We finally made the move to signing all leases and management contracts electronically.  I was worried that something would be lost by not sitting down with the tenant and going over the lease with them.

What I realized is that they are so preoccupied with their move that they don’t really read the lease.  We also had problems with all the roommates or couples being able to sign the lease at the same time. And, people kept asking us for the lease in advance so they could read it. We also have out of state residents and this is an easy way to accomodate people.

Electronic signatures is wonderful. We use Docusign, and Echosign, is another vendor.  You send the contract via email, the receiver is prompted to initial or sign where indicated and then it gets emailed back to you.  Now both of you have electronic copies and they can be stored in the cloud.  I would still print a copy and file it.  Ok, so I keep one foot in the past and one in the future but that is my comfort zone.

The advantage is that when the tenant meets you to collect keys and pay you the move in money your initial interaction is short and positive.  There are no lease surprises to add to their stress.  We do have the tenant sign a 1 page form stating they have read the lease and will abide by it.

Check out the vendors I mentioned above.  They have some really inexpensive options and your tenants will love it and so will you.

If you are looking for property management services in Santa Cruz check us out.  Our website is: www.PortolaRentals.com

Kathleen

We just observed the 10 year anniversary of 9/11. The take away for me was the reminder of how precious life is and the fact that our lives as we know it can be turned upside down in an instant.  So how does that impact owning rentals?

We need to be prepared.  Once you own real estate you need to have a living trust, a will, written instructions for family, insurance such as Term Insurance, that would cover the mortgage on the rental so the loan would be paid off and the surviving family members can receive the income from the rental.  Have a list of all your contacts associated with the rental – plumber, accountant, gardener, insurance agent etc. Have a file with everything related to the rental so people know where to go to get info. 

Make sure bank accounts have appropriate names on the accounts for the rentals.  I added my husband to my bank accounts even though I own the rentals so that in the event of my passing he can still access the accounts, pay bills etc.

Life can get complicated when things happen unexpectedly try to be as prepared as possible.

I have a client that knew he was ill and terminal and came to me to take over management of his rentals so that when the time came it wouldn’t be a burden to his wife.  Now, we are educating his wife about the properties and working with her.  Her comment to us all the time is, “Thank you for handling all this for me.  It is such a relief.”  I really admire her husband for taking action to protect his wife.  He truly loved her.  I feel blessed to be able to lift the burden and to protect her.

If you have property management needs in Santa Cruz County check us out we might be able to help you.  www.PortolaRentals.com

Kathleen

1/12/2011

When I teach classes I am always telling the attendees that managing a rental property is a business and needs to be treated as such.  Here are a few tips:

1. Have a filing system – any system will work
2. Current tenant files should include:  application, credit report, emergency contact info, copy of renters insurance
3. Accounting system – keep a ledger of all money received and all expenses.  It can look like a checkbook register.  Keep receipts or bank statements.  It is a good idea to have a separate checking account for the rental or rentals and a separate credit card you use only for rental expenses.  This will make your accounting very easy at year end.
4. Past tenants you need to keep their file for 5 years before shredding.

Please check out my website at www.PortolaRentals.com if you are interested in properties in Santa Cruz or have rentals in Santa Cruz, CA.

Kathleen Richards, M.S. MPM, RMP

I just had a fire in one of my rental homes and thankfully the tenant had renters insurance.  Moreover, we had a copy of the owners insurance and were able to get in touch with the insurance company on behalf of the owner.  It is important that you are listed as additionally insured on the clients insurance.  This way you get copies of the insurance for the file.

Please check out my website at www.PortolaRentals.com if you are interested in properties in Santa Cruz or have rentals in Santa Cruz, CA.

Kathleen Richards, M.S. MPM, RMP

Answering the same old questions again and again can be a huge drain on time, and frustrating too.  We aren’t parrots!

Besides your employees can be better used doing other tasks than answering standard questions all day long.  Here is how we have solved this in our office.

1. Have template emails that you can send out as auto responses to certain questions.

2. Have a Q&A section on your website for prospective Owners and Tenants

3. Rental voicemail box – standard instructions for how to apply for a property and how to schedule an appointment to view a property.

4. When people call the office we usually refer them to our website which will answer all their questions or to stop by our office (if they aren’t online) and pick up our application & criteria form which will answer all their questions.

Yes, it takes time once to set up these standard responses but it will save you a huge amount of time down the road.  Most people today are very internet savy and often go to the internet first to do research.  I get compliments all the time about my website and I found once we put these different sources of information in place it really cut down on our phone time.

Please check out my website at www.PortolaRentals.com if you are interested in properties in Santa Cruz or have rentals in Santa Cruz, CA.

Kathleen Richards

Client Contact – all business coaches or marketing guru’s have tons of ideas for connecting with clients – Owners, Vendors, Tenants, anyone you consider your client.  What I have learned over the years is to pick one or two things and do them consistently.  I don’t do birthday cards – wouldn’t remember them all.  I don’t do Christmas Cards – everyone does them and mine will get lost with all the others.

This is what I do and have done for years.  I schedule it on my calendar so I don’t forget.

I do a quarterly news letter to all my owners with legal updates, what’s new in rental housing in Santa Cruz, a did you know section and a bit about what I am up to these day – more of a professional development section.  My end of year newsletter has info about new services, and ways I have saved my clients money over the past year.

I do a post card to tenants 2 times a year with seasonal reminders such as:  test your oven (before Thanksgiving Day), change batteries in smoke detectors etc.

Tenant’s who pay rent on time – meaning before or on the 1st of the month are entered into a raffle and one tenant receives a $20 gas card.  We do this monthly and post the winner on the home page of our website.

Owner clients – get an annual gift – a small token of my appreciation for their continued business.  I do this just before Thanksgiving and send a Thanksgiving Thank You Card with gift.  Past years have included:  Marie Calendar Pie gift certificates (I have out of state owners), Gas cards, home made bottled wine etc.

I mail a Thank You card to everyone I know that is a Veteran on Veteran’s Day - I have been doing this since high school.  Want to see a grown man cry?  It is very touching and something I will continue to do. On my tenant and owner information sheet there is a box that asks if they are a veteran.

My vendors are invited to a Vendor Appreciation event  annually – hosted at a  local restaurant for snacks and drinks.  I give awards, gift certificates – gas cards are big winners with this group – certificates of appreciation, and most of all it is a public forum for me to thank my vendors for their excellent service to me and my clients and that they are a direct extension of my business.  It is also a time for me to continue to build my relationship with my vendors.  Think Sunday night 11:00pm on a holiday weekend – my vendors come through for me and my clients!

So decide how you want to recognize, thank and build your relationship with your clients.  Pick one or two things and do it consistently.

Please check out my website at www.PortolaRentals.com if you are interested in properties in Santa Cruz or have rentals in Santa Cruz, CA.

Kathleen Richards

Time Management – is huge for many people.  I am often asked how I get done all I do in a day.  Well I really organize my time and I stick to a schedule.

This is how I schedule appointments.  Try it out and see if it works for you.

Monday – no appointments – day to put out fires from weekend, review upcoming week’s To Do’s, inform owners on rental showing status and apps in process

Tuesday – staff meeting at 8:30 (office opens at (9:00am), no appts before 11:00am, showings noon and after work.

Wednesday – mornings do move out inspections.  No appts until 11:00am.  Showings noon and after work

Thursday – mornings email, phone calls, move out inspections. No appts until 11:00am.  Showings noon and after work.

Friday – no appts.

So, Monday and Friday no appts with clients.  Morning are for email, paperwork, calls, move out inspections, scheduling work orders etc.  My first appt is always 11:00am or later.  Afternoons – client appointments, paperwork and end of day showings.

Monday no appointments so I can get my week scheduled and touch base with clients etc.

Friday no appointments so I have a day to wrap up things I didn’t get done during the week.

I never schedule more than 2 appointments out of the office on T-W-Th.  The reason I don’t over schedule my day is that I allow for emergencies or unexpected client drop in’s to happen.  This keeps me flexible and non-stressed.  It allows me to absorb unplanned events and keep humming along.  I calendar everything.  This also provides for me a nice record of what I did last month, last year etc.

Some people like to use online calendars and that is great if you use them.  I am still a bit old fashioned and like to have a paper calendar – day timer.  I find it faster to grab and see my entire week or jot down an appointment than to get my phone and go through the menu to get to the point where I schedule my calendar.

Whatever system you use is fine – just find one you WILL use and try out my schedule.

Give my schedule a shot and see if you don’t feel more in control, more productive, and less frazzled.  Best yet, I am never late for an appointment – which makes me look and feel professional.

Please check out my website at www.PortolaRentals.com if you are interested in properties in Santa Cruz or have rentals in Santa Cruz, CA.

Kathleen Richards

No one enjoys filing but it is extremely important to keep current and accurate files.  Especially if you ever get audited by the DRE (Dept of Real Estate).

Since filing clerks or part time admin staff usually do filing they aren’t as familiar with the client files and especially if you have properties with same address numbers or owners with multiple properties things can easily get misfiled.

When my business was part of the larger real estate company and the filing clerk did the filing for all managers things would really get misfiled.

So, I had created a file rubber stamp.  Each section of the file is printed on the stamp.  Before I put any paper in the bin to be filed I stamp the paper and check the section of the file where the paper is to go.  I also write the property address or Owner name on the top of the page.

Basically, I took the thinking out of filing.  Now the clerk can just file in the appropriate file and the appropriate section.  Now things don’t get lost.

We also alphabetize each paper before filing and then file in alphabetical order.  This makes grabbing the file out of the cabinet easy and in order and doesn’t waste time opening and closing file cabinets from A-Z.

When I started my own office I gave each property manager their own File Stamp and they do the same thing so the filing clerk knows exactly where the papers go.

It isn’t efficient to pay your more expensive employees – the property managers to file, and the crucial job of filing can now be given to an office staff person without the fear of things being misfiled.

So create your own rubber stamp for filing.  I have 2 for 30 day notices as well.  This way things get routed the way they are suppose to and everyone can see quickly what has and hasn’t been done in the process and who knows and doesn’t know what is happening.

I love stamps.  Try them out.

Please check out my website at www.PortolaRentals.com if you are interested in properties in Santa Cruz or have rentals in Santa Cruz, CA.

Kathleen Richards