BMG Rentals Property Management Attending the 2012 Convention - Utah Association of Realtors - Dixie Center, St. George

Join BMG Rentals Property Management in St. George for the 2012 Utah Association of Realtors Convention

BMG Rentals Property Management is scheduled to attend the trade show in St. George, UT from September 15^th through September 17^th.  Our booth will showcase our property management services and provide a general overview of our management techniques.  The booth will be staffed with experienced property managers from St. George and other locations who will be answering questions and explaining more specific procedures used in our business. 

Through our unique management style, we maintain a retention rate of 96%.  We have been in the business over 10 years and pride ourselves on our exceptional customer service, screening process, and marketing programs.

St. George BMG Rentals Property Management Office

BMG Rentals property management works with tenants and property owners to provide a great renting and investment property experience. Tenants can search for rental homes and apartments, view pictures, and watch video tours at our website. Property owners and investors enjoy our easy to read statements, regular inspection program, online portals, custom accounting reports, and our great customer service. We specialize in working with investors to improve cash flow and protect their investment. For more information on our management services download our owner information packet from our website. Also check out our property management videos and forms. We manage homes, apartments, plexus, condos, town-homes, and more. Our property management services are currently available in Utah and Eastern Idaho, with offices in Salt Lake, Idaho Falls, Pocatello, and St. George.

20 Percent of Property Management Companies are Less Than 2 Years Old

Who’s Managing Your Property?

In 2011 alone, according to RealtyTrac, 1.2 million investment properties were purchased. That’s up 60 percent from the 749,000 properties purchased in 2010. And the trend is continuing this year as investment property purchases account for 20 percent of all home sales.

This boom in rental properties has created a growing market for property management companies. All Property Management (APM), an online property management network, specializing in single family home rentals recently reported that one fifth of its clients have been in business for less than two years. The median number of properties they manage is 175, although 17 percent are currently managing over 500 properties. 70 percent of APM’s managers expect to see continued and increased growth.

Can a newly created property management company hope to protect you and your property with little to no experience in the industry?

There are a number of tricky situations and technical legal issues involved in managing properties. A recent survey found that on average it takes one to two months to evict a non-paying tenant, and the costs average between $1,000 and $3,000. Now imagine what would happen if your property management company mishandled the eviction due to a lack of experience in the area.

How much time, money and energy could an inexperienced property manager end up costing you?

With our many years of experience and education we are able to handle the legal issues and other situations that occasionally happen while managing properties. Not only is BMG experienced enough to handle an eviction quickly, while keeping costs down, but our pricing structure does not benefit from a vacant property. We only make money when your property is being rented.

Our Gurantee-

We maintain an owner retention rate above 96 percent. We like happy customers and do our best to keep them that way. We want them to use our services because it works for them NOT because they are tied to a contract. Either party in our management agreement can cancel the agreement with a 30-day notice with or without cause. We require that our entire management team provide you and your tenants with prompt and satisfactory service. If you ever have a question or concern, you can contact us at any time. If you are not satisfied with our service, we will allow you out of your contract, free of penalties and fees.

Diagnosing Vacancies

What keeps a property from renting?

Tenant turnover cannot be prevented. Renters will eventually move. Although the economy may be taking baby steps toward a recovery with national vacancy rates on the decline, regional rates continue to outpace the average. The national rental vacancy rate dropped to 4.9 percent the first quarter of 2012, its lowest rate since 2001.[1]

While Idaho’s rate has slowly been declining as well, down to 6.2 percent, it is still well above average. Utah jumped from 5.9 percent fourth quarter 2011 to 7.2 at the end of first quarter this year. [2]

Since an empty property does not generate income, what do we do to keep vacancy rates down?

Pay careful consideration to the current environment. If a property is not renting it is typically due to price, presentation, and/or exposure. Our entire team meets weekly to review each vacant property and address each factor for our owners.

Is the price right? - If your property is listed too high then it will take longer to rent and in most cases the extra rent you were trying to get was lost in the time the property was vacant. We run rental comparables for your property and area and use that information to determine a starting price, which we then review weekly and make adjustments as necessary based on the traffic, phone calls, showings, and applications.

How is the presentation? - We make recommendations based on experience and feedback from showings. Obvious maintenance or cleaning issues could repel potential tenants. If the property needs more cleaning or other improvements that will help the presentation, we will discuss these items with you.

Who knows about it? – If renters can’t find information on your property for rent, how will they know it is available? We give our vacant properties maximum exposure through our marketing program. This includes websites, local media, tenant referral program, yard signs, and our own top ranking website. More exposure gives us more options for screening for good tenants, less time vacant, and increased rental income. If you want even more exposure, ask about our marketing fund.

Unlike a lot of property management companies, we do not make money on vacant properties. Our system is designed to reduce vacancy rates and maximize rent potential. Most owners who have switched to our system have seen a decline in their vacancy rates.

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[1] http://www.thedaily.com/page/2012/04/05/040512-news-apartment-vacancy/

[2] The Quarterly Vacancy and Homeownership Rates By State and MSA Table 1: Rental Vacancy Rates by State

Should I Allow Pets?

Should I Allow Pets?

Pets can potentially cause damage to a property; however over 60% of renters have them. If you want to avoid the hassle of worrying over pet damages, it may take you longer to find a renter for your property. Here are some of the pros and cons to help make the right decision for your property.

 A survey conducted by the Foundation for Interdisciplinary Research and Education Promoting Animal Welfare (FIREPAW) found the worst damage reported by landlords averaged $430.

The average damage was $362 for tenants with pets, and $323 for tenants without pets. According to the survey, properties that allowed pets were able to charge 20 to 30 percent more rent than those that didn't allow pets.

Simply allowing pets does not guarantee you’ll be able to charge more in rent, however it does increase your tenant pool and you will likely have more demand allowing for potentially higher rent prices and lower vacancy rates.

Additionally, a tenant with a pet is more likely to stay, because it is harder to find another pet friendly landlord. The FIREPAW survey saw tenants in pet-friendly rentals stayed an average of 46 months, compared to only 18 months for those in rentals prohibiting pets. 

However, there is a reason property owners decide not to allow pets. Pets that have not been toilet trained can cause stains and odors. They may claw or bite carpeting, cabinets, furniture or blinds. Barking, meowing, or other pet sounds can lead to noise complaints from neighbors. Some pets can even be a safety hazard if not controlled or left unleashed as they may bite people or other animals.

Much of the risk of pet damage can be reduced by properly screening tenants, and performing periodic property inspections. To help prevent damage, if an owner decides to allow pets, we recommend a limit of 2 pets with weight restrictions based on the size of the property. We also suggest $300 to $500 per pet additional deposit. 

Our inspection process always includes a thorough search for pet damage and smell. We have found through years of screening potential tenants that pets typically match their owners. Good, clean people have good, clean pets.

For more information on allowing pets or to read the FIREPAW survey in its entirety go to: http://www.firepaw.org/CompanionAnimalRentersPetFriendly.pdf

What Do Renters Want from a Website? And Does Your Property Manager Have it?

When renters start searching for their next home over 70 percent begin their search online according to the National Multi Housing Counsel (NMHC). We have seen a dramatic shift in the last 4 years from newspaper searches to online searching. Many experts have credited this to the accessibility of the internet increasing with smart phones, tablets, and wireless access points. The days of throwing an ad in the paper and putting a sign in the yard to rent a property are gone.

Renters are demanding more from the sites they visit.

You can see in the graphic from RentJuice, the most wanted website feature is an available date. If renters can't tell when a property is available to rent then the information regarding that property is useless to them. It is surprising to see that 30 percent of the property management websites in the study did not have availability dates on their sites. It is even more surprising that 21 percent did not have pictures. With video tours becoming more and more popular, pictures seem to be the bare minimum a property manager should be providing. 

What About Video Tours?

One missing category from the study is video tours of specific properties. Video tours can accomplish three of the top four items renters want in a website.  As you can see on our site, or our Youtube channel, many properties feature video tours. This gives renters a look at the floor plan by walking them through the property. Renters searching our properties are able to do an informative walk-through while sitting at their computer. This is very helpful to renters who are moving to a new area. Renters get a good idea of the square footage through a well done video tour. And when given the choice between pictures or video, renters will choose video. One new tenant recently told us, "We were able to narrow our search down using your video tours. It was great!" We have been getting great feedback from renters who were able to take a tour of a property before it was even available. Now current tenants who are planning to move out are not bothered with showings, and turnover time is reduced with people waiting to rent as soon as the property is available.

BMG Team Completes Management Training

BMG Rentals Property Management Team Completes Intensive Management Training

Members from the Salt Lake and Idaho Falls locations completed over 40 hours of training while in Boise attending the National Association of Residential Property Managers (NARPM) Northwest Regional Conference. The coursework included Owner/Client Relations, Ethics, and Maintenance: Basics and Beyond. "Continuing education within the management area I specialize in is critical to my ability to stay current on the issues affecting the property management industry," says Wyatt Wetsel, Maintenance Coordinator at the Idaho Falls office.


The professional course work provided through NARPM is taught many times during the year in various metropolitan areas. Members often travel from across the country to attend these NARPM classes. They are unique to the real estate industry as the specifically address the needs of the single family residential property manager. 


There are currently over 3500 members of NARPM, the nation's only professional organization for managers of residential properties, from single family unit to 4-plexes. Members represent over $20 billion in residential rental properties nationwide.


The instructors of these courses are veterans in the property management industry. See their information below:

Suzanne Cameron, MPM^® RMP^®

Suzanne Cameron, MPM® RMP®, began her real estate career in 1978, specializing in residential property management in 1981. She has been the president and broker of Around The Clock, Inc., CRMC®, in Kent, Washington since 1990. Her company added a condo and homeowners association department in 1992 and a sales department the following year. She manages and supervises fifteen personnel. She has been an active member of NARPM® since 1994. She started the King County Chapter the same year and helped to start five other chapters in her region while serving as a Regional Membership Coordinator form 1995 to 1997. She was a NARPM® National Director from 1995 to 1998 chairing the Legislative and Publications Committees and was chair of the last Midyear Conference in 2002. She has also served on the Membership, Convention, and Certification Committees.

Tony Drost, MPM^® RMP^®

Tony started First Rate Property Management, Inc. (FRPM) in 1995. FRPM currently manages over 800 units and employs 13 people. He has a BA Degree in Operations Management, which gave him the tools to be an effective manager. However, Tony credits his involvement with NARPM® for the real financial success and streamlining of his company. Over the years, Tony has applied what he has learned from NARPM® and its members, and has delegated the day-to-day operations to staff members. He focuses on strategic planning for the company and is constantly seeking out new ways to become more efficient. Tony learns something new at every NARPM® event and looks forward to networking with you.

 

10 Spring Maintenance Tips

10 home maintenance tips for spring

Man cleaning gutter image via Shutterstock.

The sun is peeking out and the plants are starting to blossom, so it must be about time for spring chores again. Here's my annual spring checklist of important issues to tend to around the house.

1. Roofing repairs: If you suspect winter storms may have damaged your roof, it needs to be inspected. (If you're not comfortable with the height or steepness of your roof, hire a licensed roofing contractor for the inspection.) Look for missing or loose shingles, including ridge-cap shingles.

Examine the condition of the flashings around chimneys, flue pipes, vent caps, and anyplace where the roof and walls intersect. Look for overhanging trees that could damage the roof in a wind storm, as well as buildups of leaves and other debris.

If you have roof damage in a number of areas, or if older shingles makes patching impractical, consider having the entire roof redone. Also, remember that if the shingles have been damaged by wind or by impact from falling tree limbs, the damage may be covered by your homeowners insurance.

2. Check gutters and downspouts: Look for areas where the fasteners may have pulled loose, and for any sags in the gutter run. Also, check for water stains that may indicate joints that have worked loose and are leaking. Clean leaves and debris to be ready for spring and summer rains.

3. Fences and gates: Fence posts are especially susceptible to groundwater saturation, and will loosen up and tilt if the soil around them gets soaked too deeply. Check fence posts in various areas by wiggling them to see how solidly embedded they are.

If any are loose, wait until the surrounding soil has dried out, then excavate around the bottom of the posts and pour additional concrete to stabilize them. Replace any posts that have rotted.

4. Clear yard debris: Inspect landscaping for damage, especially trees. If you see any cracked, leaning or otherwise dangerous conditions with any of your trees, have a licensed, insured tree company inspect and trim or remove them as needed.

Clean up leaves, needles, small limbs and other material that has accumulated. Do any spring pruning that's necessary. Remove and dispose of all dead plant material so it won't become a fire hazard as it dries.

5. Fans and air conditioners: Clean and check the operation of cooling fans, air conditioners and whole-house fans. Shut the power to the fan, remove the cover and wash with mild soapy water, then clean out dust from inside the fan with a shop vacuum -- do not operate the fan with the cover removed.

Check outdoor central air conditioning units for damage or debris buildup, and clean or replace any filters. Check the roof or wall caps where the fan ducts terminate to make sure they are undamaged and well sealed. Check dampers for smooth operation.

6. Check and adjust sprinklers: Run each set of in-ground sprinklers through a cycle, and watch how and where the water is hitting. Adjust or replace any sprinklers that are hitting your siding, washing out loose soil areas, spraying over foundation vents, or in any other way wetting areas on and around your house that shouldn't be getting wet.

7. Check vent blocks and faucet covers: As soon as you're comfortable that the danger of winter freezing is over, remove foundation vent blocks or open vent covers to allow air circulation in the crawl space.

While removing the vent covers, check the grade level around the foundation vents. Winter weather can move soil and create buildups or grade problems that will allow groundwater to drain through the vents into the crawl space, so regrade as necessary. Remove outdoor faucet covers. Turn on the water supply to outdoor faucets if it's been shut off.

8. Prepare yard tools: Replace broken or damaged handles, and clean and condition metal parts. Tighten fittings and fasteners, sharpen cutting tools and mower blades, and service engines and belts in lawn mowers and other power equipment.

9. Change furnace filters: Now is the time to replace furnace filters that have become choked with dust from the winter heating season. This is especially important if you have central air conditioning, or if you utilize your heating system's fan to circulate air during the summer.

10. Check smoke detectors: Daylight Savings Time snuck up early again this year, and that's usually the semi-annual reminder to check your smoke alarms. So if you haven't already done it, now's the time. Replace the batteries, clean the covers, and test the detector's operation before it's too late.

If you have gas-fired appliances in the house, add a carbon monoxide detector as well (or check the operation of your existing one). CO2 detectors are inexpensive and easy to install, and are available at most home centers and other retailers of electrical parts and supplies.

Posted by:  BY PAUL BIANCHINA, FRIDAY, APRIL 6, 2012.