Some changes are going into affect as of April 5, 2010 that impact all buildings less than 70 feet tall, smaller than 7 apartments, and that were not constructed, altered, or modified since January 1, 1975.
These buildings will have specific requirements regarding the use of both photoelectric and ionization smoke detectors. The Greater Boston Real Estate Board has put together a couple of pieces of quick information about these requirements. You can read the requirement here and the FAQs here.
At Real Property Management Boston, we've made the changes to our maintenance inspection checklists and recommend the same to other property owners/managers.
An interesting report was brought to my attention about
property management software. Software
Advice has done some research
on property management software and how it enhances the operation of
property management companies. The range of software options is diverse. I
Googled property management software earlier this year and came up with 41
vendors that include Buildium, TenantPro, Propertyware, Yardi, and many others. An associate of mine's company, Placeforce, has developed his own
property management software
that focuses not only on property management but the communication of project
status. At Real Property Management Boston, we use a SaaS (software as a service) off the shelf product that has been configured for our unique application. The software is priced according to the number of units under management. Functionality includes online statement and document presentation to owners and residents and the ability to track communications through entering notes or sending emails via the software as well as the typical building/rent management aspects. One area that falls short is in lead and sales tracking - we've had to go to other CRM platforms. Our current software challenge is in document sharing and group calendaring. We have yet to find an application that meets our needs without requiring the installation of a server. I'm certainly interested in hearing any ideas!
The Department of Housing and Urban Development has released its third quarter US Market Housing Conditions Report. The regional information for Boston continues the trend of increased vacancies and reduced rents. Another interesting report released at the same time is HUD’s “Eye on Multifamily Finance” which tells a story of rising mortgage delinquencies as multifamily owners feel the impact of vacancies and lower rents. While the report focuses on properties with more than 40 units (20 in CA in AZ), the experience can parallel an owner of a triple decker here in Boston. At Real Property Management Boston, we regularly speak with owners of rental properties that are struggling with the challenge of maintaining curb appeal and habitability while faced with a challenging housing market.
I just read Jeremy Shapiro’s blog on foreclosure data and it reminded me of the importance of understanding if the property you are buying is occupied or not. If it is occupied, who are the occupants? Tenants or the previous owner?
Real Property Management Boston manages some inhabited bank owned properties. We also manage some inhabited properties that investors have bought at auction. One example may help investors to consider how good the deal may be if the property is not vacant.
A customer came to us having just purchased a Malden two family property at auction. She beat out 10 other people and was very satisfied with the deal that she had made. Then she started contacting the tenants in order to make arrangement regarding inspections, rent, and any repairs that were required. The downstairs tenants had been renting for around a year and had no idea that the property had been foreclosed upon. Sadly, this is a fairly typical situation. The upstairs tenants were the previous owners and initially insisted that they still owned the property. The bank that held their mortgage told them that the property had not been sold. It took an additional month and the involvement of lawyers for the previous owners to finally understand that their home had been sold.
The new owner of the property wanted to work with everyone living in the units. She was especially empathetic to the upstairs tenants and wanted to be as charitable as possible while making sure that her new investment was insurable and legally rentable. She hired our company as property managers to help her with the process.
Scheduling the inspection was near impossible as was effecting the repairs (which are still in process). In negotiating the rent for the previous owners, they are insisting on holding back money for repairs done before foreclosure. They claim ownership of appliances in the ground floor unit as well. The new owner offered a rent at 67% of market value simply to work toward a good relationship with the inhabitants. Efforts to date haven’t worked. The new owner is still reluctant to take legal action given her empathy.
If you have bought or are considering buying a foreclosed occupied property, be sure to review the Protecting Tenants at Foreclosure Act - these tenants have specific rights that must be followed.
Foreclosures are up in October but lower than the same time last year according to a recent Warren Group press release. Still, investors looking for bargains need to be thorough. This example illustrates a few reasons why.
Read all of Careful Inspection Up Front – Less Expense Later
When looking for the best property management in Massachusetts, it’s crucial to to find the company that best serves both you and your tenants. Unlike business properties, managing residential properties is a full-time job.
It’s important to work with a property manager who understands what it takes to keep a residential property running safely and efficiently. Dealing with tenants involves maintenance of rental units, collection of monthly rent, and the processing of lease agreements. Additionally, there are customer service calls and emergency repairs that have to be considered. With a property manager, you can leave the work to someone else while you enjoy the benefits of a well-run property.
Property management in Massachusetts isn’t just about replacing broken appliances or resolving tenant complaints; residential management requires a clear understanding of leasing agreements and tenant/landlord law. With a trusted partner in property management, you can feel confident that your property is being managed by the best in the industry.
A highly qualified property management company understands your residential property needs. Look for a company that offers 24-7 customer service, with tenant access to emergency contact numbers and online access to account information. By leaving the administrative work to the experts, you can sit back and enjoy the profits from your real estate investment.
Property management in Massachusetts is an important way to protect your residential real estate. With the right company managing the business side of your investment, you can have more time to find the next big real estate investment or project. By working with you to understand your needs, the right property management company will take care of your property in a way that promotes its value and maintains its high quality. This will insure the long-term residential use of your property and profits to enjoy for many years to come.
When you own residential real estate, who you select to manage your properties is an important decision. Finding expert, real property management in Boston is as easy as turning on your computer. By reviewing various companies online, you can find a company that has the best professional background for managing residential properties.
Residential properties require specialized services. From tenant credit checks and rent collection, to assistance with the complicated eviction process, a well-qualified property management company can handle these details for you. Whether you are the owner of a single family rental home, or a mid-size apartment complex, having expert real property management in Boston is as important to your tenants as it is to you.
Taking care of tenants is just one way that a property manager can make your job easier. Dealing with daily maintenance tasks, such as lawn care and general housekeeping, a property manager works to maintain your property for long-term living.
Consider a property management company as an investment in the long-term use of your property as a residential home. By maintaining a strong relationship between tenants and management, you can rest assured that you property is being taken care of.
Owning property doesn’t have to be a full-time job. With a professional property manager who understands the needs of residential properties, you can relax in knowing that your investment is being protected.
To find the best expert property management in Boston, look online, ask for referrals and speak to different managers. Take the time to find the company that you feel will take care of your property as you would; with expert care and professional services, 24 hours a day.
Protect your investment in Boston with high-quality residential property management. With a company that takes care of your property, you can be comfortable in knowing that your business is doing the best the tit can do. Taking the time to research the best company now is an important first step in finding the most value and service in your next property management company in Boston.
Are your struggling to manage your apartment complex or condo? Managing your properties with property management in Jamaica Plain is easy when you know what to look for. Understanding the needs of a residential property, including tenant screening, rental fee collection and proper eviction processes, are important when looking for a property manager. By having a good idea of what services you need, you can make the search even easier.
It’s important to understand that not all property managers are the same. Property managers with a focus on residential properties will understand what it takes to keep these types of real estate projects running efficiently. From overseeing general building maintenance to understanding tenant needs, the right property manager will take care of everything for you.
Having the right tenants who are happy with your property will increase its value and keep it occupied over time. With the right property management in Jamaica Plain, you can watch your business investment grow and prosper. All without the hassle of dealing with the day-to –day processes and legal requirements.
If your property deserves nothing but the best in property management, consider a company that offers full-service management. With a company that appreciates the needs of a residential property, you can be confident that your property will be professionally maintained and efficiently run.
With an experienced property manager, you don’t have to be an expert in lease agreements and rental collection. Leave your schedule open for finding new real estate properties and investing in you and your family’s future. By hiring a trusted property management for your residential properties, you can sit back and relax and leave the details to them.
Start enjoying being a property owner by hiring an experienced team to manage your residential properties. Whether you own a large apartment complex or a few single-family homes, property management is the best way to plan for a successful future with your residential properties. Relax and leave the hard work to the experts, and your property will be managed efficiently and professionally.
When looking for the best property management in Brookline, be sure to look at the whole picture. From the services provided, to customer availability, comparing all aspects of a property management company in Boston and beyond will insure you get the best value for your money and the most experienced maintenance team for your property.
Not all property management in Brookline is the same. Each company offers a variety of services and prices depending on your needs. Highly qualified residential property managers offer various convenience services, which can range from specialized maintenance services, to tenant screening and processing services. By having these services available, you can let someone else do the paperwork.
Residential properties, including condos and apartment complexes, require specialized services that businesses don’t require. 24-hour access to emergency maintenance services, online customer service, and rental deposit services all provide a higher level of service that non-residential property managers may not provide. Having a company that understands what your property requires is the best way to have a smoothly run property.
Looking for the best property management company for you is as simple as researching the various options online. Take some time to see what each company has to offer, including what specific services are available. Additionally, be sure to find out what kind of customer service the company offers to both you and your tenants, as this can be critical to maintaining your buildings.
When you have an investment to protect that is as important as real estate, you know that the only the best will do when it comes to managing your residential property. With a trusted property manager in Brookline, you can be assured that your property will be highly maintained in a professional manner.
Take a positive step in finding the most effective property management company available for your residential buildings. With the right partner, you can rest assured that your properties will be taken care of, allowing you to relax and enjoy the excitement and fun of being a property manager.
When looking for property management in Cambridge, all land owners want to know they are working with a professional company that understands their needs. When it comes to residential real estate, finding a property manager who understands what it takes to manage a condo community, apartment complex or single-family housing is crucial to being successful with your real estate investment.
To find property management in Cambridge, start by asking for referrals and by looking online. Compare the prices of several companies and be sure to note what services are included in the price. Companies that specialist in residential real estate will include services like tenant screening and eviction assistance, allowing you to leave the paperwork and legal matters to a qualified expert.
Some of the services that can be found with property management in Cambridge include electronic rent collection, 24-hour support, and online account information. By having a trusted company that takes care of these details for you, you can relax and watch your property revenue increase each month.
Reliable, trusted property management is important to your tenants and to the future of your property. By insuring that your residential properties are well-managed, you can rely on having happy tenants who stay longer and a well-maintained property for years to come.
Having a property manager in Cambridge who takes care of the details for you is the best way to protect your real estate. With so many legal documents and hassle associated with typical rental properties, having a well-managed property will lead to a well-managed business.
Property management in Cambridge can vary. From those who provide basic maintenance to those who offer full-service management, taking the time to compare prices and services offered will be beneficial down the road.
Protect your investment by finding the best property management available for your property. Comparing the value of each company is the best way to get started on a successful part for your residential property for years to come. By choosing the right property manager, you can start enjoying the profits of a real estate venture.
