be on record in their office and will likely want to be named as additionally insured (this is standard procedure with insurance companies).The second type of insurance is renter’s insurance, obtained by the tenant, to protect their personal belongings and provide for tenant liability coverage. In addition to protecting the tenant’s belongings, renter’s insurance protects the landlord from large scale incidents cause by tenants and would also pay for temporary housing for the tenant if the home is uninhabitable.There are a few derivatives of these insurance policies which may need to be considered:If the property is rented furnished. If the property is a short-term rental (vacation rental). Traditional renter’s insurance is not practical with a short-term rental. Links to References Mentioned:Episode 2: The Correct Insurance for a Rental Property Connect With Bob Prestonwww.NCPropertyGroup.comThis 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.

Five Minute Fridays are bonus "mini-episodes" of Property Management Brainstorm in which Bob covers a pertinent topic of property management or being a landlord, every Friday, in about five minutes or less. In this episode, Bob covers two questions frequently asked by landlords - "how is maintenance handled?" and “are there any mandatory property maintenance items performed regularly”. Bob answers these questions in the context of his own San Diego property management company, North County Property Group and mindful of State of California landlord-tenant law.Bob discusses how property management companies handle facilitation of all property repairs & maintenance. In addition to being a licensed Real Estate Broker, Bob is also a licensed General Contractor, and through his affiliated maintenance company, called “MaintenanceSync”, his property management company has a robust set of vetted sub-contractors in every trade, ready to handle repairs and maintenance.Prior approval is always obtained from the property owner for any expenditure over what is known as the maintenance limit (typically set at $500). He also explains the need for judgement in emergency situations if action is needed quickly to protect a property and the safety of a tenant.Bob also describes the maintenance areas that are mandatory at every property on a regular basis.1. HVAC system checks (heating and air conditioning) are completed annually and include:Thermostat, wiring, and burnersBlower compartmentAir FiltersHeat exchanger/ignitionCooling and Freon levels if there is installed A/C2. Re-keying properties and Smoke/Carbon Detector testing are also conducted at every property following a tenant move-out and prior to a new tenant occupying the unit.  Links to References Mentioned:Episode 23 of Property Management Brainstorm, Property Management Plumbing, Heating, and Air  Episode 22: A Better Way to Handle Property Maintenance Episode 11: When to Rekey and Replace Smoke/Carbon DetectorsConnecConnect 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.

Anyone who manages rental properties knows first-hand how much hassle is involved with tenant turnover. From advertising to lease signing, it takes a top-notch team to do it effectively at scale.Bob’s guest today is James Barrett, co-founder of Tenant Turner, a software application that takes the hassle out of tenant turnover in very intuitive ways. Listen to learn about how property inquiries receive an immediate response, how applications can immediately be assessed for potential tenant fit, and how self-showings can change the game for property owners.Outline of This Episode[2:20] The multi-faceted challenge of turning over a property for a new tenant[6:05] How Tenant Turner serves property rental companies and property owners[9:15] A peek inside the inner workings of Tenant Turner[16:18] Traditional ways that landlords show properties to potential tenants[21:50] Electronic lockboxes can make a huge difference [24:23] The significant value of self-showings[33:54] Auto responses any time of dayMake it easy for prospective tenants to inquire about your propertyThe Tenant Turner system, used by Bob at North County Property Group, provides automated responses to all inquiries immediately, even after hours, via email or text. Much of the back and forth communication is removed with this one, automated step.Sign up for Tenant Turner and receive a $50 discount at this link to Tenant Turner or call them at 888-976-4638, and use the code word "brainstorm".Resources & People MentionedEpisode TranscriptSPONSOR: Embrace Pet Insurance, follow this link to learn more and sign up: Embrace Pet Insurance (affiliate)SPONSOR: Instacart, get free delivery of groceries on your first order if over $35. Instacart (affiliate)Connect with James BarrettTenant Turner (use this affiliate link to get your $50 discount)Connect With Bob Prestonwww.NCPropertyGroup.com This episode is always available for listenConnect 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.

Five Minute Fridays are bonus "mini-episodes" of Property Management Brainstorm in which Bob covers a pertinent topic of property management or being a landlord, every Friday, in about five minutes or less. This is the very first episode of Five Minute Friday. Bob covers the question most frequently asked by landlords when speaking with him about property management - "what charges can be taken from a tenant’s security deposit?" Bob answers this question in the context of the State of California landlord-tenant law.Bob discusses his process at North County Property Group for the amount charged and held as a security deposit, the property inspection process at the tenant's move-in and move-out, and the four purposes for which a security deposit may be used:unpaid rent or utlitiy charges;cleaning the rental unit to make the unit as clean as it was when the tenant first moved in;repair of damages, other than normal wear and tear;cost of restoring or replacing furnishings, other than because of normal wear and tear.Bob further explains that a landlord may only withhold those amounts that are reasonably necessary and offers his approach to the terms "normal wear and tear" and "reasonably necessary". He also gives an example of the "useful life rule" and how it pertains to prorating charges for the remaining life of the item damaged. For more information on this topic, Bob also refers listeners to a blog post he wrote on this topic, posted at this link, titled Allowable Security Deposit Deductions.This 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.

Plumbing, heating, and air. It's a topic that can be confusing for property managers, tenants, and the property owner because of many of the changing California building codes. On this episode, Bob is joined by John Padilla of John Padilla Plumbing, Heating and Air to highlight some common issues faced in the plumbing and mechanical systems of homes. They focus on water heaters, low flow fixtures, and HVAC (heating and air) to discuss new ordinances, codes, and safety requirements in each of these areas.Outline of This Episode[2:01] The history of John’s career and how the business developed [5:46] Water heaters: Why do they fail and what’s involved in the repair?[11:45] Tankless water heaters are valuable for limitless hot water and rental situations[15:25] Dramatic damage can happen when a water heater pan is not used[18:37] California mandates for plumbing fixture codes and compliance[29:13] Proper frequency for HVAC checkups and what should be checkedWater heater tips and building codes Rust, calcification, and water pressure issues are can cause failure in a water heater. They should be drained, flushed, and refilled annually to properly to get rid of damaging sediments that can form. If the water heater needs to be replaced, it will need to be brought up to code for NOx water heaters, expansion tanks, sediment traps, and drip pans. Low flow water fixturesNew federal, city and county building codes typically requiring low flow fixtures to be installed in all new construction or remodels and repairs.Maintenance for HVAC unitsSimple, annual maintenance is required to assure tenant safety and avoid more expensive HVAC repairs. John describes proper annual maintenance for both the heating and cooling sides of the system.Resources & People MentionedEpisode TranscriptSPONSOR: Buzzsprout - To get a free $20 Amazon gift card, here is the link I mentioned during the episode, check them out and sign up here hereSDMC147.04 - San Diego standards for fixtures, etc.Connect with John PadillaWebsite:  https://www.jpplumbers.com858-375-5633This 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.

Rental property maintenance is no small issue and is typically a challenging aspect for property owners, property management companies, or tenants. Bob’s guest on this episode wants to help drive the world towards the new and believes that "maintenance shouldn't be so hard". On today’s episode, co‐founder and CEO of Property Meld, Ray Hespen joins Bob for a conversation about the importance of well-managed and effective property maintenance. It is important to understand that the people who rent properties are doing so in part because they don’t want the headaches that come with owning a home. They rent so that someone else, such as the property management company, takes care of issues when they arise. Because this, speed and precision are of the utmost importance when handling maintenance issues. If they aren’t addressed quickly and effectively, renters choose not to renew their lease for that property. Statistics back it up. On this episode, learn how automated systems can help you keep renters happy in spite of the maintenance issues that arise in their units.Two of the trouble-spots when it comes to the vendor’s side of rental property maintenance are scheduling a time with the renter for the repair to be done and communication with the owner or property manager about the status of the issue. Automation makes both sides of that equation easy and automatic. In the Property Meld system, vendors can easily communicate with the tenant, update the status of repair issues, and mark the job as “done” when they are finished. Listen to learn about this amazing service - and hear how it could increase your bottom-line as a property owner or property manager.Outline of This Episode[2:05] Ray’s experience and the origin of Property Meld[8:01] The “inconsistently inconsistent” property maintenance story[10:25] The Property Meld way of rental property maintenance VS the old way[19:01] Confirming that a repair was done is harder than it sounds[22:30] How an automated maintenance system nurtures relationships with vendors[30:05] The best advice for those dealing with property maintenanceConnect with Ray HespenProperty Meld - Ray’s company and one of our partnersConnect With Bob Prestonwww.NCPropertyGroup.comResourceEpisode Transcript 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.