Meer & Company, Inc. - Denver Residential Property Management

Classified Advertising For Renting

2012-01-31T09:36:00.000-08:00

This past month I tried something I haven't done in years, a classified ad! Given a residential property that simply would not get rented I needed to find that one tenant. So I tried an ad. The results of my classified experience were less than satisfactory. Thus the question posed: Is classified advertising for renting residential properties an oxymoron?

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Require Additional Security Deposit

2012-01-19T10:27:00.000-08:00

Given the foreclosure and medical bills is it worth accepting this tenant? Depending on employment and landlord verification, the answer may be yes. It is not unusual for us to require an additional security deposit to offset the "higher" risk involved with this type of tenant. Before automatically turning down the foreclosed, medical bills galore tenant consider the above thoughts. Make a business decision that fits your company model.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Screening Tenants With Medical Bills

2012-01-16T07:59:00.000-08:00

Medical bills are a very common problem. At last count 47 million Americans do not have health insurance. When you are ill, with no insurance, your options are limited. Most often the individual waits until it becomes an absolute necessity. This is one reason that emergency rooms across the country are always full. When I run the credit reports, these unpaid bills show up and dramatically impact the FICO score. In many cases the individual continues to make appropriate payments on other debits (credit cards, car loans, etc.). So even though the credit score is low and there are unpaid medical bills, it may be a risk worth taking.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Foreclosures Make New Class of Tenants

2012-01-03T10:59:00.000-08:00

Our standards of yesterday may end up excluding up to 40 percent of your applicants. In order to keep your property rented you may have to modify your rental qualification standards.

Foreclosures are most likely going to set a record for Colorado, and most likely other states. The entire lending situation has created a new class of tenants. Individual tenants recently were homeowners and have now become tenants again. I have made a business decision that a foreclosed individual does not provide as high of risk as in the "old days". So even though this individual has lost ownership of a home, I believe he/she may be a reasonable risk.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Qualifying Tenants for Residential Units/Conclusion

2011-12-27T09:30:00.000-08:00

Contact the current and previous landlords for a reference. Be careful that the "landlord" you reach is not their friend or relative posing as their landlords. When you are talking with these individuals try to get them to verify current rent or the exact address rather than you providing that to them.

Evaluation of the tenant should be based on these five criteria discussed. Do not allow your personal likes or dislikes to be your yardstick. Your office policy should define your standards so making the decision becomes a regular routine.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Qualifying Tenants for Residential Units/Part 4

2011-12-20T10:33:00.000-08:00

Longer term employment is a good sign of stability. Getting such information in large companies can be slow. We have found that the immediate supervisor is often willing to confirm the necessary employment verification. The applicant can provide you with his/her pay stub, thus confirming income level. Establish an office policy on how much income is necessary to qualify for renting the property. That level of income varies from one landlord to another.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Qualifying Tenants for Residential Units/Part 3

2011-10-22T17:19:00.000-07:00

The criminal background check has now become a normal standard of care for a property manager. You will need an office policy on accepting/rejecting those individuals with felony or misdemeanor convictions. You should consult your attorney as to the pros and cons of this issue.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single-family homes and properties in Denver. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peters's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

How To Qualify Tenants For Residential Units/Part 2

2011-10-20T15:37:00.000-07:00

With the current economic situation, we are seeing many applicants with foreclosures and medical bills. It is necessary to have an office policy about how to handle such issues. We are more concerned with credit card debt than foreclosures and medical bills. With 47 million Americans having no health insurance and possibly the largest foreclosure situation in recent years, we generally look beyond those two issues. Establish what FICO score is necessary to qualify for your rental properties.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single-family homes and properties in Denver. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peters's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Landlords and the Recession

2011-10-18T10:06:00.000-07:00

The current recession has created a different owner/tenant psychology. These changes are outlined below:

Let's start with the owners. Tenant turnover in rental property is to be expected. When a tenant does not renew the rental agreement for another year, the owner will certainly face "make ready" costs along with advertising, a potential vacancy period, change of locks, and possibly higher management fees to find the replacement tenant. None of these things are any different than they have been for all these years, however, now I am seeing owner insistence on doing the "make ready" themselves. Literally flying or driving to Denver and doing the painting and other non-technical repairs with family and friends. They are also out shopping for building items that are on sale.

Peter Meer is the President/Broker of Meer and Company, Inc., 303-322-1550, which manages 150 single-family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

A Problem Arises

2011-09-30T11:57:00.000-07:00

A problem arises for the Residential Property Manager (RPM) when the owner fails to send the necessary dollars even after several requests. The RPM probably would go ahead and pay what bills he could, including his management fee, and send the balance to the mortgage company. Assuming this shortfall occurred for a number of months, the property could go into foreclosure.

Peter Meer is President/Broker of Meer and Company, Inc., 303-322-1550, which manages 150 single-family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.org website. Or visit Meer and Company website at www.meerandco.com.

Fiduciary Responsibility

2011-09-28T18:20:00.000-07:00

Should the owner bring suit against the property manager for negligence in discharging his fiduciary responsibilities, a judge might find for the owner. The property manager, having accepted the responsibility of making the mortgage payments, has moved himself to the highest level of fiduciary responsibility. Paying the management fee as well as other bills before the mortgage may not be in the best interest of the principle. The mortgage payment should be paid before any other disbursements.

Peter Meer is President/Broker of Meer and Company, Inc., 303-322-1550 which manages 150 single-family units in metro Denver. He holds the Master Property Manager designation and the firm holds the Certified Residential Management Company designation from the National Association of Residential Property Managers (NARPM).