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.

Top 10 Tips For Selling Your Home in Winter

Selling your home is challenging enough without all the added dreariness of winter. If you're living in an area that even resembles Omaha at this time, you know why winter is not the ideal time to put your house on the market. However, there are steps you can take to brighten your home and make the showing pleasant and enjoyable for buyers. I read this great article on About.com with tips to selling your house in winter, their top 10 tips are:

1. Clear a path - Make sure your walkways are constantly clear and clean from snow. Footprints on fresh snow will turn into ice, so make sure to scrape the walk. It's important to have a path from the street to your house as well so visitors don't have to crawl over a snow mound. It it's snowing or raining, make sure to put out a mat by the front door or a vase to hold wet umbrellas.
2. Let in the light - Open the blinds, shutters and drapes in every window (unless there is an undesirable scene outside, such as a close building or dilapidated fence). Use the lighting in your house, especially in darker rooms with few windows. Turn off the TV!
3. Turn on the heat - Pump up the thermostat. It's better to heat the house a degree or two warmer than usual and then set the temperature at normal. This prevents the heat from kicking on when the buyer is present, because some HVAC systems can be loud. If the temperature is comfortable, people will be likely to linger longer, and if you have a fireplace use it! It will add warmth to the house.
4. Create a mood - One of best things about winter is cuddling up inside under a warm blanket with your loved ones, so take advantage of that emotion people will be feeling at this time. Make your living room romantic with two champagne glasses near a champagne bucket on the coffee table. Toss afghans over the sofa or chair arm. Turn your bathroom into a spa. Set up vases with winter flowers, or try dressing your dining room table for a dinner for two.
5. Turn on the music - Something soothing to set the mood for those walking through your house. Jazz or classical are good choices.
6. Ease up on the scents - Many people are irritated or sensitive to certain scents and candles, so avoid perfuming the house up too much. Try baking winter cookies or sweets instead, but make sure you leave some out for your guests! Don't tease them with the smell and disappoint them when there is nothing.
7. Make it visually pleasing - Staging is important no matter what time of the year you're selling so make sure to follow the basic rules. Two important rules are to declutter the house and clean it up! Dust, wash, wax, vacuum, sweep, mop, polish - anything you notice, buyers definitely will.
8. Serve winter foods - Try setting out some hot soup, chili or stew, and make sure you leave a place for the disposal of paper bowls and plastic spoons. Hot apple cider or cocoa make great beverages, too. Whatever you serve, keep it clean and try to make it complex - you want buyers to stay for a while and eat while they notice elements they might have otherwise missed.
9. Provide specific information - Attach a printed card to items and in rooms that provide further information the buyer might miss or might not know. If your stairs are steep, place a card on the railing letting them know. Have an antique chandelier? Set out a card with its age and other important details.
10. User timers and technology to your advantage - Have outdoor lamps on motion sensor for when when a buyer approaches, and put indoor lamps or a crock pot on a timer so they will be ready when the buyer arrives.

** Check out the original article: Selling in Winter - Top 10 Tips to Home Selling in Winter

3 Mortgage Mistakes You Can Avoid

The mortgage market in today's world is pretty chaotic, at best. Rates are ridiculously low, and many homes are worth less than the mortgages they secure. People are still losing their homes left and right, but qualified borrowers are being denied loans every day. It's no wonder potential and current home owners alike are confused about mortgages. I found this great article from inmanNEWS titled "3 mortgage mistakes you can avoid," which I thought would be great to share with you all to try and clear things up a bit. The mistakes are:

1. Failing to try to refinance because you're upside down.
At last count, nearly 11 million Americans were upside down on their homes - meaning they owe more in mortgage payments than the home is actually worth - and that's about 23% of all American homes. With interest rates having dropped to historic lows, more than 10 million Americans have refinanced their mortgages since 2009. But there are still many homeowners with negative equity feeling trapped in the 6, 7, or even 8 percent interest rates because they're unable to refinance.

The fact is, there are multiple options for lowering your interest rate and monthly payment if you're upside down. Banks are increasingly amenable to simply modify existing mortgages to render them less prone to default and foreclosure - especially when the homeowner is trying to recover from a financial hardship, and especially with upside-down loans (which are particularly liable to strategic default).

2. Walking into the bank branch to get a mortgage.
Unless your bank happens to be a neighborhood credit union or one of the few large banks that ranks highly in customer satisfaction, you'll likely not be satisfied with the speed, customer service or assertiveness of a mortgage banker you meet just walking into the branch. But if you work with a mortgage broker or a private mortgage banker, chances are good you'll get someone who understands that the long-term health of their business depends on you and clients like you getting a good deal in a timely manner.

Also, if you work with a mortgage broker whose company also has its own bank, you get the best of both worlds: a professional who will shop lots of banks' offerings to find the best options for you, and someone who can coordinate your transaction via a small pool of local, experienced appraisers. Many large banks use appraisers who don't know the area, which can kill your deal in the long run.

3. Thinking you're stuck with it for 30 years.
Some people avoid mortgages simply to avoid a 30 year debt. Others are stuck with a 30-year loan because the 15-year mortgage payments were too steep. But the fact is, you control when you pay off your mortgage, and it doesn't take a lottery or inheritance windfall to pay yours off sooner than later.

Some people pay half their mortgage payments every two weeks, which results in a full extra payment every year and can pay your mortgage off as much as five years early. Others just pay an extra $100 or so whenever they can and apply it to the principal. Some apply paycheck raises over the years or the amount they would use to extinguish a credit card debt in an effort to pay the mortgage off early.

What to take away? As a borrower, you have much more power than you think - from exploring all available options to being aggressive about paying off your home sooner rather than later. Either way, be clear on your personal goals for your mortgage, get educated about your options and get assertive about making them happen -- now.

** Be sure to check out the original article at InmanNEWs.com.

Nebraska 34, Ohio State 27

Attribution: Bobak Ha'Eri - Wikipedia

As some of you know I am a huge Nebraska football fan. I attended the Ohio State game with my 12 yr old son, Alex.We both were very confident that Nebraska would win. Well, as the game unfolded it was Ohio St. that was running right through our defense.We could not contain their pass either as they took a 20-6 lead going in at halftime. Fans booed the Huskers as they made their way to the locker oom.

As the second half started, Nebraska went three and out and Ohio State took their opening drive in for another touchdown to make it 27-6. Nebraska stalls again and Ohio St has the ball back. At this point I thought we were dead. Nothing was going right and I turned to Alex and told him "this is going to be a blowout just like Wisconsin."

Then all the sudden Ohio State fumbles.Nebraska's ball and I am about to witness something I have never seen in my 35 years of attending Nebraska football games. They score in two plays and then stop Ohio State cold, and then they score again with a long pass. Now it's 27-20 and the crowd is really loud. We hold them again and drive down and score another touchdown to tie the game 27-27. Nebraska then intercepts an Ohio State pass and proceeds to score its fourth consecutive touchdown to win 34-27! And they recorded the largest comeback win in the history of Nebraska football!

Why am I telling you this? Well we can all take something from this and that is never ever give up and always stay persistent. Nebraska needed a spark and got it with that fumble which then resulted in avalanche of touchdowns to seal the win. So when things are not going your way, when you feel like quiting just think about the cool damp Saturday evening in Lincoln, Ne. when our beloved Cornhuskers decided not to pack it in but to keep fighting, even when the score was 27-6.

Bumper Stickers

On my way to work I saw a bumper sticker that read "the problems we're facing right now will not be solved by the person and/or persons who created them." I instantly thought of our politicians and blamed them for our problems and agreed that yes - they caused the problems and yes - they would not be the ones to solve them.

But really think about this. It certainly is easy to blame everyone else for the problems when in reality, the problems have been caused by a combination of a lot of factors. We need to accept accountability and move forward and yes, I believe that even though we created the problems, we are capable of solving them. We need to stop blaming other people and just get it done.

It's Not All Bad News

Good economic news can be a little sparse right now and selling your home in today’s market can be intimidating if you are not working with a REALTOR® who has experience and market knowledge. Many homeowners are scared they will be selling their home for a discount in today’s market, and if you listen to the national news, this will only feed the hysteria.

Don’t base your decisions on what you read in the paper and hear on T.V. because not all markets are the same. The first step would be to request a comparative market analysis from a REALTOR® to determine if it’s the right time to sell or not.

Keep in mind, if you are selling your house for possibly less than your purchase price, you may be able to more-than offset this by your next purchase. Many homeowners are taking advantage of this with low interest rates to move up to their dream home!

Buying New or Used?

In today's market, when one goes to purchase a house it means they have done their research and have wrestled with all their options. Countless aspects are to be considered when taking this step, but besides finances and family matters, deciding what to buy is just as big of a decision. Three or four bedroom? Bigger yard or bigger house? Two car garage or one?

Even before those questions arise, you should decide whether you are going to look at a old properties or new ones. Each has its advantages and disadvantages - once you've processed both sides of the spectrum, it's up to you to decide which areas you are willing to cope with and which areas you're set on.

Advantages to buying a older home

• Old world construction by a genuine craftsman
• Larger yard
• More character
• Longer-term neighbors
• Established neighborhood, no zoning changes
  
• Mature trees and vegetation
  
• Closer to downtown entertainment and restaurants

Disadvantages to buying a older home

• More periodic maintenance
  
• Expensive to replace wiring and plumbing
  
• Smaller closets, storage space, garages
  
• Might require updates
  
• Often more expensive due to location and walkability
  
• Smaller square footage on average

Advantages to buying a new home

• Little maintenance
  
• Modern conveniences
• Builder's warranty
  
• Energy efficient
  
• Built to code
  
• Emotional factor of newness
  
• Less expensive (if not custom)
  
• Greater square footage, on average

Disadvantages to buying a new home

• Tract homes have similar floor plans, little individuality
  
• Immature vegetation
  
• House settling may cause foundational cracks
  
• Longer commuting distances to downtown

So when thoughts of purchasing arise in your head, make sure this is one of the first choices you shuffle through. It will narrow down your options by a world and will make your desires clearer to your REALTOR®. 

Article source: About.com - Home Buying/Selling

Buyer Representation (Buyer's Agent)

The age old question when buying a piece of real estate is "Do I need an agent to represent me as a buyer's agent or do I deal with the listing agent directly?" The listing agent is going to tell you that you as the buyer, do not need to have your own agent and you should use him.

As the listing agent sees this, there are two reasons that a buyer should not have a buyer's agent. One is that the listing agent does not have to deal with another agent making negotiations, which is less time consuming. The second is that the listing agent does not have to split the commission with the selling agent.

But before you get involved with a real estate transaction without a buyer's agent, ask yourself these questions:

1. Are you familiar with the property type that you are thinking of buying?
2. Are you familiar with the construction techniques used to build the building?
3. Are you familiar with the zoning that is in place for the parcel?
4. Are you familiar with the zoning what you are intending to use the parcel for?
5. Are you good with reviewing contracts?
6. Do you feel confident in your abilities to negotiate?
7. Do you have good access to sales comparisons?
8. Do you have adequate time to review all the information I have listed herein?
9. Do you think you are being objective to the "deal"?
10. Are you good at inspecting for hidden things in both the contract and in the real estate itself?
11. Who wrote the contract?
12. Who besides you is going to review the contract?
13. If this is an investment property with an income, are you familiar with studying income statements?
14. Are you familiar with cap rate and how they work?
15. Do you know what cap rates are used for a property such is this?
16. Do you know how to access what a property will appraise for?
17. Do you feel confident in how to undertake the due diligence process?
18. Have you done this kind of business in the city that the real estate is in?

If you cannot answer all of these questions with confidence, then you should consider using a buyer's agent. They are FREE for home buyers to use as their commission is built into the sales price of the home and is split with the listing agent's commission. Sounds like there aren't too many reasons not to use a buyer's agent.

For more information about this subject, you can email me directly at dpaladino@landmarkomaha.com