Preparing Your Lobby and Community Spaces for the Holidays

With the upcoming holiday season, you may want to decorate your lobby space or public areas with the right decorations. During Thanksgiving, Christmas and New Year’s, decorations are found all over the world in not just homes, but also community spaces. One of the best ways to decorate your commercial property is to install quality lighting and Christmas items.

 

Start with a commercial Christmas tree erected outside your property. If you do not wish to choose fresh trees, you can also opt for artificial ones that are available in many sizes, styles and themes. Commercial Christmas trees are known for their sheer size and bright decorations that are easily visible to the public. With large commercial gardens, wreaths and holly decorations all over your property, you can prep your building for the holiday season and attract attention.

 

Commercial lighting options for the holidays

There are several clever methods to create a Christmas spectacle without large bills. You can choose energy-efficient lighting methods like LED lights to decorate your lobby. If you have a larger property, you can also decorate light poles and benches with banners, ribbons, flowers and wreaths. Add customized banners and messages on light poles to either promote your brand or connect with the public. Christmas is a great time for marketing as people as generous and looking for luxury. With a brightly decorated lobby that is both professional and visually striking, you could reap the benefits of the holiday season.

4 Ways You Can Lose a Good Tenant

As a property owner, you’re always on the lookout for good tenants who will stay for a long time. However, it’s not unheard of for property managers to make silly mistakes that lead them to lose their tenant. Following are four ways through which you can easily lose your tenants.

Bad Neighbors

Good tenants will need good neighbors. But property managers may sometimes find bad tenants too, and if these bad tenants are constantly bothering the good ones, you may lose them. Bad neighbors are those that ignore decent living including lease rules. A good tenant can get angry if they are surrounded by such people and as a result may opt to move out of your property.

Ignoring their Requests

Some property owners do not take instant action when their tenants make certain requests. Whether it is a water problem or garbage disposal concerns, attending to the needs of your tenants can help keep them around.

Parking Problems

One of the most common concerns among tenants is the lack of proper parking facilities. If parking space has been included in his or her lease, make sure that it is not given to anybody else regardless of whether or not the tenant is using the space.

Safety Concerns

Hazardous situations like unfenced drop offs and electrical problems can add to the worries of your tenant. As a property manager, you are expected to conduct regular checks to ensure that all the amenities in your property are well maintained or you risk losing your good tenants.

How Landlords Should Handle a Natural Disaster

Oftentimes, natural disasters uproot ongoing lives in cities and raise havoc in heavily populated areas. Whether you have recently experienced a flood, tsunami, earthquake, landslide, or hurricane there are many steps landlords and tenants can take to handle the damage. Here is what you should know about handling property damage caused by natural disasters.

Common Scenarios Between Tenants and Landlords

After experiencing a natural disaster with varying effects and damage on property, four general scenarios may arise between tenants and landlords. The first scenario includes both parties wishing to cancel the agreement for rental occupation. The second scenario involves the landlord wishing the tenants to vacate the property but the latter opposing the move. The third scenario is when both the landlord and tenant wish to stay in the property and the fourth includes the landlords wishing the tenant to continue occupying the property but the latter wishing otherwise.

How Should Landlords Approach Tenants? 

If both the landlord and tenant are in agreement, the contracts and repair services are relatively simple. Mutual agreements between the tenant and landlord, whether choosing to stay or move out, should be solidified with a written contract. However, if the landlord wants the tenant to relocate, they must provide them with a 30-day notice. They can also provide a 60-day no cause notice if the tenants have occupied the property for over a year. It is important to note that landlords cannot charge their tenants for any damage caused by the natural disaster. However, they can charge for expenses of damage that are not related to the natural disaster.

Online Rental Scams: How Can Landlords Avoid Them?

How to Protect the Best Interests of Your Property

People who are looking to let their properties for rent are becoming increasingly aware of the scams taking place. As a result, a cautious approach is adopted when picking renters. Unfortunately, property owners cannot tell whether or not their rental properties are used in scams. However, the following few tips can help you make your property highly credible to a large pool of prospective tenants.

 

Scanning Craigslist

An increasing number of people are turning to Craigslist when they look for rentals. Scam artists also use the website to find rental space. Scanning the rentals in your area on Craigslist every now and then can help in ensuring that your properties are not appropriated by scam landlords.

 

Online Advertising

When putting up a property for rent, property management must be done effectively on the internet. Not only will you have to write an effective description of the rental property, but linking it to a created site will make potential renters view your property in high regard. Since scam artists usually deal in bulk, they won’t have time to create professional webpages, thus putting you ahead on potential suitors’ list.

 

Signage

The property for rent must have a sign that lists the phone number of the landlord. It would help in attracting more suitors if you link your property with a professional property management firm as renters tend to find it easier to conduct business with a company than individual landlords. Advertising the number will help you find tenants quickly.

How to Choose Between Multiple Qualified Tenants

Checking Rental History when Tenant Screening

When there are multiple qualified tenants after your tenant screening process, check with past landlords if there were any problems with the tenant in terms of rent payments. Find out if there was even one instance when the tenant failed to make payments in time as this will help you avoid the smallest of problems and thus find the best possible tenant.

 

Income and Credit Score

The income of an individual can help you figure out whether or not there will be any kind of monetary problems between landlord and tenant. If the rent is below a third of the potential tenant’s salary, you will have little trouble from such an applicant. Similarly, low credit scores point to potentially problematic tenants, and eliminating them from your shortlist will leave you with brighter prospects.

 

Fair Selection Methods

When there are multiple applicants who are eligible for your rental property post tenant screening processes, the best way to pick a tenant is by being fair. First come, first served is the ideal means of selecting from a pool of qualified applicants. Another good method to pick a tenant would be by letting it out to the applicant who showed the highest level of interest in the property. The applications can be sorted based on their strength, so that you can accept the one that is verified first. You can also look at the applications to get a detailed idea about the potential tenants before picking one that would best suit your personal taste.

Five Keys for Tenant Screening

Inform the Applicants about Tenant Screening

Before starting off with tenant screening, it is important to inform applicants that screening is compulsory. Just learning that there is a screening process is sure to eliminate potentially bad tenants, thus saving you valuable time.

Screen Consistently

A comprehensive and systematic tenant screening process for all your potential tenants will protect you in case an applicant makes claims that you have made violations against the Fair Housing Act.

Deciding Minimum Qualification

As the owner of a property in NYC, you are expected to pick a tenant who will give you no trouble with regards to payment of rent or other issues. Decide whether you want tenants who have criminal records, or if such applicants must refrain from applying regardless of how long back they were arrested for whatever reason. Think in detail what kind of tenant you would like before starting with the screenings.

Credit Checks

Once your applicants have met your prior requirements, run a credit check to ensure that they will be able to meet rent and bill payments on time. Get the report directly from the applicant’s credit reported to make sure that there are no shenanigans.

 

Check References

Calling the present or past landlords of an individual will help you determine whether or not an applicant is worthy of your space. Personal and employment references will help you know more about the person, thus enabling you to make an informed decision regarding the outlet of your rental space.

Ten Things You Must Do To Keep A Great Tenant

Be Responsive

Good tenants are important for effective building management. Being responsive when your tenant has any problem can help build a bond that will keep the tenant around for a while.

Address Problems Immediately

No one likes to wait, so make sure that any of your tenant’s concerns are addressed immediately as keeping him/her waiting can aggravate them.

Try to Please Them

Apart from attending to their concerns, you can please your tenant by sending sweets, or occasionally chatting with them to help them feel more comfortable.

Use Quality Appliances and Materials

Tenants are happier when they live in surroundings where there are quality things. Compromising on the quality of appliances may make them think that your rental property is not good enough.

Ensure Regular Maintenance

Attending to all units regularly will ensure that your tenants do not have any problems in this regard, thereby keeping them happy with your rental property.

Maintain Contact

The relationship between you and your tenant can be a little more friendly than average. Drop in once in a while to say ‘Hello,’ or invite them to group activities and suchlike.

Respect Your Tenant’s Privacy

Give your tenants the privacy they need and make sure that you keep out of their business at inappropriate hours.

Choose Wisely

During the screening process, make sure you get all the details of the applicants and that you assess them before letting out your property. During the interview, confirm with the applicant the duration of the rent.

Honor the Contract

If you make any promises to your tenants, make sure that they materialise as the tenant can sue you if you do not keep up the contract.

Changes in Rent

Do not increase the rent too often. Increments must be made based on the market and not personal choice.

Requirements to Eliminate #6 Oil and Reduce Air Pollution

In 2011, New York City, as part of Mayor Bloomberg’s campaign to make the city healthier, adopted new heating oil requirements to reduce the dangerous air particles that contribute to respiratory and other illnesses, says Ira Meister, president and founder, Matthew Adam Properties.  While not as well publicized as the mayor’s campaign to eliminate super-sized sodas, the impact of the oil regulations is being felt significantly more by New York City co-ops and condos.

The law calls for the elimination of #6 oil – the dirtiest and most pollution causing oil – by 2015.  By then, buildings must convert to lighter #4 or #2 oil or natural gas.  Newly installed boilers would have to use the lighter #2 oil or natural gas or their equivalent and by 2030, #4 oil will be phased out.

“In recent years, even before the new city regulations, buildings were converting to natural gas, which is cleaner, requires less maintenance and in recent years has been significantly less costly then oil,” Meister says. Some buildings, depending on their configuration, have switched to dual-fuel options where either oil or gas can be used, depending on the price.

 

Many buildings have yet to switch to #4 or #2 oil and gas

“We have noticed, as we talk to boards of buildings we do not manage, that many properties have not started the process of complying with the new regulations,” Meister says.  Since July 1, 2012, buildings have had to convert to a cleaner fuel before their three-year certificate of operations expires.  All properties must be in compliance by January 1, 2015.

“Some buildings have been lax in rushing to the deadline,” Meister says.

The least expensive short-term solution is to convert to #4 oil, which will probably require a tank cleaning and some minor boiler changes.  Converting to natural gas can be much more costly and depends on whether the boiler is compatible with gas and the need, very often, to line the chimney as the thinner carbon monoxide produced by natural gas can seep through cracks in the lining. Another concern is whether the building is in a zone where Con Ed supplies natural gas.

 

The City has streamlined the permit process, allowing permits to be obtained in days instead of weeks

To encourage early compliance, the city streamlined the approval process by reducing the number of documents requires to be filed. Licensed boiler installers can submit one unified form to city agencies and certify that the fuel grade conversions were documented and the necessary work was properly performed without the need of more complex design submissions. This will reduce the estimated upgrading cost per boiler to $7,000 from $10,000. “Additionally,” Meister says, “the city streamlined the permitting process, allowing permits to be obtained in days instead of weeks.”

Buildings Sloppy in Following Elevator Inspection Regulations

Ira Meister, founder and CEO of Matthew Adam Properties, says that when his company is retained to take over management of buildings after a board changed management companies, it has found a disturbing number of properties that are not current with elevator inspections either by not having the inspections conducted, or not filing the proper reports.  “This raises two issues,” Meister says.  “Most importantly, is the need to keep elevators in good working order to prevent accidents.  Secondly, the buildings are subject to fines for not complying.”

 

Elevator accidents have changed the elevator inspection codes

In recent years, several well-publicized elevator accidents have led the city to rework the elevator inspection codes.  This also followed a report in 2009 from the Department of Buildings which showed lax compliance. Of 50 elevator inspections and tests that were randomly monitored, the department found that 28 of the inspections were performed late, seven were performed by inspectors who lacked the necessary certifications and 19 were not properly documented.  This led to new inspection and testing requirements that went into effect in December 2010.

Under the current code, a basic test must be conducted annually by an approved elevator inspector and witnessed by another company or inspector who is not connected with the company performing the inspection.

“Then, the owner, board or most likely the property manager must file a report with the Department of Buildings with the results. This must be submitted within 45 days of the inspection,” Meister says.  “However, very often the responsible party fails to file the report.”

 

You have 45 business days to repair defects after filing inspection report

If defects are found requiring repair, the work must be done within 45 business days of filing the initial inspection report.  A final report, saying the repairs have been done, must be filed within 15 business days of completion of the work.

Failure to perform the inspection, or to correct defects once found, can result in fines of $150/month per elevator.  After one year, the fines increase to $3,000.  A “full-load” test is required every five years.  Fines for this are $250/month for failure to perform the test and $150/month for not correcting violations.  After one year the fines increase to $5,000.

“In addition to changes in the inspection requirements,” Meister says, “the new code and recent amendments have added requirements for various safety features in the elevators, which require additional expenses for the owner. “

Having an Annual Meeting

We’re in the midst of the annual meeting cycle for co-ops and condominiums as most associations hold their meeting in May or June.  This is a good time to look at some aspects of the gathering while it is fresh in the minds of the boards and residents who have just met and for those preparing for theirs.

The co-op or condo annual meeting is much like that of public companies when shareholders, both big and small, gather to hear about the company’s performance and its future prospects from the chairman and president and vote on board members and other issues.  These meetings, on which many companies spend considerable time and expense, are usually held in the spring of the year for companies whose fiscal year ends on December 31.

While far from as elaborate or attention-grabbing as the meetings of the public companies, the annual meetings of co-op and condos are for many of the shareholders and unit-owners at least of equal importance.  For many, the investment in their home is their largest asset. While each meeting has its own rhythm and tone, the basic structure and requirements are similar, and, in fact, mirror to a great extent the corporate sessions.

Annual meetings help inform shareholders and unit owner

There are three main purposes for the annual meeting: to update shareholders and unit-owners on the operations and finances of the property; elect the board as well as vote on other issues, such as amendments to the building’s by-laws; and provide an opportunity for residents to ask questions.

The annual meeting, as with all regulations and rules in a co-op or condominium, is governed by the building’s by-laws. While these are unique to each building, they all call for an annual meeting according to Business Corporate Law of New York State, which govern co-ops and condominiums.

Most meetings follow a standard agenda.  A management report is given, usually by the president or managing agent, describing operations in the past year and specific changes and improvements that were made as well as current issues and future plans.   The treasurer, and or accountant, describes the financial condition of the building and the accountant presents the audit report certifying that the financial records are in order.  The treasurer, president or managing agent also may discuss capital improvement requirements and whether these can be funded from the reserve fund or will require a special assessment or other financial arrangement.

Some co-ops and condominiums require a vote on capital improvements, and some, mainly smaller ones, require a vote on the annual budget.

Why are the meetings usually scheduled in May and June, when most fiscal years end on December 31? One reason is that it takes the accountants time to review and certify the financial statements.  As we all know, accountants are usually immersed in taxes through April, and May and June are the earliest they can complete the financial statements.

The financial reports should be provided to the shareholders or unit-owners sufficiently in advance of the meeting for them to review the document.  They should also receive the text of items to be voted on, if any, and any potential rules changes.

The managing agent usually organizes and sets the agenda for the annual meeting in conjunction with the board president and in some cases directions from the by-laws. 

Attendance varies from building to building and we at Matthew Adam Properties make certain we collect proxies from those who will not attend, or are uncertain, so a quorum is guaranteed.  By the way, a quorum is needed only for votes, so meetings can start on time and votes taken when more residents arrive and a quorum is achieved.

We’re in the midst of the annual meeting cycle for co-ops and condominiums as most associations hold their meeting in May or June.  This is a good time to look at some aspects of the gathering while it is fresh in the minds of the boards and residents who have just met and for those preparing for theirs.

The co-op or condo annual meeting is much like that of public companies when shareholders, both big and small, gather to hear about the company’s performance and its future prospects from the chairman and president and vote on board members and other issues.  These meetings, on which many companies spend considerable time and expense, are usually held in the spring of the year for companies whose fiscal year ends on December 31.

While far from as elaborate or attention-grabbing as the meetings of the public companies, the annual meetings of co-op and condos are for many of the shareholders and unit-owners at least of equal importance.  For many, the investment in their home is their largest asset. While each meeting has its own rhythm and tone, the basic structure and requirements are similar, and, in fact, mirror to a great extent the corporate sessions.

Annual meetings help inform shareholders and unit owners

There are three main purposes for the annual meeting: to update shareholders and unit-owners on the operations and finances of the property; elect the board as well as vote on other issues, such as amendments to the building’s by-laws; and provide an opportunity for residents to ask questions.

The annual meeting, as with all regulations and rules in a co-op or condominium, is governed by the building’s by-laws. While these are unique to each building, they all call for an annual meeting according to Business Corporate Law of New York State, which govern co-ops and condominiums.

Most meetings follow a standard agenda.  A management report is given, usually by the president or managing agent, describing operations in the past year and specific changes and improvements that were made as well as current issues and future plans.   The treasurer, and or accountant, describes the financial condition of the building and the accountant presents the audit report certifying that the financial records are in order.  The treasurer, president or managing agent also may discuss capital improvement requirements and whether these can be funded from the reserve fund or will require a special assessment or other financial arrangement.

Some co-ops and condominiums require a vote on capital improvements, and some, mainly smaller ones, require a vote on the annual budget.

Why are the meetings usually scheduled in May and June, when most fiscal years end on December 31? One reason is that it takes the accountants time to review and certify the financial statements.  As we all know, accountants are usually immersed in taxes through April, and May and June are the earliest they can complete the financial statements.

The financial reports should be provided to the shareholders or unit-owners sufficiently in advance of the meeting for them to review the document.  They should also receive the text of items to be voted on, if any, and any potential rules changes.

The managing agent usually organizes and sets the agenda for the annual meeting in conjunction with the board president and in some cases directions from the by-laws. 

Attendance varies from building to building and we at Matthew Adam Properties make certain we collect proxies from those who will not attend, or are uncertain, so a quorum is guaranteed.  By the way, a quorum is needed only for votes, so meetings can start on time and votes taken when more residents arrive and a quorum is achieved.

While most buildings have one meeting a year, there are some that have periodic informational meetings to keep the shareholders or unit-owners current on building operations and issues.  Some buildings also have a pre-annual meeting session where the residents can get to know potential candidates for the board of directors and receive an update on building activities.  Additionally, when a major issue arises during the year, such as a capital improvement project, a special meeting may be called.

While most buildings have one meeting a year, there are some that have periodic informational meetings to keep the shareholders or unit-owners current on building operations and issues.  Some buildings also have a pre-annual meeting session where the residents can get to know potential candidates for the board of directors and receive an update on building activities.  Additionally, when a major issue arises during the year, such as a capital improvement project, a special meeting may be called.