AAOA Blog

ATTENTION LANDLORDS: HAVE YOU TURNED GREEN?

Owners of multi-family housing have a unique opportunity to help safeguard the environment by lowering energy usage, reducing carbon emissions, and conserving water. Haven’t had your green meeting with tenants yet?  Don’t know what to do?  The City of Ft. Collins, Colorado, has created and posted a list of tips for apartment owners. 

Here are a few of their suggestions to get you started:

•  install compact fluorescent light bulbs
• transition to Energy Star appliances
• repair leaky faucets and toilets right away
• prohibit parking lot car washing-professional car washes are equipped to protect storm water
• participate in alternative transportation options
• ask your tenants to shop and eat locally
• ask tenants to consider sharing equipment and tools rather than purchasing individually
• encourage the use of non-toxic cleaners
• use low flow shower heads

Don’t anguish over environmental concerns – do something about it!

Share your green tips with other landlords.  Post your comment below. 

American Apartment Owners Association offers discounts on products and services related to your commercial housing investment, including tenant debt collection, tenant background checks, insurance and financing.  Find out more at www.joinaaoa.org.

To subscribe to our blog, click here. 

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EVERYTHING YOU NEED TO KNOW BEFORE HIRING A PROPERTY MANAGEMENT COMPANY

an interview with Rodney Trepess, CEO: All Property Management

Do you want to maximize your profits on your rental?  Then hiring a property manager might be the right step for you, according to Rodney Trepess who runs an online property management referral service. 

“Often, the property management company has a higher opinion of what a property is worth than the owner. Rent comparables aren’t widely available to the public, and the management company has experience to draw upon,” Rodney explains. “The property management company gets paid on a percentage of rent, so they have a built-in incentive to charge the highest possible rent and achieve the highest possible occupancy rate.”

But it also comes down to asking yourself just how organized are you.

Rodney suggests you need a manager if:

• You live off-site, especially out of town.
• You are not good at record-keeping.
• You are slow to raise rents or unsure what the rates are in your area.
• You wonder what the vacancy rates are like in your area.
• Your property is in need of some maintenance.
• You have more than 15 units.

“And it’s about minimizing risks,” Rodney continues. ”Property management companies have expertise in finding tenants.  Many owners are in a hurry to rent, so they meet one or two prospects and hope for the best.  A bad tenant causes damage and depreciation of your property.” 

The decision to hire a manager is easy. The tough part is finding the right one. National companies may have the best network of resources, but current software can help the smaller companies compete effectively. “Don’t choose a company just by price,” Rodney suggests. “Sometimes there are hidden “add-ons” to the low price.  Besides, that’s no way to pick the right manager.  Meet face-to-face and consider how available the person is.  Responsiveness is a higher priority. Find out if they have experience with your type of rental. Always get references.  

Rodney’s online referral service is free to property owners at www.allpropertymanagement.com. 

Interested in more tips from Rodney Trepess? This exclusive interview is included on the American Apartment Owners Association’s CD series, Real Estate Investment Secrets, twelve exclusive interviews with industry experts that will supercharge your ability to locate the best investment properties and manage or sell them for maximum profit. 

Real Estate Investment Secrets is available for purchase from American Apartment Owners Association. Join as a Premium Plus member, and receive all of the benefits of our association including Real Estate Investment Secrets free as our gift for joining.  Visit www.joinaaoa.org for more information. 

American Apartment Owners Association offers discounts on products and services related to your commercial housing investment, including tenant debt collection, tenant background checks, insurance and financing.  Find out more at www.joinaaoa.org.

To subscribe to our blog, click here. 

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Between “I lost my Social Security card” and “My girlfriend has my last pay stub”, a landlord can find an endless array of red flags that may signal a potential problem tenant. But you or your property manager can be looking for them and be prepared to react. Remember to

Be Alert,  Be Skeptical, and Cross Check Information.

Here are some common tenant screening red flags:

• A prospect who fails to completely fill out the application.
• Can’t provide necessary documentary proof of information on the application.
• Provides inconsistent info on the application itself or says something inconsistent.
• Provides information that can’t be verified.
• Appears nervous or in a rush to move in. 
• Acts overly friendly, and tries to dissuade you from verifying the application. “Trust me.” 
• An applicant without a bank account may indicate a lack of stability.
• A “self-employed” applicant with no documentation substantiating a legitimate business (e.g. business license, bank account, business address).

American Apartment Owners Association offers discounts on products and services related to apartment management, including tenant debt collection, tenant background checks, technology, insurance and financing.  Find out more at www.joinaaoa.org.

Premium and PremiumPlus members receive discounts on Tenant Background Checks.

For more information on Tenant Background Checks, see our interview with Fidelity Information Corporation CEO Jeff Cronrod,TENANT BACKGROUND CHECKS:  LITTLE KNOWN WAYS TO AVOID COSTLY MISTAKES.

This exclusive interview is included on the American Apartment Owners Association’s CD series, Real Estate Investment Secrets, twelve exclusive interviews with industry experts that will supercharge your ability to locate the best investment properties and manage or sell them for maximum profit. 

Real Estate Investment Secrets is available exclusively through the American Apartment Owners Association. To purchase a copy, visit www.joinaaoa.org.  Join as a PremiumPlus member, receive all the benefits of membership, and this CD series is our gift to you.

For tips on how your tenant background check can affect your chances for recovery of unpaid rent, check out our series on the blog “Seven Vital Tips to Help You Collect Your Tenant Debt”.

Have tips to share?  Please post your comment.

To subscribe to our blog, click here. 

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Seven Vital Tips To Help You Collect Your Tenant Debt – Part Seven of our Seven Part Series

by Bill Gray, Fidelity Information Corporation

Take advice from someone who knows the tenant debt collection business:

Your debt recovery may depend on what you do before the tenant moves in!

Get the right information from your prospect before they move in, and you will always increase your chances for debt recovery on the back end.

TIP NUMBER SEVEN

Signed Move-In Statement.  Congratulations, you found a new tenant!  No need to walk through the unit – we’re all friends here, right?  Wrong!  For both your and your new tenant’s protection, walk through the unit with them before they move in.  Make accurate and legible notes about the condition of the unit. ”I wish I had a nickel for every debtor who says the apartment was cleaner when he moved out that when he moved in.” A signed Move-In Statement can prove him wrong. 

Miss the other tips in our series?

Click here for TIP ONE  

Click here for TIP TWO

Click here for TIP THREE

Click here for TIP FOUR

Click here for TIP FIVE

Click here for TIP SIX

In need of tenant debt collection? Call 303–938-8280  or send an email to collection@joinaaoa.org.  Write the word “COLLECTION” in the subject line. 

Premium and Premium Plus members receive discounts on debt collection. Sign up now, or upgrade your membership to enjoy the savings. 

Premium Plus members also receive a copy of Real Estate Investment Secrets, twelve interviews with industry leaders, including “How to Collect Debts When Your Tenant Leaves Owing You Money” by Jeff Cronrod, CEO of Fidelity Information Corporation.  To find out how to purchase Real Estate Investment Secrets,visit www.joinaaoa.org.

Tags: tenant+debt+collection, bad+rent+collection, real+estate+investment+secrets, move+in+statement, apartment+owners+associations, apartment+associations

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TENANT BACKGROUND CHECKS 101: WHY THE PREVIOUS ADDRESS TENANT HISTORY (PATH) IS A CHEAP AND EASY WAY TO SEE IF YOUR PROSPECT IS TELLING THE WHOLE TRUTH

The Previous Address Tenant History, or PATH report, is cheap –only about $6, a cost that is charged against the application fee is most cases.

But don’t let the low cost fool you — this report offers a lot of bang of the buck!

The Previous Address Tenant History:

• Lists each address that is associated with the applicant’s social security number.
• Lists the date ranges at each address.

With this information, the landlord can:

• Evaluate if the prospect is telling the truth on the application.
• Eliminate shared names from the criminal reports, which are not referenced to social security numbers.
• Discover if the prospect lived outside the area of the criminal history report ordered so the landlord can broaden the search.
• Gain another tool to determine if the social security number provided by the applicant is fraudulent.

Remember to order tenant background checks for all of the adults who will be sharing the property. 

Follow this link to see a sample Previous Address Tenant History.

American Apartment Owners Association offers discounts on products and services related to apartment management, including tenant debt collection, tenant background checks, technology, insurance and financing.  Find out more at www.joinaaoa.org.

Premium and PremiumPlus members receive discounts on Tenant Background Checks.

For more information on Tenant Background Checks, see our interview with Fidelity Information Corporation CEO Jeff Cronrod,TENANT BACKGROUND CHECKS:  LITTLE KNOWN WAYS TO AVOID COSTLY MISTAKES.

This exclusive interview is included on the American Apartment Owners Association’s CD series, Real Estate Investment Secrets, twelve exclusive interviews with industry experts that will supercharge your ability to locate the best investment properties and manage or sell them for maximum profit. 

Real Estate Investment Secrets is available exclusively through the American Apartment Owners Association. To purchase a copy, visit www.joinaaoa.org.  Join as a PremiumPlus member, receive all the benefits of membership, and this CD series is our gift to you.

For tips on how your tenant background check can affect your chances for recovery of unpaid rent, check out our series on the blog “Seven Vital Tips to Help You Collect Your Tenant Debt”. 

Check back for next week’s feature, ”Everything You Need to Know Before Hiring a Property Management Company“, with Rodney Trepess, CEO, All Property Management.

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