Archive for the 'Property Management' Category

Sep 23 2008

Remodeling tips?

Just wanted to let you know that if you need a referral to contractors or repair personnel in the Bay Area, we're happy to help you out. With the management company we have a gambit of people we work with regularly and can recommend……cleaners, retrofit windows, bath/kitchen contractors, tile/floor installers, electricians, etc. Feel free to email us and ask if you are planning to do some home remodeling. No strings attached!

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Aug 14 2008

Slow market?

Wow! It's hard to believe it's been two weeks since we had a chance to post. In our small corner of real estate, things are still moving! And moving rather quickly. The end of August seems to be a busy time for those who have their homes on the market…..listings tend to expire on 8/31, the "end of the summer."

Just a quick note to remind you that if you have a vacant home that 's not sold, now would be a good time to feel out the viability of renting your home. We have a number of people who are planning to do this and considering property management services. Usually homes fresh off the market can be rented within the first month of vacancy since they're clean, tidy, and show well. If you would like a management quote let us know…if you're thinking of renting it yourself…you can get a number of free lease forms from California Apartment Association's website, www.caanet.org.

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Jul 14 2008

Exhorbant Late Fees

Published by Christine under Property Management

Can my landlord charge $200 for not having my rent in by the 5th?

Look at your rental or lease agreement. The terms of late rent payments should be outlined there, whether it be a flat fee or a graduated rate (every day it's late the fee increases). If you signed the agreement and/or accepted the keys and are paying rent…then you have committed to all terms of the lease.

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Jul 10 2008

Wow, it's hot! Where's my A/C?

Published by Christine under Property Management

Each year in the Bay Area it's getting warmer. I remember when 85 was considered peak summer heat!

Many renters are looking for homes with A/C or asking landlords to add it. Understandably so, though don't be surprised if the owner says "No."

California law states residences must have heat, but A/C is not considered a legal requirement at this time. It is a convenience item and at the discretion or agreement between landlord and tenant. Installing a new, forced-air A/C system in a home usually costs $5000 to $8000 depending on the upgrades needed to the current heat system.

Most landlords will allow tenants to install portable or window A/C units at the tenant's expense. However, depending on the construction of the property, A/C may not be the whole solution to the heat. Attic fans, ceiling fans, dual-pane windows, blackout drapes, porch covers or shades, and insulation can all increase the property's ability to refract heat. These all fall under the "convenience" item category, so landlords are not required to provide or permit them.

Tenants, remember to check with your landlord before making any permanent changes to your rental property. Many landlords appreciate efforts made that will enhance the desireablilty of their rental in the future, so they may be quite agreeable to your suggestions and efforts. However, your changes, if not agreed upon, may be deducted from your security deposit for "restoration" of property.

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Jun 23 2008

Pros & Cons of Subleasing

Published by Christine under Property Management

Subleasing can consist of bringing in a roommate or moving out and finding someone to take over your lease. This is a good economical option for many, but there are some potential potholes in this road to success.

Many leases prohibit sub-leasing, so read your lease terms. You probably need to get your landlord's stamp of approval if you add an occupant or want someone to take over your lease. If you simply find someone to move in and take over the rent, this could be a violation of the lease and the landlord could evict you. Yes, I said YOU.

Most leases limit the number of occupants and may add an additional monthly fee to the rent if there is a change in occupancy. Usually it's a minor amount and the benfit of splitting the rent will outweigh the fee. But, if your roommate is not on the lease and decides to stop paying you rent, your landlord has no obligation to help you. So pick your roommates wisely and make sure they are added to the lease so they have some incentive with the financial responsibility.

Also, if you sublease and move out, you would still be liable for the rent, plus the new renter and whatever the new renter does to the unit as the lease still has your name on it. So, rather than having help in a difficult situation, you may end up paying rent in your new location and paying rent while your subleasee enjoys the benefits of worry-free housing. It becomes a snowball effect like co-signing for a relative's car or house. If they stop paying, it becomes your responsibility to step in and make the payments on something you don't tangibly own and can't sell.

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