Wednesday, February 27, 2013

How To Approach Your Landlord About Pets

Hello All!

Today I will be giving a landlords perspective on how a tenant should address their pets.  There are a couple of different points in time where this will need to be addressed.  It's important to always be truthful and up front about the number of pets you have, breeds, ages, etc.  For a landlord to make an informed decision they will need all of this information available.

If you are approaching a new landlord about renting a property and you have existing pets, make sure they are aware of this prior to viewing the property.  Ask them if they accept pets and if yours meet their criteria.  Also verify if there is an additional deposit, pet rent, or a pet fee required.  You should probably ask if a pet addendum is required and review the terms of that also.  This way the landlord is informed of your pets and you are informed of the owners expectiations.

If you are living in a home currently and you have decided you want a pet...STOP!  You should not decide you want a pet until you have addressed it with the landlord.  The best way to do this is to first find out if the landlord will allow you to have a pet.  You will then need the specifics as to what kind, how many, how large, etc.  Don't go fall in love with the Mastiff at the pound before you talk with your landlord!

In many situations the landlord will not have any problems with you obtaining a pet as long is it falls within the parameters of what they deem acceptable.  You will want this information prior to looking for any type of pet.  There are very few things worse than finding the pet of your dreams and not being able to get it after talking with your landlord.  Once you know what the landlord expects you can go from there on what you should be looking for.

Once you have decided on the pet that fits in your landlords parameters you will want to notify them.  Give them some information about the pet so they can get familiar with your choice.  Pay any deposits that are required and sign any additional paperwork.  At this point the pet has been agreed upon by the landlord, it is now reflected in writing, the deposits have been paid and you had a smooth transition into pet ownership.  The landlord will be appreciative of your pro active approach and you will be happy knowing your pet will not be in violation of your lease agreement. 

I hope this quick blog entry will assist you in your current and future endeavours into pet ownership!  Feel free to contact me if needed.

Sincerely,

Daniel Muldoon

Wednesday, February 20, 2013

How To Deal With Pets In Your Rental Property

Hello All!

This is something I get a lot of questions about so I figured I would address it for the whole world to see!  Many landlords view pets as a negative thing and will not rent to people with pets.  I can say this is not necessarily the way to look at things!  Many responsible people own pets and you do not want to eliminate a large portion of your "tenant pool".  Over 50% of people own pets of some sort and many more are planning on getting pets in the near future.

There are a few things you will want to take into consideration when dealing with pets in your rental property.  Is the property located in an area where pet size or number are restricted?  For example, some homeowner's associations have varying restrictions on pets.  You will need to refer to your governing documents if you are located in an HOA and verify you are inline with their restrictions.  You will also want to check with your insurance company and see if they have any restrictions on what breeds, size, type of pet, or number of pets.  Some insurance companies will not allow certain dog breeds for example.

Once you have established what pets are you are allowed to have at your rental home you will want to decide what expectations you as the landlord have for pets.  I suggest requesting references for the pet from current or past landlords if you are looking at renting to a person with pets.  If a tenant is already in your home and they are looking to replace a pet (deceased, lost, etc) you will want to make sure you have as much information as possible before agreeing to do so. 

I suggest collecting an increased security deposit and also having the tenants sign a pet addendum form.  This addendum should include the type of pet, size of pets, quantity of pets, your expectations in regards to damages caused by pets, etc.  Many quality and qualified tenants are responsible pet owners as well and you wouldn't want to miss the chance to rent to an excellent tenant!

I will address how tenants should approach landlords about pets in another installment on this blog! 

Sincerely,

Daniel Muldoon

Monday, February 18, 2013

How To Choose The Right Property Management Software

Hello All!

In this post we will be going over what to look for in a property management software.  There are companies providing software that suits everyone from the one unit owner to companies that manage thousands of units!  You will need to begin by outlining what you want your software to do.  Will you only be using it to keep track of your occupants?  Do you need online rent payments or owner/tenant portals?  Will you be using the software to mass produce emails?  Would you like the software to automatically create templates for online advertising?  There are many powerful property management programs available at this time it's just a matter of deciding what's right for your situation.

Smartphones and tablets are very powerful tools and relatively inexpensive.  There are property management apps available for little or no cost and work well for the owner who has a few units or a small start up company.  Most of these apps will keep track of occupants, lease dates, inspection dates, and some even have built in payment features!  If this is all you need then a smart phone or tablet and an app should suit your needs just fine.

On the other hand if you are managing more properties or you need your software to do additional tasks you will need to upgrade to a desktop or laptop computer.  Many of the larger management software companies offer web based solutions.  This is great because you don't need much local hard drive space since all of the information is held in the cloud.  Typically you pay a monthly fee based on the number of units you manage and the features you need. All of the updates and changes are automatically done with no additional cost.  Beware though, you must have an internet connection to access the database so if you are out of service often, a web based solution may not work for you.

We use Appfolio for our property management software and it's been great for us!  They offer online ads, one click posting to craigslist, online tenant and owner portals, and all of the accounting features you would expect out of your management software.  Their customer service is excellent and they are constantly making their software better and easier to use!  There are other software choices such as Propertyware, Promas, Yardi Systems, TOPS and a few others.  Be sure to check out each one thoroughly so you know what the program can do for you! 

Feel free to comment, share, or contact me directly if you have additional questions!

Sincerely,

Daniel Muldoon

Pilot Series- How To Procure Quality and Qualified Tenant's #2

Pilot Series

 

As you recall from the first portion of this property management how to, we left off with having and utilizing a list of minimum qualifications.  Now we are really getting into the fun stuff!  You have a tenant who is interested in the property, they have reviewed and agreed to meet or exceed the minimum qualifications and they are ready to see the property!  You meet them and they fall in love, it's everything they have ever wanted, they rush home and complete your application which you will use to confirm their qualifications.

You have processed their application, spoken to current and previous landlords, verified employment, and the prospective tenants pass with flying colors!  You should approve them (preferably in writing, we use an official notice of approval form), and get them ready for move in.  By this time you should already have lease docs available for them to review.  I prefer to send them blank lease docs, answer questions or concerns that they have, then follow up with final copies.  I use mostly e-mail and e-signatures for this but it can be done with faxes or hard copies.

Ok you are really rocking and rolling now!  Tenant's have reviewed the lease and signed final copies, the home is clean and rent ready and the tenant's have signed the lease packet!  Congratulations on your new tenant who is qualified and quality!   This should really make the rental process easier on everyone.  They are comfortable knowing they have a responsible, responsive, and competent landlord. And you are comfortable knowing you took the time and had the resources to verify your quality and qualified tenant! 

This process works with commercial, residential, multi family, or just about any rental property.  The key to long term success is maintaining the property, upgrading as needed, and finding a tenant who is willing and able to maintain it for you

I hope this 2 part series will help you in your landlording adventures!  If you have questions or comments feel free to leave them here or email me directly.  Thank you for your participation and I'll be back soon with more real estate how tos!

Daniel Muldoon

Sunday, February 17, 2013

How To Select The RIGHT Property Manager For You

Hello All,

Selecting a property manager is not something everyone will do but for those of you who need this information it's priceless!  Each property manager has their own methods and procedures for managing rental properties and you need to make sure they line up with your expectations.  My company for example has spent a lot of time and resources on cutting edge technology.  We accept online rental payments, we post videos and pictures for digital ads, and we rely heavily on email for efficient communication.

I spend a lot of time with trade organizations to make sure we keep up with all the latest legislation that could affect the management of rental properties.  This is very important because laws are changing frequently at the federal, state, and local levels.  You do not want to inadvertently break laws and unfortunately ignorance is not an excuse. 

If you plan on managing your rental property on your own you will need to make sure your lease docs are up to date and coincide with HUD regulations and state requirements.  These regulations now impact many aspects of rental management including the application process and rejecting applicants based on credit criteria.  If you are a management company or a person looking at opening a management company you will need to review your state and local laws, be up to date on information regarding move out procedures, tenant's rights, and holding security deposits. 

Make sure you interview multiple companies! Since each company is different you will find after interviewing a few in your area, which ones will be able to meet your needs and which one's will not.  Don't only look at the management fees but also look at what it includes.  If your decision is based solely on price you may or may not get what you are looking for.

Spending time asking questions and interviewing companies during this process will help ensure you get a company who will be able to perform the tasks you expect in a timely and professional manner.  Ask for references from tenant's and owners who do business with the companies you are interested in.  If they can't provide references or testimonials, they may or may not be worth doing business with.  You want to find a company who has good tenant rapport, good owner rapport, and spend the time to stay educated. 

You can look at the National Association Of Property Managers website for endorsed companies.  Ask the company if they are members of their local and state board of REALTORS or other trade organizations.  These companies and individuals are typically help to a higher ethical and educational standards.

I hope this article has helped spark some ideas on how to approach hiring the right property management company for your specific needs.  Feel free to comment or contact me for additional information!

Sincerely,

Daniel Muldoon

Who We Are- Property Managers Colorado Springs CO

Who We Are:

Muldoon Associates, Inc. is a full service real estate company.  We are family owned and operated and have been doing business in the Pikes Peak Region since 1981!  We handle distressed property sales, resales, new builds, small commercial, residential property management in Colorado Springs, Pueblo West and Fountain Areas, homeowner's association management, tenant placement services, real estate counseling, and real estate investing services.

Our company strives to provide professional services with a personal touch!  We have created this blog and these how-to articles and videos to help anybody who is involved in real estate property.  We will cover things like how to find a qualified tenant, how to use homepath.com when purchasing Fannie Mae listings, what to look for during inspections, and many more topics!

We hope you enjoy our venture into blogging and we encourage questions comments and support!  Feel free to email us with topics you are interested in seeing.  You can visit our website at muldoonassociatespm.com to view our current inventory or listings and rentals!  We also have information regarding HOA management in Colorado Springs, CO  and contact information.

Thank you for taking the time to be a part of this property management in Colorado Springs and real estate "how to" blog!

Sincerely,

Daniel Muldoon

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Daniel Muldoon
Call: 7193579478