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Ask the CPM - Property Management Questions
 
 
 
Ask the CPM - Property Management Questions
As a public service by Real Estate Management Services (REMS Inc.), Tom Loegering, CPM®, answers questions on property management, condo's, and rentals for owners, tenants, and brokers.
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2008-01-09 23:17:43
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What are the ethics involved in property management companies also providing maintenance and repairs?
2006-08-30 16:20:07
What are the legalities involving a property management company (pm) that charge you a low management fee but have an in-house maintenance and repair company? In my opinion this is a bait and switch concept. Though not illegal it could be unethical especially if any profit derived from the maintenance company is not disclosed to the owner. Property managers are licensed by the state and owe the owners a fiduciary obligation, which means in simple terms to act in a position of trust for the benefit of the principal (owner)....
 
HB2474 - Financial shock for AZ rental property owners
2006-08-28 17:15:12
House Bill 2474 takes effect September 21, 2006. This coordinated effort by the County Assessor and Department of Revenue is designed to identify any property listed as owner occupied that is, in fact, rental property....
 
Telecommuting: A Gas Crisis Solution
2006-06-12 14:21:18
The greatest benefit of technology is that it affords us more choices. The concept of the home office gives us the 'drive less/spend less' choice. Reducing demand for foreign oil will help lower prices, help our communities reduce pollution and traffic, and afford more people the benefit of more time at home with their families while increasing productivity and pressuring oil producers to lower prices. We all need to work together to help our country in this time of crisis....
 
I have several small residential investment properties which are professionally managed. Should my property manager be available to take my calls?
2006-06-12 14:18:50
You have posed very good questions. The answer lies in understanding, 1.) What you want from your manager; 2.) What you should expect from your manager, and; 3.) What you are getting from your manager. Small properties have difficulty attracting quality professional management. Typically, top management companies will not manage properties with less than 100 units because they are not economical to manage. Now, to your questions: What should you do to reach your property manager? I suggest you use standard means. When you call her office and she is "out in the field", she's probably inspecting properties. So, you should leave her a message. Don't pretend you have an emergency at 8 or 9 p.m., just leave a message....
 
I just purchased my second property. My tenants bombarded me with repair requests! Any suggestions?
2006-05-04 11:39:12
Dear C.P.M., I just purchased my second property in Inglewood, CA. As soon as I stepped foot on the property in my role as new owner, the tenants began to bombard me with repair requests! When I walked through the building during inspections (prior to purchase), everything and everybody seemed just fine. Now, suddenly, they are [...]...
 
Should You Buy, Sell, or Exchange Up?
2006-05-01 12:26:19
Despite all of the Wall Street blather about a housing bubble, the market in the southern part of the United States is moving ahead at a 3-6% annual increase (10% down on a $265,000 is a $26,500 investment that returns 30-60% on down payment and gives you shelter and tax advantages). These numbers work for all price ranges of income property....
 
I am worried about the condition of one of my self-managed units. Do I have the right to inspect it?
2006-05-01 12:16:37
In California, you simply post a written 24 hour notice. In Arizona you must post a written notice 48 hours in advance of the inspection. It is best to make an appointment so that the tenant can be home. Do not be put off by any excuse. It's a good idea to bring a general contractor or maintenance supervisor and do a thorough inspection. Make sure all items (especially health and safety related) are put on the general maintenance schedule and repair work is completed....
 
Should someone looking into buying a condo be concerned if a community is self managed?
2006-04-21 15:35:20
Now, as far as self-managed communities are concerned, you should remember that they are run by volunteer members who do not necessarily possess the training, experience or general knowledge to properly run an HOA. Couple that with the legal issues involved and I would have to say that I would personally be concerned about buying into a community with a self-managed HOA....
 
We are a new board and would like advice on how to select our professional advisers: auditors, engineers, investment advisor, management and lawyers. Can you help us?
2006-04-19 18:50:21
Condominiums are unique organizations. Probably the most important criteria is that the professionals you choose have experience with and expertise in condominiums. ... Second in importance in our view is that advisors must be able to communicate clearly. ... However, the best investment your board can make is to hire the best professional management company available....
 
My elderly parents own several houses which are vacant and in a state of disrepair. Should I hold the properties, sell, or hire a general contractor or property management company to get the units in 'rent ready' shape?
2006-04-19 12:15:42
Owners must supply the goal. If neither you nor your parents need the money and/or the problems of ownership, it is best to sell the property in it's "as is" condition. If you want practical advice that will show you how to optimize this investment, then here is a scenario to follow ......
 
 
 
 
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