Fox Management Inc Property Management Tips of the Trade

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Property Management “Tips of the Trade”

By: Tressa Rossi, LicensedProperty Manager

President, Fox ManagementInc.

August 23, 2007

1734 NE BroadwayPortland, OR 97232

Office (503) 280-0241Fax (503) 280-0242

www.foxmanagementinc.com



Introduction:

Tressa Rossi, President and owner of FoxManagement Inc. since March 2002. Fox is aresidential property management company specializing in single family homes, condos,plexes and small apartment buildings. Tressahas 17 years experience with property management.

1. Self Management vs. Hire Professional

Personality/Temperament

Time Commitment

Knowledge Base

Skill Set

2. What does Property Management entail?



3. Advertising – 85% of potential renters ages18-34 look online for a place to live.

Tips of the Trade: Take pictures and use all thefree posting sites. Such as craigslist.com orhousingconnections.org

Tips of the Trade: Be available for the trafficgenerated from your advertising. Return emailspromptly and answer the phone. Signs work!



4. Screening – A must! Credit, Criminal,Landlord references, Employment and Income

Verification.

Tips of the Trade: You have a great opportunity at the showing to conduct and interview and toobserve. This is your opportunity to begin thescreening process by gathering information.Listen to their stories, pay attention to theirdemeanor. This observation can say more than

words.

Tips of the Trade: Make sure landlordreferences are legitimate. A public records check should be conducted to verify ownership of theproperties listed as references. Compare theaddresses listed on the application to the onesreported on the credit report.

Tips of the Trade: Verify income with a pay stuband a phone call. Require self employedapplicants to provide a tax return.

Tips of the Trade: Stick with your screeningcriteria! It is better to wait a few weeks or even amonth for the qualified tenant, rather than

lowering your standards and accepting amarginal tenant.

Tips of the Trade: Review state ID and comparethe address listed on the ID to the application.



5. Fees/Deposits

Tips of the trade: Don’t collect a pet deposit,collect an additional security deposit. If a rentertrashes the place but it is not pet damage, you

would have to refund the pet deposit. Alsocollect a non refundable fee for having the pet.

Tips of the trade: Don’t collect a cleaning fee,collect an administrative move in fee and state itis for contract processing, rekeying and moveout inspection. I found that if you charge acleaning fee, you don’t get a clean place inreturn.

Tips of the trade: Charge an application fee. You will not waste time on people that are applyingfor several other places.

Tips of the trade: Spell out in your rental criteria what is the basis for increased deposits or

requiring a cosigner. Consider requiring an instate cosigner.



6. Move In Process

Tips of the Trade: Complete the move in at thelocation and complete a written reportdocumenting the move in condition. Takephotos.

Tips of the Trade: Use forms from one of the

Oregon associations for landlords such as RentalHousing Association of Greater Portland orMetro Multifamily Housing Association

Tips of the Trade: This appointment is anopportunity to train and educate tenants. Go

over the terms line for line with them.



7. Tenant Relations

Tips of the Trade: Make sure you keepinformation up to date on how to contact thetenants.

Tips of the Trade: Inspect properties twice a year. Complete the first inspection 3-4 months

after move in. This way if there are lease violations you can get them addressed rightaway. Complete exterior or drive by inspectionsat least quarterly.

Tips of the Trade: Use forms to complete

eviction or non payment notices. Document any payment plans in writing and use the correctform. Never ask for a late fee on the 72 hour nonpayment notice. Never ask for more than onemonth’s rent on a 72 hour notice.

Tips of the Trade: Upon lease renewal, complete

an inspection. Offer upgrades that benefit theproperty such as carpet cleaning or ceiling fans,not just money incentives.



8. Repairs and Maintenance

Tips of the Trade: Know when to hire out

repairs. Repairs completed properly will save you in the long run.

Tips of the Trade: Educate renters on the properuse of the facilities. Get requests in writing withpermission to enter.

Tips of the Trade: Complete routinemaintenance such as caulking in bathrooms andkitchens, it can save you having to replace a tubsurround or a counter top.



9. Move out process

Tips of the Trade: Complete a pre move outinspection so you know what to expect and youcan start scheduling work to be done. You willalso know whether occupied showing will be

worth while.

Tips of the Trade: Always get the finalaccounting of the deposit refund done no laterthan 31 days from the date of possession. Thiscan be an estimate, but it must be on time.

Tips of the Trade: Document damages withphotos. Take pictures even of the crumbs in thekitchen drawers. Never commit to a full refund

without waiting the full 30 days.



10. Systems/Continuing Education

Tips of the Trade: Stay updated! Attend regulareducation seminars. Subscribe to The ApartmentManager Publication (Professional Publishing,

Inc. PO Box 698 Portland, OR 97207-0698. Attend free workshops for landlord trainingoffered by the City of Portland in conjunction

with the Portland Police Bureau

Tips of the Trade: Hire professional

management if you are not prepared to do allthese things yourself. Management Companiesare an added layer of protection from havingproblems with your rentals. Property managersprovide all the services described here inaddition, they handle rent collection, billpayment, monthly reporting and evictions.



Other Resources for Landlords, Property Managers, Owners, andTheir Agents

• Clark County Rental Association - The Clark County (WA) Rental

Association educates landlords and property managers in successfulmanagement techniques, and keeps them up-to-date on laws and

regulations which govern the rental housing industry.• Community Development Network - The CDN is an association of nonprofit community

development corporations in Portland. The site includes housing-related resources and adirectory of its member organizations.

• Metro Multifamily Housing Association - A membership association

that represents residential property managers and vendors throughoutPortland, Southern Washington, and the Willamette Valley throughMedford. Its members manage over 80,000 units in these areas andrepresent every service related to the industry.

• Multifamily Assistance Program (MAP) - Connects you to a free statewide service that helps

rental property owners obtain cash and tax incentives for energy efficiency upgrades. ContactMAP at (800) 813-2201.

• Oregon Rental Housing Association - The Oregon Rental Housing Association is a

membership organization of residential rental owners and managers that works on behalf of

the interests of the industry, including legislative advocacy and continuing professionaleducation.

• Rental Housing Association of Greater Portland - The RHA is a non-profit member

organization that offers tenant screening, rental forms, and trainings on improvedmanagement techniques for rental housing owners and managers of Portlandmetropolitan area.

• Landlord Study Hall - Our goal at Landlord Study Hall is to empower owners of

residential and multifamily homes; providing education and information, allowingus to develop a lifetime relationship with the attendees, and to assist them with theirresidential and rental real estate transactions.

• Bureau of Development Services, Neighborhood Inspections Program - The City of Portland,

Bureau of Development Services' Neighborhood Inspections Program providesassistance on abating grass and weeds, trash and debris in residential areas. If you are alandlord within the City of Portland, you may be interested in their Landlord Training

Program.• Institute of Real Estate Management (IREM) - IREM is a national

association for property managers. The state and local chapters linked tohere offer educational classes and training toward national designations.

• Multifamily Garbage and Recycling Info, City of Portland - Within the City of

Portland, all residential properties of five units and larger are required toestablish garbage and recycling systems. This include apartments, condominiums, mobilehome parks and moorages.

• SmokeFreeHousingNW - This site offers practical tools for

developing and implementing a no-smoking policy in rentalhousing, including FAQs, marketing, and tenant compliance.Developed by American Lung Association of Oregon,Multnomah County Health Department and Clark County Health Department

• Oregon LeadLine - The LeadLine is staffed by Oregon-licensed Lead Risk Assessors in the

Multnomah County Health Department's Lead Poisoning Prevention Program who cananswer your questions about lead poisoning and prevention. Information available includes:* FREE CHILDHOOD BLOOD LEAD SCREENING * INFORMATION FOR HOME REPAIR AND REMODELING * REDUCING HOME LEAD HAZARDS: Information, workshops andservices * FREE TAP WATER TESTING

http://www.housingconnections.org/redirect.cfm?l=24








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Fox Management Inc Property Management Tips of the Trade