What You Need To Consider When Hiring a Property Manager

Once you have actually found a good rental, the next step is to pick a great property manager.  In searching, you want to do a thorough interview, and in doing so, you will be able to determine if they are worth working with.  Here are some questions to keep in mind when choosing a property manager:


How do they control maintenance costs?  
Make sure the manager has you approve a list of vendors, which will include a plumber, handyman, electrician, painter, etc.   Ask your manager to contact you only if a certain project goes over the maximum expense.

How do they advertise vacancies?
As a landlord, your goal is to have maximum exposure for your vacancies to shorten the time that a rental goes unoccupied.  A good manager will be aggressive n their advertisements.  You don't want your property staying vacant for too long.  Aim for free advertising, like Craigslist or Facebook.

How do they show properties?
The process used to show properties describes whether they will be successful or not in obtaining quality tenants.  For example, if your manager only shows properties 8-5, this decreases your odds of getting a tenant with a day job.

How does the company screen tenants?
Ensure in-depth credit,criminal, employment, and prior residency checks, these checks can find any negative history and keep you from some big losses.  All it takes is one bad tenant to turn you off to rental properties.

How does the company deal with accounting and owner reports?
Your property manager should have a quick system to provide all lease expiration data on your properties, move-in/move-out inspections, lease documents, open work orders, and tax information.


How does the manager deal with after hour emergencies? 
Most property managers will have a 24 hour maintenance emergency line to handle requests immediately.  Be sure the manager has a line and it is staffed 24-7.

How do they deal with evictions?
Ask your manager how often they file for eviction on their current properties.  Usually a high rate of eviction can determine that the manager is not accurately screening applicants.  A renter should be able to pass a basic credit check and have an adequate landlord reference.


As a property investor you have the choice of managing your properties yourself or delegating the day-to-day operations to managing agents.  It is critical that you choose your manager wisely as the company can considerably increase the return from your property.

Whatever type of property you need – residential, retail, office, wholesale or industrial – we at Landmark Group can help you buy, sell, maintain or renovate. We can also help you manage your property. Just give us a call.

Managing Time Tips for Property Managers

Property managers face a burdened workload, constant interruptions, a deluge of information, and tenant issues – in short, there is always too much to do and never enough time to accomplish it.  One of the biggest challenges for property managers is to complete all tasks efficiently and accurately. Given the number of interruptions you get during the day, completing a fraction of must-do tasks is remarkable. 

Property mangers deal with a number of issues including: negotiating leases with existing and prospective tenants, chasing payments, addressing maintenance problems, keeping the property owner up to date, and marketing and networking.    A jam packed schedule has the potential for disaster.  In the midst of all of the activities, moving from one task to another without completing any of the priority issues. 

Build each day around a simplistic plan that allows you to complete priority tasks first thing in the morning.   Handle high priority problems immediately and when possible, delegate work.  Afternoons should be reserved for activities out of the office. This includes meetings with vendors, landlords, tenants, and property inspections.


Simplicity and time management is the key to an effective workday. It is inevitable that you will encounter days when this plan will not be achievable due to some unintended event; however for every hour you devote to planning, you’ll save 3 to 4 hours from poorly managed tasks, so it definitely pays off to stick to a schedule.

Is It Time For A Property Manager

Renting a property requires a broad skill set to match an ever-changing set of challenges. What you might have been able to handle at one point in your career as a landlord may alter over time.

Read on for the aspects of property management that might inspire you to call in reinforcements to help you out.

Maintenance
If your stable of properties has grown, you feel like you’re losing money on repairs, or you’re just short on time, you might want help with property maintenance.  Consider how a landscaping service might do more work than you can comfortably, saving you hours that could be put to other use.

Interacting with residents
If you have a number of residents or have your properties scattered throughout the area, collecting rent and dealing with all the issues residents might have can become time-consuming. A reputable property management company can take the headaches away by collecting rent, keeping units rented, and dealing with resident problems. Property managers can also help you stay on top of maintenance, legal issues and affordable housing program paperwork. The peace of mind you get from the help will likely make the service worth every penny.

Keeping up with laws
Housing law is in constant flux. From rent control to changing codes, you need to be on top of it all to stay compliant. If you’re already feeling overwhelmed, a real estate lawyer might make your life easier by making sure you are up to date legally and that your property insurance provides adequate protection, for instance.

Taxes
If you’ve been brave enough to manage your taxes on your own, hats off to you. With a single rental property, there is a lot to keep track of in terms of deductions and how much tax you owe. With more than one property, the paperwork increases significantly.

What it takes to make a good tenant.

Do you want to be a good tenant? So do we, we have our tenants sign a lengthy lease but being a good tenant comes down to three things.
1. Pay your rent on time, its that simple. The rent is due on the 1st and late after the 5th.  Please pay your rent on time. We don't want to collect the late fees. When you are late its a lot of work for us, just pay your rent on time and we will think you are a good tenant
2. Respect the property.  Its funny when you think no one washes a rental car. But this is serious. You are living in something that is a very expensive and a complex asset, We just ask you treat it with care and to treat it no different than would if you owned it. We work very hard keeping the rent affordable, please help us continue to do this by not damaging the property.

Liz Salnicky and Ynna Colon Paleo Pizza

3. Respect the neighbors. Have you ever lived next to a noisy neighbor? Its very stressful, when you get off work and you just want to hang out and the neighbor is playing loud music. Another example of this is keeping the trash picked up and in trash cans with lids and  take them to the curb one a week on trash days.



This pic is Paleo Pizza that our Property Managers Ynna Colon and Liz Salnicky Made. If you want to learn more about the Paleo lifestyle more let one of us know.

Why Choose Landmark Group?

A few weeks ago I was having dinner with a friend and he asked about my work and the company Landmark Group. I told him that Landmark is a real estate company that manages houses and apartments for rent. He then told me a story of an experience he had over twenty years ago when he was in the service.

He had purchased and was living in a house when he got orders to go overseas. A neighborhood friend of his, who was also in the service, offered to manage it for him, and the friend did a good job choosing tenants and making sure rent was paid and the property was maintained. Then, that friend got orders to go overseas and they had to find a new manager. They found a Realtor who said he could manage it for them. He then started noticing a lot of people renting for only a short time and moving out. The house almost always had a tenant but my friend wondered why they were not staying. When he finally got orders to return to the U.S., he told the manager not to rent it out any more because he would be returning. Upon returning he found that the Realtor had been using the house to rent to people who had sold one house and were moving to another, but the other was not yet ready. The tenants and the agent had no incentive to keep the place in tip top shape, so when he returned he had a lot of work to do. He had picked a professional to manage the property, but not really a professional, who was only a manager part time and was selling real estate full time.

Landmark is different. We have agents who sell real estate full time, and we have a separate large department dedicated to managing apartments and houses. We have a maintenance crew dedicated to keeping these properties in tip top shape. We qualify tenants and try to find tenants who will be good long term tenants. We work with both tenants and property owners to be sure the property is maintained and liveable for both the current tenant and future tenants. So, if you have a property which you would like to rent, come to the pros. Come to Landmark Group Omaha.

Recycling

Recycling is becoming more important to businesses as time goes on. At Landmark we generate a lot of trash which we used to haul to the landfill. Recently we added a dumpster for materials which can be recycled. It does not take long for it to fill up with cardboard and other items. Since I am involved with the technical devices at Landmark, especially computers, I have also been concerned about how to recycle these devices. Our monitors and computers do wear out or become obsolete.

One company which has an excellent program for recycling almost anything electronic is Best Buy. They accept most items at no cost and make it easy. I have taken old CRT monitors, televisions, VHS recorders and many other items to them for recycling, and with them I know it is done right. Maybe you can also join in the recycling process. For more information go to the Best Buy website

"I'm Older Than Time But I'm Still Here."

Landmark Group's reality show, The Super, is now on its fifth episode and we couldn't be happier with how the show has turned out. Responses have been positive and the show has been really well received. We're glad people are as interested in our jobs as we are :) Dave has said it time as time again, but I'm sure it's more understandable to others now - being a landlord is not an easy job. It's a tight-rope balancing act between doing the right thing for the property owners and being just and fair to the tenants. Thankfully Dave has a good head on his shoulder (as many people have realized after watching the show), and we think he does an amazing job for all parties involved.

Check out a preview for next week's episode about one of our tenants, Alma, who gave us some problems when it came time to pay her rent.

"I'm Gonna Go With Filthy"

The fourth episode of The Super airs this coming Monday at 8 PM. Watch as we struggle to get the Colbert Apartments past the city inspections in only three days time - a task that others haven't been able to finish in 2 years! Tune into HDNet to find out what will happen! And be sure to like The Super on facebook!

Save 10% at Lowes or Home Depot

As a new home owner, I am often found at Lowes or Home Depot. I almost never leave the store without spending several hundred dollars. I discovered that you can go to the Post Office and get a change of address packet. Within the packet is a 10% off coupon to Lowes. Home Depot will accept it as well. Use this trick for some big ticket items and save yourself some mula.

Landmark Lead Safe

What is RRP lead safe? Why is it important? And WHY are property repairs and maintanence more expensive now because of it ?

The EPA RRP Rule represents the most significant and far-reaching Federal lead regulation since HUD published the Lead-Safe Housing Rule over 10 years ago. But how to properly implement the various components of the rule has created many issues and concerns among public agencies, community groups, contractors, property managers and owners.

When lead paint is sanded or scraped or disturbed, microscopic particles of the metal mingle with the dust that is created. That "lead-containing" dust is what can seriously impact people'shealth, especially children and pregnant women. Lead causes a long list of problems, including learning and behavioral problems, kidney disease, high blood pressure, miscarriage and birth defects. Lead can even cause depression and aggressive behavior. Experts say lead poisoning doubles the number of children in special education classes, and some studies show it plays a major role in crime rates as well. There is no safe level of lead - any amount can be harmful to you and your family.

The EPA’s Renovate, Repair and Painting Rule (RRP), which began on April 22, 2010, is designed to help reduce the hazards of lead based paint exposure during renovation projects. The RRP Rule is best known for the very specific and tedious safety and work practices that must be followed by all contractors performing renovation, repair and painting projects that will disturb lead-based paint in homes, child care facilities and schools built before 1978. In addition to the extensive lead safe work practices,  the rule requires that firms also keep extensive records for all work done for a minimum of three years.

The fines for non-compliance can be over $30,000 per day, and enforcement has begun nation wide. One Omaha company was already asessed fines and penalties as a cost of over $15,000. Click here to read the original story from the OWH.

What is a Good Economy for a Real Estate Investor?

Recently I was reading through Dave Paladino's blog and I came across a post that really caught my eye. It correlated with everything I've been reading about what a great buyer's market we are in and how the able-bodied should seriously consider investing in some form of real estate.

Dave wrote this post on Sept. 20, 2009, which is eerie because it sounds as if he's describing the Omaha we know today. A good economy for real estate investors, he suggested, looks different than a good economy for the rest of the business world:

1. High interest rate environment. Landlords compete with house payments, so the higher rates our competitors charge, the more we can also charge in rents.
2. Tight lending standards. If it is hard for people to borrow money, they are more likely to rent.
3. Less new construction of apartments. All business is supply and demand. The lower the supply, no matter how small, the less competition you have.
4. Big employment growth/low unemployment. [This wasn't in his original posting, but just to put Omaha's standing in this area into perspective, our unemployment rate is 4.7% and the U.S. average is 9.1%. Although our job growth, according to Sperling's Best Place is .09% - not very high.]
5. Net population increase. The more people looking to rent, the better. [According to the Greater Omaha Economic Development Partnership, Omaha has grown 12.8% in the last ten years and a 5.5% growth is projected for the next five years.]
6. High foreclosure rate. People have to live somewhere. It's not as if the demand for housing goes away.
7. Families living separately. This one is hard to measure, but it is really good for our business. Say a family has five adult children and they all live at home. It is definitely better for property owners if all these people live in separate units.

Maintainence of the Season

It is that time again to do the routine checks on your furnace. I recommend you do this twice a year, once in the spring and once in the fall. It's better to check now before it is freezing and you have to wait in line behind a bunch of people (this is especially bad if you have a major pipe leak problem or something worse on your hands).

Another good thing to do at this time is change the furnace filter, alarm batteries, winterize your sprinkler system, and check for any major air leaks in the windows - it could save you a ton a money before it is too late. Because there is no Nebraska game this weekend and the weather will be nice, it will be a great time to take care of these items.

If you are having trouble or don't have time managing and maintaining your rental property, Landmark Group are the experts. Contact us today at 402-553-8111.

Management Objectives

Landmark Group is a fast-paced workplace that is driven by tight deadlines and a company attitude that demands results and maximum effort from every one of the employees. As a manager under constant pressure to deliver the end result, I have found that it helps to keep in mind on a daily basis the following five objectives:

1. Analyze accordingly
2. Prioritize promptly
3. Force flexibility
4. Communicate constantly
5. Demand documentation

By analyzing the daily workload and prioritizing the important task of the day, I can clearly define my objectives and that of my team in order to avoid confusion. I have a plan of action to follow based upon what is high priority and working my way down from there. Of course in this business it is inevitable that issues and problems arise on a daily basis that forces priorities to change. When this happens it is important that I revisit objectives one and two before altering the course of the day and then, if necessary, be flexible enough to change priorities to fit the demands.

Communication and documentation helps keep a unity among the employees. Being clear in my communication to others helps to define a process that everyone is familiar with and avoids mishaps. Documentation is a proven way of verifying that the process and procedure was handled from the beginning through the end and provides proof of completion.

By following these five objectives daily it has helped me improve my work habits and I believe has made me a better manager at Landmark Group. Try instigating these objectives into your day as well.

Monthly Financial Reviews

As I prepare the monthly owner statements for e-mailing/mailing this month, I always wonder what percentage of our real estate owners look at their statements. In my opinion, this is one of the crucial items that real estate investors need to take time to do each and every month. By spending 10-15 minutes on the monthly reports, real estate investors can determine the following items:

• The status of tenant rent receipts - what was owed versus what was collected
• Number of units vacant
• Detail of expenses that were paid during the current month, as well as copies of receipts
• Net operating income of property/properties in previous months versus net operating income of property in current month
• Any outstanding expenses that haven't been paid yet due to insufficient funds or project not complete

By spending time each month reviewing the financials on your properties - you might not like the results in this market, but at least you have the knowledge of why. Take the time - it is very important!!

Primary Production is OVER

Although we hate to see them go, it's good to move on to the next phases of our lives. Primary production for The Super is done. We have been working on this project for nearly two years and we have been in production since mid June. Soon the snow will start falling and Rodger, Cote, the maintenance crew and I will be going hard to remove it all. Here comes the 16 hour days and getting up at 3 AM not knowing what the days will bring.

The Super's Premier

The Super is set to air Monday, October 17th at 8 PM Central time!! We can't wait to see the result of all the crew's hard work. Make sure you have access to HDNet on your local cable provider so you can see all that goes on behind the scenes at Landmark Group.

Check out the page about The Super on the HDNet website to get the rest of the details and information about the show.

Landmark Group

Landmark Group Omaha is a full service, boutique real estate agency offering residential and commercial sales and leasing, also property management.

Stop by our office at 2702 Douglas Omaha 68131 and maybe you can join in on our reality show called The Super which is currently being filmed!

Leasing Gone Wild

Wow! What a day for our leasing agents! Chris moved in eight new tenants and five more submitted applications and will be moving in within the next week or so. Scott too has been very busy with several applications himself.

The rental market is really booming. Our high dollar houses are barely making it to the rent list. We have people waiting in line for them. Had a potential tenant come in today to get a list of our rental units and mentioned that they were at another leasing place to pick up a list and they wanted to charge them $60.00 for the list! What's up with that?

Remember: Landmark Group has free rent list! It's updated daily and is available on our website and in print form in our office. Check out this list here or come in and visit us at 2702 Douglas Street, Omaha, NE 68131.

When Do You Evict a Tenant?

How much time is too much time to give a tenant to pay once they are behind? Do we work with the tenant to keep them in the property hanging on their every promise to pay, or do we just evict them once they get behind? Everyone has a story, some believable, some not so much. Some landlords are willing to wait some are not.

What is the breaking point?

Get Modular? Wake up Omaha Real Estate!

Consider new construction Modular homes or multi-familty homes.

Omaha Real Estate is not taking advantage of this proven option!

Once upon a time, I worked for several years as a Modular Home Designer for Modular home factory in southeast Nebraska. A couple of my projects are in Omaha.

Check out the Townhomes located at corner or 42nd Street and Leavenworth (Southeast corner). I designed these multi-section townhomes. We then manufactured them, transported them and contracted for the Crane setting of these structures.

Below is a photo of another project of mine located in Omaha is located on South 52nd Street, just north of Grover.

As you can see both projects defy the common perception of a modular home, not single story and simple rectangles in desgin. Multiple section designed home can have a great curb appeal. The company I worked for "Cottage Grove Homes" , a family business, has long since closed their doors. However their are a couple of other companies in Eastern Nebraska that are great resources for information on modular housing. Keep in mind, that these homes are inspected at the factory by the State of Nebraska. This means that you can bypass some of the local multiple inspections common to onsite construction.

Working with the factory, the home will arrive per your schedule to set on your new basement. You can be working on the basement while the home is also being constructed. It cuts down on the construction loan time factor considerably. The company links below are both FACTORIES, not dealers. They are located within an hour drive and well worth a visit. I know the market it tight and new construction may seem risky, but if you are cost conscious and not wanting to sacrifice on curb appeal. Definately consider modular.

http://www.vantagepointehomesinc.com/

This company will specialize in whole house designs, in other words the house arrive complete, not is sections, requiring more onsite carpentry. Or at least that was their market back when I competed against them for sales. They will be glad to evaluate your proposed location and help you figure out if your location is a candidate for whole house installation.

Another great Nebraska company is Heritage Homes.

http://www.heritagehomesofne.com/ This company will provide multiple sections designs. Check out both company websites, go talk to their sales people, and do your research. They have an office/show home, out on 370 Hwy & 1-80

You can also contact me, I several years of industry experience. I would be glad to meet you here at our Landmark Group offices (2702 Douglas Street) to discuss your ideas and proposed plans, and help you make good a decision.

On my next Blog post I will discuss my house moving experience, another option for existing homes.

Dale Clymens