The Property Management Shop

New Year’s Resolutions

by Marc Wilson

Well that was fast…another year has passed and 2002 is only a memory now.

Real estate concerns sure ran in a different direction in 2002. Rents continued their downward march, workers compensation costs increased, fire and liability insurance costs rose, mold and wrongful eviction claims multiplied, and capital improvement passthroughs were reduced by 50 percent.

As a result, our income is down, our expenses are up, and apparently none of these factors will improve for quite some time. What’s the good news? Low interest rates are presenting some attractive refinancing opportunities, especially if I could only find a reasonably priced apartment building to buy. Please let me know if you are aware of anyone who is considering selling his or her apartment building. Is there any other good news? Oh yeah, I can get a table at most good restaurants without a two-week notice! I guess there is always a “silver lining” somewhere.

What are your New Years resolutions? I have a few that you might find useful:

My available apartments for rent will always be in absolutely perfect condition.
My available apartments will always be appropriately priced.
I will always use the standard SFAA rental agreement for new tenancies.
I will always use the SFAA’s Move In/Out Checklist for new tenancies and vacating tenants.
I will never give storage facilities to tenants, for nothing good ever comes from this practice.
I will never have verbal communication with tenants concerning late rents, and instead I will simply serve 3-day notices.
I will never have verbal communication with tenants concerning material breaches of their rental agreements, and instead I will simply serve 3-Day Notices to Perform Conditions and/or Covenants or Quit. • I will insist that all repair requests be made in writing.
I will respond to all repair requests professionally, timely and effectively.
I will not tolerate any deviations from the rental agreement or house rules.
I will not allow dogs at the property.
I will keep a separate file for each and every tenant, containing copies of absolutely all correspondence and any other written communication of a material nature.
I will not compromise my tenant profile in light of a deteriorating rental market.
I will perform all necessary capital improvements in a timely manner: if a building needs painting, I will paint it; if a building needs a new roof, I will install a new roof. I will not ask what my building can do for me, but rather, I will ask what I can do for my building.
I will give at least $50 per unit per year to the SFAA legal fund. I will give at least $50 per unit per year to the CAA legal fund. I will understand that the only way I will preserve my rights as a property owner is through legal action. Legal action costs money, and I will gladly donate this money. If I do not make financial contributions to these legal funds, I will never complain about the erosion of property rights for the rest of my life.
I will make a list of at least 10 friends and associates who did not bother to vote in the last election. Before the next election, I will deliver a SFAA “Slate Card” for recommended voting to these friends and associates and strongly encourage and motivate them to vote according to this slate.
I will try to have a grateful heart.

Happy New Year!

The opinions expressed in this article are those of the author and do not necessarily reflect thoise of SF Apartment Magazine.