Risk Management Overview

This next series will be an overview in outline form on the knowledge, skills and operational tools to effectively manage tenants in residential properties and to provide an understanding of Residential Property Management office structure.


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). As an instructor teaching courses through National Association of Residential Property Managers (NARPM) Peter has taught classes on Risk Management. Visit Meer and Company website at www.meerandco.com

Asbestos Remediation?

Sealing (encapsulation)

Covering (enclosure)

Removal

Any of the above should be done by a certified professional. Tenants should never take it upon themselves or be asked to do any asbestos remediation.


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 Meer and Company website at www.meerandco.com

Identifying Asbestos

Unless material is labeled as containing asbestos the naked eye can not tell if the material contains asbestos.

A  certified professional should do the testing as incorrect sampling can cause fibers to be released.

Information resources about asbestos can be found at http://epa.gov/asbestos/pubs/ashome.html

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 Meer and Company website at www.meerandco.com

Where Do You Find Asbestos?

Stem pipes, boilers and furnace ducts
Cement sheet, millboard and paper used as insulation around furnaces and wood burning stoves
Soundproofing or decorative material sprayed on walls and ceilings
Asbestos cement roofing, shingles and siding
Patching compounds and textured paints

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 Meer and Company website at www.meerandco.com

Asbestos

Asbestos is a mineral fiber, which can only be positively identified with a special type of microscope. There are several types of asbestos fibers.

From studies it is known that breathing high levels of asbestos fibers can lead to an increased risk of: lung cancer, mesothelioma and asbestosis.


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 Meer and Company website at www.meerandco.com

Cleaning Moldy Areas

When cleaning mold use a N-95 respirator, available at hardware stores costing around $25.
Wear gloves that extend to the middle of the forearm.
Wear goggles that do not have ventilation holes.
Use detergent or bleach to scrub the surface, be certain the air remains dry.

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 Meer and Company website at www.meerandco.com

Mold Locations and Repairs

Plumbing leaks such as faucets, sink traps, disposals and water lines to refrigerators. All water leaks should be repaired immediately.

Absorbent or porous material such as ceiling tiles and carpet. Mold can grow on or fill in empty spaces and crevices of porous materials so the mold may be impossible to clean, thus requiring complete removal.

Mold can grow on practically any surface that is stored in a humid area.

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 Meer and Company website at www.meerandco.com

Mold - It's Everywhere

"There is always a little mold everywhere in the air and on many surfaces."
Mold spores occur in the indoor and outdoor environments. Mold spores enter your house through doorways, windows, A/C systems, etc., as well as attaching themselves to people. When the spores drop into areas of moisture they will grow.


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 Meer and Company website at www.meerandco.com

Mold Health Risks

In 2004 the Institute of Medicine (IOM) found there was sufficient evidence to link indoor mold with upper respiratory tract symptoms such as cough and wheezing. People with immune suppression or underlying lung disease are more susceptible to fungal infections.

"Mold exposure does not always present a health problem indoors." However, some people are sensitive to molds and may have symptoms such as nasal stuffiness, eye irritation, wheezing or skin irritation when exposed to molds.

Individuals may experience headaches, breathing difficulties, allergic reactions and aggravation of asthma symptoms.

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 Meer and Company website at www.meerandco.com

Mold & Mildew - the difference

"Mold" and "Mildew" are terms that are used generally to describe growths of  fungi on various surfaces.

The difference between the two is in their appearance and the growing surfaces.

Information resources:
http://epa.gov (EPA 402-K-02-003) A Brief Guide to Mold, Moisture and Your Home

Read Facts about Stachybotrys chartarum and other Molds, which provides specific information about certain molds.


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 Meer and Company website at www.meerandco.com

Mold, Asbestos & the Property Manager

At the completion of this article you will be able to identify likely locations of mold and asbestos (within residential rental properties) as well as the potential health hazards associated with each.

Additionally, you will be able to identify appropriate solutions to these potential health hazards.



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 Meer and Company website at www.meerandco.com

Buying A Residential Property Management Company

     Residential property management is the overseeing of single-family homes, townhouses, condominiums and small, multiple units such as duplexes and triplexes.
     Most residential property managers slowly develop and grow their business over a period of years, utilizing a variety of marketing approaches. Remember, you must be a licensed real estate broker to undertake this discipline.

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 Meer and Company website at www.meerandco.com

Movin' Out or How Come the Tenants Left it in Such a Mess?

Most landlords spend a great deal of time on the front end of leasing the residential unit. Little time is spent explaining what is expected of the tenant at the end of the lease term when they are moving. By spending some time at the beginning of the lease, you may well have a better result at the end of the lease. We'll discuss this information over the course of the next few blogs.

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 Meer and Company website at www.meerandco.com

No Choice

Roofs, sewer lines and electrical updates may not be an immediate health risk. Owners are sometimes reluctant to spend the larger amount of dollars needed to resolve these problems. However, there really is no choice if you want to properly fulfill your obligation as a property manager. If you have trained your clients to maintain their rental unit, they will send the necessary dollars to resolve these important physical plant items.

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 Meer and Company website at www.meerandco.com

Major Repairs

In maintaining the physical structure major repairs include such items as: furnaces, roofs, sewer lines, electrical updates, etc. Having the furnaces serviced by a licensed contractor every other year is critical to tenant safety. If carbon monoxide is found, it may be imperative that the tenants vacate the property until the furnace is completely safe. This may mean the installation of a new furnace. Usually, the occupants are thankful that you have found the problem and are moving immediately to resolve it. Tenants find places to stay with family or friends while the new furnace is installed. Generally, we give them a credit on the following months rent for the number of days they could not safely be in the house.

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 Meer and Company website at www.meerandco.com

Necessary Service Call

If, in fact, a service call is necessary, take all the relevant information. Have the tenant tell you as much as possible about the problem: when did it start, is it ongoing, is it causing damage to the property? Prepare a work order, which can be directly emailed to your vendor. The work order gives the tenant name and address, phone numbers and the nature of the problem. A weekly report from your vendors will keep you alert to the status of any open repair orders.

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 Meer and Company website at www.meerandco.com

Handling Repair Orders

It is a given that repairs will be necessary, sooner or later, on every property. How you handle these repair orders may determine if the tenant decides to renew the lease. In my office, tenants may submit repair requests in writing or by phone. I prefer talking directly with the tenant. Some "problems" can be resolved with a brief conversation. These might include such things as: (1) pushing the reset button on the garbage disposal, (2) resetting the electrical breaker or (3) discussing how the timed oven features work. Service calls run $50 to $85 and the owner will not want to pay to educate the tenant. Save yourself unnecessary grief, see if the problem is simple tenant error.

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 Meer and Company website at www.meerandco.com

Maintaining the Physical Structure

Keep in mind that the managing agent for the rental property has the obligation to maintain the physical structure. That is not to say that he/she must pay for the repairs to the property. It is the responsibility of being the eyes and ears of the owner and reporting any serious maintenance/repair issues. The balance of these next blogs will discuss handling  (1) routine service work (2) major repairs and (3) emergency repairs.

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 Meer and Company website at www.meerandco.com

Improving Control Over Properties

As previously discussed, every four weeks yards should be checked. Watering and mowing are obvious items to look for. What about shrubs, trees, derelict vehicles, peeling paint or oil stains on the driveway? Taking a picture on each visit helps in a number of ways. First, you can send it to the owner, thus letting him/her know of your continuing observation of the property. Second, you can verify that your checker has actually gone to the property.

Have these procedures eliminated all of the problems? No. They have, however, improved control over the properties, thus improving protection for the property manager and his/her clients.

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 Meer and Company website at www.meerandco.com

Yard Checks

As we have discussed property management does mean property control and yard checks are very important in the management of residential property. During the summer months, the condition of the yards become a major consideration. All tenants will tell you of their love for gardening. Unfortunately, that does not always prove to be the case. Every four weeks the yards should be checked.

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 Meer and Company website at www.meerandco.com