Property Management Brainstorm

On this episode of Five Minute Friday, Bob is talking trash! No, not the smack talk variety, but rather new California legislation which has taken effect regarding the disposal of organic waste. This is something for CA landlords and property managers alike to be aware of, especially for multifamily buildings and apartment communities. Why is California doing this? California throws away more than 6 Million tons of food waste every year and more than 24 tons of combined “green organic waste”. SB 1383 is the new law which aims to reduce the short-lived pollutants that many Californians are currently putting in our landfills. Why is this important? The reason is that landfill organic waste emits methane, a super pollutant that is more powerful as a greenhouse gas than CO2. SB 1383 advocates are targeting Californians to reduce organic waste disposal by 75% by 2025. For those wanting more information on SB 1383 and California composting requirements, visit the Cal Recycle website at this web link: California Composting Requirements Website:https://www.calrecycle.ca.gov/organics/slcp/ Thank you for joining Five Minute Friday, TGIF and we will catch you next week!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 California legislative session for 2021 has come to a close and there is some important information to share about new California laws for 2022 pertaining to Covid 19 and tenants who may have suffered an impact. On this Five Minute Friday, Bob reviews the current status of the Covid Tenant Relief Act  and what California landlords and property management companies need to consider before taking action on a tenant for nonpayment of rent prior to March 30, 2022. Disclaimer, we are not an attorney and this by no means is intended to be legal advice or a complete legal review, but rather an overview of those landlord / tenant law changes that seem most important to be aware of during Q1 of 2022.The COVID Tenant Relief Act (CTRA) was initially passed by AB 3088, and was subsequently extended and modified several times in 2021, with the last extension being AB 832. Bob covers a review of AB 832, the creation of the COVID-19 Rental Housing Recovery Act, and steps that landlords need to take if rent is delayed by a tenant and not paid by the monthly due date between from October 1, 2021 through March 31, 2022. TGIF and we will back with another great FMF episode next Friday.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.

Let's go back to some of the best guest conversations from  last year in the “Best of Brainstorm 2021”, soundbites and highlights from leaders in the property management industry. Topics Covered[3:28] Episode 61 featured Mark Scott of Encore Realty in Bonita, CA and Daniel Rogers of All Seasons LLC in Colorado Springs, sharing their thoughts on moving away from the term "landlord".   [6:40] In Episode 51, our guest was Niv Davidovich, of Davidovich Stein Law Group, who gave us an update on eviction law and squatters rights in California.[9:58] One of my fellow NARPM Regional Vice Presidents joined me on  Episode 54, AJ Shepard of Uptown Property Management in Portland, to talk about real estate syndication.    [11:34] Episode 59, Understanding Section 8 and the Housing Choice Voucher Program: Tyler Craddock, Governmental Affairs Director for NARPM, Patti Robertson of PMI Virginia, and Amanda Han of Cornerstone Properties in Hawaii. [15:18] Episode 53 featured Brad Larsen, of RentWerx San Antonio discussing opportunities that exist for property management companies in this amazing industry. [18:08] Joe Easton from Rent Manager joined us on Episode 52 to talk about Property Management Software, the various players, and where Rent Manager fits into the mix. .[19:54] Episode 60 featured Liz Cleyman of Grace Property Management, Kellie Tollifson of T-Square Properties, and Kathleen Richards of PM Made Easy. We discussed the importance of taking time away on vacation, and the benefit that results from having that downtime. [22:40] Listen up to a clip from Episode 62: Tax Considerations for Real Estate Investors. Richard Hart covered tax-related topics.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.

From our experience at North County Property Group as a landlord and property manager, it seems that for as many hours as there are in the day, there are three times as many interruptions that take you away from work that needs to get done.  In the office, you can easily lose your train of thought with everyday interruptions and if working from home you’ll find lots distractions too. In small doses, distractions can actually be a good thing. Small breaks during the day often help to refresh your mind and prevent stress and burnout. But when you take too much time away from important work to deal with less important tasks, you’re sabotaging your own productivity. What can you do to get a little more clarity and get rid of those distractions? 1. Turn off the background noise. 2. Have a calming mantra. 3. Clean up your office space, desk, and email inbox. 4. Focus on two top priorities each day and tackle one thing at a time. 5. Say no to checking your email and put your phone on silence.Are you up for the challenge to avoid property management distractions? TGIF, have a great weekend, and I will catch you next week with great topic on Five Minute Friday.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, we just love the month of January. No, not because of setting new year resolutions or starting yet another failed diet, but because it is the best time of year to kickoff new strategy and plans for our San Diego property management company.In this episode of Five Minute Friday, Bob shares his five ways to kick off 2022 with a bang at your property management company!  #1.  Develop your forecast, budget, and strategic plan.  #2.  Do an organizational checkup.#3.  Set team accountability and goals.  #4. Host a 2022 launch meeting. #5. Take the 15% budget trim challenge. Do these things and you will have a great start to 2022!  TGIF and I will catch you next week with great topic on Five Minute Friday.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.

Pest control in rental properties is a challenging topic for any property management company. Treating for ants, termites, mice and other unruly pests is likely to come up in almost any residential property. And determining who is responsible for treating a rental property for pests can also be a sensitive topic. Is it the tenant's responsibility that a property may have a huge ant problem, or is it a severe problem that existed prior to move in and therefore may be the responsibility of the landlord? With Bob as a guest on this episode of Property Management Brainstorm is Tom Clements of PestShare, a company with a new approach to pest control with the goal of happier tenants and property owner savings. Have a listen to learn a lot about the importance of pest control and this new concept for property managers.Topics Covered[2:15] Tom Clements tells us about himself and the concept of PestShare.[3:00] The importance pest control when it comes to rental property care and maintenance.[4:15] When a pest issue emerges, get it reported and treated quickly. [9:20] Different pests may be specific to certain geographical areas and climates.[11:00] Are chemicals used in pest control safe and should property managers be concerned about tenant safety?[20:00] The importance of professional pest treatment within guidelines of state and local laws and ordinance.[21:10] The value proposition of PestShare and the power of numbers.[23:00] Tom explain the process and how it works for reporting and treating pest problems through PestShare. [29:30] We here last comments from Tom about including PestShare in a property manager's Resident Benefist Package and a special program PestShare offers to NARPM members.Connect with PestSharehttps://www.pestshare.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.

There is no denying that Property Management can be an all-consuming profession. Once a Property Management business is established, however, it can be a fun and fruitful enterprise. For those who are considering starting a property management company, will 2022 be a good year and is the timing right? On this episode of Property Management Brainstorm, host Bob Preston is joined by Kathleen Richards who will share her thoughts on starting her own company and coaching others how to do the same.  Kathleen is Founder of The Property Management Coach. She is also a nationally recognized coach, speaker, instructor, author, and thought leader for the last 30 years focusing on business, leadership, and specifically the field of property management.Topics Covered[2:30] Kathleen introduces herself and tells a bit about her coaching company, The Property Management Coach.[4:15] With all the changes in the real estate market and landlord/tenant laws, is this a good time to start a Property Management company? [10:10] Before starting a Property Management company, should that person to do an initial gut check to make sure they are cut out for it?[17:50] Success factors and the profile of a person who is well suited to start a Property Management company.[24:15] Buying an existing Property Management company vs. starting your own company ... which is the best approach?[28:15] Bob and Kathleen discuss buying a franchise to start a Property Management company.[31:15] Kathleen speaks about her approach and her "Three Step Approach" to running a successful Property Management company.[40:10] Kathleen shares her story about how and why she got her start in Property Management. [43:10] Kathleen shares her closing thoughts and to can reach her to learn more about her Property Management coaching and training. Connect with Kathleen Richardshttps://www.thepropertymanagementcoach.com/Kathleen's online course and trainingConnect 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.

Happy New year and welcome back to Property Management Brainstorm podcast and the first Five Minute Friday in 2022!  We are back for 2022 and ready to go for in the new year with renewed energy and enthusiasm to bring you great content from the Property Management industry.In this episode of Five Minute Friday, Bob shares some of the topics he plans to cover in 2022 starting with how to kick start your year,  forecast and motivate your team for to achieve your identified goals and objectives. There are many Legislative Updates for 2022, including new California laws, compliance dates and other trends which will affect California residential landlords. Perhaps the most important of these are the most recent laws and laws forthcoming to related to the COVID-19 pandemic and the COVID-19 Tenant Relief Act (CTRA). So make sure and stay tuned for that!There are also a lot of new trends in the property management industry such as new technologies and approaches to everything from rent collection, application screening, to new forms of renters and landlord insurance, implement systems, where to find good property management coaching, and more!…. Exciting stuff to provide updates on for sure!So, stay tuned and get ready to brainstorm with us on some new topics and ideas for 2022.  TGIF and I will catch you next week with another hot topic of interest on Five Minute Friday.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.

As a real estate investor or property manager, it’s imperative that you have great representation regarding tax considerations. This is true, not only for running our own businesses, but also to provide the best possible advice if you have investment partners or investment property clients for your property management business. The key is planning to successfully and legally reduce tax liability in order to maximize after-tax income.On this episode of Property Management Brainstorm, host Bob Preston is joined by Richard Hart, of Hart & Associates, a tax consulting firm providing guidance and services to property managers and investors. Richard is also a NARPM affiliate for those of us who are members of the National Association of Residential Property  Managers. Richard and Bob explore tax related considerations that all property managers and investors will want to hear.. Topics Covered[2:40] Richard introduces himself, his tax accounting company Hart Associates, and how they can help you protect your hard earned money through legitimate and legal real estate tax planning.[4:25] Reactionary vs. proactive: Richard explains the most common tax mistake he sees from real estate investors and property managers.[7:25] From a tax and legal perspective, what is the best company structure is most favorable for real estate investors and property management companies?[10:15] Many real estate companies received Payroll Protection Program loans during the peak of the Covid-19 pandemic. What is the proper accounting method for showing these loans on your company books once the loan has converted to a grant?[13:10] Bob and Richard discuss the length of time real estate accounting and tax records should be retained in case of audit.[15:05] Richard reviews the process for handling foreign investors who are seeking property management for their USA based real estate investment.[20:45] IRS Forms 1099-misc and 1099-NEC, which one is right for reporting nonemployee income?[22:05] The "2 out of 5" rule of rental properties to claim the tax exemption on capital gains when a property is sold.[25:32] A quick overview of the concept of 1031 Exchange.[29:55] Real estate tax decution fundamentals. [33:10] Richard shares his closing thoughts and how you can reach him to learn more about tax considerations for real estate investors.Connect with Richard Harthttps://www.hartassociate.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.

Property Management Brainstorm host, Bob Preston, wrote an article for the December issue of NARPM’s Residential Resource Magazine, titled Ten Best Practices in Relationship Management. We thought it would be good to spend todays FMF on a quick review of those 10 best practices: Online Presence – This is where a cand interacting with your company digitally through your website or social media. CRM Software – Everything related to staying connected with that individual customer can be found in one place – names, addresses, numbers, contact info, and notes on the history of the relationship.Responsiveness – If you don’t respond quickly, either too a new prospective customer or an established one, it will be impossible to forge a positive relationship. Building Trust – There is no silver bullet for this one, just using common courtesy – show up on time, respond when you say you will, bring solutions and not problems, be an expert not an instigator. Regular Communication – Staying in touch with your customers and keeping an open line of communication is of course critical to positive relationships. Reviews – While you have no control about what a customer may say, it stokes the relationship when you let them know how they can leave a review. Customer Appreciation – Your customers are more than a profit center and number on a spreadsheet. The are a living/breathing source of your good fortune to have paying clients and deserve to have a relationship with you. Giving Back – Showing customers you are a socially responsible company goes a long way toward indirectly improving what customers think of you. Dispute Resolution – It is highly likely that we all will face occasional conflict with a customer which provides an amazing opportunities to change the narrative, do the right thing, and show your ability to listen toward a mutually beneficial solution. Staying Ahead of the Curve – Embracing ways to improve your customer service by staying up on trends and adapting them to your company will go a long way to improve your relationship management.Relationship management is not always about the bottom line. Creating a company culture to treat others with respect will be the ultimate foundation for a great relationship management program, and you bonus, you will likely get new customers in the process!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.