Property Management Brainstorm

In the crowded space of the property management industry, making sure your company is standing out in the crowd is more important than ever. Tech savvy property managers are using digital media to snag single family owners with through their online presence. So, what about you? Are you putting your best foot forward with digital marketing?On this episode of Property Management Brainstorm, Bob discusses the topic of digital marketing for property management companies with Nicki Callahan, Founder of Nest Publications. Nest Publications is a digital marketing group that is helping to drive property management business leads and revenue. Topics Covered[2:20] Nicki introduces herself and explains what Nest Publications is all about.[3:40] The concept of a "digital magazine" for promoting property management companies and their rental listings.[5:00]  Nest Publications is currently servicing 8 states, hopes to be nationwide soon. [6:15] Branding and content for the digital magazine.[8:10] How is the digital magazine for property management companies distributed?[13:12] Showing off the customized and branded digital magazine as a demo.[15:30] Nicki explains the pricing model for the digital marketing plans and provides information on the special discount offered to members of NARPM.[16:25] Tracking the metrics and KPIs of the digital marketing program.[18:25] Nicki shares a great story about her time growing up that shaped her approach to life and business.Connect to Nest Publicationsinfo@nestpublications.com Special Nest Program for NARPM MembersConnect 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.

California's Proposition 19, goes into effect on April 1, 2021,  offering many protections to California home owners. If you are a California homeowner or investor, could you take advantage of the new benefits provided under this new law? Today's Five Minute Friday offers a quick summary of what Prop 19 is all about.  1. Senior citizens often live in homes that are no longer a fit because it may be too large or far away from loved ones or medical providers. 2. Severely disabled individuals might live in a residence that is no longer safe or suitable. 3. California wildfire victims, possibly losing everything if their home was destroyed, could have property tax hikes if they desire to move to a new home.Because of these new advantages and if you meet any of the criteria above, this might be the time to selling your California home, even if it is a rental home or a vacation home.Have a listen to learn more about Proposition 19. If you are interested in taking advantage of Proposition 19 by selling your rental home or buying an investment property, our real estate sales division can help! 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.

So far in 2021, we have been featuring new opportunities in the property management industry. One area not yet explored on the show is Real Estate Syndication.  As a general definition, real estate syndication is a partnership between several investors. They combine their skills and capital to purchase and manage a property they otherwise could not afford. If you’ve got an eye for a good deal and good partners, this might be a great opportunity to explore in 2021, either as the syndicator or as an investor.On this episode of Property Management Brainstorm, Bob discusses the topic of Real Estate Syndication with AJ Shepard of Uptown Property Management, Portland Oregon. He and his company are expanding their business by syndicating real estate, pooling money from investors to buy larger, more profitable, and more stable projects. We are excited to hear what he has to say and how he views this area of opportunity for investors and property management companies. Topics Covered[2:40] AJ introduces himself, his company, and how he got started in Real Estate Syndication.[6:30] AJ gives explains the term “real estate syndication”.[9:00]  What are the possible legal and financial structures for real estate syndication arrangements? [12:25] When identifying a real estate syndication project, what comes first, the chicken or the egg?[16:05] Building an investor network for funding real estate syndication projects.[17:15] Bob and AJ discuss the various steps and sequence of putting a project and deal together. [22:10] Communicating with investors and sending a Private Placement Memorandum to present the financial structure of the project.[23:40] AJ provides his definition of Return on Investment, Cap Rate, and Internal Rate of Return (IRR).[28:25] As a syndicator, hiring yourself as the property management company.[32:50] Communication and information shared by the syndicator to the investors.[36:25] AJ shares a story of a family property located in Mexico that has been passed down through generations.Connect to Uptown Property Management and Syndication AJ Shepard on LinkedInConnect to the Westside Investor Network Podcast 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.

For the listeners who know Bob and his involvement in the National Association of Real Estate Property Managers, NARPM, you will remember that he is currently the President of the California Chapter.  Last week was the CALNARPM annual conference and it was quite an event!  For those who were not able to attend, Bob is dedicating this week's FMF to a quick overview of the conference and provides his top takeaways.  Maybe this will convince you, even if you are not in the state of California, that it is a must attend next Spring, when the conference will next be held, hopefully in person as a live event in either Palm Springs or Napa Valley.1) Great education opportunities – The conference had nineteen speakers on various topics related to being a landlord or property manager in the state of California. 2) Accessibility and low cost of attendance - This year the conference was conducted virtually, first time ever, due to the pandemic.  Because of the virtual platform, the costs were a lot lower which allowed  the cost of registration and attendance to be  way less than in previous years. 3) Legal updates -One thing that is always challenging in California is keeping up with new landlord and tenant laws and legislative action … ESPECIALLY during the current time of Covid 19, tenant protections, and eviction moratoriums. 4) Expert panel sharing – In addition to the great speakers, an expert panel talked about the juicy information that they learned, key nuggets and their top takeaways. This was in a sort of pro sports half-time show format and was super fun to be a part of and watch as the property management analysts deciphered the content from the workshops.5) JP Pawlin-Fry - A big highlight of the conference was hearing our key note speaker, J. P. Pawliw-Fry. He is a psychologist and international performance coach to Olympic athletes and coaches, senior business leaders at Fortune 500 companies, and the CIA. Quite inspiring.6) State of California representation from CAR, the DRE Auditor and FTB - This year we heard from the Chief Economist of the California Association of Realtors with insights on what to expect in 2021 in our real estate market. We also heard from the California Department of Real Estate how you should prepare in the event of an audit.  Finally, we heard about all of the obligations property managers face as a tax withholding agent from the Franchise Tax Board.All in all a great event!  If you missed it, all the more reason to attend next year!Learn more about the California State Chapter of NARPMConnect 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 everyone would agree that 2020 was a challenging year for running a business, regardless of industry.  For many property managers, it’s great to still be standing after all of the challenges presented from the COVID-19 pandemic. As we enter 2021, maybe in the midst of planning and goal setting for the year, there is no better time to be pondering the business opportunities available in the property management industry. On this episode of Property Management Brainstorm, Bob discusses the topic or opportunities in property management with Brad Larsen, Broker/Owner at RentWerx in San Antonio, TX.  Brad is very plugged into the industry so it's a lively discussion about some great opportunities in the industry that are ripe for the taking.Topics Covered[2:25] Brad introduces himself and company, RentWerx San Antonio as well as his upcoming conference PMMCON. He also shares his experience from the recent Texas freeze weather event.[5:45] A common theme in the industry - many plans and goals got tabled in 2020 during the peak of the COVID-19 pandemic. How many property management companies are regrouping in 2021 and things we learned in 2020.[8:30] Setting the context for discussing "opportunity" in property management.  [11:50] Bob takes Brad through a "lightening round" to get his reaction and description on some new industry buzzwords: Virtual Showings, Remote Team Members, Process Automation, Artificial Intelligence, Zero Touch Leasing.[23:25] Overcoming resistance to change from your property management staff.[26:30] Why home sales as a realtor is huge opportunity for most property management companies. [29:35] Opening new property management territories - opportunity or huge challenge?[31:45] HOA management as an opportunity in property management.[33:40] Bob and Brad discuss in-house maintenance as a property management opportunity.[37:15] Brad shares a personal story about the importance of accounting standards and monitoring the company books.[41:10] Property shares the Property Management Mastermind Conference details (PMMCON) coming up May 20-22, 2021.Connect to RentWerx San AntonioConnect 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.

Landlords have many responsibilities when it comes to renting their investment properties, working with their tenants, and keeping the property well maintained.  On this episode of Five Minute Friday, Bob Preston provides his Top List of 8 Critical Landlord Responsibilities. 1.  Comply with Anti-Discrimination Laws2.  Preparing the Lease or Rental Agreement3.  Make Legally Required Disclosures4.  Know the Rules Regarding Security Deposits5.  Follow Other Specific Aspects of Landlord/Tenant Law6.  Provide for Habitable Housing Conditions7.  Respect a Tenant's Right to Privacy8.  Don't Retaliate Against a Tenant Who Exercises a Legal RightThat is Bob's top list of responsibilities, make sure and have a listen! There are many other important aspects not covered, so if you have any questions or would like to discuss further details, don’t hesitate to reach out to Bob or contact us at North County Property Group. 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 much should a landlord expect to spend keeping their home maintained? It's a common question and there are some rules of thumb and considerations owners of rental properties can keep in mind when setting aside reserves to handle unexpected reserves.The 1% Rule:  this popular rule says that 1% of the purchase price of your home should be set aside each year for ongoing maintenance. Using this logic, if your home is worth $450,000, you should set $375 a month for expected home maintenance and anticipate about $4,500 in repair costs during the year.The Square-Foot Rule: another practical approach is to budget $1 per square foot for annual maintenance and repair costs. This rule is slightly more consistent than the 1% rule because it's directly related to the size of the home. Keep in mind, however, that  market prices for contractors and building materials can vary significantly from region to region. Using this logic, if you have a 3,000 square foot home, you should set aside $250 a month or $3,000 per year in anticipation of needed maintenance.Rent Rate Reserves Rule:  This is a common sense approach for owners to set aside between 10-15% of owner distributions received for ongoing and unexpected maintenance purposes. Using this logic, if your home rents for $3,000 per month, you should be setting aside $300 - $450 a month for expected repairs. The Blended Approach: Which rule is right for you?  One way to hedge a bit is to blend the various methods.  Using this logic, you would calculate all of the previous three rules of thumb (1% rule, Square foot rule, and Rent Rate rule), then average them out.  Regardless of your method for estimating annual maintenance costs, some conservative landlords might then add 10% for each factor such as age of the home, weather, overall condition, etc. It seems reasonable to me to expect an older home in harsh weather will need that extra attention to maintenance.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.

On this episode, Bob discusses the evolution of the property management software market with his  guest, Joe Easton, Channel Partner Account Manager, at one such solution called Rent Manager. Joe shares his views about the property management software market and about Rent Manager,  which combines many features needed by property managers to run their businesses into a single integrated solution. Topics Covered[2:30] Bob greets Joe Easton to the show and asks him to introduce himself and product, Rent Manager.[4:25] Where does Rent Manager fall on that spectrum of the various property management software solutions available?[6:25] Joe describes Rent Manager's differentiation and strategic advantage from the other property management software platforms along that spectrum.  [7:50] How Rent Manager avoids feature creep and prioritizes which new features to implement.[10:15] Joe describes the critical feature sets of the Rent Manager software and the importance of integrated communications within the platform.[16:30] How property managers should determine the technologies to adopt within their property management company. [20:15] Rent Manager is described as being exceptionally customizable and ideal for properties of every size. Joe explains what that means and gives examples.[23:20] Integrating with other technology solutions within the property management software.[28:00] Joe describes his journey from the beginning of his career to finding his dream job at Rent Manager.[31:00] Final comments and how to get in touch with Joe and Rent Manager.Connect to Rent ManagerJoe Easton on LinkedIn: https://www.linkedin.com/in/get-to-know-joe-easton/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.

On January 28, 2021, California Governor Gavin Newsom extended the state's eviction moratorium through June 30, 2021, by signing legistlation enacting the new SB 91. In this FMF, Bob Preston does his best to review key elements of SB 91 which combines with the previously passes AB 3088 to provide tenants with rent cap and eviction protections. Pauses evictions for tenants with an inability to pay all or part of rent due to COVID-19 financial distress.Establishes a State Rental Assistance Program, allocating $2.6 billion in federal rental assistance to be received by California.The program will aid tenants most at risk with unpaid rent but will aso assist eligible property owners with 80 percent rent reimbursement for amounts owed to them within defined dates.Prohibits landlords from selling or assigning rental debt to other creditors.Prohibits landlords from using COVID-19 financial distress as a negative factor in screening rental applications.View the Full State of California Press ReleaseConnect 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.

Eviction law in California has changed quite a bit over the past year, first with “just cause” legislation introduced as part of State Assembly Bill 1482, the Tenant Protection Act of 2019, and then with moratoriums introduced as part of the Governor Gavin Newsome’s state orders by signing the Covid-19 Tenant Relief Act (AB2088) into law in response to the COVID-19 pandemic.  On this episode, Bob speaks with Niv Davidovich, Managing Partner at Davidovich Stein Law Group LLP, to discuss landlord/tenant law, eviction law, and squatters rights in the age of COVID-19.Topics Covered[2:20] Niv introduces himself and introduces the areas of his law real estate, construction, and landlord/tenant law oriented practice.[7:00] Conditions for which a landlord in California might consider evicting their tenant and what is allowed by California law.[9:49] What if a tenant is conducting illegal activity at the property, is that cause for eviction? [12:00] What are the steps involved in providing California eviction notices and then filing an Unlawful Detainer?[18:40] What is the 30-day notice of nonrenewal and the difference between a 30 or 60-day notice to vacate.[20:55] What are squatters rights and the process for getting a squatter out of a property.[26:20] California AB 1482 and the concept known as “just cause” in regard to tenant eviction.[32:00] The impact of Covid-19 on financial distress of tenants and eviction protection under the DOVID-19 Tenant Relief Act (or California AB 3088).[41:00] Will AB 3088 expire on February 1st or will California take action to extend the law given the recent surge in COVID-19 cases?[43:08] What about the CDC eviction moratorium?  Is it a factor in California landlord/tenant law?[45:22] Niv shares a story about being thankful for the way things turned out in his life.[48:28] Parting thoughts and how to get in touch with Davidovich Stein Law Group LLP.Connect to Davidovich Stein Law Group LLP(818) 661-2420https://davidovichlaw.comConnect 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.