Property Management Brainstorm (Bob Preston)
Explorez tous les épisodes de Property Management Brainstorm
| Date | Titre | Durée | |
|---|---|---|---|
| 03 Feb 2022 | Episode 65: The Best of Brainstorm 2021, Our Top Guest Conversations From Last Year's Episodes! | 00:26:34 | |
Let's go back to some of the best guest conversations from last year in the “Best of Brainstorm 2021”, soundbites and highlights from leaders in the property management industry. [6:40] In Episode 51, our guest was Niv Davidovich, of Davidovich Stein Law Group, who gave us an update on eviction law and squatters rights in California. Connect with Bob Preston | |||
| 18 Mar 2019 | Episode 10 - Protecting Rental Properties for Landlord Peace of Mind, Featuring Dave Holt, Co-founder at SureVestor | 00:43:06 | |
Bob discusses a new concept in protecting rental properties to give landlords additional peace of mind from tenant-related risks. This episode features Dave Holt, co-founder at SureVestor, a company which provides this a unique form of insurance when renters are in your home. Dave explains this new insurance product, how it works, and what aspects are covered under the policy. Dave also shares his insights on costs involved in the three things landlords fear most: malicious damage by a tenant, loss of rent if the lease is abandoned, and unlawful detainer action (eviction). Bob discusses his plans for implementing SureVestor at North County Property Group as part of the company's Premium Program for San Diego Property Management. For more information about SureVestor, click on this link to the SureVestor website. This episode is always available for listening, sharing, or download at Property Management Brainstorm. See a complete time-stamped transcript of This Podcast Episode 10. Connect with Bob Preston | |||
| 04 Feb 2022 | Five Minute Friday #64: California COVID-19 Legislative Update 2022 | 00:04:50 | |
The California legislative session for 2021 has come to a close and there is some important information to share about new California laws for 2022 pertaining to Covid 19 and tenants who may have suffered an impact. On this Five Minute Friday, Bob reviews the current status of the Covid Tenant Relief Act and what California landlords and property management companies need to consider before taking action on a tenant for nonpayment of rent prior to March 30, 2022. Disclaimer, we are not an attorney and this by no means is intended to be legal advice or a complete legal review, but rather an overview of those landlord / tenant law changes that seem most important to be aware of during Q1 of 2022. Connect with Bob Preston | |||
| 11 Feb 2022 | Five Minute Friday #65: Talking Trash! California SB 1383 and Composting Requirements | 00:04:18 | |
On this episode of Five Minute Friday, Bob is talking trash! No, not the smack talk variety, but rather new California legislation which has taken effect regarding the disposal of organic waste. Connect with Bob Preston | |||
| 25 Mar 2019 | Episode 11 - When to Re-key and Replace Smoke/Carbon Detectors, Featuring Dathan Kern of Kern Key | 00:28:51 | |
In this episode, Bob welcomes his guest Dathan Kern, the owner and head locksmith of Kern Key in San Diego. Dathan explains the importance of re-keying a rental property at tenant move-out, before a new tenant moves into the property, along with other tips on keeping your home secure. He also explains how and why carbon monoxide and smoke detectors should be tested on a regular basis as well as the current State of California code on where they should be installed. As a further discussion point, Bob brings up the growing popularity of keyless entry devices for a rental property such as digital combination locks. For more information about KernKey, click on this link to the Kern Key website. This episode is always available for listening, sharing, or download at Property Management Brainstorm. You will also find a complete time-stamped transcript at Transcript of This Podcast Episode 11. Connect with Bob Preston | |||
| 04 Mar 2022 | Five Minute Friday #66: Excite! This Year's CALNARPM Conference in Napa Valley, CA | 00:04:33 | |
On this episode of Five Minute Friday, Bob brings his excitement about the upcoming CALNARPM Conference, April 20th - 22nd, in Napa Valley, CA!
Throughout the conference you will also have your choice of listening to sixteen amazing breakout session speakers addressing property management paradigm shifts, legal changes, and compliance requirements in the state of California. There will also be a solutions and services tradeshow with twenty-eight sponsors, showing and demonstrating what can make your property management business more profitable. Get registered today and we will see you there when we kick off the CALNARPM Conference and Tradeshow at 9 am on April 21, 2022 in Napa, CA! Check out the Conference Agenda and get your ticket here: https://narpmcalifornia.org/conference/ Register for the Education Courses on April 20th: Connect with Bob Preston | |||
| 06 Mar 2022 | Episode 66: Hiring Virtual Staff Members, Featuring Pete Neubig of VPM Solutions | 00:40:21 | |
In a property management company, recruiting and maintaining staff members who fit within the company culture is one of the biggest business challenges. Most of us in the post pandemic world are running hybrid if not fully remote work routines so there is no reason to be tied by geographic boundaries. On this episode of Property Management Brainstorm, Bob speaks with Pete Neubig, CEO at VPM Solutions, about finding and retaining talent in your property management company. VPM Solutions is an online placement, payment, and training platform dedicated exclusively to the property management industry, to connect employers with virtual assistants. [27:50] What’s involved in getting started with VPM Solutions and how much does it cost? Connect with Bob Preston | |||
| 04 Apr 2019 | Episode 12: Make Your Property Management Inspection Easier, Featuring Andy Wallace of zInspector | 00:34:39 | |
On this episode, Andy Wallace joins Bob to talk about an extremely important topic for anyone handling a rental property: the property management inspection. This inspection takes place before a tenant moves into a rental and prior to the tenant vacating a rental. Though the world has gone digital, many of these inspections are still occurring on paper, by hand. With the amount of documentation and photos needed to complete these inspections, you can imagine how hard it could be to keep this straight for one rental - let alone hundreds of rentals. Andy’s company, zInspector is a cloud-based application that allows customers to do the inspection process on a mobile device. Be sure to listen to hear how the app works, why it is a great solution to recording home inspections, and more tips from Andy! For more information about zInspector, click on this link to the zInspector website. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Outline of This Episode
The “current” home inspection process compared to zInspector Many property managers are still doing the entire home inspection process on paper and by hand. Andy says that some property managers may have tried to track things on Excel or an online form, but that most resort to a paper checklist that they can touch and see. zInspector does a great job of giving the property management inspection process a similar feel to that of a paper form. For instance, it gives the whole perspective of the process. It also has subtle advantages. As software, it allows for customizable forms, adds timestamps, organizes photos, and allows the property manager to view the rental over a period of time. It has the tools to make the inspection process faster, and more easily referenced in the future. Best practices to use zInspector for a property management inspection Andy shares several best practices for working in zInspector for a property management inspection: Connect with Bob Preston | |||
| 18 Apr 2019 | Episode 13: Making Real Estate Investing More Accessible, Featuring Don Ganguly of HomeUnion | 00:30:01 | |
Real estate investors are always on the lookout for investment properties. The standard way of doing this has been to research the area, drive around with a realtor, or looking online. However, Don Ganguly joins Bob on this episode of Property Management Brainstorm to chat about a new way for investors to find these properties and to see if they are the right investment. Don is the founder and president of HomeUnion. HomeUnion makes real estate investing more simple. It provides a way for investors to buy and find properties in a similar way that they may find and buy stocks or bonds. Whether you are a real estate investor or property manager, you will want to hear about this product! Listen in. For more information about HomeUnion, click on this link to the HomeUnion website. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Outline of This Episode
How HomeUnion makes real estate investing easier HomeUnion is a real estate investing product. With 200 million transactions on its platform, it provides a product that allows real estate investors to research, select and buy real estate or rental properties like stock market investing. Similar to stock market investing, HomeUnion asks investors for a budget and whether they would like cash flow, but this system also lets investors select what kind of property they are looking for, the location of the property - or let the system suggest a location based on the other terms. HomeUnion is able to provide information on cities and neighborhoods and creates models for what rent should be, the expenses of the unit, taxes, and much more! This gives investors a more accurate picture of market comparables and price trends. Information on investment properties is literally at one’s fingertips. Common terms defined Don takes a minute to define terms that are helpful to know for real estate investors. Cost of Capital: What you are getting your money at - the cost of the funds. For instance, a 4% interest rate would be a 4% cost of capital on the money Connect with Bob Preston | |||
| 28 Apr 2022 | Episode 67: Is California in a Housing Crisis? | 00:55:55 | |
Is California in a housing crisis? This is a rhetorical question because the answer is an astounding YES!
[3:15] Bob, Oscar, Aaron, and Keith introduce themselves to the audience at CALNARPM. Connect with Bob Preston | |||
| 05 May 2022 | Episode 68: Achieving Efficiencies in Property Management | 00:53:05 | |
Can you imagine turning units without having to leave the office? In today’s episode, we find out how property management software can do just that. Joining Bob today is Kobi Bensimon, Founder of Showdigs – the only property management software with on-demand showing agents. It has completely disrupted the residential property management industry by providing a network of actively licensed real estate agents who are trained to handle showings, alongside an easy-to-use scheduling system for prospects. [2:53] Kobi Bensimon introduces himself and how he founded Showdigs. [6:14] How Showdigs works and how it helps reduce ‘windshield time’ [11:12] The on-demand nature of the platform and the benefits of having a distributed workforce [13:10] Working with licensed active field agents through Showdigs [19:24] The interaction between a property management company and the agent [21:50] The importance of having trust in field agents through the platform [24:21] The typical workflow of making a listing [27:01] How to overcome inbox overwhelm [30:01] Handling the Move In Move Out (MIMO) process [34:16] Showdigs’ process for documentation [36:13] How an agent looking for a side gig can join Showdigs [39:13] The importance of metrics and KPIs – and the ones to look out for [46:47] Kobi’s story of emigrating from Israel to the US, and how he built his first property management tool, ActiveBuilding, after studying at MIT. Connect with Kobi Bensimon, Founder, Showdigs and ActiveBuilding https://www.linkedin.com/in/kbensimon/ Find out more about Showdigs Connect with Bob Preston | |||
| 02 May 2019 | Episode 14: How California’s Economic Outlook Affects Real Estate Investors, Featuring Jordan Levine of C.A.R. | 00:34:33 | |
California Association of Realtors Deputy Chief Economist, Jordan Levine, joins Bob on this episode of Property Management Brainstorm to talk about the economic outlook for the California real estate market. Jordan’s work for C.A.R. uses data to understand the market throughout the state of California. He not only shares what he has seen so far in 2019 but what the current economic outlook for real estate means for those considering investing in property. If you are interested in real estate investing or simply want to know more about the California market, you don’t want to miss this episode! For more information about C.A.R., click on this link to the C.A.R. Website. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Outline of This Episode
An update on Q1 for 2019 Jordan shares that Q1 of 2019 has been a wild ride - statewide, nationally, and globally. The markets are all over the map. Because of this, consumer confidence is all over the map. Consumer spending has dropped as well as rates. Jordan is fairly confident that this volatility that has been seen so far in the year will stay for the remainder. The question of how long can the economy actually hold up is the main question underlying consumer skepticism. Historically, you don’t see extensions that last 10 years or more and the current expansion is very close to that 40 quarter limit. Be sure to take all of this into account as Jordan shares more on the California real estate market in this episode! How consumer confidence, economic outlook, and real estate are connected Consumer confidence plays a more specific role in the real estate sector. Buying a home is one of the biggest purchases a person may make, so when the public begins to fear that the economy may tank, they are more reluctant to make big-ticket purchases. Jordan shares that in his research 3 out of 4 people are saying now is not a good time to buy a home. With a lack of confidence in the current economy, the demand for real estate goes down. Currently, Jordan is seeing houses being discounted and days on the market rising. This p Connect with Bob Preston | |||
| 16 May 2019 | Episode 15: Protect Your Investment Property with Rental Income Insurance, Featuring Aaron DiCaprio of Rent Rescue | 00:31:46 | |
Have you ever wondered as a property investor and landlord what would happen if your tenant defaulted, or abandoned their lease? It is uncommon, but it does happen. Every landlord bears some degree of risk and exposure to this area. But, there is a way to protect your rental income if something should occur. Aaron DiCaprio, CEO of Rent Rescue, joins Bob on this episode to talk about this scenario. Rent Rescue provides rental income insurance to landlords to void the headaches that come with defaulting tenants. Be sure to listen in to hear what he has to share! For more information about Rent Rescue, click on this link to the Rent Rescue website. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Outline of This Episode
Rent Rescue: rental income insurance Rental income insurance provides peace of mind to help reduce the headaches of tenant defaults. Rent Rescue was born because founder Aaron DiCaprio and his wife had personally been burned by tenants in their own rental properties. The coverage provided helps avoid the unthinkable - being unable to collect rent on your rental property. Rent Rescue provides insurance to cover the abandonment of a lease, the death of a tenant, a court order breaking a lease, skips, non-pays, and up to $1k in legal expenses. Having rental income insurance helps mitigate the loss caused by a default, which is especially important for landlords who are dependent on this rental income. Be sure to listen to this episode as Aaron shares more on his company Rent Rescue. The process to submit a claim Rent Rescue is meant to be an easily accessible product, with its application and claims process all online. Once a landlord realizes he is not going to be paid, he can go ahead and submit a claim on Rent Rescue’s website. Payment is usually within 30 days. Rent Rescue has either a 3 or 6 month reimbursement, which is paid out monthly dependent on whether a landlord can find a new tenant. Each month, the adjuster will ask questions to start the payment process. Who can purchase a rental income insurance policy through Rent Rescue Rental income insurance through Rent Rescue is available to a plethora of parties: landlords of Connect with Bob Preston | |||
| 30 May 2019 | Episode 16: Why You Need a Property Management Software, Featuring Adam Feinstein of AppFolio | 00:24:20 | |
Property management has many moving parts. Even if you are an individual landlord renting a property yourself there are many things to manage - from listing and marketing the property to leasing your property, keeping the property maintained, dispatching vendors for repairs, and accounting… On today’s episode, Adam Feinstein of AppFolio joins Bob to talk about AppFolio’s property management software. For more information about AppFolio, click on this link to the AppFolio website. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Outline of This Episode
How AppFolio helps with property management AppFolio provides a completely integrated property management solution for a property manager. It allows a property manager to double or triple the number of properties under management without hiring more people to do so. Without this system, it could take an additional month to list a rental property, losing a month of rent. Be sure to listen as Aaron shares more benefits of using AppFolio. Marketing your rentals with Appfolio There are over 100 affiliate sites you can list a rental on as a property manager. Can you imagine having to list these manually on each site? With AppFolio, you are able to post a rental on all of these sites with only one click. You are able to add photos and details and then list your property quickly. With AppFolio, you are also able to funnel all responses from these sites into one area. Not only does AppFolio save property managers time, but it adds organization and ease to the marketing process. How AppFolio helps a property manager with maintenance With AppFolio, tenants are able to log on to a mobile app to submit a maintenance request. It streamlines these service requests for you as a property manager to schedule vendors to address the issues. AppFolio also sends a satisfaction survey to the tenant to rank the vendor used after the service is done to ensure that your vendors are doing a good job. AppFolio’s accounting solutions Accounting on AppFolio is automated. It allows tenants to pay rent online with Connect with Bob Preston | |||
| 12 Jun 2019 | Episode 17: Understanding The Split Roll Measure, Featuring Former California State Senator, Joel Anderson | 00:37:54 | |
Today’s episode of Property Management Brainstorm helps navigate a new proposed California state tax. If you are not aware of the California Split Roll Measure, you will certainly hear more as 2020 draws closer. Former California state senate member and local San Diego politician, Joel Anderson, is an expert on this topic and joins Bob to provide great insights into the proposed measure on this episode. Be sure to listen. For more information about Joel Anderson, click on this link to the Joel Anderson’s website. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Outline of This Episode
Who Joel Anderson is Joel Anderson previously represented the 38th senate district and is a member of the American Legislative Exchange Council serving the state of California as a leader. He recently announced that he will be running for the San Diego Board of Supervisors in 2020. The Board of Supervisors addresses quality of life issues for those living in San Diego. He believes that government should be effective, efficient and accountable in its actions. Joel believes that California has failed to deliver on housing and career opportunities, which is causing baby boomers to exit the state and making it so that millennials cannot afford to stay either. California state tax: Proposition 13 Proposition 13 was legislature introduced during the 1970s during California’s massive growth.When someone purchases or builds a home, it allows a 1% assessment of market value and up to a 2% assessment every year after that. It also said that if you are a local government and want to raise taxes, you need a supermajority of ⅔ votes to pass this tax. It kept the government from spending out of control and it also made life in California more predictable for homeowners and government alike on tax revenue. The California Schools and Local Funding Act of 2018 The California Schools and Local Funding Act of 2018, also known as the California Split Roll Measure, says t Connect with Bob Preston | |||
| 17 Jun 2022 | PMB Classic Rewind: Tackling Homelessness Ft. Todd Gloria, Mayor of San Diego | 00:44:10 | |
We have some big plans to relaunch Property Management Brainstorm, with a renewed definition and a sense of purpose, coming in August of 2023. In the meantime, we are producing some reruns of the best podcast episodes, called PMB Classic Rewind. Connect with Bob Preston | |||
| 22 Jul 2022 | PMB Classic Rewind: Best Practices for Mold Damage Ft. Jason Widmer | 00:44:53 | |
We have big plans to relaunch Property Management Brainstorm, with a renewed definition and a sense of purpose, coming in August of 2023. In the meantime, we are producing some reruns of the best podcast episodes, called PMB Classic Rewind. Connect with Bob Preston | |||
| 19 Aug 2022 | PMB Classic Rewind: Broker Trust Account, Ft. Allison Disarro | 00:29:40 | |
We have big plans to relaunch Property Management Brainstorm, with a renewed definition and a sense of purpose, in August of 2023. In the meantime, we are producing some reruns of the best podcast episodes, called PMB Classic Rewind. Connect with Bob Preston | |||
| 16 Sep 2022 | PMB Classic Rewind: Tenant Turnover Process Ft. James Barrett | 00:38:36 | |
We have big plans to relaunch Property Management Brainstorm, with a renewed definition and a sense of purpose, in August of 2023. In the meantime, we are producing some reruns of the best podcast episodes, called PMB Classic Rewind. Connect with Bob Preston | |||
| 21 Oct 2022 | PMB Classic Rewind: Resident Benefits Package Ft. Andrew Smallwood | 00:28:41 | |
We have big plans to relaunch Property Management Brainstorm, with a renewed definition and a sense of purpose, in August of 2023. In the meantime, we are producing some reruns of the best podcast episodes, called PMB Classic Rewind. Connect with Bob Preston | |||
| 18 Nov 2022 | PMB Classic Rewind: Building a Solid PM Company Ft. Kellie Tollifson | 00:34:30 | |
We have big plans to relaunch Property Management Brainstorm, with a renewed definition and a sense of purpose, in August of 2023. In the meantime, we are producing some reruns of the best podcast episodes, called PMB Classic Rewind. Connect with Bob Preston | |||
| 20 Jan 2023 | PMB Classic Rewind: Service Level Agreements Ft. Ethan Lieber | 00:28:19 | |
We have big plans coming soon to relaunch Property Management Brainstorm, with a renewed definition and a sense of purpose. Keep an eye out for that update in the form of a new podcast post. In the meantime, we are producing some reruns of the best podcast episodes, called PMB Classic Rewind. Connect with Bob Preston | |||
| 14 Jul 2023 | PMB Classic Rewind: Pest Control Ft. Tom Clements | 00:31:09 | |
We have plans to relaunch Property Management Brainstorm soon with a renewed definition and a sense of purpose. Keep an eye out for that update in the form of a new podcast post. In the meantime, we are producing some reruns of the best podcast episodes, called PMB Classic Rewind. Connect with Bob Preston | |||
| 24 Mar 2023 | PMB Classic Rewind: PM Systems and Process Ft. Jordan Muela | 00:30:01 | |
We have plans to relaunch Property Management Brainstorm soon with a renewed definition and a sense of purpose. Keep an eye out for that update in the form of a new podcast post. In the meantime, we are producing some reruns of the best podcast episodes, called PMB Classic Rewind. Connect with Bob Preston | |||
| 19 May 2023 | PMB Classic Rewind: Property Maintenance Ft. Ray Hespen | 00:30:32 | |
We have plans to relaunch Property Management Brainstorm soon with a renewed definition and a sense of purpose. Keep an eye out for that update in the form of a new podcast post. In the meantime, we are producing some reruns of the best podcast episodes, called PMB Classic Rewind. Connect with Bob Preston | |||
| 27 Jun 2019 | Episode 18: Creating the Vacation Rental Experience, Featuring Gunilla DeSanto of Deluxe Decor by Design | 00:30:32 | |
On this episode of Property Management Brainstorm, interior designer and home stager, Gunilla DeSanto, shares how to create a luxurious and relaxing vacation rental experience. In today’s rental economy, the demand for vacation rentals has never been higher. Rental owners are often asking how to make their vacation rentals pop or stand out online. In this episode, Gunilla explains how to create a once in a lifetime vacation rental experience for people while still having the comforts of home! For more information about Deluxe Decor by Design, click on this link to the Deluxe Decor by Design website. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Outline of This Episode
The current state of the short-term rental industry The short-term rental industry is seeing massive growth. In 2018, there were 100 billion short-term rentals worldwide. It is also projected by the end of 2019, that the number of short-term rentals will hit 170 billion. Available rentals also rose by 26%. Because there are now more options for short-term rentals, guests can afford to be more picky about where they stay. The fastest growing segment of the short-term rental market is luxury rentals, with the vast majority of travelers wanting to spend time in a coastal rental where there is good weather year-round. Because of this, southern California makes an excellent market for these luxury vacation rentals. Why interior design is an investment, not just an expense Hiring an interior designer to help create the best vacation rental experience in your home is not just an expense. Updating decor and furnishings is an investment that will pay off in the immediate future. It increases property value and rental value when done correctly. Not only does interior design increase personal enjoyment but it creates happy customers - increasing rental rates and review rates! Connecting indoor and outdoor living spaces Outdoor living spaces are ju Connect with Bob Preston | |||
| 16 Aug 2023 | Episode 70: Lessons Learned in Property Management Ft. Amy Hanson | 00:30:57 | |
During his time in the property management industry, Bob Preston has met many property managers all over the USA. One of the most exciting stories he has heard is that of Amy Hanson, who has purchased a property management company, sold it, and started another in a different city. There are many lessons to learn from Amy, including how NARPM has helped shape her journey! Connect with Bob Preston | |||
| 14 Aug 2023 | Episode 69: Relaunch and New Positioning! | 00:04:37 | |
Hello brainstormers, it's an exciting day for Property Management Brainstorm! If you've been tuning into the podcast recently, I've alluded to a new direction and sense of purpose for Property Management Brainstorm. Well, the time is finally here!
Listen to this episode and Bob's briefing on the new direction and why this is important to the property management industry. Connect with Bob Preston | |||
| 24 Aug 2023 | Episode 71: Property Management Systemization Ft. Paul Kankowski | 00:32:39 | |
If you've spent some years in the property management industry, you have become aware of the value of operational systems. A well-run business must systematize. Webster defines systemization as "arranging according to a definite plan or scheme." Everything property managers must keep streamlined: business development, owner onboarding, move-ins/outs, rent collection, evictions, etc. In this episode of Property Management Brainstorm, Bob's guest is Paul Kankowski, a systems expert and host of the Property Management Systems Conference, scheduled to be held in Las Vegas January 23 – 26, 2024. Bob and Paul discuss systems and why the concept is essential to every property management company. https://www.pmsystemsconference.com/ Connect with Bob Preston | |||
| 29 Aug 2023 | Episode 72: Artificial Intelligence (AI) Ft. AJ Shepard | 00:35:04 | |
Property Management Brainstorm host Bob Preston has met many property managers in the industry. Bob and AJ Shepard of Uptown Properties have known each other for the last few years, mainly from their involvement in the NARPM organization. AJ is also a real estate investor, active in real estate syndication, and owns a beer brewery. Connect with Bob Preston | |||
| 26 Sep 2023 | Episode 74: Reducing Property Churn Ft Lior Abramovich | 01:01:21 | |
Churn rate – or also known as attrition rate – is something we all try to avoid but it is a big problem for most property managers. Our guest today unpacks what he is doing to address this challenge. Lior Abramovich is Co-Founder and CEO at Blanket, a company helping property managers keep their doors open by building thriving relationships with their clients. Tune in as he and host Bob Preston unpack the many definitions of churn, understanding each client, why we need to invest more in relationships, and much more. Topics covered: (02:03) Lior Abramovich’s background and what Blanket does (13:28) Understanding more about churn rate (20:09) What is positive churn? (23:12) How Blanket reduces churn (26:45) How the Blanket dashboard works (32:01) The data and technology behind Blanket – in layman’s terms (33:31) The goals of a property owner versus the property manager (38:55) Getting commission on deals (43:08) Blanket’s business model (49:20) Comparing to other marketplace platforms (53:48) The customer reactions to Blanket so far (57:00) The art of building relationships with clients
Connect with Bob Preston | |||
| 20 Sep 2023 | Episode 73: Building High-Performing Teams Ft Gwen Aspen | 00:45:55 | |
A high-performing team is more than just a group of talented individuals. It's a cohesive unit that collaborates, focuses on continual improvement, and works toward common objectives to achieve outstanding results. Building high-performing teams has never been more imperative in today's dynamic property management industry. Yet, it has also never been more challenging. Connect with Bob Preston | |||
| 05 Oct 2023 | Episode 75: My Property Management Journey Ft Travis Bohling | 00:40:10 | |
A handful of entrepreneurs in the property management industry have helped bootstrap and grow a property management company, sold the company, remained in a senior capacity with the acquisition company, and ultimately moved on to start yet another property management venture. One of those individuals is Travis Bohling of Phoenix, Arizona. Connect with Bob Preston | |||
| 11 Oct 2023 | Episode 76: Building an Online Presence Ft Stephen Fox | 00:43:14 | |
Stephen Fox is the co-founder and Vice President of Operations at Upkeep Media, the company that helps property management companies grow by implementing effective marketing strategies. He joins the show to unpack the importance of having a strong online presence in the competitive property management industry. Connect with Bob Preston | |||
| 07 Nov 2023 | Episode 77: Hit for the Cycle Ft Bob Preston | 00:09:24 | |
Bob Preston is the founder and creator of Property Management Brainstorm. He goes solo in this episode to unpack the question of what makes Property Management Brainstorm different and explains his experience in "Hitting for the Cycle." Connect with Bob Preston | |||
| 21 Nov 2023 | Episode 78: Optimizing PM Teams for Success Ft Pete Neubig | 00:37:00 | |
Pete Neubig is the co-founder and CEO of VPM Solutions – the first and only staffing solution platform targeted specifically toward property managers and real estate professionals. In addition to his professional accomplishments, he is also an Ironman triathlete. Connect with Bob Preston | |||
| 07 Dec 2023 | Episode 79: Opportunities in Mid-market Multifamily Ft Bob Hansen | 00:36:53 | |
Bob Hansen, Principal at Second Nature, joins host Bob Preston to discuss the mid-market multifamily rental sector and its challenges and opportunities. He highlights the importance of attracting renters through amenities and value-added services. Bob also discusses the impact of economic factors on rental rates and the challenges tenants face in affording rent. He emphasizes the need for property managers to focus on the resident experience and leverage technology to meet the younger generation’s expectations. Listen in as Bob Preston and Bob Hansen unpack the mid-market multifamily sector and the opportunities for property managers to grow their portfolios. Connect with Bob Preston | |||
| 28 Dec 2023 | Episode 80: Five Ways to Kickoff 2024 Ft Bob Preston | 00:13:28 | |
In this episode, Bob Preston shares his top five ways to kickoff 2024 for property management businesses. He emphasizes the importance of strategic planning, organizational checkups, accountability and goals, kickoff meetings, and budget trimming. These steps are crucial for setting the direction, aligning the team, and optimizing resources for a successful year ahead. Takeaways
Chapters Connect with Bob Preston | |||
| 18 Jan 2024 | Episode 81: Crush Your Biz Dev For Max Door Growth Ft Jeremy Pound | 00:58:47 | |
On this episode, host Bob Preston and guest Jeremy Pound discuss various aspects of business development and new client acquisition in the property management industry. The conversation also delves into the building blocks for creating a successful business development program and the characteristics of a good business development manager.
Chapters: Connect with Bob Preston | |||
| 06 Feb 2024 | Episode 82: Preparing Your Property Management Co for Acquisition Ft Dylan McGrath | 00:57:00 | |
In this episode, host Bob Preston and guest Dylan McGrath discuss how to prepare a property management company for acquisition, what is involved in the process, and various valuation models. If you have ever wondered what it would be like to sell your business and what steps would be involved, this episode is a must-listen! Takeaways:
Chapters: Connect Dylan McGrath: https://www.linkedin.com/in/dylanmcgrath Episode 82 Featured Sponsor: RentScale Connect with Bob Preston | |||
| 21 Mar 2024 | Episode 83: Property Management Failures Ft Tiffany Rosenbaum | 00:30:03 | |
In this episode, renowned property management expert Tiffany Rosenbaum and seasoned host Bob Preston delve into property management failures and entrepreneurs' struggles. Drawing from their extensive experience, they underscore the importance of learning from failures and mistakes encountered in the journey of growing businesses. Takeaways
Chapters Connect Tiffany Rosenbaum: Connect with Bob Preston | |||
| 27 Mar 2024 | Episode 84: Crush it During the Leasing Season Ft Barak Shamir | 00:43:35 | |
Host Bob Preston engages in a dynamic discussion with Barak Shamir of Showdigs, shedding light on the challenges property managers face during the leasing season. This conversation not only helps property managers prepare for the busy season but also offers a solution by showcasing how Showdigs can empower them to optimize their operations. Barak elaborates on the various aspects of leasing efficiency and how Showdigs can be a game-changer in streamlining their leasing process. Takeaways
Chapters Connect with Bob Preston | |||
| 22 Aug 2019 | Episode 19: The DNA of a Successful Property Management Team | 01:00:54 | |
Property management is a detailed business with many moving parts - but it’s made simpler with the right property management team in place. On this episode, Bob wanted to do something a bit different - by introducing you to the members of his team at North County Property Group. You'll get to know these fabulous team members... Property Leasing and much more: Olesya Williams Lana Bryndina: NCPG Accounting Manager Brett Preston: Our Business Development Manager Connect with Bob Preston | |||
| 03 Sep 2019 | Episode 20: Understanding Water Damage and Mold, with Jason Widmer | 00:47:15 | |
Water damage, mold, and the ensuing remediation work required is something no property owner or manager ever wants to have to address. Water is one of the most common sources of damage to properties and can happen due to failing water heaters, broken pipes, roof leaks, and more. On this episode of the podcast, Bob speaks with Jason Widmer, owner of KIC Restoration, here in the San Diego area. On this episode, you’re going to learn how to know if you have a potential water damage issue that needs to be addressed, what to do about it, and what the typical water restoration job looks like and how long it will take. Outline of This Episode
Signs that you may have a water restoration leak in the making If you can hear the sound of running water in your property and all water sources are turned off, it’s pretty obvious you have a water leak. But how do you verify that a water issue may be happening in your property if you can't hear running water? Water stains on ceilings or walls
What should you do if you find a water leak in your property? If you are fairly certain you have a water leak in your property, what should you do? Jason says it’s time to call someone who has the experience and equipment needed to identify for sure that water issues exist. You need to make sure the people who come to do work on your property know what they are doing when it comes to water remediation and restoration. Does every water leak produce toxic mold growth? Jason says there are hundreds of different types of mold and most of them are not anything to worry about (we even breathe some of them every day). The most important mold to watch for is commonly called “black mold” (Stachybotrys). Connect with Jason Widmer Connect with Bob Preston | |||
| 19 Sep 2019 | Episode 21: Property Management Programs for Real Estate Investors, with Brett Preston | 00:23:16 | |
Real Estate investor property management is a different situation than typical property management. There are many needs investors have that are specialized and require a specialized approach. On this episode, Bob and Brett discuss the ins and outs of investment property management, highlight new services North County Property Group has created especially for property investors, and discuss nuances such as selling an investment property with a "Tenant in Possession" (TIP). Be sure you listen! Outline of This Episode
Resources & People Mentioned
Connect with Brett Preston
Connect With Bob Preston For more information about the Real Esatate investor property manager programs discussed by Brett, click on this link to the North County Property Group website. Connect with Bob Preston | |||
| 03 Oct 2019 | Episode 22: A Better Way To Handle Rental Property Maintenance, Featuring Ray Hespen of Property Meld | 00:32:10 | |
Rental property maintenance is no small issue and is typically a challenging aspect for property owners, property management companies, or tenants. Bob’s guest on this episode wants to help drive the world towards the new and believes that "maintenance shouldn't be so hard". On today’s episode, co‐founder and CEO of Property Meld, Ray Hespen joins Bob for a conversation about the importance of well-managed and effective property maintenance.
Connect with Ray Hespen
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| 16 Oct 2019 | Episode 23: Property Management Plumbing, Heating, and Air, with John Padilla | 00:35:35 | |
Plumbing, heating, and air. It's a topic that can be confusing for property managers, tenants, and the property owner because of many of the changing California building codes. Outline of This Episode
Water heater tips and building codes Rust, calcification, and water pressure issues are can cause failure in a water heater. They should be drained, flushed, and refilled annually to properly to get rid of damaging sediments that can form. If the water heater needs to be replaced, it will need to be brought up to code for NOx water heaters, expansion tanks, sediment traps, and drip pans. Resources & People Mentioned
Connect with John Padilla
This episode is always available for listening, sharing, or download at Connect with Bob Preston | |||
| 25 Oct 2019 | Five Minute Friday #1: Allowable Security Deposit Deductions | 00:04:55 | |
Five Minute Fridays are bonus "mini-episodes" of Property Management Brainstorm in which Bob covers a pertinent topic of property management or being a landlord, every Friday, in about five minutes or less. This is the very first episode of Five Minute Friday. Bob covers the question most frequently asked by landlords when speaking with him about property management - "what charges can be taken from a tenant’s security deposit?" Bob answers this question in the context of the State of California landlord-tenant law.
Bob further explains that a landlord may only withhold those amounts that are reasonably necessary and offers his approach to the terms "normal wear and tear" and "reasonably necessary". He also gives an example of the "useful life rule" and how it pertains to prorating charges for the remaining life of the item damaged. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Spotify and YouTube. Connect with Bob Preston | |||
| 31 Oct 2019 | Episode 24: Tenant Turnover Issues Solved, Featuring James Barrett of Tenant Turner | 00:41:01 | |
Anyone who manages rental properties knows first-hand how much hassle is involved with tenant turnover. From advertising to lease signing, it takes a top-notch team to do it effectively at scale. Bob’s guest today is James Barrett, co-founder of Tenant Turner, a software application that takes the hassle out of tenant turnover in very intuitive ways. Listen to learn about how property inquiries receive an immediate response, how applications can immediately be assessed for potential tenant fit, and how self-showings can change the game for property owners. Outline of This Episode
Make it easy for prospective tenants to inquire about your property The Tenant Turner system, used by Bob at North County Property Group, provides automated responses to all inquiries immediately, even after hours, via email or text. Much of the back and forth communication is removed with this one, automated step. Resources & People Mentioned
Connect with James Barrett
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| 01 Nov 2019 | Five Minute Friday #2: Property Management Maintenance Facilitation | 00:04:55 | |
Five Minute Fridays are bonus "mini-episodes" of Property Management Brainstorm in which Bob covers a pertinent topic of property management or being a landlord, every Friday, in about five minutes or less. In this episode, Bob covers two questions frequently asked by landlords - "how is maintenance handled?" and “are there any mandatory property maintenance items performed regularly”. Bob answers these questions in the context of his own San Diego property management company, North County Property Group and mindful of State of California landlord-tenant law. Bob discusses how property management companies handle facilitation of all property repairs & maintenance. In addition to being a licensed Real Estate Broker, Bob is also a licensed General Contractor, and through his affiliated maintenance company, called “MaintenanceSync”, his property management company has a robust set of vetted sub-contractors in every trade, ready to handle repairs and maintenance. Prior approval is always obtained from the property owner for any expenditure over what is known as the maintenance limit (typically set at $500). He also explains the need for judgement in emergency situations if action is needed quickly to protect a property and the safety of a tenant. Bob also describes the maintenance areas that are mandatory at every property on a regular basis.
2. Re-keying properties and Smoke/Carbon Detector testing are also conducted at every property following a tenant move-out and prior to a new tenant occupying the unit. Links to References Mentioned:
Connec Connect with Bob Preston | |||
| 14 Nov 2019 | Episode 25: Pricing Your Short Term Rental, Featuring Marc Peckler of Beyond Pricing | 00:26:23 | |
If you own a short term rental property, you want to maximize the return you get from every booking you make. One of the simplest and fastest ways that can be done is through effective pricing practices. On this episode, Bob speaks with Marc Peckler, Senior Account Executive with Beyond Pricing. The Beyond Pricing approach to short term rental pricing is nothing short of amazing. They use dynamic pricing technology to find the proper rate for your rental property every single day of the year… not just seasonally. You won’t want to miss this intriguing conversation. Outline of This Episode
Dynamic pricing changes everything when it comes to short term rentals When pricing short term rental properties, it's important to consider holidays, time of year, special events in the area, attractions nearby, occupancy rates of similar properties in the area, and corporate and community needs that might increase the demand for short term housing. Resources & People Mentioned
Connect with Marc Peckler
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| 08 Nov 2019 | Five Minute Friday #3 - Insurance Coverage for a Rental Property | 00:05:38 | |
In this Five Minute Friday, Bob discusses the proper insurance coverage that a landlord should have at his rental property before placing a tenant. With Long-term Rentals (typically unfurnished, rented under a 12-month lease) there are two types of insurance policies that should always be required. The first type of insurance is a “rental dwelling” policy:
The second type of insurance is renter’s insurance, obtained by the tenant, to protect their personal belongings and provide for tenant liability coverage. In addition to protecting the tenant’s belongings, renter’s insurance protects the landlord from large scale incidents cause by tenants and would also pay for temporary housing for the tenant if the home is uninhabitable. There are a few derivatives of these insurance policies which may need to be considered:
Links to References Mentioned:
Connect With Bob Preston This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Connect with Bob Preston | |||
| 15 Nov 2019 | Five Minute Friday #4 - Responding to Rental Inquiries | 00:05:10 | |
Once you start marketing a property available for rent, inquiries come at you from all directions. You’re answering phone calls, responding to texts, and replying to emails—at all hours of the day and night. So, what is the most efficient way to respond to rental inquiries and schedule property showings? Is there a way to automate some parts of the process? On this Five Minute Friday, Bob walks us through North County Property Group’s system for responding to rental inquiries, explaining how their leasing department answers questions, conducts prescreening, and schedules showings. He describes the advanced marketing system they use to respond automatically to email inquiries with instructions for scheduling a showing online, ensuring that they don’t miss an opportunity to get the property rented. Bob speaks to the efficiency of using an online scheduling tool synced with the leasing agent’s calendar. Listen to learn how the North County team uses an online rental application to screen prospective tenants within minutes, using their specific rental criteria to collaborate with property owners on a decision. Topics Covered [0:40] Where to go for more information on responding to rental inquiries [1:10] The complexity of answering phone calls, texts, and emails from prospective tenants and scheduling property showings [1:34] North County Property Group’s efficient system for handling rental inquiries [1:41] How their leasing department answers questions, conducts prescreening, and schedules showings during leasing office hours [1:59] How their advanced marketing system automatically adds contact information from an email inquiry to its database and sends an autoresponder email with instructions for scheduling a showing [2:24] How leasing agents can schedule a showing over the phone OR provide prospects with instructions for setting up a time online [2:44] The high degree of efficiency provided by an online scheduling tool and how it can be synced with the leasing agent’s calendar [3:50] How prospective tenants can submit a rental application online and be screened for credit score, eviction history, and criminal background within minutes [4:30] How the North County Property Group team uses its specific screening and rental criteria to collaborate with property owners on a decision Connect with Bob Resources Mentioned Connect with Bob Preston | |||
| 22 Nov 2019 | Five Minute Friday #5 - Utilizing Lockboxes | 00:05:08 | |
Lockboxes provide efficiency and convenience, allowing real estate agents and vendors access to a property when we can’t be there. But is it a good idea to utilize lockboxes for property showings? When does it make sense to allow prospective tenants to look at a property on their own? And what can we do to mitigate any security issues associated with using lockboxes for self-showings? On this episode of Five Minute Friday, Bob explains how North County Property Group makes use of lockboxes to assist in property showings. He covers the three main types of lockboxes, simple combo, Sentri and electronic, describing which is used primarily with vendors and which is exclusive to licensed realtors. Bob goes on to discuss when the North County team uses electronic lockboxes for self-showings, allowing prescreened, prospective tenants to view a property by themselves within a limited time window. Listen in to understand how property managers can use electronic lockboxes to track who’s coming and going from a property and learn why the benefits and efficiencies of using lockboxes outweigh the slight security concerns. Topics Covered [0:41] When North County Property Group makes use of lockboxes to assist with property showings [1:14] How simple combo lockboxes work and why we use them primarily with vendors [1:39] How licensed realtors access Sentri lockboxes via a card provided by their local association and MLS [1:59] How electronic lockboxes provide access only to those with a preprogrammed code [2:14] Who issues codes at North Country Property Group and how the management team tracks who’s coming and going [2:33] When the North County team issues realtors and prescreened prospective tenants ‘self-access codes’ [2:50] The conditions for using self-access lockboxes and the limited time window when self-access codes can be used [3:15] How periods of self-show activity are tracked in the North County system and our team’s practice of making regular visits to the property [3:36] North County’s policy around allowing property owners to opt out of self-access showings [3:45] North County’s confidence in the safety of self-showings [4:34] Why the benefits and efficiencies of using lockboxes outweigh the slight security concerns Connect with Bob Resources Mentioned Property Management Brainstorm EP024: Tenant Turnover Issues Solved Connect with Bob Preston | |||
| 28 Nov 2019 | Episode 26: Lessons Learned in the Leasing Process, Featuring Todd Breen of VirtuallyinCredible | 00:39:20 | |
It goes without saying that every landlord dreams of a quick and seamless leasing process that results in a happy tenant and ongoing rental income. But what can we do to make the leasing process run more smoothly? How can we reduce the number of days on market and fulfill our owner’s expectations—without taking on tenants who are not a good fit? Todd Breen is the experienced real estate broker, investor and property manager behind VirtuallyinCredible, a company offering video training, marketing and outsourcing specific to the property management industry. On this episode, Todd joins Bob to discusses the two major benefits of posting video property tours on your website and the value in leveraging VirtuallyinCredible’s leasing call center to boost your live answer ratio. Todd also describes the process he uses to pre-lease an impressive 80% of his inventory prior to vacancy, the biggest mistake property managers make in the tenant screening process, and the statistics around how many prospective tenants tell lies of omission or co-mission on rental applications. Listen in for Todd’s argument against the idea that all money is good money and learn his tips for working less and earning more as a property manager! Topics Covered [4:05] The two major benefits of posting virtual video property tours on your website [12:21] Why it’s crucial to train and monitor your call center staff around Fair Housing Laws [13:27] Todd’s take on coming soon listings and the process he uses to pre-lease 80% of his inventory prior to vacancy [20:36] The biggest mistake property managers make in the tenant screening process [23:13] The statistics around how many rental applicants tell lies of omission and/or co-mission [35:38] Todd’s tips for earning more by focusing on dollars per door Connect with Todd Email sales@virtuallyincredible.com
Resources Mentioned Connect with Bob Preston | |||
| 29 Nov 2019 | Five Minute Friday #6 - Best Practices for Renting Your Home | 00:05:27 | |
The idea of generating passive income through a rental property sounds pretty terrific. But the reality is, being a landlord is not as passive as you might think. Renting your home is equivalent to running a business, and there are a number of responsibilities that come with it. So, what do you need to consider before becoming a landlord? And what are the best practices for renting your home? On this episode of Five Minute Friday, Bob walks us through the main topics covered in his new eBook, Best Practices for Renting Your Home: Learn the Pitfalls and Safety Nets from a Pro. He explains why NOW is an attractive time for real estate investors to enter the rental market, describing how a rental property has the potential to both generate cashflow and appreciate in value. Bob goes on to cover the many obligations and responsibilities of being a landlord in terms of compliance, maintenance, record keeping, insurance and 24/7 responsiveness. Listen in for insight around what questions to ask yourself before renting your home and learn how a property manager can help you enjoy the benefits of being a landlord—without having to answer tenant complaints at 3am! Topics Covered [0:46] How to access Bob’s new eBook, Best Practices for Renting Your Home: Learn the Pitfalls and Safety Nets from a Pro [1:28] Why now is an attractive time for real estate investors to enter the rental market [1:51] How being a landlord is equivalent to running a business [2:08] The #1 question to ask yourself before renting your home [2:30] The landlord’s obligation to be on call 24/7 to respond to tenant complaints, maintenance requests and emergencies [2:45] The option to hire a property manager to take on most of your responsibilities as a landlord [2:56] The concept of leverage + how a rental property can both generate cashflow and appreciate in value in a strong market [3:38] Additional obligations a landlord must fulfill in terms of legal compliance and property maintenance [4:00] What is required of a landlord when it comes to accurate accounting and record-keeping [4:17] Making sure your rental property is properly insured [4:29] Why it’s crucial to advertise a property and speak to prospective tenants in a way that recognizes Fair Housing Laws [4:56] Where to go for more information about best practices for renting your home Connect with Bob Connect with Bob Preston | |||
| 06 Dec 2019 | Five Minute Friday #7 - Establishing the Rental Rate | 00:04:19 | |
Yes, property owners want to maximize their rental income. But if you set the monthly rent too high and the unit stays empty, no one generates any revenue at all! So, how do you decide on a monthly rental rate that keeps the property owner happy AND competes in the local market? On this episode of Five Minute Friday, Bob explains the importance of correctly setting the monthly rental rate for a property. He discusses how the real estate market is influenced by supply and demand, location, amenities, and seasonality, offering insight around using ‘market comparatives’ to determine the rental rate for a given property. Bob goes on to share how sites like Zillow have made prospective renters savvy to fair market value, what that means for property owners, and how North County collaborates with owners to set the monthly rental rate for a property. Listen in to understand how time of year impacts the monthly rental rate and learn how to adjust the rental rate if a property is not generating significant interest. Topics Covered [0:00] Why the monthly rental rate is one of the most important decisions to make about a rental property [0:10] How the market ultimately decides the monthly rental rate [0:18] How the real estate market fluctuates based on supply, demand, location, amenities and seasonality [0:32] Using ‘comps’ as a benchmark to set the rental rate for a property [0:54] How prospective renters have become savvy to fair market value + what that means for owners [1:19] How North County Property Group collaborates with owners to set the monthly rental rate for a property [1:34] What to consider if a nearby rental is set at a lower monthly rate [1:54] How time of year impacts the monthly rental rate [2:25] How the response we get to a listing in the first week tells us if we’ve set the rent rate correctly [2:42] How North County initiates rent reductions if a property is not generating interest Connect with Bob Resources Mentioned Best Practices for Renting Your Home: Learn the Pitfalls and Safety Nets from a Pro can be found at https://www.ncpropertygroup.com/ebook. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Connect with Bob Preston | |||
| 12 Dec 2019 | Episode 27: Gaining Efficiencies Through Property Automation, Featuring Sean Miller of PointCentral | 00:37:58 | |
What if you could predict a maintenance issue before it turned into an emergency? Property automation technology gives us the data to catch problems early on and be proactive—before a water heater leak turns into a flooded home! Sean Miller is the CEO of PointCentral, the leading IoT platform for residential property managers. On this episode, Sean joins Bob to discuss the most common property automation devices, including smart locks, video doorbells and voice assistants. Sean introduces several of PointCentral’s hardware partners and describes how its technology benefits property managers, owners and tenants alike. Listen in for a high-level overview of PointCentral’s in-home hub and learn how you can drive operational efficiency via property automation. Topics Covered [2:50] How PointCentral helps property managers leverage IoT [5:43] The difference between smart home technology and property automation [6:48] The devices that fall into the category of property automation [8:12] How PointCentral integrates with the Amazon, Apple and Google voice assistants [9:55] PointCentral’s hardware partners and when the company builds its own [11:57] Who PointCentral works with + how its technology benefits property managers [14:48] How PointCentral benefits tenants [17:47] How PointCentral benefits owners [20:27] How PointCentral helps property managers prevent maintenance emergencies and improve efficiency [23:26] An overview of PointCentral’s in-home hub + how it integrates with property management software [28:16] The privacy concerns associated with video [32:53] How PointCentral’s technology helps property managers do more of what they like Connect with Sean Connect with Bob Resources Mentioned California Consumer Privacy Act The Connect with Bob Preston | |||
| 13 Dec 2019 | Five Minute Friday #8: Getting My Property to be Rent Ready | 00:04:08 | |
What does it mean to get a property ‘rent ready’? Are we talking a fresh coat of paint? Replacing the carpet? New appliances? There are a number of things we can do to ensure a property shows well and puts its best foot forward, so to speak. On this episode of Five Minute Friday, Bob explains what it means to make a property rent ready, describing the repairs, cleaning, deferred maintenance and upgrades that can make a rental more attractive to prospective tenants. Bob goes on to discuss North County Property Group’s general contracting arm, sharing the benefit to having a database of reliable vendors and subcontractors. Listen in for Bob’s advice to homeowners renting a property for the first time and learn how to make a property safe, secure, livable—and rent ready! Topics Covered [0:38] What it means for a property to be rent ready [0:49] The problem with listing homes as ‘coming soon’ for too long [1:01] Doing repairs, cleaning and deferred maintenance to make a property rent ready [1:12] Examples of common upgrades that make a rental attractive to prospective tenants [1:29] Where to go for more information about adding value to a property with smart home devices or automation technology [1:44] North County Property Group’s general contracting arm and maintenance company, MaintenanceSync [1:19] North County’s extensive list of vendors and subcontractors [1:56] Examples of the various tradespeople you might need to help get a property rent ready [2:30] How North County serves as the project manager on rent ready work for its properties [2:39] How owners benefit from a property management team that does its own general contracting work (and vice versa) [3:03] Bob’s advice for homeowners renting their property for the first time [3:28] The idea of a stabilization period when new tenants raise concerns over things homeowners had learned to live with Connect with Bob Resources Mentioned This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Connect with Bob Preston | |||
| 20 Dec 2019 | Five Minute Friday #9 - What is 2nd Month Proration? | 00:05:15 | |
When a new tenant moves in on the 15th of the month, it is only fair to prorate the rent—charging them only for the number days they occupy the unit. But there is a downside to charging a partial month’s rent at move-in. So, what’s the best approach to proration? How can we be fair to our tenants and meet our own financial obligations? On this episode of Five Minute Friday, Bob explains the standard practice of prorating the rent when a tenant moves in mid-month and shares an example of how prorated rent is calculated. He discusses how the first month proration system works and why it may leave you short as a landlord. Bob goes on to introduce us to second month proration, explaining what tenants pay in the first, second and subsequent months under this policy and how it provides assurance that the tenant can afford a full month rent payment. Listen in to understand when a landlord might require both first and last month’s rent at move-in and learn which system we use here at North County Property Group! Topics Covered [0:39] The standard practice of prorating the rent rate for partial months [1:09] How prorated rent is calculated [1:34] How the 1st month proration system works [1:46] Why the 1st month proration system may NOT be a good idea [2:21] The 2nd month proration method [2:29] What the tenant pays at move-in under the 2nd month proration system [2:48] What the tenant pays in the 2nd month under the 2nd month proration system [3:11] The special situations when a landlord might require both 1st and last month’s rent as well as a security deposit [4:03] The benefit of using a 2nd month proration system [4:37] Why North County Property Group prefers the 2nd month proration system Connect with Bob This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Spotify, and Connect with Bob Preston | |||
| 26 Dec 2019 | Episode 28: Giving Back to Our Community, Featuring Bridget Strickland of San Diego Habitat for Humanity | 00:29:01 | |
As part of our commitment to give back to the community, North County Property Group has forged a partnership with the local affiliate of Habitat for Humanity to provide safe, affordable housing for hardworking families in San Diego County. Bridget Strickland is the Corporate Partnership Manager for San Diego Habitat for Humanity. Today, she joins Bob to explain how the organization provides home ownership opportunities for low-income families, walking us through the process of qualifying for the program and the sweat equity hours required of Habitat homeowners. Bridget describes how long it usually takes to complete a project, the size of a typical Habitat home, and the locations where the organization has built affordable housing in San Diego County. Listen in for insight around San Diego Habitat’s Neighborhood Revitalization initiative and learn how you can get involved by volunteering in any of Habitat’s locations around the world. Topics Covered [3:55] What inspired Bridget to join San Diego Habitat for Humanity [4:56] The guiding principle of Habitat for Humanity [6:46] How the organization creates home ownership opportunities for San Diego families [7:45] How Habitat families agree to contribute sweat equity hours [8:40] The process of qualifying to buy a home through Habitat [11:15] How long it usually takes to complete a Habitat project [11:55] The typical size of a Habitat home + how they integrate into the community [12:29] The locations in San Diego County where Habitat has built affordable housing [13:04] The global scope of Habitat for Humanity [15:27] Volunteer opportunities at San Diego Habitat [16:55] The history of San Diego Habitat + how it’s affiliated with the international organization [17:35] San Diego Habitat’s Neighborhood Revitalization initiative [23:03] How Bridget’s experience nearly losing her home informs her work Connect with Bridget San Diego Habitat for Humanity Connect with Bob Email info@ncpropertygroup.com Resources Mentioned Episode Transcript Connect with Bob Preston | |||
| 27 Dec 2019 | Five Minute Friday #10 - Screening Prospective Tenants | 00:05:50 | |
So, you’ve shown a property and collected applications from prospective tenants. Though you may have a gut instinct around who is the best fit, it’s critical that you put ALL potential renters through a consistent screening process. What does that look like? On this edition of Five Minute Friday, Bob walks us through the process of establishing a set of criteria for screening prospective tenants. He shares North County Property Group’s published guidelines, discussing what questions to consider in terms of income requirements, proof of income and minimum credit score as you set your screening standards. Bob goes on to address what considerations to make around previous evictions, bankruptcy, negative landlord references and pet restrictions. Listen in for insight into North County’s digital application process and automated screening for criminal record, credit and eviction history—and learn how we work with property owners to select the most qualified tenants for a given property! Topics Covered [1:09] Why it’s crucial to have a published set of criteria for screening prospective tenants [1:32] Developing a screening process to determine if an applicant is a match [1:46] North County Property Group’s rental criteria [2:15] Bob’s advice on placing the Fair Housing Statement front and center on your application criteria [2:25] Questions to consider re: income requirements and proof of income before setting your screening criteria [3:13] Determining the minimum credit score that will qualify under your rental criteria [3:57] Considerations around previous evictions, bankruptcy, negative landlord references and pets [4:25] Establishing a process for completing a rental application (i.e.: paper or digital) [4:47] North County’s automated screening for criminal record, credit and eviction history [5:02] Checking with previous landlords for rental references as well as verifying employment and cash reserves [5:17] How North County works with owners to select the most qualified applicant for a given property Connect with Bob Resources Mentioned North County Property Group Rental Criteria This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Connect with Bob Preston | |||
| 03 Jan 2020 | Five Minute Friday #11 - Tax Implications of a Rental Property | 00:05:46 | |
As with any earnings, the rental income a property owner brings in must be reported to the IRS. So, what do property managers and homeowners need to know about reporting rental income and expenses on their federal and state tax returns? On this edition of Five Minute Friday, Bob offers an overview of the tax implications of owning a rental property. He describes the landlord or property manager’s role in keeping accurate records, discussing the most common methods for tracking income and expenses and explaining what information is included on the 1099 North County Property Group submits to both the property owner and the IRS. Bob weighs in on why the gross rental income listed on the 1099 differs from the total of owner distributions and walks us through the most common landlord deductions. Listen in to understand California’s requirements for out-of-state property owners and learn how an accountant uses the information provided by a property manager to prepare the owner’s federal and state returns. Topics Covered [1:02] The landlord or property manager’s role in keeping accurate records and supporting documentation for a rental property [1:17] The most common methods for tracking income and expenses [1:55] Submitting a 1099 that reflects gross rental income to both the property owner and the IRS [2:14] Why the gross rental income listed on a 1099 doesn’t match the total of owner distributions [2:41] Providing a year-end owner statement in parallel with the 1099 [2:50] How an accountant translates this information to the property owner’s federal tax return [3:03] Why most landlords file a Schedule E as part of their Federal 1040 Tax Return [3:27] The most common landlord deductions [4:06] The importance of saving receipts associated with landlord deductions [4:11] Leveraging a tax-deferred 1031 Exchange to purchase additional properties [4:37] California’s requirement for out-of-state owners to submit 7% of rent collected to the California Franchise Tax Board [4:59] Why out-of-state property owners receive both a 1099 and 592-B [5:16] The tax preparers responsibilities around the California State Return [5:24] Bob’s advice on consulting with a professional tax advisor Connect with Bob Resources Mentioned Connect with Bob Preston | |||
| 09 Jan 2020 | Episode 29: The Landlord Verification Process, Featuring Sherry McKillop of LandLord Verification Online | 00:37:59 | |
Because the landlord verification process is so cumbersome, a surprising number of landlords and property managers take it lightly—or don’t bother with it at all! But what if there was a quick and easy way to verify a prospective tenant’s rental history? Sherry McKillop is the Chief Operating Officer at LandLord Verification Online. Today, she joins Bob to explain why it’s crucial to complete a thorough landlord verification and walk us through the process of using her team’s service. Listen in to understand what’s included in LandLord Verification Online’s 14-item questionnaire for past landlords, how the team addresses Fair Housing concerns, and what insights a receiving landlord can glean from the LLVO report. Topics Covered [2:26] How Sherry’s experience with poor tenants inspired LandLord Verification Online [5:16] The turnaround time for landlord responses with Sherry’s service [6:05] The process of using LandLord Verification Online [8:30] The 14 fact-based questions landlords answer + how they certify that the information is accurate [11:25] The turnaround time for landlord verification the old-fashioned way [13:19] Why so many landlords and property managers don’t complete a thorough landlord verification [14:33] How revealing landlord verification can be in learning about an applicant [17:35] How to avoid Fair Housing concerns in the landlord verification process [18:34] How LLVO handles unresponsive landlords [21:10] What LLVO does to ensure that landlord references are legitimate [24:38] How Sherry’s team generated the 14-item questionnaire [27:13] How LLVO is available to individual landlords and property management companies [28:50] The correlation between verification reports and the tenant experience [30:18] Why it’s risky to rely solely on a prospective tenant’s credit score [31:36] Sherry’s personal story about her dad and Dictionary Safari [34:27] The benefits of using LandLord Verification Online Connect with Sherry LandLord Verification FAQs Email info@ncpropertygroup.com Sponsors Planning a residential property move? Get Free Shipping on a Connect with Bob Preston | |||
| 10 Jan 2020 | Five Minute Friday #12 - Understanding Generation Differences | 00:05:54 | |
Different generations of people have distinct values, lifestyles and communication preferences. And as property managers, we need to understand the perspectives of each group and adapt accordingly to best serve the tenants in our rental properties. On this edition of Five Minute Friday, Bob walks us through the five generations a landlord or property manager might interact with, from Traditionalists to Generation Z, explaining why it’s crucial for us to recognize and accommodate generational differences. Bob shares the characteristics of Traditionalists, Baby Boomers and Gen Xers, discussing why each group might be looking for a rental property and how they differ in terms of communication preferences. Listen in for insight around marketing to Millennials or Generation Z and learn how life experiences influence what a tenant is looking for in a rental property. Topics Covered [0:43] Why it’s crucial for a landlord to understand generational differences [1:19] An overview of the five major generational groupings [2:07] The characteristics of a Traditionalist and why they might be looking for a rental property [2:31] What to expect from Baby Boomers in terms of communication preferences [3:23] The attributes of Gen Xers and when they might be in the market for a rental property [3:53] What differentiates Millennials and what to consider in marketing rental properties to this generation [4:34] How Generation Z has grown up using mobile devices and how that impacts the way they communicate [5:21] Bob’s insight on the life experiences of each generation and how that influences what they’re looking for in a rental property + how they prefer to communicate Connect with Bob This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Spotify, and YouTube. Connect with Bob Preston | |||
| 17 Jan 2020 | Five Minute Friday #13 - Running on EOS | 00:04:45 | |
Most business owners and entrepreneurs want to build a best-in-class company. But in the daily grind of running a business, it’s easy to lose sight of the vision you’re trying to achieve. At North County Property Group, we leverage the Entrepreneurial Operating System (EOS) to facilitate continuous improvement and become a better organization—each and every day. On this edition of Five Minute Friday, Bob shares the EOS model many business owners and entrepreneurs use to grow and improve. He explains how adopting the process has helped his team focus on the right things and keep them accountable to their goals. Bob walks us through each of the six key components of the EOS model, describing how his team evaluates themselves in the areas of vision, people, data, issues, process and traction. Listen in for insight around the value of quarterly goal setting and learn how the EOS system is helping Bob lead a top-performing company. Topics Covered [0:49] The EOS model for business owners and entrepreneurs [1:12] How adopting EOS has impacted Bob’s business [1:38] The objective of EOS + how it helps you build a best-in-class business [2:01] The six key areas of evaluation in the EOS model [3:27] How North County Property Group has had success with goal setting + how we measure our success [4:02] Bob’s take on how EOS has helped him become a better leader Connect with Bob Resources Mentioned This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Spotify, and YouTube. Connect with Bob Preston | |||
| 23 Jan 2020 | Episode 30: All About NARPM, Featuring Eric Wetherington, 2019 National President | 00:36:00 | |
How do property owners know they’re hiring a qualified property management company that operates within a clear set of standards? The best way is to look for members of the National Association of Residential Property Managers, or NARPM. Eric Wetherington served as the 2019 National President of NARPM. Today, he joins Bob to discuss the educational opportunities available to members of the organization, explaining who establishes its curriculum and what national, state and local events are open to members. Listen in for Eric’s insight around the legislative influence NARPM has developed and learn how YOU can benefit from the Code of Ethics and spirit of sharing unique to the NARPM community! Topics Covered [2:52] Eric’s background in property management and introduction to NARPM [4:11] Eric’s experience serving as President of NARPM in 2019 + his role in the organization in 2020 [7:05] Why it’s important for property owners to hire NARPM members as property managers [9:16] The educational opportunities available to NARPM members [10:12] An overview of the three NARPM national conferences + state and local events [15:03] The top three professional designations in NARPM and how members can earn them [17:55] The legislative influence NARPM has developed through its PAC and lobbying groups [21:11] The NARPM Code of Ethics [24:42] Who establishes the professional development curriculum for NARPM [25:36] The distinction between NARPM and IREM [26:27] The benefits of being a NARPM member + the spirit of sharing unique to the NARPM community [30:37] The leadership opportunities available to NARPM members [32:33] Eric’s call-to-action for real estate investors and property managers Connect with Eric Connect with Bob Email info@ncpropertygroup.com Resources Episode Transcript The new eBook, Best Practices for Renting Your Home, is offered as a free download on the North County Property Group website at Connect with Bob Preston | |||
| 24 Jan 2020 | Five Minute Friday #14 - Selling a Home with Tenants in Possession | 00:04:11 | |
Most real estate investors don’t realize that they can sell a property even when it is occupied by a tenant. In the state of California, this is known as selling with Tenants in Possession, or TIP. On this edition of Five Minute Friday, Bob shares North County Property Group’s expertise in TIP, explaining how to keep tenants and buyers informed throughout the process and document the tenant’s right to possession via the Tenant Estoppel Certificate. Bob discusses the mistakes uninformed listing agents can make in handling TIP transactions and describes North County’s advantage in having an ongoing relationship with the tenants involved. Listen in for insight around North County Property Group’s considerable experience leading the successful TIP sale of a property. Topics Covered [0:40] The concept of selling a property with Tenants in Possession (TIP) [1:10] North County Property Group’s expertise in selling homes with TIP + the specific steps required by the California Department of Real Estate [1:37] The mistakes uninformed listing agents can make in handling TIP transactions [2:25] The value of North County’s ongoing relationship with tenants in the listing and selling process [2:53] Documenting the tenant’s right to possession through the Tenant Estoppel Certificate [3:23] North County’s experience leading the cooperative effort around the TIP sale of a property Connect with Bob Resources Mentioned California Department of Real Estate California Association of Realtors Tenant Estoppel Certificate This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Spotify, and YouTube. Connect with Bob Preston | |||
| 31 Jan 2020 | Five Minute Friday #15 - Managing the Risk of Tenant Default | 00:06:05 | |
What happens if a tenant stops paying rent? The headache of dealing with a renter who defaults on their lease agreement keeps some investors out of the real estate rental market altogether. So, what can property owners do to manage the risk of tenant default? On this edition of Five Minute Friday, Bob explains what happens when a tenant defaults on their lease agreement and how a professional property manager can help property owners navigate the process. He walks us through some common scenarios when life circumstances change for tenants and how North County Property Group works to relist the property and secure a new qualified tenant. Bob also shares the protections NCPG offers its Premium Level clients, including Rent Assurance and eviction cost coverage. Listen in for insight on working through the unlawful detainer process required to evict a tenant in the State of California and learn how to mitigate the risks associated with tenant default. Topics Covered [0:41] The worries that keep some real estate investors out of the rental market [1:10] What happens when a tenant stops paying rent and how a professional property manager can help you navigate the process [1:46] How life circumstances can change for tenants and why North County Property Group offers its clients a 12-month lease guarantee [2:43] The work NCPG does to find new tenants when renters are relocated or lose their jobs [3:25] The protections NCPG offers its Premium Level clients should a tenant default on their lease agreement [4:10] The caveats around NCPG’s Rent Assurance protection [4:33] Why NCPG has never had an eviction in one of its properties + the plan they have in place should an eviction become necessary [5:14] The unlawful detainer process required to evict a tenant in the State of California Connect with Bob Resources Mentioned State of California Eviction Process Flowchart This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Connect with Bob Preston | |||
| 06 Feb 2020 | Episode 31: Work ON Your Business, not IN your Business, Featuring Terry Ogburn with Ogburn’s Business Solutions | 00:29:18 | |
It’s easy for business owners to get caught up in the day-to-day and forget the visionary aspect of their job as leaders. But how do you build in time to work ON, not IN your business? Terry Ogburn is the founder of Ogburn’s Business Solutions, a consultancy that helps small businesses improve the bottom line. Today, he joins Bob to explain how he supports business owners in developing a vision for the future and designing a plan to reach their goals. Terry offers advice on taking time to reflect at the end of each day and shares the top four habits of successful business leaders. Listen in for insight on empowering your team to make mistakes and learn how to set up systems for working ON, rather than IN your business. Topics Covered [2:56] Terry’s mission to help businesses grow [3:29] The most common pitfalls for business owners [4:47] How fear can keep us working IN, rather than ON our business [6:23] How Terry helps business owners reach their goals [7:42] A leader’s role in helping employees grow and understand the vision for the company [10:01] Empowering your team to make mistakes [13:03] Terry’s take on joy as a key ingredient of success [15:37] Why it’s crucial for business owners to reflect at the end of each day [17:14] The four habits of successful business owners [21:18] Why business leaders need to embrace technology [22:11] Leveraging neurolinguistic programming to build rapport with different people [23:59] Terry’s story of the one decision that turned his business around Connect with Terry Call (727) 422-4771 Connect with Bob Email info@ncpropertygroup.com Resources Crossing the Chasm by Geoffrey A. Moore The 7 Habits of Highly Effective People by Stephen R. Covey The new eBook Connect with Bob Preston | |||
| 07 Feb 2020 | Five Minute Friday #16 - What Items Should be Removed from My Furnished Short-Term Rental | 00:04:54 | |
At North County Property Group, about 25% of our portfolio are furnished short-term rental (STR) units. Clients with vacation homes in the San Diego area enjoy the cashflow that comes from renting out their furnished property when they aren’t using it, but we encourage owners to think carefully about what personal belongings to remove from the unit when guests are using the space. On this episode of Five Minute Friday, Bob offers an overview of how short-term rentals work, explaining how the properties are furnished by the owners, marketed on online travel sites, and occupied for short stays by visitors to the area. Bob goes on to discuss the risks associated with leaving belongings of financial or sentimental value in a vacation rental and the normal wear and tear that comes from having renters in and out of a STR space. Listen in for insight on deciding what personal belongings should be removed or made available during guest stays and learn how owners can secure expensive and irreplaceable items in a home when they are away. Topics Covered [0:40] North County Property Group’s portfolio of short-term or vacation rentals [1:06] How STR properties are furnished by the owner and marketed on online travel sites like Airbnb [1:35] The pros and cons of short-term rentals for property owners [1:55] Deciding what personal belongings should be removed or made available during guest stays [2:17] The personal belongings that the NCPG team sees on in-house meetings with prospective STR clients (e.g.: family photos, art, figurines and fine china) [2:44] The differing points of view around displaying family photos in a vacation rental [3:27] Why we recommend either removing personal items of financial or sentimental value or securing them in a locker or locked closet [4:06] The risks associated with leaving belongings in the home for renters to use and NCPG’s policy re: the damage or theft of personal items Connect with Bob This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Connect with Bob Preston | |||
| 14 Feb 2020 | Five Minute Friday #17 - What Differentiates North County Property Group? | 00:05:15 | |
The prevailing attitude among real estate investors is that all property management companies are much the same, so potential clients often ask, “What makes North County Property Group different?” or, “Why should we hire you?” On this episode of Five Minute Friday, Bob discusses some of NCPG’s differentiators, including their expertise in the high-end rental market and dedication to thorough tenant screening. He explains the team’s commitment to a set of guiding principles and ethics, sharing the Entrepreneurial Operating System (EOS) model they use to strive for continuous improvement. Bob goes on to describe North County Property Group’s practice of communicating with clients weekly via what they call a Listing Tracker. Listen in for insight around NCPG’s proficiency in selling a property with tenants in possession and learn what sets Bob’s team apart in terms of superior online reviews and corporate social responsibility. Topics Covered [0:40] The prevailing opinion that all property management companies are alike and why NCPG likes the question, “What makes you different?” [1:15] How running on EOS helps NCPG commit to a set of guiding principles and strive for continuous improvement [1:43] NCPG’s expertise in the high-end of the San Diego rental market and what that demonstrates in terms of our trustworthiness and comfort working with HNWIs [2:28] NCPG’s dedication to tenant screening and above-average credit score for renters [2:59] NCPG’s system of communicating with clients during the listing process via a weekly report [3:32] NCPG’s superior online reviews and expertise in selling properties with tenants in possession [3:53] Why Bob is most proud of NCPG’s dedication to corporate responsibility Connect with Bob Resources Five Minute Friday #13: Running on EOS Five Minute Friday #14: Selling a Home with Tenants in Possession NCCPG’s Corporate Responsibility Program This episode is always available for listening, sharing, or download at Connect with Bob Preston | |||
| 20 Feb 2020 | Episode 32: Top 10 Mistakes Made by Landlords | 00:19:19 | |
Being a landlord may sound simple, but there is more to it than just running an ad, getting a great tenant and collecting a monthly check. So, what are the financial, legal and ethical obligations around managing a rental property? And how can you avoid the most common mistakes landlords make? Today on Property Management Brainstorm, Bob is flying solo to walk us through the top ten mistakes made by landlords. He explains why it’s crucial to view your rental property as a business, understand the financial implications of renting your property, and maintain adequate records. Bob discusses a landlord’s responsibilities around legal compliance, deferred maintenance and proper insurance and shares how to set a realistic rent rate, market your property and respond to inquiries. Listen in for insight on establishing a consistent tenant screening process and weigh the pros and cons of self-managing your rental versus hiring a property manager. Topics Covered [2:27] Bob’s 20 years of experience consulting with prospective and existing landlords [3:19] Why it’s crucial to view your rental property as a business + what questions to ask yourself before becoming a landlord [4:34] Understanding the financial implications of owning a rental property [5:20] A landlord’s responsibilities around federal, state and local legal compliance [6:23] Maintaining adequate documentation and record keeping [8:23] The two types of insurance policies required for a rental property [11:13] How to set a realistic rent rate for your property [12:45] Marketing a rental property + responding to inquiries [14:08] Establishing a consistent tenant screening process [15:38] Bob’s advice on having a sufficient lease agreement [16:28] Responding to tenant requests and setting aside reserves for deferred maintenance [17:49] The pros and cons of self-managing a rental vs. hiring a property manager Connect with Bob Email info@ncpropertygroup.com Resources Episode Transcript Connect with Bob Preston | |||
| 21 Feb 2020 | Five Minute Friday #18 - Who Facilitates the Security Deposit Disposition | 00:04:55 | |
The security deposit disposition, if not documented properly, has the potential to be highly contentious. So, what can we do to make the process run smoothly? And who, exactly, is responsible for performing the move-in/move-out inspections, itemizing necessary deductions, and returning the tenant’s remaining funds? On this episode of Five Minute Friday, Bob discusses who facilitates the security deposit disposition process, explaining why North County Property Group takes responsibility for identifying items to be repaired and refunding the tenant’s remaining deposit. Bob describes how the property’s condition is assessed and documented on a move-in/move-out or MIMO form when the tenant moves in and again at move-out, sharing what NCPG charges to a tenant’s security deposit and how long they have to send the former renter their remaining funds. Listen in for insight on documenting the security deposit disposition process properly to mitigate the risk of ending up in court. Topics Covered [0:39] Why North County Property Group facilitates the security deposit disposition process for its clients [1:15] The detail-oriented nature of the security deposit disposition process [1:54] How NCPG documents the move-in inspection and where the tenant’s security deposit is held [2:39] The tenant’s right to a pre-move-out inspection during the final month of occupancy [3:14] When the NCPG performs the move out inspection + what is charged to the tenant’s security deposit [3:38] How long landlords in California have to itemize deductions and send the tenant their remaining security deposit funds [3:52] The potential for the security deposit disposition process to be highly contentious + how to mitigate the risk of ending up in court Connect with Bob Resources Allowable Security Deposit Deductions on FMF #1 Bob’s Blog ‘Clear and Hazy: What Can Be Charged?’ This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Connect with Bob Preston | |||
| 28 Feb 2020 | Five Minute Friday #19 - Property Management Guarantees | 00:05:56 | |
Are you struggling to find a property manager you can trust? Perhaps the best way to find a reliable team that provides top-notch service is to look for a property management company that provides its clients with certain guarantees. On this episode of Five Minute Friday, Bob walks us through the guarantees North County Property Group offers all its clients, including a Satisfaction, Pet and Performance Guarantee, explaining why his team doesn’t take any money from property owners until a tenant has moved in and rent is collected. Bob goes on to discuss the additional guarantees NCPG affords its Premium Program clients, describing their 30-Day Rental Guarantee, Tenant Default Assurance and 12-Month Tenant Guarantee. Listen in for insight around how Bob’s team handles the rare occasions when renters seek early termination of a lease and learn why it’s crucial to find a property manager who backs their promises with guarantees. Topics Covered [0:44] How Bob’s struggle to find a trustworthy property manager led him to self-manage his own investment properties [1:18] Why North County Property Group offers its clients several guarantees [1:59] NCPG’s Satisfaction Guarantee and penalty-free cancellation (with 30-day notice) [2:24] The details of NCPG’s Performance Guarantee and why Bob’s team doesn’t take any money from property owners until they produce results [2:53] How NCPG pays for damages beyond normal wear and tear caused by approved pets (up to $2,500) [3:36] The additional guarantees NCPG offers as part of its Premium Program [3:47] NCPG’s 30-Day Rental Guarantee for Premium Program clients [4:15] NCPG’s 12-Month Tenant Guarantee and what Bob’s team does when renters seek early termination [4:56] The most common reasons why a tenant might default on their rent + the Tenant Default Assurance NCPG offers its Premium Program clients Connect with Bob Resources North County Property Group Guarantees Page This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Connect with Bob Preston | |||
| 05 Mar 2020 | Episode 33: Establishing a Service Level Agreement (SLA) Featuring Ethan Lieber, CEO at Latchel | 00:34:24 | |
What could you accomplish if you never had to take another maintenance call? Ethan Lieber is the CEO of Latchel, a real estate platform that helps property managers streamline their maintenance workflow. Today, Ethan joins Bob to explain how Latchel leverages the Amazon model of crafting measurable, transparent Service Level Agreements (SLAs) to ensure customer satisfaction and discuss the common themes across SLAs for tenants, property owners and service providers. Ethan walks us through the maintenance workflow in Latchel, describing how their system plugs into a property management company’s existing processes and what they do to notify a property management team in case of emergency. Listen in to understand what information is available through the Latchel online portal and find out how Ethan’s team can take maintenance operations off your plate—so you can focus on growth! Topics Covered [2:39] The Latchel origin story and how the service streamlines your maintenance workflow [6:55] How Latchel leverages the Amazon model of crafting measurable, transparent Service Level Agreements [10:19] The common themes among SLAs for tenants, property owners and vendors [12:34] What the maintenance workflow looks like in Latchel and how it changes based on an issue’s level of urgency [18:57] How Latchel plugs into a property management company’s existing processes [21:30] The real-time notification system Latchel uses to notify a property management team in case of emergency [22:48] The information available through the Latchel online portal + how property managers can prioritize vendors through the software [24:35] The three Latchel subscription levels [30:57] Ethan’s challenge around overcoming fear to 10X your current performance Connect with Ethan Email ethan@latchel.com Connect with Bob Email info@ncpropertygroup.com Resources Sponsor Today’s show is brought Connect with Bob Preston | |||
| 06 Mar 2020 | Five Minute Friday #20 - Tenant Placement | 00:05:48 | |
Placing a new tenant in a rental property seems simple enough. But the fact is, there are A LOT of moving parts at play from the time a property is listed until the tenant moves in and starts paying rent. So, what does the tenant placement process look like? On this episode of Five Minute Friday, Bob walks us through North County Property Group’s proven tenant placement process. He discusses the importance of creating an effective marketing plan and property listing for each rental and explains how his team responds to prospective tenant leads and schedules showings. Bob goes on to share how prospects submit their rental application and supporting documents online and what NCPG does to screen each applicant (and their pets!). Listen in to understand the process of drafting the lease, securing the rental deposit and first month’s rent, and meeting the tenant for a move-in inspection and key exchange—and learn how NCPG follows fair housing guidelines throughout the tenant placement process. Topics Covered [0:42] The complexity of the tenant placement process [1:03] North County Property Group’s proven and reliable process for quality tenant placement [1:18] Creating an effective marketing plan and property listing for each rental [1:40] How Bob’s team responds to prospective tenant leads and schedules showings [2:33] How prospects submit their rental application and supporting documents online + what NCPG does to screen each applicant [3:24] NCPG’s partnership with PetScreening.com for a separate pet and service animal screening process [3:58] The process of drafting the lease, obtaining the rental deposit and first month’s rent, and meeting the tenant for a move-in inspection and key exchange [4:21] NCPG’s commitment to following fair housing guidelines [4:43] A summary of NCPG’s tenant placement process Connect with Bob Resources North County Property Group Marketing Process Video This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts Connect with Bob Preston | |||
| 13 Mar 2020 | Five Minute Friday #21: Rent Collection and Owner Distribution | 00:06:09 | |
If you enlist the help of a property management company to manage your rental, you may be curious how rent is collected from the tenant and then forwarded to your bank account. On this episode of Five Minute Friday, Bob walks us through North County Property Group’s best practices around the flow of funds in a rental property. He explains when rent is due and where it’s deposited, discussing how NCPG tracks incoming rent payments and why his team offers tenants a five-day grace period. Bob goes on to introduce us to the Tenant Portal, an online platform where NCPG renters pay by eCheck or credit card, and describe what happens if rent is not paid within the five-day grace period. Listen in to understand how the accounting department pays vendors the first week of the month and sends property owners a monthly statement in parallel with their distribution deposit. Topics Covered [0:44] North County Property Group’s best practices around the flow of funds in a rental property [1:11] When rent is due and where it’s deposited [1:34] How NCPG tracks incoming rent payments [1:52] Why Bob’s team uses the California Association of Realtors five-day grace period and what they do if rent is not paid by the third of the month [2:40] How most NCPG renters pay online through the Tenant Portal by eCheck or credit card [3:49] What happens if rent is not received within the five-day grace period [4:29] The accounting department’s role in paying vendors and regular monthly bills (e.g.: HOA dues, pool service, etc.) the first week of each month [4:56] How the owner distribution deposit happens in parallel with the property owner receiving their monthly statement [5:30] NCPG’s commitment to completing owner distribution by the 10th of the month Connect with Bob Resources Three-Day Notice to Pay or Quit This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Connect with Bob Preston | |||
| 19 Mar 2020 | Episode 34: A New Approach, Tenant Management Software, Featuring Dave Spooner, Cofounder at Innago | 00:33:52 | |
If you’re an individual, self-managing landlord or you manage a small portfolio of rentals, what is your best option when it comes to property management software? Dave Spooner is the Cofounder of Innago, a free property management software platform designed to help small, independent landlords manage their rentals. Today, Dave joins Bob to explain what differentiates Innago from other platforms in terms of being intuitive and easy to use, yet flexible enough to allow for growth. Dave discusses what his team does to attract their target clients and walks us through the five pillars of Innago feature set. Listen in to understand what the Innago user interface looks like for tenants versus landlords and learn how the software helps property managers level up their professionalism. Topics Covered [2:51] Dave’s background in SaaS startups and what inspired the creation of Innago [4:35] Why Dave’s team refers to their product as ‘tenant management software’ [5:27] Where Innago fits on the spectrum of property management software [12:31] What differentiates Innago from other platforms in terms of scalability and support [14:59] Innago’s commitment to avoid feature creep [19:17] What Dave and his team learned from their market research and how that influenced their approach with Innago [21:41] What the Innago team does to attract its target market (landlords in the one to 100 property range) [23:17] How Innago helps property managers raise their level of professionalism [25:10] What the Innago user interface looks like for tenants, landlords and sub-users (e.g.: property owners, maintenance staff, etc.) [27:13] The five pillars of the Innago feature set and what the team is adding in the near future [28:45] Some of the unique landlords who utilize the Innago system Connect with Dave Email dave@innago.com (513) 543-0759 Connect with Bob Email info@ncpropertygroup.com Resources Sponsor Podcasting isn’t hard when you have the right partners, and the team at Buzzsprout is passionate about helping me succeed at Property Management Brainstorm. Join over a hundred thousand podcasters already using Buzzsprout and get a free $20 Amazon gift card for signing up at this link: Connect with Bob Preston | |||
| 20 Mar 2020 | Five Minute Friday #22: Being a Landlord During the COVID-19 Pandemic | 00:06:04 | |
The Coronavirus pandemic is on everyone’s mind right now. So, what can we do as landlords to protect the health and safety of our staff, property owners, tenants and vendors? On this episode of Five Minute Friday, Bob explains how the North County Property Group team is staying on top of our job responsibilities through a remote work setup and what you can do to reach us if need be. He discusses the precautions NCPG is taking when it comes to fulfilling maintenance requests and performing inspections during the COVID-19 health crisis. Bob goes on to share how NCPG is adjusting our showing policies for active rental listings, introducing us to the idea of a Rent Ready Date and explaining why we are suspending Open Houses for the time being. Listen in for insight around the potential for rent relief initiatives and eviction restrictions—and learn what NCPG is doing to ensure the health and safety of our stakeholders during this unprecedented time. Topics Covered [0:42] North County Property Group’s commitment to the health and safety of our stakeholders [1:26] Why we’re adjusting the NCPG work environment and taking extra precautions at our rental properties [1:48] How the NCPG team is staying on top of our job responsibilities through a remote work setup [2:14] How the NCPG staff can be reached and what we are doing when a face-to-face meeting is required [2:48] How NCPG is handling maintenance requests and inspections during the health crisis [3:26] NCPG’s decision to adjust our showing policies for active rental listings and why we’re not scheduling showings until a property is vacant and professionally cleaned [3:49] What we are doing to serve prospective tenants prior to a property’s Rent Ready Date [4:12] Why NCPG is suspending Open Houses and encouraging property owners with active listings to opt in for self-showings [4:29] The additional steps we are taking to provide sanitizing supplies at property showings and arrange for periodic sanitizing touch-ups [4:53] The potential for consumer rent relief initiatives and eviction restrictions in light of the pandemic [5:25] The need for caution during this unprecedented time Connect with Bob Resources This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Connect with Bob Preston | |||
| 26 Mar 2020 | Episode 35: Temporarily Suspending Podcast Production | 00:02:41 | |
We’re all feeling uncertainty around the mounting COVID-19 health crisis. And what serves as a best practice today may change tomorrow. On this episode, Bob shares his decision to temporarily suspend production of Property Management Brainstorm in light of the Coronavirus pandemic. He discusses the daily changes in processes and mindset adjustments required of landlords and property managers during this unprecedented time. Bob goes on to explain the possibility that he will do an occasional check-in regarding current events or news related to the industry while production is suspended. Listen in for Bob’s thoughts on staying safe and healthy in the coming weeks and find out when he plans to be back on the air with another episode of the Property Management Brainstorm show! Topics Covered [0:53] The uncertainty we’re all feeling around the mounting COVOID-19 health crisis [1:12] How the Coronavirus pandemic requires daily changes in processes and mindset adjustments for us as landlords and property managers [1:24 ] What’s behind Bob’s decision to temporarily suspend production of the Property Management Brainstorm show [1:50] When Bob plans to be back on the air with new episodes [1:58] The possibility that Bob will do an occasional check-in regarding current events or news related to the industry [2:03 ] Bob’s appreciation for Property Management Brainstorm listeners and hope that you’ll stay safe and healthy in the coming weeks Connect with Bob Resources This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Spotify, and YouTube. Connect with Bob Preston | |||
| 24 Apr 2020 | Five Minute Friday #23: We're Back on the Air and Podcasting! | 00:10:25 | |
Property Management Brainstorm had temporarily paused producing the show, taking a brief hiatus, during the peak of the COVID-19 pandemic. There is so much to catch up on and we are pleased to let you know we are back in production! On this episode, Bob explains the reasons for taking a break with the podcast and what changes his team has made in the meantime during the COVID-19 pandemic to stay focused on managing their properties while keeping their staff and tenants safe and healthy. Topics Covered [1:35] Bob announces Property Mangement Brainstorm will reinstitute production of the show starting today! [2:40] The reasons why Property Management Brainstrom was paused during COVID-19. [4:15] Adjusting to working remotely as a property management team and how North County Property Group has stayed connected. [5:15] Precautions taken in the daily workflow during the COVID-19 pandemic.
[9:25 ] Coming next week: communicating with tenants and owners about challenges in rent payments, rent forbearance, and moratoriums on eviction. Connect with Bob Resources This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Spotify, and YouTube. Connect with Bob Preston | |||
| 30 Apr 2020 | Episode 36: Hot Water is Essential During COVID-19 Pandemic, Featuring Scott Costa of Water Heaters Only | 00:38:30 | |
One of the most common water related incidents at rental properties is leaking or failing water heater. There has never been a time when hot water might be more essential, with all of us on stay-at-home orders, than during the COVID-19 pandemic. A failing water heater is a huge inconvenience to the homeowner or tenant who has to live without hot water for some period of time. Scott Costa represents a company that specialized in one thing ... Water Heaters Only know a thing or two about the topic. On this episode, Bob and Scott discuss why water heaters fail, what are the signs to look for when a water heater needs to be replaced, what the options are for selecting a water heater, and the new California building codes related to water heater installation. Topics Covered [3:20] Scott's background and intro to Water Heaters Only [4:45] Getting a water heater 24/7/365 [9:20] Why do water heaters fail? [19:00] Circumstances which might favor installing a tankless water heater [26:05] The Emergency Shutdown Instruction Sticker on the front of the water heater [28:13] Signs that a water heater might be starting to fail [31:00] Recommended regular service and maintenance for water heaters [32:35] Potential danger of carbon monoxide emissions [34:30] Scott shares some great feel-good success stories Connect with Scott 1-800-833-4571 Connect with Bob Email info@ncpropertygroup.com Resources Free eBook: Bob Preston’s new eBook, Best Practices for Renting Your Home, is a free download, find it here as a free download! https://www.ncpropertygroup.com/ebook Sponsor Square: Have you heard of Square? Accept credit cards, power your business with the free point-of-sale app, get real-time sales reports, and much more. $1,000 Connect with Bob Preston | |||
| 01 May 2020 | Five Minute Friday #24: Be The Lighthouse | 00:05:57 | |
On this episode of Five Minute Friday, Bob shares the story of key decision making at North County Property Group in adapting the company to telecommuting, new workflows, technology for virtual tours, self-showings, and more during the COVID-19 pandemic. Most of the changes were proactively made as early as March 13, 2020, six days before California Governor Gavin Newsom issued the first statewide stay-at-home orders in the country to establish consistency to slow the spread of COVID-19. It has now been seven weeks of shelter-in-place, in a fluid and unprecedented time, during which the company had its opportunity to “Be the Lighthouse”. Topics Covered [1:00] Bob describes the company's Friday staff meetings before the pandemic and previously using consensus in decision making. [1:30] How things quickly changed, requiring decisiveness to focus on the greater good for the safety and health of the company's stakeholders. [1:54] Bob explains what he means by "Be the Lighthouse". [2:50] The importance of staying ahead of the curve in response to the COVID-19 crisis. [3:50] What Bob communicated and expected from each of his staff members. Connect with Bob Resources This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, Connect with Bob Preston | |||
| 07 May 2020 | Episode 37: Landlord/Tenant Law during COVID-19, Featuring Tracey Merrell of Kimball, Tirey & St. John LLP | 00:34:35 | |
Our listeners have been eager to hear the latest updates on being a landlord during the COVID-19 pandemic. On this episode, Bob discusses this topic with Tracey Merrell, Managing Attorney of Education, at Kimball, Tirey & St.John (KTS), a law firm with a practice in California residential landlord/tenant law. Comments made for this broadcast are for general information purposes only and is not intended as legal advice. Participation in the podcast will not create an attorney-client relationship between the listener and Tracey Merrell or with Kimball Tirey and St. John. For advice with specific issues, please contact an attorney. Discussions of the new legislative updates are not exhaustive and are potentially fluid situations and the interpretation of the laws may change as they have been recently passed. Topics Covered [2:55] The episode is within the context of California landlord/tenant law. [4:45] KTS risk management disclaimer. [13:15] Can landlords negotiate with tenants claiming COVID-19 hardship on a rent repayment plan? [24:10] Preventing price gouging during a California State of Emergency. [28:30] Tracey shares some great advice on how to treat people with respect and empathy. Connect with Tracey Resources Free eBook: Bob Preston’s new eBook, Best Practices for Renting Your Home, is a free download, find it here as a free download! https://www.ncpropertygroup.com/ebook Sponsor Seacoast Commerce Bank: Business banking for property managers, ensuring that your accounts are set up to meet compliance standards, so your company and clients’ funds are properly protected. https://sccombank.com/ Connect with Bob Preston | |||
| 08 May 2020 | Five Minute Friday #25: Don't Be a Weenie | 00:04:31 | |
Last week on FMF Bob talked about being the Lighthouse, a metaphor for being a strong leader to guide your team during times of crisis like this current Covid-19 pandemic. On this week's FMF, he pleads with you to not be the opposite of being the lighthouse. Don’t be a weenie! Topics Covered [0:55] Bob explains what he means when he says "don't be a weenie". [1:20] During this critical time, your stakeholders need to hear from you! [2:00] Willingness to make tough decisions. [2:15] Those who streamline now will emerge stronger at the end of the pandemic. [2:30] Examples of "no-touch" property management processes. Connect with Bob Resources This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher Connect with Bob Preston | |||
| 14 May 2020 | Episode 38: Tackling the Housing Crisis, Featuring Todd Gloria, California State Assemblymember and Candidate for Mayor of San Diego | 00:44:56 | |
In the State of California and many cities throughout the country, including right here in San Diego, a housing crisis has emerged in which many citizens have become homeless or live in substandard housing. Simply put, housing that people can afford may now be more out of reach than ever. On this episode, Bob discusses the housing crisis with California State Assemblymember Todd Gloria. Assemblymember Gloria is also running for Mayor of San Diego, on the ballot in the November 2020 election. [2:30] Todd introduces himself and talks about his journey toward a career in San Diego and State of California public service. [8:00] Caring for the homeless during the COVID-19 pandemic. [26:00] Tackling the housing crisis in San Diego. [37:10] The budget shortfall facing San Diego and how Todd will manage it if elected Mayor. [39:30] Todd comments on being the first LGBTQ and person of color if elected as Mayor of California. Connect with Bob Preston | |||
| 15 May 2020 | Five Minute Friday #26: Reality Marketing | 00:05:42 | |
On this week's FMF, Bob explains why he believes it's a mistake to not acknowledge the COVID-19 pandemic on a company website. Call it reality marketing. He further offers his rationale for placing a pop-up on the North County Property Group home page to communicate available resources which may be helpful to their stakeholders. Here is a copy: As we get through this pandemic together, here are some resources which may be helpful to our NCPG stakeholders: Virtual Tours of Property Listings: Narrated tour videos and 3D/360 degree digital tours to allow for viewing our property listings virtually. Direct Cash Payments: You may be eligible for up to $1,200 for individuals, $2,400 for married couples, and $500 for each child through the CARES Act: Unemployment Insurance: Benefit amounts have increased for those impacted by the COVID-19 pandemic. California COVID-19 Website: State of California website, including resources to apply for unemployment, disability benefits, and paid family Centers for Disease Control and Prevention: Visit the CDC website to stay informed on preventing COVID-19. County of San Diego Department of Environmental Health: frequently asked questions and guidance for residents of San Diego County. 2-1-1 San Diego: 24/7 hotline providing up-to-date Coronavirus information and resources. Rent Forbearance Requests: If you are an NCPG tenant and have suffered a job loss, accrued medical expenses, or other substantial loss of income specific to COVID-19, and are unable to pay future rent for these reasons, please click on this link to download our COVID-19 Rent Forbearance Request Form. We are fully operational and working diligently, every day, to exceed stakeholder expectations during this unprecedented time. Connect with Bob Connect with Bob Preston | |||
| 28 May 2020 | Episode 39: Say Goodbye to Security Deposits, Featuring Casey Winter of Obligo | 00:41:11 | |
As a landlord or property manager, have you ever wondered what it would be like to rid yourself of the need for security deposits? For most landlords, security deposits are one of the most challenging aspects of managing a rental property. It can be conflict laden at the end of a lease and in most states there are rigid regulations and laws which must be followed on when and how the deposit needs to be returned to the tenant. On this episode, Bob's guest is Casey Winter, Vice President of Partnerships at Obligo, a company which provides a way for people like us, landlords and property managers, to rid ourselves from the burden of security deposits. [2:35] Casey tells us about himself and what Obligo is all about. [9:15] Open banking technology and how it helps Obligo provide their "deposit free" leasing solution. [17:50] Bob asks Casey to take listeners through a start-to-finish scenario of how Obligo works and the associated workflow for tenants and landlords. [29:15] Where is Obligo offered and in which states is it available? [36:15] Casey shares his thought on weathering the storm during the COVID-19 pandemic and emerging stronger when we come out on the other end. Connect with Casey Sponsor Reduce hassle and improve your operating income through smart property automation and connected devices from PointCentral. Click on this link to learn more and get a free HVAC analytics test when you place your first order! www.pointcentral.com/brainstorm/ This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Goo Connect with Bob Preston | |||
| 29 May 2020 | Five Minute Friday #27: I'm an RMP and Cal NARPM President Elect! | 00:03:29 | |
On this week's FMF, Bob makes a fun announcement that he is now an RMP! Some of you may be wondering, what the heck is that? Those listeners who are property management members of NARPM likely already know. RMP stands for Residential Management Professional, a designation awarded by the National Association of Residential Property Managers. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and YouTube. Connect with Bob Preston | |||
| 05 Jun 2020 | Five Minute Friday #28: Is a Maintenance Surge Coming? | 00:05:43 | |
On this week's FMF, Bob discusses the concept of lagging indicators and considers if there might be a maintenance surge coming for those of us managing rental properties. As a quick definition, a lagging indicator is a data point that tells you what has already happened. Most of us in managing our rental properties focus on lagging indicators in the form of financial statements to track rent collected, revenue, bank balance, and profitability. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and Connect with Bob Preston | |||
| 11 Jun 2020 | Episode 40: New California Landlord/Tenant Laws for 2020, Featuring Tracey Merrell of Kimball, Tirey & St. John LLP | 00:48:11 | |
On this episode, Bob discusses legislative updates in 2019 and 2020 that impact California landlords with Tracey Merrell, Managing Attorney of Education, at Kimball, Tirey & St.John (KTS). Along with other updates, Tracey provides a thorough review of the Tenant Protection Act of 2019 (AB 1482) which imposes rent caps and just cause eviction restrictions for residential rental property throughout California. For advice with specific issues, please contact an attorney. Legislative updates discussed are not exhaustive and the interpretation of the laws may change. Topics Covered [3:00] This episode is within the context of CA landlord/tenant law. [6:10] Tracey reviews the Tenant Protection Act of 2019 (AB 1482) pertaining to Rent Caps and Just Cause. [20:10] Tracey explains the notice required for rent increases over 10 percent (AB 1110). [32:50] Under SB 234, is a landlord required to rent to the owner of a day care who wants to run the business out of the rental home? [37:20] Proposition 65 warnings regarding materials and chemicals that may be present in the rental home. Connect with Tracey Resources Mentioned Free eBook: Bob Preston’s new eBook, Best Practices for Renting Your Home, find it here as a free download! https://www.ncpropertygroup.com/ebook This episode is always available for listening, sharing, or download at Connect with Bob Preston | |||
| 12 Jun 2020 | Five Minute Friday #29: Rent Forbearance or Early Lease Termination? | 00:05:02 | |
On this week's FMF, Bob discusses the lingering impact of COVID-19 on tenants who have suffered a job loss, decreased work hours, medical expenses, or other loss of income. Many laws and local ordinances have been implemented to protect tenants with eviction moratoria if they have had financial impact due to the coronavirus. There have been no laws established, however, which give tenants a free pass or restrict a landlord from recovering rent at a future time. As landlords and property managers, what then should we do? This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and YouTube. Connect with Bob Preston | |||
| 19 Jun 2020 | Five Minute Friday #30: Commitment to Corporate Responsibility | 00:04:39 | |
What is corporate responsibility and why is it important? In episode #30 of FMF, Bob explains why he believes in the concept of corporate responsibility for his business as a property management company at North County Property Group. The objective is simple ... be accountable for our actions to our stakeholders and local communities. Learn More About NCPG Cares Connect with Bob Preston | |||
| 25 Jun 2020 | Episode 41: Zero Deposit Leasing, Featuring Derek Merrill, CEO at LeaseLock | 00:40:13 | |
Bob continues a series of podcast episodes dedicated to the topic of security deposits. For most landlords, security deposits continue to be a highly challenging aspect of leasing rental properties. Laws are changing, tenant move-in costs can be prohibitive, and security deposit deductions can often lead to conflict. Bob discusses these challenges with Derek Merrill, Co-founder and CEO at LeaseLock, a company promising to eliminate the need for security deposits. Topics Covered [2:20] Introduction to Derek Merrill, LeaseLock and the concept of "zero deposits" through their Lease Insurance products. [8:00] Landlord/tenant laws having an impact on alternative approaches to security deposits.. [12:00] Are flexible financial aspects of leasing here to stay due to COVID-19 pandemic? [24:35] Derek describes a full scenario of how Lease Insurance works from start to finish during the course of a tenant's lease. [34:00] Derek shares a story about the mission for LeaseLock and the positive impact they are having on tenants who are in need of financial assistance in obtaining a rental property. Connect with Derek Merrill Resources Mentioned This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Connect with Bob Preston | |||
| 26 Jun 2020 | Five Minute Friday #31: Our Satisfaction Guarantee | 00:04:59 | |
In this episode 31 of Five Minute Friday, Bob shares with his listeners one of the most common questions he gets from prospective clients: are we locked into a long-term property management contract? The answer is and has been, for the 20-year history of his company, an emphatic "no". Bob calls this his Satisfaction Guarantee. If for whatever reason a client is not satisfied, they can discontinue North County Property Group's services at any time on 30-day notice. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and YouTube. Connect with Bob Preston | |||
| 03 Jul 2020 | Five Minute Friday #32 Happy 4th of July! We'll Be Back on the Air in August. | 00:01:49 | |
Hello Brainstormers! Wishing you all a very happy and safe 4th of July holiday. I'm taking a pause in broadcasting for a month or so while I'm on vacation during the first half of July. Property Management Brainstorm full episodes and Five Minute Fridays will back be back on the air with great content again as of early August, 2020. Connect with Bob Preston | |||
| 31 Jul 2020 | Five Minute Friday #33: New Leadership Team and State Conference Dates for CALNARPM! | 00:06:03 | |
On this week's FMF, Bob shares some fun news about his personal involvement in the industry association, the National Association of Residential Property Managers, also referred to as NARPM. Bob has taken office as President of the California State Chapter of NARPM, known as CALNARPM, for the 2020-2021 term. Bob shares his thoughts about CalNARPM, the other people involved on the leadership team, and the CALNARPM State Conference and Tradeshow scheduled for March 31 - April 2, 2021. The CALNARPM Leadership Team for 2020 - 2021:
Call for Nominations is Still Open! CALNARPM is still looking for some great California Property Managers to help round out our board and leadership team. If you feel a calling to get involved at the state level, email to CalNARPM at info@narpmcalifornia.org. Specifically, we are taking nominations (self nomination is OK) for these volunteer positions:
We need the involvement of some great California property managers, could that be you? CALNARPM State Conference and Trade Show, March 31-April 2, 2021 Each year, 200+ California property management professionals join our annual conference and trade show to learn best practices, legislative updates, and connect with vendors offering unique solutions within the property management industry. While we are hoping for a live and in-person event, we are of course monitoring what is going on with the COVID-19 pandemic and considering the possibility of a virtual event. Either way, there WILL BE a California State Conference for NARPM. For more information: https://narpmcalifornia.org/conference/ If you are not located in California, there are local and regional NARPM c Connect with Bob Preston | |||
| 06 Aug 2020 | Episode 42: Air Quality in Rental Homes, Featuring Andrew Smallwood of Second Nature | 00:36:04 | |
On this episode of Property Management Brainstorm, Bob discusses home wellness as an essential part of healthy living with Andrew Smallwood, Director of Sales at Second Nature. One aspect of home wellness and healthy living is regularly changing filters on heating and air systems (HVAC) for improved air quality within a rental home. Second Nature, provides an easy and automatic way to get the right air filters for your rental properties and to get the air filters changed on time, every time. Doing so can be especially important for property managers and landlords in keeping the HVAC systems in rental properties well maintained. Topics Covered [2:15] Andrew Smallwood introduces himself and what he does for Second Nature. [4:10] Finding and changing air filters - why can this be a hassle for property managers and landlords? [9:25] Is there a regional aspect to the frequency and need for changing air filters? [19:10] Are there home automation aspects through smart home devices pertaining to HVAC air filters? [29:50] Andrew tells a cool personal story about radical generosity. Connect with Second Nature This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Connect with Bob Preston | |||
| 07 Aug 2020 | Five Minute Friday #34: Built to Last | 00:05:16 | |
Built to Last. These are three simple words that communicate a powerful punch. It is actually the name of a a book written by James Collins and Jerry Porras in 1994. Bob explains how he was given the book 25 years ago by his boss at the time, Bill Krause, who had been an executive at HP and was the CEO of the start up where Bob was working in Silicon Valley. Bob still has the book to this day and the words “Built to Last” still resonate with he applies them to his property management business. In this episode of Five Minute Friday, Bob describes his journey of jumping off the Silicon Valley treadmill as the Chief Marketing Officer of a public company to return to San Diego to be closer to his family and forming his property management company, North County Property Group. The core principles from "Built to Last" are still being used by Bob today as he has grown his business from a strong foundation of core values he learned 25 years ago in Silicon Valley. Connect with Bob Preston | |||