Panic Button

Nobody likes a vacancy as it means nobody's making money.  Keeping a vacancy as short as possible is one of the most valuable jobs a property manager can do for an owner.
Owners first need to budget for vacancies and expect them.  It's unrealistic to think 100% of your units will be 100% occupied.  Even if you have responsible reliable long term tenants life happens and people will occasionally move.
So how can you get those properties filled as quickly as possible?  First get them ready to show.  Here's where it pays to know your market.  If you're new at landlording surf the net and check out your competition on craigslist or other websites.  If your competition is holding open houses show up at one and take note of upgrades and amenities.  What are the salient points stressed in your competitors' ads?  That will help you decide what improvements will draw applicants.  In my area of Southern California garage space isn't a deal breaker but if you're in a colder climate it may be.  Some areas that I cover prefer hardwood floors to carpet.  Other areas find every landlord willing to accept dogs.  Do your homework and know your local market and then improve your units accordingly.
The cheapest improvement is fresh paint.  Pick neutral colors but be more adventurous than the ubiquitous Swiss Coffee.  If the kitchen has wooden cabinets instead of painting top and bottom cabinets white make the bottom ones slightly darker.  No price difference for you and your units will stand out.  If your budget for improvements needs improvement at the very least make the unit sparkling clean and paint if at all possible.
Okay, the work's been done, ready to show, now what?  Back to researching your market.  Price your unit competitively.  If you want to try for a higher price don't hang onto it for too long.  If you don't get any bites after 2 weeks, time to lower.
Put up signs, load the listing on your website, place internet ads and respond quickly to calls or emails. 
During slower markets or times of year you may want to offer an incentive.  In a multi unit building you may offer a rent credit to exisiting tenants for anyone they refer who signs a lease.  You may advertise 13th month free to qualified applicants. 
If your unit shows well and you've had several viewings but no applications your price is probably too high.
In your haste to rent don't skimp on your screening.  Remember the only thing worse than a vacant unit is an occupied unit and a tenant who isn't paying.  Or even worse than that an occupied unit with a tenant who isn't paying and is damaging your property.

When in Doubt Check your Gut

Scams probably date back to Adam and Eve but with the advent of the internet there are new twists to scams and applicants need to beware.

Scammers may target property managers as well as tenants but we have more ways to verify information.  We ask for id, we run your credit, we verify your income and we talk to your current landlord.  If you want to scam us you could fudge some of those categories but not likely all of them.  And then there's the big guns tool we use to vet you as a tenant:  our gut.  If it doesn't feel right we sit on our heels and ponder.

I have had several new tenants tell me about internet scams.  Our most popular website for posting available leases is Craigslist.  Scammers often copy our ads and put a ridiculously low price on our rentals.  So how do you seperate the legitimate from the illegitimate?

Beware if someone is willing to rent property to you before you view it. 

Beware if the price is seriously under market.  If it sounds too good to be true it is.

Beware if the leasing agent does not have an office.  If his only contact is by phone.

Beware if you're asked to pay a deposit or rent before viewing the unit.  You can be asked for an application fee and that amount varies by state but never pay a deposit or rent before personally viewing the unit.

If your leasing agent is licensed check your state's Department of Real Estate website to verify the license.

Remember your ultimate tool:  your gut.  If it doesn't feel right walk away.

Ya Can't Take It With Ya

You've made your house a home, feathered your nest and now you're moving.  What can you take with you and what stays with the property?
If you changed out anything on the property, like light fixtures, cabinet handles, door knobs, etc. they stay unless you kept the original ones and are re-installing them before you move out.
If you shared the cost of any floor improvements the floor improvements stay and you will probably not be reimbursed for your share since you enjoyed living with the improvement and it is now no longer new.
Was there a yard that you put some plants in?  Unless they're in pots you cannot remove them.
If you upgraded any existing appliances those will probably stay too unless you clearly discussed that with your landlord before you spent the money.

Wanted: Ideal Landlord

Wanted:  Ideal Landlord
Will maintain property.  Will respond promptly to maintenance requests.  Will not raise voice even though tenant may raise his.  Will clearly explain lease and delineate expectations with tenant.  Will not divulge personal information.  Will charge fair rents.  Will have emergency number available for after hours calls.  Will not enter rental units without notice except in case of emergency when tenant is unreachable.  Will not charge extra for credit counseling, interior decorating, roommate mediation or psychotherapy.

Wanted: Ideal Tenant

Wanted:  Ideal Tenant.  Must have decent credit with no bankruptcies, evictions or current accounts in collections.  Must have income that's three times the rent.  Current landlord must report no late payments or 3 day notices.  Will notify Property Manager of any maintenance issues and will not cut side deals with vendors.  Will respect quiet hours and not park in the wrong spot.  Will be familiar with terms of lease and able to locate a copy.  Will be aware of what constitues a true emergency and will not call emergency number when skunks are on roof at 2 a.m.  Will not ask Property Manager nosy questions about fellow tenants. 

The Dog Ate My Rent Check

The first 5 days of the month are the busiest in our office.  Rents are due on the 1st and delinquent on the 2nd.  Over the years we've heard lots of excuses as to where those elusive funds happen to be.  Perhaps because when you visit or call our office you deal with a live person. You're not an account on a computer and I can't imagine tenants calling their Visa card and offering the same excuses.  The most popular are:
"the check's in the mail"
"my roommate/spouse/partner sent it"
"I'm mailing it right now"
"I'm out of checks and have to order some new ones"
Recently we heard a new one.  Last month Cinco de Mayo was celebrated.
"I didn't pay my rent because it was Cinco de Mayo"
So...you were too drunk to write a check?  You blew your rent money on Tequila?

I thought it was an emergency

When you signed your lease you were given emails, phone numbers and business hours for your landlord or property management company.  And probably also an emergency number unless you're renting from Mom and Pop.  When can you call that number and what is an emergency?
Let's start with what is not an emergency.  Locking yourself out or losing your keys is your emergency, not ours.  During regular business hours you can contact your landlord and get a key to copy and return.  After business hours you need to find a friend's couch to sleep on.  If you know you're prone to this issue get yourself a hide-a-key or a lockbox with an extra key.  Or know lots of friends with cushy couches.
A break in your sprinkler line is not an emergency.  Skunks outside your apartment is not an emergency. 
Some emergencies require a 911 call.  Fire?  Call 911.  Your landlord is not a fireman.  Smell gas?  Call the gas company.  Neighbors partying at 2 a.m.?  Call the police.
Emergencies you can call your landlord for are primarily plumbing related and would be things like:  uncontrolled gushing water (not a drippy faucet) and a backed up toilet in a unit with only one toilet.  Most everything else is a 911 call or can wait until Monday morning.

Is This a Safe Neighborhood?

I cannot answer that question if I don't live in that neighborhood.  So how do you make a wise decision on the safety of a particular neighborhood?
Call the police department and ask about police reports filed within the last year or 6 months for the specific address or block you're looking at.  Try searching on websites such as crimemappers.com.  If there's a neighborhood watch group in the area they can also provide you with statistics. 
Google Megan's Law for that neighborhood and you'll get information on location of any sex offenders.
Look at the layout of doors and windows.  In an apartment building a top or bottom floor are more accessible to intruders.  Do you need a ladder to climb in the windows or are they easily accessible from decks and roofs?
Once you've made a decision that an area is relatively safe and decided to move in, how can you protect yourself?  You have many common sense and low cost options.  Ask your landlord to rekey before you move in. Exterior lighting of parking areas, walkways and outside doors is a good deterrent to crime.  Trees and bushes should be trimmed so that no one can use them for concealment.  Make sure all your windows have locks.  Install a peephole in your front door so you can view any guests before opening the door. 
If your landlord permits pets, you might consider Man's Best Friend.  If you work long hours or travel consider putting lights on a timer.  Alarm systems run from Radio Shack do it yourself models to professionally installed systems complete with monitoring.  Keep in mind that if you do install a system it will stay with the rental when you leave. 

Should I or Shouldn't I?

If you own rental property and manage it yourself you've probably occasionally pondered turning it over to property management.  One reason you haven't done it yet is financial.  Your immediate profit will decline once you factor in management fees.  But depending on how you're self-managing your long term profit could improve.,
Here are some thoughts to consider if you're weighing the decision again.  If you're currently doing most repairs and maintenance yourself either because you enjoy it or to save money you could continue to do that with property management.  If you have preferred vendors you can continue to use them with property management.
With management you can go on that trip and not worry about being back by the first to collect rents.  When the tenant in unit 4 has a 2 a.m. toilet emergency you can continue sleeping like a baby knowing your management company is handling it.  Your management company stays current on laws and regulations and helps you be in compliance with government agencies.  Most owners I've met who have been doing self-management are not as thorough in screening potential applicants and not as aware about the laws governing screening and applications. 
For many reasons you may not want tenants to know you are the building owner and the management company is the buffer that protects your privacy. 
No more bookeeping headaches as you'll receive a detailed monthly statement and year end statement you can just hand over to your tax preparer.
Don't engage property management if you're on the thinnest of margins and can't afford the fees, if you enjoy the 24-7 nature of tenants' calls and if you have loads of free time and want to do all repairs yourself.
But if you're ready to step back and hand over the day to day to someone else and wait  for your monthly check, property management may be just what you need.

Smart Money

Every rental market is different but here in the greater Los Angeles area there are 3 things I encourage owners to invest in as they will return higher rents.
First, central air. 
Second, a dishwasher.
Third, a garage.
Absolutely necessary?  No.  Habitability requirements?  No.  Will attract a higher income tenant who is willing to pay a higher rent?  Yes.

Do I qualify?

You've found a place you love and can picture all your stuff in it.  Now's time to turn in the application.  What are your chances of being accepted? 
We look at 3 main things:  how's your credit, how's your income, and what does your landlord say about you.  If you have current late payments on your credit report, an eviction, or undischarged bankruptcy many landlords will not accept you. 
We will ask for proof of income and we want your income to be at least 3x the rent.  If you receive paychecks we want paystubs.  If you're self-employed we want tax returns and bank statements.
If your financials are less than stellar, what can you do?  Some landlords will accept co-signers.  Another option you may be offered is an increased deposit if you're a higher risk.  If you have extenuating circumstances like being a victim of identity theft disclose that upfront.
We will also call your most current landlord and possibly the one before to ask if you paid on time, took care of the property and whether they'd rent to you again.
Remember as owners or agents for owners we want to know that you will provide us with reliable income and protect our property. 
If you're having trouble meeting the standards for a property management company try looking for units rented directly by owners.  It may be easier to plead your case face to face with the property owner.

It's Vanilla and I'm More Tutti Frutti

You moved in and you're staring at the four walls which are just looking ...so...white.  Your landlord has said no painting allowed.  How can you feather your nest and express your personality while staying within the parameters of your rental agreement?
Area rugs are a good solution for floor coverings.  Check the garden department as well when shopping as many floor coverings intended for patios and decks make inexpensive interior rugs.
Wall decals are widely available both in stores and on line.  They can mimic chandeliers, a lush tropical garden, birdcages or even blackboards.  No damage to the wall and you can take them with you when you move.
If all your windows have mini blinds or vertical blinds hang some curtains for more personality.  If you sew, great, if not, as long as you can iron you can use fusible web to hem yardage. If you don't need curtains for privacy or insulation you can just knot and drape a length of fabric across a curtain rod.
Most rental units have very utilitarian light fixtures.  Change them out for something more exciting as long as you change them back when vacating.
Changing handles on kitchen and bathroom cabinets can personalize the space instantly.  Again save the old hardware so you can change it back when vacating.
These are all simple changes that make your unit feel like a home when you open the door and keep you in compliance with your landlord.  Win win!

How Can I Get All or Most of My Deposit Back?

It's expensive to move and getting most or all of your deposit returned can help defray all those costs associated with moving.  Check your rental agreement to see if you are required to give notice when vacating.  If organization is not your forte and you can't put your hands on it ask your landlord for a copy.  Usually you cannot use your deposit as last month's rent and must give 30 days' notice when vacating.  Prior to vacating ask your landlord for a pre move out walk through where he can tell you what he's looking for as far as returning your deposit.  Minor repairs may be needed and leaving the place as clean as when you moved in is prudent.  If there are carpets have them professionally cleaned and save the receipt.  After vacating your landlord must provide you with receipts for any work done that he's deducting from your deposit.  Some items are normal wear and tear and you cannot be charged and other items, like paint and floor covering are prorated over the term of your tenancy.
Most states have a certain number of days after the lease ends when the deposit must be returned.  Your landlord may have estimates for some repairs if the actual work hasn't been done yet and then provide you with invoices later down the road when the work has been done and make any adjustments in your deposit return. 
Before moving in your landlord may have provided you with photos or videos of the move in condition.  He will compare those to the move out condition when determining deposit return.

Both Sides of the Fence

I work as a Property Manager in Glendale California and manage single family homes and smaller residential buildings.  I also am a licensed realtor and am building my sales business.  It's really the best of both worlds as property management is one of the few real estate fields that brings a steady income and I come across many people in that arena who might become home purchasers down the road.
I represent owners and act as their agent with tenants.  I have been an owner myself and managed my own properties.  I am also currently a tenant so I have personal knowledge of this business from all angles.
I plan to answer questions that I often hear from both sides, owners and tenants, answered with grace and sprinkled with humor.
Something specific you'd like addressed?  Please email me your questions and concerns.