Blakemore Property Management

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01/09/2015

We ranked the top 100 best small to mid-sized cities in the U.S and what makes them great places to live and work. We worked with trusted partners, stellar advisors, and the best public and private data sources to develop our ranking..

12/24/2014

Final Mistake from an article from the September 2014 Rental Housing Journal entitled: "Why Landlords Fail: 10 Fatal Mistakes and How to Avoid Them" by Cynthia Hale, Esq.:

"Fatal Mistake #10: Failure to Refinance High Interest Investment Loans

Reducing your interest rate by 1% could save you thousands. Current rates on investment properties are still incredibly low. Don't miss this market opportunity to reduce the cost of your debt service. I use Apartment Association member Josh Mettle at First Equity Financial in Sandy.

I hope this little refresher will help you to avoid these 10 simple but fatal mistakes, which might otherwise prevent you from realizing the fun of income property ownership and a nice return on your investment. Now, go forth and make a profit!"

12/10/2014

Mistake #8 from an article from the September 2014 Rental Housing Journal entitled: "Why Landlords Fail: 10 Fatal Mistakes and How to Avoid Them" by Cynthia Hale, Esq.:

"Fatal Mistake #8: Failure to Be Cheerful and Upbeat About Your Property

Good tenants are looking for a good home, where they can feel "at home." They want to know that the unit will be nice to live in, that their lifestyle will be compatible with other tenants in the community, and that the schools, churches, and jobs suit their needs.

My family once had property manager who was a sourpuss. One day a prospective tenant was leaving the property after being under-impressed by the manager's presentation of the unit, when the maintenance man happened to smile at her. The prospective tenant took the opportunity to ask him how he liked the property. He cheerfully replied that he loved living and working there because it was private and quiet and the neighbors and owners were nice people. The prospective tenant walked back into the office and rented the unit.

Make sure you train your employees and staff to smile and be friendly and help tenants and prospective tenants in a way that will reflect positively on your property and make them feel "at home."

12/03/2014

Mistake #7 from an article from the September 2014 Rental Housing Journal entitled: "Why Landlords Fail: 10 Fatal Mistakes and How to Avoid Them" by Cynthia Hale, Esq.:

"Fatal Mistake #7: Failure to Thoroughly Pre-Screen Prospective Tenants

Vacancies and turnover is often an income property owner's largest expense.

In the current market, you might have to swallow hard and take a few risks with prospective tenants that you didn't have to take in better times. But there's no excuse for failing to check out the rental history and credentials of prospective tenants so that you can honestly assess that risk.

Sooner or later you are going to draw the short straw and get a bad tenant, no matter how scrupulous you are about checking with former landlords, employers, and other references before renting your units. But turnover is one cost of doing business that you can keep to a minimum by your due diligence in prescreening your applicants."

11/26/2014

Mistake #6 from an article from the September 2014 Rental Housing Journal entitled: "Why Landlords Fail: 10 Fatal Mistakes and How to Avoid Them" by Cynthia Hale, Esq.:

"Fatal Mistake #6: Failure to Get Good Tenants

To get good tenants in good times, you ordinarily need to own decent, safe and affordable rental units in areas where good people want to live. In the current market however, you're probably going to have to do more than that to seriously compete.

A combination of the availability of low mortgage interest rates plus an increase of new apartments being built, has resulted in an increased supply for first renters, while demand for rental units has remained relatively stable.

Now is the time for all good landlords to go the extra mile to attract good tenants. "New" is a big seller (as in new carpet, or new blinds, or new paint). "Clean" is also a big seller. My son is studying for a business marketing degree, and he opines that in this market landlords might have to actually sell what tenants want to buy - like accepting pets (half of tenants have pets, so if you refuse to allow them you are reducing your market by 50%).

Whatever it is you do, you need to distinguish your units from the crowd and make them desirable. There's an awful lot of dirty, dingy units to be had out there, and good tenants will likely be turning their noses up at dirty and dingy when so many units are available. These concepts are important to minimize your vacancy rates in this market."

11/19/2014

Mistake #5 from an article from the September 2014 Rental Housing Journal entitled: "Why Landlords Fail: 10 Fatal Mistakes and How to Avoid Them" by Cynthia Hale, Esq.:

"Fatal Mistake #5: Failure to Act Promptly

Whether it is a backed up toilet, an electrical problem, a loud party, a non-paying tenant, the presence of unauthorized sub-tenants, drugs, or any other undesirable condition, it is a fatal mistake to neglect to confront the situation and promptly act to remedy it.

If the problem is your responsibility, you want to act promptly to both protect your property and to fulfill your duty to provide the essential services. It's a good idea to get familiar with the Fit Premisses Act and your local fit premises ordinances, which often compel you to act within a very narrow window of time when essential services that affect health and safety are interrupted.

If the problem is the tenant's responsibility, you want to confront the matter quickly to get it terminated or handled."

11/12/2014

Mistake #4 from an article from the September 2014 Rental Housing Journal entitled: "Why Landlords Fail: 10 Fatal Mistakes and How to Avoid Them" by Cynthia Hale, Esq.:

"Fatal Mistake #4: Failure to Demand Rent

If someone had hold of your ATM card and was withdrawing your money daily from your bank account, you probably wouldn't listen to sad stories and negotiate endlessly to get it back.

Why then, if someone has hold of your rental property and fails or refuses to pay the rent, would you listen to sad stories and negotiate endlessly to get your property back? Do not make this fatal mistake."

11/05/2014

Mistake #3 from an article from the September 2014 Rental Housing Journal entitled: "Why Landlords Fail: 10 Fatal Mistakes and How to Avoid Them" by Cynthia Hale, Esq.:

"Fatal Mistake #3: Failure to Wear Your Hat as a Landlord

Maxim: Either you run the property, or the property runs you.

You are not your tenant's mother, father, best friend, Bishop, Pastor, Rabbi or Social Worker. You are a mere landlord - with a mortgage to pay. Establish a business relationship with your tenants on Day #1. Your tenants are your customers, an you serve them by providing nice units, good maintenance and service with a smile.

If your tenant asks for several extra weeks to pay the rent, he's asking for a loan. The tenant is asking you to be his lender. My personal policy is that I don't make loans to my tenants. I don't mix the hats of landlord and lender. You need to set your own policy in this area, make it known, and follow it.

If you forget your hat or get confused about which hat you're wearing, you will soon find yourself listening to hard luck stories, getting entangled in the tenant's personal life, and then being made to feel like a horrible rotten so-and-so for demanding the rent in face of the tenant's woes.

Get over it. Demand the rent. Collect the rent or replace the tenant. Clean the unit, raise the rent and move on. And do it before you've suffered a fatal blow to the pocketbook."

10/29/2014

Mistake #2 from an article from the September 2014 Rental Housing Journal entitled: "Why Landlords Fail: 10 Fatal Mistakes and How to Avoid Them" by Cynthia Hale, Esq.:

"Fatal Mistake #2: Failure to Treat Your Investment Property as a Business

Maxim: You're either making a profit, or you're running a charity.

If you have a tenant who is considerably behind in rent, you have forgotten this principle. Most investors don't buy income property to become do-gooders or change the world. It's a safe guess that you bought your income property to build wealth by generating an income stream, tax benefits, and the opportunity to increase the value of the property through improvements and appreciation.

Make it a policy to always choose your own charities. Don't let non-paying tenants nominate themselves as your favorite charity. It's business. I've seen several income property owners driven to near bankruptcy for failing to manage their property as a business. Don not make this fatal mistake."

10/22/2014

An article from the September 2014 Rental Housing Journal entitled: "Why Landlords Fail: 10 Fatal Mistakes and How to Avoid Them" by Cynthia Hale, Esq. contained some valuable information we'd like to share with everyone; one mistake at a time:

"Fatal Mistake #1: Failure to Maintain and Upgrade your Property

Maxim: The value of your property is determined by the income stream that it produces.

Some investors make the mistake of not putting any money back into their properties. The business philosophy of some of the landlords whose properties I recently inspected, must be to charge low rents so the landlord can justify doing the irreducible minimum. This is bad investment logic and often lands you with creepy tenants, government agencies looking over your shoulder, and attorney bills.

If you can spend, for example, $3000.00 on upgrading a unit and then raise the rent by $100.00 per month, you will have enlarged the income stream of the property by $1,200.00 per year. Using a "10-Cap," you will have increased the value of your property by around $12,000.00. I know a couple of local investors who have recently raised rents by as much as $135.00 per unit, by doing exactly this. If your property is in a good rental area so that you're not over-improving, they why would you run down the value of your asset by letting it go to the dogs?

Much can be done with plain old soap and water and elbow grease. As the units turn over, wash and caulk the windows, re-stain the doors, acid-wash and caulk the tub and sinks, sweep the sidewalks, pull the weeds, etc. These things cost pennies but the improvements can be dramatic, plus the sweat-equity you'll build and the improved clientele will be well worth the effort."

Address

1949 E Murray Holladay Road
Holladay, UT
84117

Telephone

+18012561100

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