Property Management Brainstorm

Bob continues a series of podcast episodes dedicated to the topic of security deposits. For most landlords, security deposits continue to be a highly challenging aspect of leasing rental properties. Laws are changing, tenant move-in costs can be prohibitive, and security deposit deductions can often lead to conflict. Bob discusses these challenges with Derek Merrill, Co-founder and CEO at LeaseLock, a company promising to eliminate the need for security deposits.  Topics Covered[2:20] Introduction to Derek Merrill, LeaseLock and the concept of "zero deposits" through their Lease Insurance products.[8:00] Landlord/tenant laws having an impact on alternative approaches to security deposits..  [12:00] Are flexible financial aspects of leasing here to stay due to COVID-19 pandemic?[16:15] Derek explains the competitive differentiation of Lease Insurance when compared to surety bonds and other solutions.  [21:00] The process of filing claims through LeaseLock is discussed as opposed to deducting charges from security deposits.[24:35] Derek describes a full scenario of how Lease Insurance works from start to finish during the course of a tenant's lease.[34:00] Derek shares a story about the mission for LeaseLock and the positive impact they are having on tenants who are in need of financial assistance in obtaining a rental property.[37:40] Final words on what the new generation will demand in terms of the speed and ease of leasing a rental property.Connect with Derek MerrillLeaseLock WebsiteEmail: derek@leaselock.comConnect with Bob North County Property GroupResources MentionedSquare: You can do a lot with Square: accept credit cards, power your business with a free point-of-sale app, get real-time sales reports, and much more. All this with no sign-up costs or long-term contracts.Plus, your first $1,000 in credit card transactions are processed free when you sign up by clicking through on this link: Try Square for free today!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.

What is corporate responsibility and why is it important?  In episode #30 of FMF, Bob explains why he believes in the concept of corporate responsibility for his business as a property management company at North County Property Group. The objective is simple ... be accountable for our actions to our stakeholders and local communities.During the current times of COVID-19, Bob explains how North County Property Group began to rethink its philanthropic pledging as part of their corporate responsibility program. The company decided to start its own direct giving fund called NCPG Cares for the benefit of tenants in need of assistance due to financial hardship during the Coronavirus pandemic. Have a listen to learn more about NCPG Cares and how the company makes a contribution each time a new property is added to their San Diego property management portfolio. Connect with Bob North County Property GroupLearn More About NCPG Caresncpgcares@ncpropertygroup.comThis 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, TunedIn, iHeart Radio 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.

On this week's FMF, Bob discusses the lingering impact of COVID-19 on tenants who have suffered a job loss, decreased work hours, medical expenses, or other loss of income. Many laws and local ordinances have been implemented to protect tenants with eviction moratoria if they have had financial impact due to the coronavirus. There have been no laws established, however, which  give tenants a free pass or restrict a landlord from recovering rent at a future time. As landlords and property managers, what then should we do?Bob gives an overview of what he considers to be the two primary options: rent forbearance and early lease termination. He explains each and provides the pros and cons of the two approaches as solutions for tenants with financial impact from coronavirus.  Connect 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 Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio 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.

On this episode, Bob discusses legislative updates in 2019 and 2020 that impact California landlords with Tracey Merrell, Managing Attorney of Education, at Kimball, Tirey & St.John (KTS). Along with other updates, Tracey provides a thorough review of the Tenant Protection Act of 2019 (AB 1482) which imposes rent caps and just cause eviction restrictions for residential rental property throughout California.  For advice with specific issues, please contact an attorney. Legislative updates discussed are not exhaustive and the interpretation of the laws may change.Topics Covered[3:00] This episode is within the context of CA landlord/tenant law.[6:10] Tracey reviews the Tenant Protection Act of 2019 (AB 1482) pertaining to Rent Caps and Just Cause.  [20:10] Tracey explains the notice required for rent increases over 10 percent (AB 1110).[22:25] Temporary roommate situations to persons at risk of homelessness are now a law under AB 1188.  [29:20] AB 2343 changes 3-day notices in the way that the days are counted.[32:50] Under SB 234, is a landlord required to rent to the owner of a day care who wants to run the business out of the rental home?[37:20] Proposition 65 warnings regarding materials and chemicals that may be present in the rental home.Connect with TraceyKimbell, Tirey, St. John LLPEmail:info@kts-law.comConnect with Bob North County Property GroupResources MentionedFree eBook: Bob Preston’s new eBook, Best Practices for Renting Your Home, find it here as a free download! https://www.ncpropertygroup.com/ebookLinks to the various legislative updates:AB 1482AB 1110AB 1188AB 2343SB 234SB 644This 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.

On this week's FMF, Bob discusses the concept of lagging indicators and considers if there might be a maintenance surge coming for those of us managing rental properties. As a quick definition, a lagging indicator is a data point that tells you what has already happened.  Most of us in managing our rental properties focus on lagging indicators in the form of financial statements to track rent collected, revenue, bank balance, and profitability.  Bob explains that a lagging indicator he has been watching lately is the number of worker orders (maintenance requests) being received monthly. His company tracks this, along with other data points, on a monthly report that is produced by our accounting department. Maintenance request volume has been trending down starting in February and continuing down by 20-30% in March, April, and May. This is an interesting anomaly but it is logical to assume that the service issues aren’t disappearing… they are waiting to be submitted. He encourages listeners to be prepared for what could be a surge of maintenance requests in the coming months. Assuming things start to return to normal this summer or fall, you can assume your maintenance team will be working hard to catch up to bring your properties current. Bob also describes some methods he has implemented at North County Property Group to get ahead of the curve. Check those lagging indicators and make a prediction to be ready for increased maintenance requests in the second half of the year.  Connect 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 Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and 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 week's FMF, Bob makes a fun announcement that he is now an RMP!  Some of you may be wondering, what the heck is that? Those listeners who are property management members of NARPM likely already know.  RMP stands for Residential Management Professional, a designation awarded by the National Association of Residential Property Managers.The RMP designation is earned and awarded to individuals who successfully pass through an application process to document their of years of property management experience, NARPM and industry education, and service to the association through volunteer activities. Bob also explains that he is continuing his learning and leadership to the next level and has applied for the next designation level called the MPM (Master Property Manager)! Bob also announces a new leadership role, having accepted the nomination as “president elect” for Cal NARPM,  the California State Chapter for NARPM. More to come on Bob and his involvement at the state level when Bob takes office as President of Cal NARPM in July 2020. Connect 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 Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio 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.

As a landlord or property manager, have you ever wondered what it would be like to rid yourself of the need for security deposits? For most landlords, security deposits are one of the most challenging aspects of managing a rental property. It can be conflict laden at the end of a lease and in most states there are rigid regulations and laws which must be followed on when and how the deposit needs to be returned to the tenant. On this episode, Bob's guest is Casey Winter, Vice President of Partnerships at Obligo, a company which provides a way for people like us, landlords and property managers, to rid ourselves from the burden of security deposits. Topics Covered[2:35] Casey tells us about himself and what Obligo is all about.[4:45] Bob and Casey discuss the pros and cons of insurance solutions and surety bond products for replacing security deposits.[9:15] Open banking technology and how it helps Obligo provide their "deposit free" leasing solution.[13:00] What are the costs, who pays, and are there processing fees?[15:45] Casey explains why most tenants are eager to participate in their deposit free program.[17:50] Bob asks Casey to take listeners through a start-to-finish scenario of how Obligo works and the associated workflow for tenants and landlords.[21:15] How Obligo qualifies a tenant for participation in the deposit fee program.[23:45] Why Obligo reduces the burden of move-in costs for a tenant.[29:15] Where is Obligo offered and in which states is it available?[36:15] Casey shares his thought on weathering the storm during the COVID-19 pandemic and emerging stronger when we come out on the other end.Connect with CaseyObligo websiteConnect with Bob North County Property GroupSponsorReduce hassle and improve your operating income through smart property automation and connected devices from PointCentral. Click on this link to learn more and get a free HVAC analytics test when you place your first order! www.pointcentral.com/brainstorm/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, GooConnect 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 week's FMF, Bob explains why he believes it's a mistake to not acknowledge the COVID-19 pandemic on a company website. Call it reality marketing. He further offers his rationale for placing a pop-up on the North County Property Group home page to communicate available resources which may be helpful to their stakeholders. Here is a copy:As the COVID-19 crisis continues to have an impact on our stakeholders (tenants, rental applicants, property owners, and maintenance vendors) North County Property Group has never been more aware of our purpose and responsibilities related to property management.As we get through this pandemic together, here are some resources which may be helpful to our NCPG stakeholders:Virtual Tours of Property Listings: Narrated tour videos and 3D/360 degree digital tours to allow for viewing our property listings virtually.Direct Cash Payments: You may be eligible for up to $1,200 for individuals, $2,400 for married couples, and $500 for each child through the CARES Act:Unemployment Insurance: Benefit amounts have increased for those impacted by the COVID-19 pandemic. California COVID-19 Website: State of California website, including resources to apply for unemployment, disability benefits, and paid familyCenters for Disease Control and Prevention: Visit the CDC website to stay informed on preventing COVID-19.  County of San Diego Department of Environmental Health: frequently asked questions and guidance for residents of San Diego County.2-1-1 San Diego: 24/7 hotline providing up-to-date Coronavirus information and resources. Rent Forbearance Requests: If you are an NCPG tenant and have suffered a job loss, accrued medical expenses, or other substantial loss of income specific to COVID-19, and are unable to pay future rent for these reasons, please click on this link to download our COVID-19 Rent Forbearance Request Form.We are fully operational and working diligently, every day, to exceed stakeholder expectations during this unprecedented time. Connect with Bob 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 the State of California and many cities throughout the country, including right here in San Diego, a housing crisis has emerged in which many citizens have become homeless or live in substandard housing. Simply put, housing that people can afford may now be more out of reach than ever. On this episode, Bob discusses the housing crisis with California State Assemblymember Todd Gloria. Assemblymember Gloria is also running for Mayor of San Diego, on the ballot in the November 2020 election. Topics Covered[2:30] Todd introduces himself and talks about his journey toward a career in San Diego and State of California public service.[6:00] Bob and Todd discuss the 60 Minutes segment about the housing and homeless crisis in Seattle and how it compares to what is going on in San Diego.[8:00] Caring for the homeless during the COVID-19 pandemic.[15:00] New housing development needed to keep up with population growth in California.[17:55] The CASA Act and other Assembly Bills championed by Todd to prioritize affordable housing..[26:00] Tackling the housing crisis in San Diego.[30:45] The Tenant Protection Act - Rent Caps and AB 1482.[33:00] Vacation Rentals and the need for regulation in San Diego.[37:10] The budget shortfall facing San Diego and how Todd will manage it if elected Mayor.[39:30] Todd comments on being the first LGBTQ and person of color if elected as Mayor of California.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.

Last week on FMF Bob talked about being the Lighthouse, a metaphor for being a strong leader to guide your team during times of crisis like this current Covid-19 pandemic. On this week's FMF, he pleads with you to not be the opposite of being the lighthouse.  Don’t be a weenie!Weenies are whimps, lack resolve, and avoid tough decisions. If this is you and you are a self-managing landlord, it may be time to consider hiring a property management company.  For all of us in this industry of real estate investing, owning rental homes, being a landlord, or property management, I firmly believe that those who take the time now to streamline and restructure the way they are doing things will emerge at the end of all of this stronger than ever.  You must have the willingness to make tough decisions you’ve never made before.  You can do it!  The solutions are often simple, their just not always easy to implement.Here is a tip: Build a Start/Stop/Continue list. On a piece of paper, create three columns, and at the top of the first column write “Start”, the second column write “Stop”, and in the third column write “Continue”. Now list your various policies, procedures, company practices in the appropriate column and respond accordingly moving forward.Topics Covered[0:55] Bob explains what he means when he says "don't be a weenie".[1:20] During this critical time, your stakeholders need to hear from you![2:00] Willingness to make tough decisions.[2:15] Those who streamline now will emerge stronger at the end of the pandemic.[2:30] Examples of "no-touch" property management processes.[3:25] Flip the switch to change when a new normal is emerging anyway.[3:47] Build a Start/Stop/Continue list to help gain clarity on things which need to change.Connect with Bob North County Property GroupResourcesStart/Stop/Continue TutorialThis episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, StitcherConnect 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.