Priority Owner Program

We have some owners who need the current month’s rent to pay that month’s bills.  We also have owners who don’t want to wait for the rent to become available to them.  Even if the tenant pays on the first of the month, our owner may not be able to access these funds for a week or two.  Let me explain.  Let’s say the first of the month falls on a Friday and the tenant pays rent with a check.

• Friday the 1^st: Banks require a five business day hold on this type of payment.
• Friday the 8^th: The funds would be considered “good” on the 8^th of the month (Friday).
• Monday the 11^th: If it takes us another business day to process the payment, we would send out the rent proceeds.
• Thursday the 14^th: The bank puts a two day hold on electronic funds transfer, so this owner would finally be able to have access to these funds.

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Tenant Assistance as Tenant Retention

The Long Beach City Council recently directed city staff to craft an ordinance that would force owners of properties with 4 units or more, to pay 2 month’s rent to a tenant.   The tenant is considered displaced through “no fault of their own” or if the landlord increases the rent 10% or more in any 12-month period.  This ordinance is a way to implement “no fault eviction” without calling it that.

Under current law, an owner only needs to give a tenant a 60-day notice to vacate. And does not have to provide any cause or payment to the tenant to have it vacated.  It’s the owner’s property, and they can do with it as they see fit.  The tenant is entitled to their security deposit at move out (less any damage caused by the tenant) and that is it.  With this ordinance, if the rent were $2,000 a month, the landlord would need to pay the tenant $4,000 as a relocation fee and return the security deposit.

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To most of the pundits’ surprise, Donald Trump won the presidential election and at least some of the policies and promises of his campaign will come to fruition.  More importantly for California, the democrats have won a super majority in both the Assembly and Senate (along with holding the Governorship) and can pass any tax or ballot proposition without a single republican vote.  What does this election mean for real estate and property management?
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We have quite a few current owners who bought a property in 2005 or 2006 just before the real estate crash, and rather than sell the home at a discount in the years following, kept the property as a rental.  Continue Reading

The question we are asking today is: Can you get free property management? The answer is yes and no. Professional property management actually can be free to you as the landlord, but it won’t be free to your tenant. Continue Reading

Over 80 percent of the clients at Progressive Property Management came to us after managing on their own for a while. We call them SMIPOS – Self Managing Investment Property Owners.

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You have a rental property and have decided it is time to sell.  Whom do you call?  If you have a trusted Realtor who is a local expert, that might be the right call.

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New landlords are often unsure about what they are supposed to do or permitted to do when their tenants break the lease. Today we’ll tell you what we do at Progressive Property Management in order to protect your property and your financial interests.

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We have recently starting adding real estate agents who want to both sell properties and manage them as well.   Continue Reading

The fifth factor to consider when hiring a property management company is their responsiveness not just to the owner, but the tenants and vendors.  Since many people won’t complain in writing about the quality of service they receive, your firsthand experience should be a strong indicator as to the future service you will receive.

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The fourth quality to look for in a property management company is understand their Core Competency. Continue Reading