Yet Another 5 Inexpensive Ways to Improve Rental Properties

Property owners and managers are competing for new residents at an advantageous time. Depending on the area, more people are looking for rental properties now than last year at this time.
One reason is that fewer people can qualify for mortgages. Thus, there are fewer qualified homebuyers.

We are also hearing anecdotally that many areas are still experiencing higher-than-normal vacancy rates.

So to compete effectively and economically, property managers are “turning up their imaginations” to make their properties more desirable. Here are five ideas to consider:

1. Remove old or tattered window coverings and replace them with inexpensive Venetian-style blinds. Choose neutral colors and models that are easy to replace.
2. Install portable “odor-eating” air purifiers. If your rental units smell clean, prospective residents will notice. You can also buy some inexpensive plug-in room deodorizers and create the ambiance you think pleases the nose.
3. Replace the knobs and handles in the kitchen cabinets if possible. Any qualitative touches you can add to your kitchens including sufficient lighting will make your rental feel more like home.
4. Yes, as we mentioned before, consider putting up a new shower curtain and rod in the bathroom. If you want to go a step further, add a bigger, nicer mirror as well. They are not expensive, and many times, the bigger the mirror, the bigger the bathroom looks.
5. Make sure the inside of the refrigerator is extra clean and smells great. You can add to the appeal by placing some fresh-baked cookies inside the refrigerator. Offer one to your prospect, and they will remember how kind and thoughtful you were.

Property managers would be wise to leave a lasting impression on everyone who comes to look at a vacant property. One way is to have an attractive, color flyer or brochure with a list of all the advantages of being a resident at the property you manage.

Don’t be afraid to add creative touches. Something as inexpensive as placing a couple of flowering indoor plants on the kitchen counters may brighten the interior and indirectly remind the prospective resident that your property is livable and cozy.

As property managers, we have to be careful when sizing up potential residents. If we also remember to be friendly and courteous, we will brighten their day and leave a positive memory about your property.

It’s “high time” we talk medical marijuana!

Medical marijuana has been legal in Washington & Oregon for several years. (The 502 initiative legalizing marijuana in Washington does not amend or repeal the medical marijuana laws (chapter 69.51A RCW) in Washington in any way. The laws relating to authorization of medical marijuana by healthcare providers are still valid and enforceable.)

If you own or manage communities, you need to have a policy regarding residents' use of the substance on your property. Many communities are now smoke free either as a result of owner preferences or driven by resident requests. Smoking is smoking, cigarettes, pipes, cigars, hookahs, roaches. You can forbid it all, but if, because of a disability, someone asks to smoke their medical marijuana as a reasonable accommodation, you will need to consider that request. And unless such marijuana use becomes a nuisance (in the legal or lease sense-be careful in coming to that conclusion), or it conflicts with someone else's disability, you most likely must allow the resident this accommodation.

Medical marijuana is a complicated topic. Several questions come to mind. Can you or the owner deny the accommodation because of federal law (feds still maintain marijuana use for any purpose is illegal)? Does smoking marijuana leave residue in a dwelling? If so, is that considered normal wear & tear? What if the dwelling is not rentable because of the lingering odor and you have to replace carpets or perform other expensive remedies? Can you ask the resident to see if they can accomplish the same outcome, relief from pain and nausea through other means such as take in marijuana in another way (brownies anyone?).

So before you say no to medical marijuana, consider reaching out to your own legal counsel to help you take the right road on this. In some cases, it might be the high road. 

 

Posted by Joanne Vanderhoef
Marketing and Media Specialist

The Management Group
Property and HOA Management in Vancouver WA and Portland OR
http://www.TMGnorthwest.com

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How Long Should You Keep Records After Tax Day?

-As a rule, keep your tax records and supporting documentation until the statute of limitations runs for filing returns or filing for refund. For most taxpayers, that means that you'll want to keep those records for three years following the date of filing or the due date of your tax return, which ever is later. So, for example, if you filed your 2012 tax return on Tax Day, April 15, 2013, you'll want to keep those returns and those records until April 15, 2016

-If you file a clearly fraudulent return or if you don't file a return at all, the statute of limitations never actually runs. In that event, you'll want to hold onto your records, well, for forever (really, it's much less work to simply file).

-Supporting documentation for your tax returns includes not only your forms W-2 and 1099 but also bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks, proofs of payment, and any other records to support deductions or credits you claim on your return.

-If you claim depreciation, amortization, or depletion deductions, you'll want to keep related records for as long as you own the underlying property. That includes deeds, titles and cost basis records. Similarly, if you claim special deductions and credits, you may need to keep your records a little longer than normal (for example, if you file a claim for a loss from worthless securities or bad debt deduction, you should keep those records for 7 years).

-If you have employees, including household employees, keep your employment tax records for at least four years after the date that payroll taxes become due or is paid, whichever is later. This should include forms W-2 and W-4, as well as related pay information including benefit forms.

-To save space you can scan your records and store them electronically. The IRS has accepted scanned receipts since 1997, a policy that was memorialized by Rev. Proc. 97-22 (downloads as a pdf). You just need to ensure that your scanned or electronic receipts are as accurate as your paper records and you must be able to index, store, preserve, retrieve, and reproduce the records. In other words, you need to have your records organized and be able to produce them in a hard copy form if needed.

How to make your apartment look and feel bigger!

Follow Practical Tips to Make the Most of Your Living Space

One thing you can't do as a renter is make your apartment bigger. But, when it comes to decorating for small spaces, there's nothing to stop you from making your apartment look and feel bigger. In fact, the good news is there's a lot you can do to make that happen.

Remember how your apartment looked the day you moved in? Your place was certainly no larger that day than it is now, yet it probably appeared bigger to you. An apartment almost always looks its biggest when it's empty, and once you start to add furniture and decorations, your home will tend to start looking and feeling smaller.


Fortunately, with smart planning and careful decor decisions, you can minimize this effect and help make even small spaces look and feel bigger.

Ideas for Making Your Place Look And Feel Bigger

Here are some suggestions to make your apartment look and feel bigger:

• Use light colors. Thinking of painting your apartment walls? Consider this: Light colors tend to make a room look bigger, while dark colors may have the opposite effect. Say you're expecting a baby girl and want to paint your nursery pink. If you fall in love with a certain pink color, strongly consider choosing a lighter shade of it. Most paint manufacturers offer palettes that show how lighter or darker shades appear, as well as small paint sizes so you can sample one or more colors at home.
  
  It's always a good idea to buy a sample of any color you're considering to see how it looks on your wall before you redo the room. Very often, people are surprised to see that the color they liked looks darker than they thought, possibly because of the lighting in the room.
  
  In addition to wall colors, if your rooms are on the small side, consider staying away from dark colors or wood stains when it comes window treatments and furniture.
  
  
• Declutter. Keeping your apartment looking organized and free of clutter creates a sense of openness and serenity. Try to keep your desk clear of papers, drink bottles, and the like. If you must keep documents on your desk, instead of in a drawer, arrange them into neat piles, rather than give the appearance of a disorganized or scattered mess.
  
  
• Be more selective with wall decor. When it comes to wall decor, you have so many options. But before you rush to fill up your walls with framed pictures, prints, and the like, consider placing a limit on the amount of wall space you'll cover. If your walls are almost completely covered with hangings and other decorations, they can start to feel like a busy mosaic that threatens the open feeling of a room.
  
  
• Leave breathing room around furniture. If you're buying, say, a bedroom set, it can be tempting to buy more pieces than you need, especially if you get extra savings with additional pieces. But just because a piece of furniture "fits" doesn't mean it's the right choice for the room. You have to consider the room's decor, as well. Pieces of furniture crammed into a room may provide maximum storage, but such an arrangement can lead to a busy feeling. Going sparser with furniture creates more open spaces in a room, which makes the room look and feel bigger.
  
  When it comes to a specific spot in your apartment that you're trying to furnish or decorate, try to leave some breathing room between the edge of the furnishings or decor and the boundary of the area.
  
  For example, say you have just over 42 inches of space between the trim of your bathroom door and that of a closet door. You find a console table you love that measures 42 inches wide. Perfect, right? Not really. While this table might technically fit in the space, it will almost certainly create a stuffy feeling in the room. A table that measures 34 inches in width allows for breathing room on either side. When you look at the space, you'll see the table along with some extra space on either side that gives the feeling of openness.
  
  
• Keep the air fresh and clean. To make your apartment feel -- and not just look -- bigger, you should consider the air quality as well. Weather permitting, keep a window or two open to allow fresh air to enter your apartment and stale scents to escape. Consider adding plants and room fresheners to enliven the air as well. An apartment that feels stale or stuffy can be stifling.
  
  
• Lighting. Make sure your apartment is adequately lit. Dim lighting casts a shadow on your home, making colors appear dull. This, in turn, can create the feeling that a home feels smaller than it really is.
  
  Open blinds and other window treatments during the day to let the sunshine in. (This can also help keep heating bills down.) Check the maximum wattage limitations for your lighting fixtures. If you're using 60-watt bulbs on a fixture that allows for up to 100 watts, consider changing your bulbs if you feel the lighting is inadequate. If your apartment doesn't have much or any overhead lighting, floor lamps can do the trick to illuminate a room. When it comes to lampshades, opt for lighter-colored, more translucent ones that allow more light to permeate the room.
  
  
• Mirrors. A mirror is both functional and decorative, but it's also illusional. Have you ever walked into a restaurant and, until you saw your reflection on a long mirrored wall, you weren't quite sure whether the restaurant was twice the size? I'm not recommending that you plaster your apartment walls with mirrors, but the point is that a large, well-placed mirror or two can give the impression that your apartment is bigger than it is. Plus, a mirror that has a frame to match the colors and style of your room also serves to enhance your apartment's decor.

Reference About.com

The Management Group
Property and HOA Management in Vancouver WA and Portland OR
http://www.TMGnorthwest.com

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The 10 Worst Places to Retire

The expensive cost of living and high taxes make these places unattractive retirement spots

Retirement is especially difficult if you live in a place with expensive real estate, high taxes, and steep healthcare costs. Retiring in a city with an inordinately high cost of living means you will have to save more money and invest more successfully just to make ends meet. Here are 10 U.S. cities where it's extremely difficult to retire well:





1. Bridgeport, Conn.

2. Honolulu

3. Los Angeles

4. New York City

5. Oxnard, Calif.

6. Poughkeepsie, N.Y.

7. San Diego

8. San Francisco

9. San Jose

10. Washington DC

The Management Group
Property and HOA Management in Vancouver WA and Portland OR
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