Rental Property Managers Plan

Having your very own rental property management program is important to residential rental real estate investing.

It’s 8:30 at night, your tenant calls and says water is leaking very badly under the sink. It’s 8:30 at night, your tenant calls and says that the toilets clogged. It’s 8:30 at night, your tenant calls and states a window only got destroyed. It’s 8:30 at night, your tenant calls and says that the roofs leaking. It’s 8:30 at night, your tenant calls and says that the heats not working. It’s 8:30 at night, your tenant calls and says that the bedroom doorknob fell off.

How about a gutter becomes disconnected. No big deal, when it rains make sure your not standing under it. Winter comes, where the water hits the ground, it begins to gather and then it freezes. Whoops, someone slips there and you get sued. Big issue. It pays to have a rental property management program.

How about that outside porch wood that requires painting. No big deal. Next year. Next year comes and goes and you saved $700 not doing it. Three decades after you spend $2000 having wood replaced since it’s to rotted. Big issue. It pays to have a property management program.

You get the idea, whether something breaks or regular maintenance – things will need to get repaired and maintained. A fantastic rental property management strategy helps ensure profitability and that is made possible with the right property investing company.

There are three chief factors for a fantastic rental property management program. Knowing who is responsible for managing the properties upkeep, who’s going to fix things and when will things get fixed Are the three chief factors. Having a game plan for these three things is crucial for maintaining your leases. Theses three factors must be addressed and included in the rental. This ensures the tenant knows ahead of time what to expect when items need maintenance or repairing.

Lets begin with who will be responsible for managing your rental property. Seventeen years experience of owning leases has taught me that know one else will be better than the property owner for being responsible for managing the upkeep of the rental units. So the most cost effective rental property management program has the owner doing the managing.

Before you say, oh god, what a nightmare managing rental property is, allow me to say I have learned and you can too, the way to make property management easy and profitable.

In actuality, for people who understand and implement a solid rental management strategy properly and continue investing wisely in money flowing residential multifamily properties will discover that their hourly pay time for handling their rental properties is very rewarding.

Needless to say I strongly advise against hiring a management company for residential rental property.

Lets address who’s going to be fixing broken things or doing the necessary maintenance?

You, the owner, your payroll help, a hired handyman, who’s going to really be doing the physical work for fixing and keeping your rental units. Why is it important to have this be part of your rental property management program?

Well, what you do not need is having every time something has to be mended eventually be a stressful costly headache.

By knowing who’s going to be doing the repairs ahead of time, through your rental maintenance program, you eliminate two possible issues.

One, when a problem does occur, your somewhat ready by having had developed a list of contacts beforehand. Secondly, being prepared like this, tremendously reduces stress and makes managing your rental property easy.

Hopefully you find the value of knowing ahead of time who’s responsible for and who’s actually going to be doing the maintenance function.

Later, I’ll let you know the third important key to get a cost effective, simple to implement Rental property management program.

A few additional things to consider about rental property management. If your just starting out and you get a multifamily home, and your a Hands on kind person you might want to do as much of their repairs and maintenance as possible.

If you go to keep investing in multifamily homes you will find really doing the physical maintaining of your income properties to burdensome.

Understand that managing rental properties and doing the physical work are two distinct things.

If you opt to hire a maintenance man or contractor to perform the care, ask around local hardware stores for referrals or ask people in a house depot or Lowes. They are not supposed to refer people but I have been pleasantly surprised how many people moonlight or know someone honest priced and dependable.

Look in a local newspaper for a handy guy you can enlist to perform the maintenance. Call a few folks placing adds, not major print adds, rather the little adds and let them know what sort of help your seeking. Pay attention to them give their spiel, ask questions and ask if they can give you anybody who they worked for in past for a recommendation. If they check out tell them you will be giving them a call when you need them.

Personally, I don’t recommend hiring an outside organization to perform your rental home management.

Another terrific place to get names of reputable people to do your repairs and maintenance is via your regional REIA group. The more names and numbers for cost effective, dependable maintenance guys, the better. Put their names, numbers and what they do into your mobile phone or store them in a particular book. I am sure I’m not the first or last person to place a name and number in a novel and later not recall who they are or what they do!

Who might you want in your rental property maintenance list before you need them? A few general handymen, a furnace repair guy unless you Want to find repair contracts in the gas company if your house heats by gasoline, an exterminator ( I really have contracts for quarterly prevention with exterminator on all of my components), an appliance repair guy if you provide appliances, a plumber, a drain cleaning company and someone to shovel or plow your dwellings.

If you went on to have plenty of multifamily units, you might want to considering hiring someone on full time for doing the physical upkeep function. Personally I prefer having a huge network of contacts that I can call on for repair and maintenance work over having workers.

If you follow these rental property management guidelines, managing your cash flow units is a very profitable job of making and receiving phone calls.

Earlier I mention there was yet another important element to address regarding how to control your rentals.y.

When will things be mended? Put in the lease or addendum how long you’ve got to make arrangements to have things repaired, twenty four, forty eight, seventy two hours? Put it in the rental so tenant understands how you keep your property. It may look absurd, but I have discovered by having the tenants know the way you handle and maintain your leases the less misunderstandings you are going to have.

Bear in mind, your in charge. Its your property and with a strong rental property Plan and informing your renters how you keep your rental property will make owning investment property all the better.

As they say in the hood, everyone knows what time it is.

Why Electricians Are Not Like Other Tradesmen

Electrical projects of all kinds and at different levels of difficulty take solid and time, preparation skills. Should you not have a history and professional certification within this area setting out to do electrical work on your own isn’t clever, and certainly will be against town or county requirements. You need to hire a certified 24 hour electrician.

Hiring an electrician is not a one-step process, either. Here’s five basic pointers to bear in mind when choosing one.

Before you contact a potential electrician, if at all possible understand what you’ll need done.

This is important since electricians usually charge per hour as opposed to on the project basis. You can burn through a lot of money needlessly whilst the electrician is wanting to figure out just what they need to do in place of getting right to work on the project if you overlook this step.

Granted, you will see instances when that you do not know what has to be performed because of the nature of the project, in many cases it is best to have a clear knowledge of what needs to be achieved before calling the electrician.

It really is necessary the electrician is covered and is licensed. The reason why that is very important is you are trusting them to work on your property where the security of the loved ones rely on the implications of their work. Be sure they understand what they are doing by requesting to determine their up to-date permit to perform electrical work in your area.

Don’t pick your electrician depending on price.

The key reason being you usually get what you pay for. If an electrician is bidding a lot lower on a job than other local electricians, it is generally a good indicator that you may not be getting the same quality service as an electrician that costs more. This isn’t always the case, but most of the time that is true.

Just to explain and clarify when electricians give you a warranty of any sort, it’s a good indication they’re a good electrician. You certainly don’t wish to be stuck having an electrician it doesn’t stand behind their work.

Moreover, ask them if you’re able to contact these references and make sure to follow-through with calling them. You can learn a great deal about popularity and an electrician’s work by speaking with their previous customers.

Finally, make sure to follow these methods while reviewing many electricians for the job. Doing this will allow you to find a very good electrician locally for the electric project. By following the ideas above you need to easily find a good electrician that may obtain the job done promptly, within budget and also to your satisfaction.

Benefits of Hiring rubbish removal

Below are a few benefits of selecting a rubbish removal company rather than trying to do it all yourself.

It’s more cost-effective to engage a specialist

If you think you will save additional money by eliminating waste from your own home, then you are mistaken. It’s more cost- effective to employ a specialist for rubbish removal in Melbourne than looking to do it yourself. There are many area/state rules that are imposed on waste disposal that you may not learn about. Or even completed the right way, it can attract good/fee for dropping the waste.

It’s easier

You have five various things in your menu, why would you want yet another that can easily be tackled by a professional? Then load, you’ll must first clear out and then transport the trash before you dispose off in the landfill area. You may have to invest hours and even days wanting to try this on your own.

Health and safety hazard

What if you are working with hazardous waste? You may not have training or right equipment to handle this type of waste. You are able to get bruised or back pressures that may be genuine health implications of carrying and clearing the waste. Besides, hazardous waste requires proper care while handling. Without equipment and training, disposing this waste may cause serious threats.

Effectiveness of the reliability of the contractor and the task done

Waste treatment is just not about hauling the waste and putting it at the back of the truck. It takes to be done effectively, meaning, you’ve remove the waste in compliance with all the city laws. This is the cause, selecting skilled Melbourne rubbish removal company is a good idea. Just element in such things as nearby landfill, assuming there is one in the area, is not always the least expensive method of discretion. When you may become somewhat satisfied with all the means waste is managed, an authorised company may remove the waste easily. They recycle or might even re-purpose many items that can help put less stress on the environment.

The control-appeal

It’s possible sometimes that you may leave all the waste, outside your house when you can remove and to carry it. This way, you are posing a possibility not to only yourself, by making unattended objects outside your house, but also the others. Furthermore, who likes to have a stack of crap beyond their residence? A specialist company can be appointed to consider the worry of controlling your bulky waste off your hands. Simply contact and plan a pickup and let them go on it from there!

Kitchen Showrooms in Melbourne

If you want to see some great kitchen design ideas you need to visit a kitchen showroom in Melbourne. Some are better than others of course and I commonly take clients to of multiple showrooms to get a bit more of an idea of trend and quality.

The range is pretty comprehensive and they have things laid out in a way that really gets the creative juices flowing. I know a few of the staff in Knoxfield quite well and they really make the whole process an enjoyable one.

People often approach these processes with a lot of stress but building a home or renovating a kitchen should be an exciting time. I think you really need to realise the possibilities to feel that excitement when walking into a kitchen showroom knowing you are going to come out with something unbelievable and practical that you can cherish for life.

kitchen-design-showrooms

Always Know the Rules!

The greatest lessons I received from the elite public school system in suburban Illinois involved understanding the importance of knowing what the rules are, how exceptions are made, and how they are enforced. Knowing the rules helped me out of quite a few binds!

In the tradeshow world, it’s very much the same way (yes, I’m comparing convention centers to public schools – would anyone blame me for the comparison?). Understanding the technicalities that surround your exhibit, where and when to ask for variances, and what variances show management can or cannot accept, can define the success or failure of your tradeshow booth.

I recently had a client call me with a list of 5 shows that they wanted to exhibit at in 2010. They wanted to do a 20×20 exhibit that was 16 ft. tall. Maximizing visibility and utilization of cubic footage that they pay for has always been of utmost importance to them.4 of the 5 tradeshows would not permit the type of exhibit designs that they planned to utilize. 1 of the 4 later agreed to allow it, based on a height variance. There are basic guidelines on when variances need to be applied for – including submitting drawings from a structural engineer. We have an email confirmation, and we’ll go through the necessary motions to execute the height variance.

Knowing the rules intimately – not just the basic height, setbacks, etc. – can prove to be a show-saver. As we’ve mentioned here before, get everything in writing, and bear in mind that the show hall, not show management, is the ultimate judge in any disputed situation. Make the rules work for you– not against you!

NPE and HIMSS confusion

I’m struggling to get my brain around NPE and HIMSS making decisions to leave McCormick Place.

Is it the weather?Chicago does get cold in the winter time.

Is it the business world expressing their disagreement with President Obama? I understand that some disagree with some of his policies. I suppose changing the host city for your tradeshow to a non-Obama city could be one way to flex your economic muscles.

Is it Chicago-style cuisine? Perhaps contemporary diets are incompatible with deep dish pizza and Chicago style ‘dogs – and that would upset expo attendees.

I’m at a loss here, people. Please help me pin down the cause for these two significant tradeshows departing from McCormick Place Convention Center. Thus far, it appears these are totally random occurrences, without any specific cause. Is there any way we can prevent this from happening to the other prominent trade shows held in Chicago?

When a Color is Not just a Color

Everyone knows that the colours involved in a marketing campaign are of immense importance. Imagine a Coca-Cola or Marlboro ad that lacked the colour red! Sometimes, however, it’s not only the COLOUR that matters, it’s the exact shade or hue that a company depends on for a consistent campaign.

If your company uses a special “blue” that separates itself from the menagerie of garden variety “blues” in the marketplace, then this can present an immense challenge when working through a sophisticated marketing campaign. While this isn’t news for companies that are seasoned in working with their branding properties, it can become a major obstacle for newly unveiled marketing initiatives. There’s a simple solution which might not get mentioned by your ad company – but it matters for your exhibit company!

When asking for images for an exhibit’s graphics, most exhibitors will provide CMYK information for their branding content. For an exhibitor that needs an specific colour matched, we will ask for a Pantone colour. A specific colour, taken from a uniform wheel of colours, allows us to match the colour regardless of print substrate. Whether your graphics are being printed onto fabric, white laminate panels, or sintra, colours will match regardless of medium. Keep in mind that the same colour on my monitor might not match that colour on your monitor – digital graphics can be the most subjective of colour.

Other factors to consider are the age of your properties – colour fades over time, not just when exposed to UV rays. Gradients that work well in computer generated images often produce different effects when printed on a physical substrate. The important thing is having an open discussion with the graphics department of your exhibitor. The project management aspect for ensuring a marketing message’s success is an indispensable aspect of the exhibit production process.

How important are the colours of your exhibit? A marketing director told me a story about a study indicating a strong correlation between lab subjects “seeing the colour red,” and having a strong desire to smoke a cigarette. Marlboro has done it’s job – it seems their marketing has been addictive as their product! Corporate colours are often just as important as the words and images that delineate a company’s message.

Booth Design First, Marketing Strategy Second… And WHY?

In an industry like any other, where every vendor proclaims to be “thinking outside of the box” and other jaded “-isms,” I have a complaint: Why does the procurement process always evolve around which furniture and styles should go into an exhibit display?

Not only do most interactions between exhibit houses and exhibitorsstart with furniture arrangements-they proceed to price and logistics. This is when my blood pressure rises and I start to mutter incoherently to myself… Why is our industry so fixated on this mode of doing business?

Can we agree that the reason exhibitors spend tens, hundreds, or millions on their exhibit programs is for the purpose of marketing andselling? Can we agree that it is not because they are trying to sell furniture, and it is not because they are overly fascinated by warehousing and commercial freight details? I’m going to go out on a limb that the boardrooms that approve marketing budgets do so on an understanding that it will increase their brand’s, product’s, or service’s exposure, and otherwise increase sales opportunities. Why do we start off the discussion by discussing the widgets we think ought to be crammed together in your booth?

I endeavor, on every exhibitor conversation, to hit the ‘reset’ button, and orient the conversation around goals of the exhibit program. In other words, why were you given all of this company money? What is that money intended to provide for the company, and tell me what unique situations your company finds themselves faced with?

Product launch? Recent merger or acquisition? Defending brand or product against new competitor, or competitor’s new product? “Jaded” perception within industry? Business sector’s financial instability sewing doubt into prospective and existing clients’ minds? These are all common threads that we hear from exhibitors who need a new approach to their exhibit.

While I heap generous blame to the “cabinet makers” mindset amongst competing exhibit houses, a certain amount of criticism is owed to exhibitors. The approach that gains the most straightforward response from your vendors may not be the best approach for your exhibit program. What are some ideas for how trade show coordinators can improve their exhibit program from first contact, all the way through project completion? We’re eager to hear your comments on the subject – let us know what you think.

McCormick Place… it’s not a “profit center”

This week was an interesting one for trade shows based in Chicago’s McCormick Place Convention Center in the near future. Apparently, legislation in Illinois proposes to convert tradeshow union laborers into public employees.

They plan to WHAT?

Yes, they plan to make the show more efficient, transparent, and effective, and less expensive to boot. All by a magical transition of changing the labor pools at McCormick into government employees (presumably municipal employees of the MPEA – we’ve mentioned them here before, me thinks…).

Actually, the FIVE labor unions will become THREE, laborers willno longer be able to strike, and contracts will be negotiable on an individual show basis.

One additional mandate was stipulated in the fine print of the legislation*:

All subsequent references to “Union” labor(ers) must hereafter include quotations hitherto delineated [“Union” labor].

* -I kid, I kid. But how is it still a “union” if you a. can’t strike, b. they negotiate your contract willy nilly, and c. they outright eliminate 40% of the members groups? I think that 40% ought to figure out where their dues are going towards…

Freeman and GES, show contractors at McCormick, are none too pleased by the plan.

Show organizers gave mixed reviews:

“I don’t know much besides, ‘Yeah, we’re taking labor in house, and this would save money,’ but I don’t know that it would,” said Tom Shimala, show manager for the Radiological Society of North America Scientific Assembly & Annual Meeting (RSNA.org)

“I don’t think we’re in the stage where we can comment on the final product, because there is no final product,” he added. “If they are trying to lower cost and improve quality for exhibitors, and, if this will do it, then I’ll back it.” – Peter Eelman, show manager for the Intl. Manufacturing Technology Show (IMTS.com)

The quote I most relished, however was this one:

“They are concerned that we are doing this to generate revenue, for us to mark up labor and then pass that cost onto the contractor,” [the GM of McCormick Place] added. “We have been saying (that) we are not in process of making this a profit center.”

‘Cause they’re trying to LOSE money? If anyone knows what the goal is now (since it’s not profits…), please enlighten me!

Mendacity @ McPier

All this blogging and social media over-consumption is starting to contort my vocabulary into the more banal dialect characteristic of our modern era. So when I first read that the MPEA’s Board of Directors was getting cleared out, with the 13 bodies being replaced with 7hopefully warmer ones, my immediate reply was “OMG, that’s gr8.” No, actually, that’s not how I talk.

The MPEA is indeed going through a bit of a transition period. Legislation was just passed to oust the 13 person board that oversees Navy Pier and McCormick Place operations, and legislation has recently been proposed to change the McCormick Place “union” labour pool into public employees. The 13 member McPier board is slated to be replaced with 7 appointees selected by Mayor Daley and Governor Quinn. Hmm.

One would suspect that this action came amidst a general lack of perceived impetus at McCormick – a cursory glance at  MPEA’s press release page reveals how much has been done to respond to the losses of NRA, NPE, HIMSS, and a laundry list of other trade shows still talking about leaving the convention center by 2012. Not too much, in short, has been done. The new 7 person board is tasked with bringing back shows, and attracting new ones.

The rub is that GES, Freeman and IAEE are none too pleased, publically, at this move. They’ve released statements essentially questioning how these changes will actually improve the situation at McCormick Place. Their essential dispute: aside from governing bodies deciding that they are going to take greater control of the situation, how are these moves expected to reduce costs and make McCormick Place a more profitable popular destination for trade shows?