Thank you to Steve Schultz for teaching the “Leasing for Single Family Homes” CE class last month! It was well-attended and Steve provided valuable guidance. We asked him to share a few key points from his presentation for those who could not attend (and as a good reminder for those who did attend). [Read more…]
Bennett Property Management is very proud of the fact that we collect on time/payment in full from over 98% of our tenants every month. A big part of this success is our screening process. To the best of our ability, we try to ensure that an applicant will prove to be a qualified, excellent tenant.
We do this by running
- credit reports,
- criminal background checks
- and verifying income and rental history
on every applicant. Based on our established criteria, it is our goal to put a successful tenant into the rental dwelling. [Read more…]
Many property managers are now realizing that they must report rental income to non US residents on Form 1042-S. That is the good news. The bad news is that they are filling out the form incorrectly and incurring penalties.
Here are the top nine processing errors property managers need to avoid:
As I am sitting here trying to decide how I want to write this article, a few things “flitted across my mind”, as I like to say . . . education, professionalism, networking. I also thought “Why did I join NARPM® ?”
Membership in NARPM® not only teaches you local laws and statutes, there is a wealth of institutional knowledge in the room every time. You will have someone like me that has been managing property 23 years, and someone else who has been doing it for six months. Most likely I’ve already been through whatever scenario that other property manager is going through. Because the NARPM® philosophy is to share knowledge, the inexperienced property manager (or the experienced one that has run into something new) has an amazing resource available to them. The Phoenix Metro chapter also provides speakers and instructors who come to us and teach us, usually about industry trends.
In the summer of 1975 the film, Jaws, debuted. A quick synopsis reveals the story…a giant man-eating shark attacking beach goers at a summer resort town, prompting the local officials and experts to warn the people and hunt it down. All the while, the townspeople call them paranoid and laugh at the idea that a giant man-eating shark prowls the waters.
At a recent local NARPM board meeting I was part of a discussion about the fact that our chapter has 130 members on its roster but only 20-30 actively attend meetings. Meanwhile, there is an unknown number of property managers in our area who aren’t even members. When I heard those statistics I couldn’t help but make a connection between Jaws and the current state of our chapter and property management industry. The unsuspecting beach goers enjoying play time in the water are like those property managers who enjoy the good living that property management provides, but have no idea what they have gotten themselves into. How can they know the related risks unless they regularly attend NARPM chapter meetings where seasoned professionals constantly bring awareness to the most critical issues effect our industry?