What are some good tips for deciding what to plant in an aparment garden?

If you have some room to garden, you'll need to think about what types of plants you want to have and how much time you are willing to spend on the area. Here are some gardening tips for your apartment yard:

• Flowers. If you choose to go with flowers, have a plan. Are you looking for pretty ones to cut and put in a vase or would you prefer they decorate the yard area? What colors do you like? Do you prefer to tend to them a lot or just let them bloom and fill the air with fragrance? Knowing these things ahead of time will help you do a little research. Either take a look on the Internet or ask at the garden center, but keep your criteria in mind.
• Vegetables. It can be fun to grow vegetables in a garden and then use them in your food. Choose a few favorites that would do well in your soil/sun conditions and make sure you know how to deter any pests that may spoil your goodies. Again, a bit of advance research will set you on the right course.
• Decorative plants. Grasses and other decorative plants can be a great addition to any yard. Many require little maintenance, so they can be a super choice for those who like to garden but don't have much time.

Why You Must Hire Condo Property Management

Buying condo properties is a big investment decision and more so in these days of economic slowdown. Therefore, it is very important for you to maintain its condition to its optimum level in order to make sure that your investment is safe. Since running a property investment business and dealing with the maintenance aspects of buildings can be an overwhelming task, it is always wise to hire a condo management company to do the needful. The management company will definitely charge a certain fee that may look like a substantial amount, but when you look at the wide array of benefits that their valuable services offer, you will realize that the benefits actually far outweigh the costs. Here is how.

Collecting Rent      
If you are using your condominium for rental business, you may find the task of rent collection a very difficult and highly time consuming one. When it comes to dealing with the tenants, it is always a painful process. However, you can definitely take much pain out of the proceedings by availing a condo property management service. They are professionals in this field. They will make sure that rent is paid on time. This way, you can substantially improve rent collection using their professional systems and strategies.

Local Knowledge Of Rents  
 
The building management professionals will also help you in determining the rent, as they have extensive knowledge of local rent. You can charge the highest possible rent for your condos depending upon the location and other factors. The tenants these days have also become smarter. They first research on Internet in order to see whether the rent charged is reasonable or not. This way, by keeping the rent highly competitive, the condo management company will also get you an edge over your competitors.

Information About Tenants    
Tenant screening is one of the most difficult tasks that you have to deal with in condominium rental business. The company responsible for the management of your properties will do this job on your behalf. They have a set system for this. They first ask the tenants to fill out an application form with all the essential details. The information provided in the application form is then verified using criminal, social security and public notice searches. The condo management company also talks with the employers of the tenant and their previous landlord in order to make sure that tenants financial condition is good enough and that his behavior is also good. 
  
Marketing
The marketing expertise of these companies is also an added advantage, as they can help you get your properties rented in the quickest possible time. In order to find quality tenants quickly and to maximize your property exposure, they use both offline as well as online marketing strategies.

Legal
What is more, an experienced condo management company will also prove to be a great help for you in legal issues associated with your condominiums. You can benefit from their extensive knowledge of property laws and regulations. In order to keep things smooth, it is very important for you to make sure that everything in your rental business is in compliance with your federal, state, and local rules and regulations.

Overall, we can see that it is always beneficial to hire a condo property management choice in order to run your rental business smoothly and profitably.

Courtesy Property Management Blog

HOA Maintenance Projects: Determining the Need

Becoming a homeowner means that in addition to your career and family you are essentially taking on another lifelong project: the upkeep of your property.

Whether you are adept at DIY projects or have a handyman on speed dial, the average wear and tear on any type of home is going to require the occasional repair and maintenance.

As a HOA board member that responsibility will now fall on your shoulders to develop a comprehensive plan for your entire complex compound. This maintenance plan covers issues like gardening, minor fixture replacements and general upkeep, and is executed based on a Reserve Study that allocates the proper funding for necessary projects both large and small.

What is a Reserve Project?

Among the many stacks of paperwork you'll receive as a new condominium owner will be the Covenants, Conditions and Restrictions otherwise known as the CC&Rs. Typically, most new owners will engage in a cursory review of the CC&Rs to find out about restrictions that would have an immediate impact on their lives such as pet ownership or whether a washer/dryer can be brought into or unit.

As a member of an HOA board you will have to become a lot more familiar with all aspects of the CC&Rs in order for you to facilitate what is required of the HOA, especially when it comes to handling HOA maintenance projects.

The community association fees that go into a reserve fund are used for regular maintenance issues, which can range from replacing light bulbs to re-paving the entire community. These items are expenditures that are budgeted for, and separate from a Capital Improvement Project (CIP), which requires additional funding and could be something such as installing a pool at a community that does not have one. CIP’s are usually to fulfill a want, not a need, and are not exeuted nearly as commonly as a maintenance project using a reserve fund budget.

One note of caution: If aboard is constantly asking for additional assessments for HOA maintenance projects, they're probably doing an inadequate job of fund management. While unforeseen circumstances are unavoidable, associations who’ve retained professional management services have significantly decreased the threat of a special assessment.

Community association management professionals understand the importance of being proactive, maintaining an effective Reserve Study, funding reserves properly and developing a Maintenance Plan.

Voting for HOA Maintenance Projects

Because most CIPs require an additional assessment and budget, there will be a need for the HOA board members to vote on that issue. But for maintenance requirements already covered in an existing maintenance plan, they are already budgeted for and a board does not have to administer a vote.  In other cases, there might be the need for upgrades that are required by federal or state regulations. This could be items such as handicap access or new railing height requirements.

When the issue is one of compliance versus a fine then no vote is required; the project simply needs to move forward.

Courtesy HOA Managment

The Circle of (A Property’s) Life

By Linda Day Harrison, Manager Labs, Chicago, IL
There are business models in all shapes and sizes. There are retail stores, medical and legal practices, cleaning companies, general contractors, grocery stores, etc. So when you think about a business, how many business models do you know of where the business owner outsources the entire business to another party? For instance, if you visit your local grocery store, is it managed by a grocery management company? How about a retail store management company? So what makes the residential real estate investment business any different? Why are there so many property management companies and outsourced service providers to the property industry?
According to a colleague of mine, the answer is quite simple, “It is not easy, there is so much at stake, and there are many moving parts.” Also, when you think about properties as investments, there are often multiple partners and joint venture groups who own the assets. In those cases, the managing partner realizes they do not have enough time or expertise to do all of the functions required of them to maximize the value of the asset. That is what outsourcing offers.

As a property manager outsourced by these partnerships, the responsibility of managing that asset is crucial in so many ways. First of all you have been selected by the partner on the management of the asset. All of the actions you take as the manager or management company directly reflect onto the reputation of that partner or company that made the decision to hire you.

Next you have the individual people that make up the partnership. In each case, the goal of the investment with each partner is diverse. Whether there is one partner or 100, each one has their own individual investment objective. For instance, one partner may be investing because they have young children and the investment is intended to be a college fund. Another partner may be saving for their retirement. The point is that in managing the property there are many significant outcomes to decisions and actions of the property manager.

Remember, the actions you take need to be considered as part of a global picture. Each action impacts the value of the property. Now enter the customers. The actions of the property customers (aka tenants) also play a pivotal role in the value of the asset as well. For instance, if a tenant does not pay rent, the cash flow of the property is impacted. This is a business and the business must be financially healthy to exist. There are services and debts that the business is obligated to support as well. So if the rent is not collected in a timely fashion, there may be consequences to the service providers looking to be paid. The service providers are outsourced too. Those service providers need to be respected and considered as they are a vital resource to the property ecosystem and the operations.
The entire ecosystem of the property needs to flow in a healthy and respectful manner. If there are members of the ecosystem that do not respect the life cycle of the asset, there is imbalance. An imbalance is what causes tremendous pressure on the other members of the ecosystem. For instance, if a tenant does not pay, there is not enough cash flow to pay the electric bill. If the electric bill is late, there is a penalty. When a penalty occurs, it further erodes the income. When the income becomes eroded, other service providers suffer since the invoices cannot get paid on time. It is necessary to understand how all the actions of the parties involved will affect each other.

When issues arise, keep the ecosystem or big picture in mind. Each move matters and each party to the property ecosystem can make or break the healthy cycle. Hold every member of the ecosystem accountable. Follow up and follow through on everything! Make sure you have an excellent command of the property and your communication to all parties is crystal clear. As with all business habits, be fair and honest about how everyone must work together. If one party falls short of their obligation, be sure to put them on notice. Do not hesitate to follow the letter of the lease or contract or whatever you are obligated to enforce on behalf of the partners who own the property.

Being a property manager is exciting and rewarding, but it does require hard work and the ability to view the business from a holistic perspective. It can be a challenge to maintain the ecosystem, but as long as you’re always looking out for your partners’ (owners, tenants, and service providers) best interests, you will feel gratified about the work being done with the property. Your owners and investors will be pleased that you are increasing their properties’ value, and your tenants will be happy about their living situation.

How To Handle An Abandoned Property

By Carla Toebe, New Century Realty, Kennewick, WA
They say that abandonment is a landlord’s or property manager’s worst nightmare when dealing with a tenant. How do you know it is really abandonment? Sometimes it’s obvious when everything is gone, the place seems perfectly empty, and the tenant’s keys are lying on the counter. But what if the place is full of furniture, the food is still in the cupboard, and you can’t get a hold of them? They haven’t paid their rent, they haven’t returned your phone calls, no one has seen them, and you can’t get a hold of anyone on the emergency contact form you had them complete when they moved in. Surely this means they must have abandoned the place. So you change the locks, and uh-oh! There they are coming back claiming you have now burglarized their place. Oh no! This can’t be, they clearly abandoned the place and you took all the steps you had to take that were required by law.

Maybe it isn’t that clear cut. Maybe a tenant still has some rights. Now you are facing penalties, a criminal investigation, and a whole slew of troubles you never knew you had. Let’s back up and figure out how to determine that this is really abandonment and you have the right to take possession of your unit.

You spelled out what abandonment was with your tenant and you had it written in the lease, right? Good, well at least you tried to get the tenant on board with your ideas. Unfortunately they have forgotten about your request for them to tell you they have left, and to turn in their keys. That would be the easy thing to do. However, they don’t want you to know they have left because they are in a hurry, that they are embarrassed that they have to leave owing rent, or that they had to leave things such a mess. They may not want to face you or deal with any of these responsibilities. Maybe they could have left a note telling you to dispose of everything there, and that they are not coming back.
Why didn’t they think of these things for you? Unfortunately abandonment isn’t always so sweet and simple. Usually you have to determine without any doubt and with full public notice of some sort that you intend to declare the place abandoned. You also have to hold onto any property left for so many days prior to disposing or selling it. Each state has their own set of laws and it is very important to become familiar with the particulars of the process to establish abandonment because that tenant could come back. Now you are now expected to return everything that you just disposed of because you thought it was left behind.

Write your abandonment process down if you haven’t already so that tenants, anyone who works for you taking care of the units, and owners who are hands on, consistently follow the appropriate process. Make sure that your complete process complies with the state laws. It may be helpful to have an attorney review it.

Typically in order to establish abandonment, the tenant must be late on the rent and they must have not responded to a 3 day notice to pay or quit that you mailed and put on their door. They have also not responded to an abandonment notice that you put on their door for all to see after 48 hours. What if they are just gone for 5 days and forgot to pay rent? Well you need to start calling their personal phone numbers, work numbers, relatives, friends, neighbors, and anyone you can think of that might know them in order to validate that they are really gone. You need to check and see if their vehicles have been parked there at all during this time. You also need to check with the utility companies to see if any service has been disconnected. In other words, ask around, do some investigating, and document all that you have done.

Once you are inside because the evidence all points to the fact that they have abandoned the unit, take a picture of that abandonment notice still stuck to the door and a picture and/or video of everything inside that has been left behind. Carefully store all items that are clearly not garbage and place it into a safe secure location for the length of time required by law. I don’t know how many times I have seen someone dump everything outside for all bargain hunters in the neighborhood to come around and clear away. Do not fall into that temptation as appealing as it sounds! It is the worst thing to do and it is not worth the potential harm that a little effort would prevent. Do the right things, know the laws, and know what the process should be.

If you are a tenant, please let someone know that you have left. If you don’t, it will cost you more money in the long run than it would have if you just let your landlord or property manager know when you left the property. Avoid getting into legal troubles over abandonment, turn in your keys and leave a note!

Homeowners Association Insurance and Natural Disasters

The most unexpected east coast earthquake of 2011 was felt all across the Washington Metropolitan Area and as far as New England, Ohio, and the Carolinas. Fortunately, only minor damage was reported.  While this is an extremely rare case it does raise questions of insurance coverage.
Of the many things your association assessment pays for, insurance is one of the most important. Association governing documents and state law require the association board to purchase adequate insurance as part of a comprehensive risk-management program.

There are two major types of commercial insurance coverage for an Homeowners Association (HOA) —property and liability.

Property insurance covers loss of or damage to any common structures or physical property caused by fire, flood, storms or other natural events. For instance, if high winds uproot a tree that damages a common roof, the association’s property insurance would cover the cost of repairs. Property insurance may also cover what we call “human perils” (such as theft) and “economic perils” (such as stock market fluctuations) that might impact our association’s investments.

Liability insurance covers losses that would result if someone took legal action against the association for an injury, financial loss or other type of damage.

It is imporant to communicate with your insurance professional to ensure that you have the appropriate coverage for your unique HOA needs.  If you have a professional community association manager they will facilitate this evaluation at least on an annual basis.

The association’s insurance does not cover private property of owners or residents.  Each member should have his or her own insurance policy for their home or belongings. If you need information about homeowners insurance, talk to a licensed insurance agent who specializes in homeowners associations. Or you may want to talk to the association’s insurance provider; this person will know exactly where the association’s master policy coverage ends and where yours should begin. This prevents you from over or under insuring yourself.  If you have a professional management company, contact them and ask for a reference.

Let's all hope that earthquakes will not require regular consideration during HOA insurance reviews in our region any time in the near future.

Courtesy HOA Management

How can I decorate effectively in a small apartment?

How to go about decorating your apartment depends a good deal on the space itself, and smaller apartments or studios often require a special approach. Here are some things that might make the task a bit easier:

• Mirrors can make the place look significantly larger.
• Opting for smaller furniture can help make more space.
• Consider putting some items in storage to make the apartment more livable.
• Take advantage of empty space for storage, such as under the bed.
• Utilize some organizing pieces, such as a bookcase or shelving unit to maximize vertical space.
• Add rods, shelves and cubes to your closet space to free up the living area for decorating and keep it from looking cluttered.
• If you are painting, add a darker color to one wall (often called a focal wall) to give the room more depth and style.
• Keep the overall color of small apartments light to make them look bigger.
• Use angles when placing furniture. It can help prevent areas from feeling closed off and give a more open, airy impression in your space.
• Buy "double duty" pieces of furniture that have storage built in. Look for things such as footstools that have a removable top and coffee tables with drawers in them.