Episode 16: Why You Need a Property Management Software, Featuring Adam Feinstein of AppFolio
Property management has many moving parts. Even if you are an individual landlord renting a property yourself there are many things to manage - from listing and marketing the property to leasing your property, keeping the property maintained, dispatching vendors for repairs, and accounting… On today’s episode, Adam Feinstein of AppFolio joins Bob to talk about AppFolio’s property management software. For more information about AppFolio, click on this link to the AppFolio website. This episode is always available for listening, sharing, or download at Property Management Brainstorm.Outline of This Episode[2:30] Who Adam is and his background[5:11] Things a landlord has to manage[7:04] What AppFolio provides[11:30] The 3 areas that Bob’s company benefits most from from AppFolio[12:12] Marketing with AppFolio[14:39] How AppFolio helps with maintenance[18:12] AppFolio’s accounting solutions[21:24] Other AppFolio offerings for property managersHow AppFolio helps with property managementAppFolio provides a completely integrated property management solution for a property manager. It allows a property manager to double or triple the number of properties under management without hiring more people to do so. Without this system, it could take an additional month to list a rental property, losing a month of rent. Be sure to listen as Aaron shares more benefits of using AppFolio.Marketing your rentals with AppfolioThere are over 100 affiliate sites you can list a rental on as a property manager. Can you imagine having to list these manually on each site? With AppFolio, you are able to post a rental on all of these sites with only one click. You are able to add photos and details and then list your property quickly. With AppFolio, you are also able to funnel all responses from these sites into one area. Not only does AppFolio save property managers time, but it adds organization and ease to the marketing process.How AppFolio helps a property manager with maintenanceWith AppFolio, tenants are able to log on to a mobile app to submit a maintenance request. It streamlines these service requests for you as a property manager to schedule vendors to address the issues. AppFolio also sends a satisfaction survey to the tenant to rank the vendor used after the service is done to ensure that your vendors are doing a good job.AppFolio’s accounting solutionsAccounting on AppFolio is automated. It allows tenants to pay rent online with a credit card, debit card, or electronic check. he system is also able to generate an owner’s statement each month to show the rent collected, deposits, what a tenant has maid, management fees, and an owner distribution. It makes the process of tracking where they money has gone more straightforward for all parties involved.ResourceEpisode TranscriptThis 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 Y
30 May 2019
Episode 36: Hot Water is Essential During COVID-19 Pandemic, Featuring Scott Costa of Water Heaters Only
One of the most common water related incidents at rental properties is leaking or failing water heater. There has never been a time when hot water might be more essential, with all of us on stay-at-home orders, than during the COVID-19 pandemic. A failing water heater is a huge inconvenience to the homeowner or tenant who has to live without hot water for some period of time. Scott Costa represents a company that specialized in one thing ... Water Heaters Only know a thing or two about the topic. On this episode, Bob and Scott discuss why water heaters fail, what are the signs to look for when a water heater needs to be replaced, what the options are for selecting a water heater, and the new California building codes related to water heater installation.Topics Covered[3:20] Scott's background and intro to Water Heaters Only[4:45] Getting a water heater 24/7/365[6:30] Keeping hygienic and sanitization practices during COVID-19 pandemic[9:20] Why do water heaters fail?[11:10] Building codes in California and San Diego pertaining to water heaters[17:25] Why do water heaters cost so much more than they used to?[19:00] Circumstances which might favor installing a tankless water heater[26:05] The Emergency Shutdown Instruction Sticker on the front of the water heater[28:13] Signs that a water heater might be starting to fail [31:00] Recommended regular service and maintenance for water heaters [32:35] Potential danger of carbon monoxide emissions[34:30] Scott shares some great feel-good success storiesConnect with ScottWater Heaters Only1-800-833-4571Connect with Bob North County Property GroupEmail email@example.com ResourcesEpisode TranscriptFree eBook: Bob Preston’s new eBook, Best Practices for Renting Your Home, is a free download, find it here as a free download! https://www.ncpropertygroup.com/ebookSponsorSquare: Have you heard of Square? Accept credit cards, power your business with the free point-of-sale app, get real-time sales reports, and much more. $1,000 in credit card transactions are processed free when you sign up with this link, try it free today! Square promo linkThis 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
30 Apr 2020
Episode 6 - Keeping Your Rental Property Well Maintained, Featuring Zorik Gordon, CEO at Serviz
Bob discusses the importance of keeping a rental home properly maintained with Zorik Gordon, CEO at Serviz, a company which offers online home services on demand. Keeping a rental property in good working order is one of the most important aspects of maximizing rental income and making tenants comfortable and happy in your home. Have you ever asked yourself the question "Why can't we book and buy local maintenance services online, just like we order and buy products online?" Zorik helps answer that question. Serviz offers a great solution to property management companies and homeowners to quickly and easily find and schedule professional maintenance tradesmen such as handymen, plumbers, electricians, etc to make repairs. Zorik provides his insights as to why scheduling maintenance pros has historically been a frustrating experience and how the new platform offered by Serviz helps streamline the process. To learn more about Serviz visit www.Serviz.com. This episode is always available for listening, sharing, or download at Property Management Brainstorm. See a complete time-stamped transcript of This Podcast Episode 6.
30 Apr 2018
Episode 12: Make Your Property Management Inspection Easier, Featuring Andy Wallace of zInspector
On this episode, Andy Wallace joins Bob to talk about an extremely important topic for anyone handling a rental property: the property management inspection. This inspection takes place before a tenant moves into a rental and prior to the tenant vacating a rental. Though the world has gone digital, many of these inspections are still occurring on paper, by hand. With the amount of documentation and photos needed to complete these inspections, you can imagine how hard it could be to keep this straight for one rental - let alone hundreds of rentals. Andy’s company, zInspector is a cloud-based application that allows customers to do the inspection process on a mobile device. Be sure to listen to hear how the app works, why it is a great solution to recording home inspections, and more tips from Andy! For more information about zInspector, click on this link to the zInspector website. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Outline of This Episode[2:00] Andy’s background and what zInspector is all about[3:47] How people are doing home inspections today without zInspector[7:07] The classic home inspection vs. this type of home inspection[9:08] Best practices to use zInspector[13:05] Personal use vs. business use[15:27] The final output from zInspector[18:18] Recommended devices to use[20:41] 360 degree cameras[23:42] The importance of timestamping inspections[26:55] Other uses for zInspector[29:43] Andy’s closing thoughtsThe “current” home inspection process compared to zInspectorMany property managers are still doing the entire home inspection process on paper and by hand. Andy says that some property managers may have tried to track things on Excel or an online form, but that most resort to a paper checklist that they can touch and see. zInspector does a great job of giving the property management inspection process a similar feel to that of a paper form. For instance, it gives the whole perspective of the process. It also has subtle advantages. As software, it allows for customizable forms, adds timestamps, organizes photos, and allows the property manager to view the rental over a period of time. It has the tools to make the inspection process faster, and more easily referenced in the future.Best practices to use zInspector for a property management inspectionAndy shares several best practices for working in zInspector for a property management inspection:Create properties either on the application or on the website and build up the propertyCustomize area details (for example: 1 smoke detector per room) and synch that with all of your propertiesGear up for move-ins, pre-inspections, and move-outs in the application - keeping this data in the application allows you to have a picture over time of a specific rentalzInspector’s final outputThough zInspector stores data in the cloud, property managers are also able to export data to a final PDF report that is printable. This report contains information, as well as six photos per page. Each photo is time-stamped and GPS stamped. Not only are you able to print reports quickly, but zInspector helps you locate them in an instant. You are able to search your database of rentals on zInspector by property address, inspection type, keywords, or timestamps to find your report. Compared to having photos files on a hard drive to search for or paper copies of checklists, zInspector puts your inspection information literally at your fingertips.Resource Episode Transcript
4 Apr 2019
Most Popular Podcasts
Episode 20: Understanding Water Damage and Mold, with Jason Widmer
Water damage, mold, and the ensuing remediation work required is something no property owner or manager ever wants to have to address. Water is one of the most common sources of damage to properties and can happen due to failing water heaters, broken pipes, roof leaks, and more. On this episode of the podcast, Bob speaks with Jason Widmer, owner of KIC Restoration, here in the San Diego area.On this episode, you’re going to learn how to know if you have a potential water damage issue that needs to be addressed, what to do about it, and what the typical water restoration job looks like and how long it will take. Outline of This Episode[1:25] Jason’s expertise with water restoration and remediation[7:02] The most common examples of water intrusion into properties[10:50] Warning signs that you may have a water restoration issue in the making[12:30] The first things to do if you have an active water leak[18:50] The conditions that promote mold growth and why it’s a big deal[24:47] What does the entire process of water restoration look like?[37:01] Insurance issues and how they can help or complicate things[44:01] The best piece of advice: work with the right people for water restorationSigns that you may have a water restoration leak in the makingIf you can hear the sound of running water in your property and all water sources are turned off, it’s pretty obvious you have a water leak. But how do you verify that a water issue may be happening in your property if you can't hear running water? Water stains on ceilings or wallsBubbled paint or texture on ceilings or wallsWarm floorsVisible splotching from moldWhat should you do if you find a water leak in your property?If you are fairly certain you have a water leak in your property, what should you do? Jason says it’s time to call someone who has the experience and equipment needed to identify for sure that water issues exist. You need to make sure the people who come to do work on your property know what they are doing when it comes to water remediation and restoration.Does every water leak produce toxic mold growth?Jason says there are hundreds of different types of mold and most of them are not anything to worry about (we even breathe some of them every day). The most important mold to watch for is commonly called “black mold” (Stachybotrys).Resources & People MentionedEpisode TranscriptConnect with Jason WidmerJason’s Company: KIC RestorationConnect With Bob Prestonwww.NCPropertyGroup.com 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.
3 Sep 2019
Five Minute Friday #10 - Screening Prospective Tenants
So, you’ve shown a property and collected applications from prospective tenants. Though you may have a gut instinct around who is the best fit, it’s critical that you put ALL potential renters through a consistent screening process. What does that look like? On this edition of Five Minute Friday, Bob walks us through the process of establishing a set of criteria for screening prospective tenants. He shares North County Property Group’s published guidelines, discussing what questions to consider in terms of income requirements, proof of income and minimum credit score as you set your screening standards.Bob goes on to address what considerations to make around previous evictions, bankruptcy, negative landlord references and pet restrictions. Listen in for insight into North County’s digital application process and automated screening for criminal record, credit and eviction history—and learn how we work with property owners to select the most qualified tenants for a given property!Topics Covered[1:09] Why it’s crucial to have a published set of criteria for screening prospective tenants[1:32] Developing a screening process to determine if an applicant is a match[1:46] North County Property Group’s rental criteria[2:15] Bob’s advice on placing the Fair Housing Statement front and center on your application criteria[2:25] Questions to consider re: income requirements and proof of income before setting your screening criteria[3:13] Determining the minimum credit score that will qualify under your rental criteria[3:57] Considerations around previous evictions, bankruptcy, negative landlord references and pets [4:25] Establishing a process for completing a rental application (i.e.: paper or digital)[4:47] North County’s automated screening for criminal record, credit and eviction history[5:02] Checking with previous landlords for rental references as well as verifying employment and cash reserves[5:17] How North County works with owners to select the most qualified applicant for a given propertyConnect with Bob North County Property GroupResources MentionedNorth County Property Group Rental CriteriaThis 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.
27 Dec 2019
Episode 29: The Landlord Verification Process, Featuring Sherry McKillop of LandLord Verification Online
Because the landlord verification process is so cumbersome, a surprising number of landlords and property managers take it lightly—or don’t bother with it at all! But what if there was a quick and easy way to verify a prospective tenant’s rental history?Sherry McKillop is the Chief Operating Officer at LandLord Verification Online. Today, she joins Bob to explain why it’s crucial to complete a thorough landlord verification and walk us through the process of using her team’s service.Listen in to understand what’s included in LandLord Verification Online’s 14-item questionnaire for past landlords, how the team addresses Fair Housing concerns, and what insights a receiving landlord can glean from the LLVO report.Topics Covered[2:26] How Sherry’s experience with poor tenants inspired LandLord Verification Online[5:16] The turnaround time for landlord responses with Sherry’s service[6:05] The process of using LandLord Verification Online[8:30] The 14 fact-based questions landlords answer + how they certify that the information is accurate[11:25] The turnaround time for landlord verification the old-fashioned way[13:19] Why so many landlords and property managers don’t complete a thorough landlord verification[14:33] How revealing landlord verification can be in learning about an applicant[17:35] How to avoid Fair Housing concerns in the landlord verification process[18:34] How LLVO handles unresponsive landlords[21:10] What LLVO does to ensure that landlord references are legitimate[24:38] How Sherry’s team generated the 14-item questionnaire [27:13] How LLVO is available to individual landlords and property management companies[28:50] The correlation between verification reports and the tenant experience[30:18] Why it’s risky to rely solely on a prospective tenant’s credit score[31:36] Sherry’s personal story about her dad and Dictionary Safari[34:27] The benefits of using LandLord Verification OnlineConnect with SherryLandLord Verification OnlineLandLord Verification FAQsConnect with Bob North County Property GroupEmail firstname.lastname@example.orgResources Episode TranscriptSponsorsPlanning a residential property move? Get Free Shipping on affordable Moving Kits from BoxEngine by following this link: Boxengine Show Notes Link (click on link).Power your business with Square to accept credit cards through a free point-of-sale app and much more. Get $1,000 in credit card transactions processed free when you sign up at Square Show Notes Link (click on link).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.
9 Jan 2020
Five Minute Friday #2: Property Management Maintenance Facilitation
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 AirEpisode 22: A Better Way to Handle Property Maintenance Episode 11: When to Rekey and Replace Smoke/Carbon DetectorsConnect 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, Stitcher, Spotify and YouTube.
1 Nov 2019
Episode 26: Lessons Learned in the Leasing Process, Featuring Todd Breen of VirtuallyinCredible
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 email@example.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 VirtuallyinCredible. Use the codeword “brainstorm” to let them know we’ve sent you and receive your first 3 days free if you sign up for one of their services.Todd’s How to Shoot Video Training SeriesTodd’s How to Pre-Lease Training SeriesThe new eBook, Best Practices for Renting Your Home, has been recently published by Bob Preston and is offered as a free download on the North County Property Group website. Find it at this web link and download for free! https://www.ncpropertygroup.com/ebookThis 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.
28 Nov 2019
Episode 28: Giving Back to Our Community, Featuring Bridget Strickland of San Diego Habitat for Humanity
As part of our commitment to give back to the community, North County Property Group has forged a partnership with the local affiliate of Habitat for Humanity to provide safe, affordable housing for hardworking families in San Diego County.Bridget Strickland is the Corporate Partnership Manager for San Diego Habitat for Humanity. Today, she joins Bob to explain how the organization provides home ownership opportunities for low-income families, walking us through the process of qualifying for the program and the sweat equity hours required of Habitat homeowners. Bridget describes how long it usually takes to complete a project, the size of a typical Habitat home, and the locations where the organization has built affordable housing in San Diego County. Listen in for insight around San Diego Habitat’s Neighborhood Revitalization initiative and learn how you can get involved by volunteering in any of Habitat’s locations around the world.Topics Covered[3:55] What inspired Bridget to join San Diego Habitat for Humanity[4:56] The guiding principle of Habitat for Humanity[6:46] How the organization creates home ownership opportunities for San Diego families[7:45] How Habitat families agree to contribute sweat equity hours[8:40] The process of qualifying to buy a home through Habitat[11:15] How long it usually takes to complete a Habitat project[11:55] The typical size of a Habitat home + how they integrate into the community[12:29] The locations in San Diego County where Habitat has built affordable housing[13:04] The global scope of Habitat for Humanity[15:27] Volunteer opportunities at San Diego Habitat[16:55] The history of San Diego Habitat + how it’s affiliated with the international organization[17:35] San Diego Habitat’s Neighborhood Revitalization initiative[23:03] How Bridget’s experience nearly losing her home informs her workConnect with BridgetSan Diego Habitat for HumanitySan Diego Habitat FAQsConnect with Bob North County Property GroupEmail firstname.lastname@example.org Resources MentionedEpisode TranscriptNorth County Corporate Responsibility ProgramSan Diego Habitat ReStore LocationsSan Diego Habitat Volunteer HubHabitat for Humanity InternationalSan Diego Habitat Neighborhood RevitalizationBob’s new eBook, Best Practices for Renting Your Home, is available as a FREE download on the North County Property Group website at https://www.ncpropertygroup.com/ebook.SponsorGet 10% off all orders at Shelving.com with coupon NORTHCOUNTY or at the link below through 12/31/19. Let Shelving.com rack your world! https://www.gopjn.com/t/SUNIR0hORklDSEZGSU5MQ0dLSUlNSQThis 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
26 Dec 2019
Five Minute Friday #11 - Tax Implications of a Rental Property
As with any earnings, the rental income a property owner brings in must be reported to the IRS. So, what do property managers and homeowners need to know about reporting rental income and expenses on their federal and state tax returns?On this edition of Five Minute Friday, Bob offers an overview of the tax implications of owning a rental property. He describes the landlord or property manager’s role in keeping accurate records, discussing the most common methods for tracking income and expenses and explaining what information is included on the 1099 North County Property Group submits to both the property owner and the IRS.Bob weighs in on why the gross rental income listed on the 1099 differs from the total of owner distributions and walks us through the most common landlord deductions. Listen in to understand California’s requirements for out-of-state property owners and learn how an accountant uses the information provided by a property manager to prepare the owner’s federal and state returns.Topics Covered[1:02] The landlord or property manager’s role in keeping accurate records and supporting documentation for a rental property[1:17] The most common methods for tracking income and expenses[1:55] Submitting a 1099 that reflects gross rental income to both the property owner and the IRS[2:14] Why the gross rental income listed on a 1099 doesn’t match the total of owner distributions[2:41] Providing a year-end owner statement in parallel with the 1099[2:50] How an accountant translates this information to the property owner’s federal tax return[3:03] Why most landlords file a Schedule E as part of their Federal 1040 Tax Return [3:27] The most common landlord deductions[4:06] The importance of saving receipts associated with landlord deductions[4:11] Leveraging a tax-deferred 1031 Exchange to purchase additional properties[4:37] California’s requirement for out-of-state owners to submit 7% of rent collected to the California Franchise Tax Board[4:59] Why out-of-state property owners receive both a 1099 and 592-B[5:16] The tax preparers responsibilities around the California State Return[5:24] Bob’s advice on consulting with a professional tax advisorConnect with Bob North County Property GroupResources MentionedMicrosoft ExcelQuickenQuickbooksFederal Tax FormsCalifornia State Tax FormsThis 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.
3 Jan 2020
Five Minute Friday #6 - Best Practices for Renting Your Home
The idea of generating passive income through a rental property sounds pretty terrific. But the reality is, being a landlord is not as passive as you might think. Renting your home is equivalent to running a business, and there are a number of responsibilities that come with it. So, what do you need to consider before becoming a landlord? And what are the best practices for renting your home? On this episode of Five Minute Friday, Bob walks us through the main topics covered in his new eBook, Best Practices for Renting Your Home: Learn the Pitfalls and Safety Nets from a Pro. He explains why NOW is an attractive time for real estate investors to enter the rental market, describing how a rental property has the potential to both generate cashflow and appreciate in value. Bob goes on to cover the many obligations and responsibilities of being a landlord in terms of compliance, maintenance, record keeping, insurance and 24/7 responsiveness. Listen in for insight around what questions to ask yourself before renting your home and learn how a property manager can help you enjoy the benefits of being a landlord—without having to answer tenant complaints at 3am!Topics Covered[0:46] How to access Bob’s new eBook, Best Practices for Renting Your Home: Learn the Pitfalls and Safety Nets from a Pro[1:28] Why now is an attractive time for real estate investors to enter the rental market[1:51] How being a landlord is equivalent to running a business[2:08] The #1 question to ask yourself before renting your home[2:30] The landlord’s obligation to be on call 24/7 to respond to tenant complaints, maintenance requests and emergencies[2:45] The option to hire a property manager to take on most of your responsibilities as a landlord[2:56] The concept of leverage + how a rental property can both generate cashflow and appreciate in value in a strong market[3:38] Additional obligations a landlord must fulfill in terms of legal compliance and property maintenance[4:00] What is required of a landlord when it comes to accurate accounting and record-keeping [4:17] Making sure your rental property is properly insured[4:29] Why it’s crucial to advertise a property and speak to prospective tenants in a way that recognizes Fair Housing Laws[4:56] Where to go for more information about best practices for renting your homeConnect with Bob North County Property GroupResources MentionedBest Practices for Renting Your Home: Learn the Pitfalls and Safety Nets from a Pro can be found at https://www.ncpropertygroup.com/ebook.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.
29 Nov 2019
Episode 10 - Protecting Rental Properties for Landlord Peace of Mind, Featuring Dave Holt, Co-founder at SureVestor
Bob discusses a new concept in protecting rental properties to give landlords additional peace of mind from tenant-related risks. This episode features Dave Holt, co-founder at SureVestor, a company which provides this a unique form of insurance when renters are in your home. Dave explains this new insurance product, how it works, and what aspects are covered under the policy. Dave also shares his insights on costs involved in the three things landlords fear most: malicious damage by a tenant, loss of rent if the lease is abandoned, and unlawful detainer action (eviction). Bob discusses his plans for implementing SureVestor at North County Property Group as part of the company's Premium Program for San Diego Property Management. For more information about SureVestor, click on this link to the SureVestor website. This episode is always available for listening, sharing, or download at Property Management Brainstorm. See a complete time-stamped transcript of This Podcast Episode 10.
18 Mar 2019
Five Minute Friday #14 - Selling a Home with Tenants in Possession
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.
24 Jan 2020
Five Minute Friday #12 - Understanding Generation Differences
Different generations of people have distinct values, lifestyles and communication preferences. And as property managers, we need to understand the perspectives of each group and adapt accordingly to best serve the tenants in our rental properties.On this edition of Five Minute Friday, Bob walks us through the five generations a landlord or property manager might interact with, from Traditionalists to Generation Z, explaining why it’s crucial for us to recognize and accommodate generational differences.Bob shares the characteristics of Traditionalists, Baby Boomers and Gen Xers, discussing why each group might be looking for a rental property and how they differ in terms of communication preferences. Listen in for insight around marketing to Millennials or Generation Z and learn how life experiences influence what a tenant is looking for in a rental property.Topics Covered[0:43] Why it’s crucial for a landlord to understand generational differences[1:19] An overview of the five major generational groupings [2:07] The characteristics of a Traditionalist and why they might be looking for a rental property[2:31] What to expect from Baby Boomers in terms of communication preferences[3:23] The attributes of Gen Xers and when they might be in the market for a rental property[3:53] What differentiates Millennials and what to consider in marketing rental properties to this generation[4:34] How Generation Z has grown up using mobile devices and how that impacts the way they communicate[5:21] Bob’s insight on the life experiences of each generation and how that influences what they’re looking for in a rental property + how they prefer to communicateConnect 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, Spotify, and YouTube.
10 Jan 2020
Five Minute Friday #1: Allowable Security Deposit Deductions
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.
25 Oct 2019
Five Minute Friday #4 - Responding to Rental Inquiries
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 MentionedProperty Management Brainstorm EP024: Tenant Turnover Issues SolvedJames Barrett of Tenant TurnerNorth County Property Group Rental Application CriteriaThis 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.
15 Nov 2019
Five Minute Friday #17 - What Differentiates North County Property Group?
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 Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Spotify, and YouTube.
14 Feb 2020
Five Minute Friday #15 - Managing the Risk of Tenant Default
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, Stitcher, Spotify, and YouTube.
31 Jan 2020
Five Minute Friday #22: Being a Landlord During the COVID-19 Pandemic
The Coronavirus pandemic is on everyone’s mind right now. So, what can we do as landlords to protect the health and safety of our staff, property owners, tenants and vendors?On this episode of Five Minute Friday, Bob explains how the North County Property Group team is staying on top of our job responsibilities through a remote work setup and what you can do to reach us if need be. He discusses the precautions NCPG is taking when it comes to fulfilling maintenance requests and performing inspections during the COVID-19 health crisis.Bob goes on to share how NCPG is adjusting our showing policies for active rental listings, introducing us to the idea of a Rent Ready Date and explaining why we are suspending Open Houses for the time being. Listen in for insight around the potential for rent relief initiatives and eviction restrictions—and learn what NCPG is doing to ensure the health and safety of our stakeholders during this unprecedented time.Topics Covered[0:42] North County Property Group’s commitment to the health and safety of our stakeholders[1:26] Why we’re adjusting the NCPG work environment and taking extra precautions at our rental properties[1:48] How the NCPG team is staying on top of our job responsibilities through a remote work setup[2:14] How the NCPG staff can be reached and what we are doing when a face-to-face meeting is required[2:48] How NCPG is handling maintenance requests and inspections during the health crisis[3:26] NCPG’s decision to adjust our showing policies for active rental listings and why we’re not scheduling showings until a property is vacant and professionally cleaned[3:49] What we are doing to serve prospective tenants prior to a property’s Rent Ready Date[4:12] Why NCPG is suspending Open Houses and encouraging property owners with active listings to opt in for self-showings[4:29] The additional steps we are taking to provide sanitizing supplies at property showings and arrange for periodic sanitizing touch-ups[4:53] The potential for consumer rent relief initiatives and eviction restrictions in light of the pandemic[5:25] The need for caution during this unprecedented timeConnect with BobNorth County Property GroupResourcesThis 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.
20 Mar 2020