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10 Tricks to easy Property Management

10 Tricks to easy Property Management. Patrick Chomyn 4RentDenver.com. Patrick Chomyn. Purdue University 1985 Arrived in Colorado 1985 REALTOR since 1998 Bought my 1 st property in in 1989 Own 41 properties in 2 states Fix-n-Flip 6-12 properties/year Manage nearly 160 rental properties

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10 Tricks to easy Property Management

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  1. 10 Tricks to easy Property Management Patrick Chomyn 4RentDenver.com

  2. Patrick Chomyn • Purdue University 1985 • Arrived in Colorado 1985 • REALTOR since 1998 • Bought my 1st property in in 1989 • Own 41 properties in 2 states • Fix-n-Flip 6-12 properties/year • Manage nearly 160 rental properties • Goal to own 50 properties by age 50

  3. 10 Tricks to Easy Property Management • Nice properties in Nice Areas • Get-um Rented, Demand • Tenant Screening • A strong Lease Agreement • Charge for every Service

  4. 10 Tricks to Easy Property Management • Consistency in all procedures • Maintain the properties • Use every technology available • Security Deposit. The law • Study your trade • Greatest Secret to Success

  5. 1. Nice Properties

  6. 1. Nice Properties

  7. 1. Nice Properties

  8. 1. Nice Properties

  9. 1. Nice Properties

  10. 1. Nice Properties • Nice homes attract nice tenants • Lower turnover • Lower maintenance cost • Longer renters • Higher rents • Less problems • More income, not less

  11. 2. Gettum Rented: Demand • Create Demand through advertising • Yard signs w/ flyers front & back • Web site • Link to your website from others • Use internet exclusively

  12. 2. Gettum Rented: Demand • Internet advertising • Rentals.com • Backpage.com • Postlets to Craigslist • RentMarketer.com • Over 100 websites • Craigslist, Craigslist, Craigslist • Every Day or twice/ day

  13. 3. Tenant Screening

  14. 3. Tenant Screening

  15. 3. Tenant Screening • 2 recent paystubs • Credit Check • 600 + = 1 month rent deposit • 550-599 = 1.5 months rent deposit • 549 - = 2 Months Rent deposit • Criminal History • Court Records for Eviction • National Sex Offenders • Social Security # Search • Current Legal ID

  16. 3. Tenant Screening • POB 367191Bonita Springs FL, 34136 Phone: 239-947-2500Fax: 239-494-4347Website: http://www.backgroundinfousa.comEmail: james@backgroundinfousa.com Beacon Background Screening Service   Tenant Screening   More InfoJennifer Ege • 1525 S. Tamiami Trail #603B42913 Capital Drive, #101Lancaster CA, 93535 Phone: 800-288-4757Fax: 800-677-8494Website: http://www.continfo.comEmail: wbower@continfo.com Credit Investigators, LLC   Tenant Screening   More InfoCharles Pennington • 4200 Meridian Street #208Bellingham WA, 98226 Phone: 360-332-0078Fax: 866-614-1444Website: http://www.e-renter.comEmail: gs@e-renter.com Kroll Factual Data   Tenant Screening   More InfoMelissa Myers • 5200 Hahns Peak DriveLoveland CO, 80538 Phone: 800-929-3400Website: http://www.krollfactualdata.comEmail: mmyers@krollfactualdata.com LexisNexis Resident Screening   Tenant Screening   More InfoMartin Taylor

  17. 3. Tenant Screening • 1100 Alderman DriveAlpharetta GA, 30005 Phone: 678-694-2471Fax: 678-694-5912Website: http://www.residentdata.comEmail: martin.taylor@lexisnexis.com MOCO, Inc.   Tenant Screening   More InfoTami Bettendorf • 219 E Garfield St., #600Seattle WA, 98102 Phone: 206-505-5301Website: http://www.moco-inc.comEmail: tbettendorf@moco-inc.com National Tenant Network, Inc.   Tenant Screening   More InfoEdward Byczynski • PO Box 1664Lake Grove OR, 97035 Phone: 800-228-0989Fax: 800-340-1116Website: http://www.ntnonline.comEmail: efb@ntnonline.com On Target Screening, Inc.   Tenant Screening   More InfoRonald Bailey • 55 Monument Circle 1334Indianapolis IN, 46204 Phone: 317-423-0470Website: http://www.ontargetscreening.comEmail: ron@ontargetscreening.com Reliable Background Screening   Tenant Screening   More InfoRudy Troisi

  18. 3. Tenant Screening • 7000 E Shea Blvd., #I201Scottsdale AZ, 85254 Phone: 602-870-7711Fax: 602-870-7524Website: http://www.reliablescreening.comEmail: rudy.troisi@reliablescreening.com SARMA   Tenant Screening   More InfoJanet Curtis • 1801 BroadwaySan Antonio TX, 78215 Phone: 210-244-4511Fax: 210-200-6040Website: http://www.sarma.comEmail: jcurtis@sarma.com StarPoint Screening   Tenant Screening   More InfoKelly Gontarski • 493 S Main Street, #17Canandaigua NY, 14424 Phone: 877-255-8413Fax: 585-394-1388Website: http://www.backgroundagency.comEmail: dhough@backgroundagency.com The Information Source   Tenant Screening   More InfoMarlene Robbins • 5889 Greenwood Plaza Blvd #201Greenwood Village CO, 80111 Phone: 888-387-1750Fax: 303-302-3247Website: http://www.mysmartmove.comEmail: azowens@transunion.com TVS Tenant Verification Service, In   Tenant Screening   More Info

  19. 3. Tenant Screening • We DO NOT Call old landlord • Time • Accuracy • Fair Housing

  20. 4. Strong Lease Agreement • INTERNET OR OUT OF STATE LEASES ARE GARBAGE • Free Lease Agreement • www.4RentDenver.com • The Colorado Apartment Association • www.CAAHQ.org • Hopkins Tschetter Sulzer • www.HTSPC.com • Springman, Braden, Wilson & Pontius • www.sbwp-law.com • Frascona, Joiner, Goodman & Greenstien • www.Frascona.com

  21. 5.Charge for Everything **Can’t discuss fee amounts** • Late Fees • Posting Fees • Attorney Fee • Re inspection Fees • Release fees • Cannot Charge for your labor

  22. 6. Consistency in procedures • 1 Lease Agreement • 1 Management Agreement • 1 Repair Request • 1 Move-in Procedure • 1 Move-out Procedure **NO EXCEPTIONS** Federal Fair Housing Laws

  23. 6. Consistency in procedures Time Lines *NO EXCEPTIONS* • Rent is due 1st • Late @ 8:00am on the 4th • 4th is 3-Day Demand • 8th Turn over to the attorney • With promise to pay we will delay till the 15th • We do not accept payment until the judge grants possession. Optional

  24. 7. Maintain Your Properties • Annual full Inspections • Annual furnace Inspections • Annual Smoke/CO Inspections • Monthly Drive-by Inspections • Respond to repair requests • Warranty on Habitability • Constructive Eviction

  25. 7. Maintain Your Properties

  26. 7. Maintain Your Properties

  27. 8. Use Every Technology • STOP USING THE PHONE • Use voice mail technology • Online Rent Payments • www.PayLease.com • Use email • Use smart phones • Use the internet • Applications • Screening • Repair requests • Move-out notices • Owner’s statements • Use contractors that use technology

  28. 8. Use Every Technology

  29. 9. CRS 38-12-101 thru 103 Return of Security Deposit • (1) "Normal wear and tear" means that deterioration which occurs, based upon the use for which the rental unit is intended, without negligence, carelessness, accident, or abuse of the premises or equipment or chattels by the tenant or members of his household, or their invitees or guests. • (2) "Security deposit" means any advance or deposit of money, regardless of its denomination, the primary function of which is to secure the performance of a rental agreement for residential premises or any part thereof. • (1) A landlord shall, within one month after the termination of a lease or surrender and acceptance of the premises, whichever occurs last, return to the tenant the full security deposit deposited with the landlord by the tenant, unless the lease agreement specifies a longer period of time, but not to exceed sixty days. No security deposit shall be retained to cover normal wear and tear. In the event that actual cause exists for retaining any portion of the security deposit, the landlord shall provide the tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The landlord is deemed to have complied with this section by mailing said statement and any payment required to the last known address of the tenant. Nothing in this section shall preclude the landlord from retaining the security deposit for nonpayment of rent, abandonment of the premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant. • (2) The failure of a landlord to provide a written statement within the required time specified in subsection (1) of this section shall work a forfeiture of all his rights to withhold any portion of the security deposit under this section. • (3) (a) The willful retention of a security deposit in violation of this section shall render a landlord liable for treble the amount of that portion of the security deposit wrongfully withheld from the tenant, together with reasonable attorneys' fees and court costs; except that the tenant has the obligation to give notice to the landlord of his intention to file legal proceedings a minimum of seven days prior to filing said action.(b) In any court action brought by a tenant under this section, the landlord shall bear the burden of proving that his withholding of the security deposit or any portion of it was not wrongful. • (4) Upon cessation of his interest in the dwelling unit, whether by sale, assignment, death, appointment of a receiver, or otherwise, the person in possession of the security deposit, including but not limited to the landlord, his agent, or his executor, shall, within a reasonable time:(a) Transfer the funds, or any remainder after lawful deductions under subsection (1) of this section, to the landlord's successor in interest and notify the tenant by mail of such transfer and of the transferee's name and address; or(b) Return the funds, or any remainder after lawful deductions under subsection (1) of this section, to the tenant. • (5) Upon compliance with subsection (4) of this section, the person in possession of the security deposit shall be relieved of further liability. • (6) Upon receipt of transferred funds under subsection (4) (a) of this section, the transferee, in relation to such funds, shall be deemed to have all of the rights and obligations of a landlord holding the funds as a security deposit. • (7) Any provision, whether oral or written, in or pertaining to a rental agreement whereby any provision of this section for the benefit of a tenant or members of his household is waived shall be deemed to be against public policy and shall be void.

  30. 9. CRS 38-12-101 thru 103 Return of Security Deposit • (1) "Normal wear and tear" means that deterioration which occurs, based upon the use for which the rental unit is intended, without negligence, carelessness, accident, or abuse of the premises or equipment or chattels by the tenant or members of his household, or their invitees or guests. • (2) "Security deposit" means any advance or deposit of money, regardless of its denomination, the primary function of which is to secure the performance of a rental agreement for residential premises or any part thereof. • (1) A landlord shall, within one month after the termination of a lease or surrender and acceptance of the premises, whichever occurs last, return to the tenant the full security deposit deposited with the landlord by the tenant, unless the lease agreement specifies a longer period of time, but not to exceed sixty days. No security deposit shall be retained to cover normal wear and tear. In the event that actual cause exists for retaining any portion of the security deposit, the landlord shall provide the tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The landlord is deemed to have complied with this section by mailing said statement and any payment required to the last known address of the tenant. Nothing in this section shall preclude the landlord from retaining the security deposit for nonpayment of rent, abandonment of the premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

  31. 9. CRS 38-12-103 Return of Security Deposit • (2) The failure of a landlord to provide a written statement within the required time specified in subsection (1) of this section shall work a forfeiture of all his rights to withhold any portion of the security deposit under this section. • (3) (a) The willful retention of a security deposit in violation of this section shall render a landlord liable for treble the amount of that portion of the security deposit wrongfully withheld from the tenant, together with reasonable attorneys' fees and court costs; except that the tenant has the obligation to give notice to the landlord of his intention to file legal proceedings a minimum of seven days prior to filing said action.(b) In any court action brought by a tenant under this section, the landlord shall bear the burden of proving that his withholding of the security deposit or any portion of it was not wrongful. • (4) Upon cessation of his interest in the dwelling unit, whether by sale, assignment, death, appointment of a receiver, or otherwise, the person in possession of the security deposit, including but not limited to the landlord, his agent, or his executor, shall, within a reasonable time:(a) Transfer the funds, or any remainder after lawful deductions under subsection (1) of this section, to the landlord's successor in interest and notify the tenant by mail of such transfer and of the transferee's name and address; or(b) Return the funds, or any remainder after lawful deductions under subsection (1) of this section, to the tenant. • (5) Upon compliance with subsection (4) of this section, the person in possession of the security deposit shall be relieved of further liability. • (6) Upon receipt of transferred funds under subsection (4) (a) of this section, the transferee, in relation to such funds, shall be deemed to have all of the rights and obligations of a landlord holding the funds as a security deposit. • (7) Any provision, whether oral or written, in or pertaining to a rental agreement whereby any provision of this section for the benefit of a tenant or members of his household is waived shall be deemed to be against public policy and shall be void.

  32. 10. Study Your Trade • Join Trade Organizations • REALTOR • Apartment Association • National Association of Residential Property Managers (NARPM) • Read books • Landlord Tenant Law • Go to Continuing Ed Classes • REALTOR RALLY • Hopkins, Tschetter, Sulzer • Oliver Frascona • NARPM • Read Blogs • www.4RentDenver.com • CRS 38-12-101-103 Security Deposit @ www.Michie.com

  33. 10. Study Your Trade • Books • Trade Organizations • www.Michie.com

  34. 11. Secret to Success Give of your self without expecting anything in return.

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