“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world. Franklin D. Roosevelt, former US President.

As you know the apartment business is a “hands-on” endeavor. Once you become a property owner there are lots of expenses you will incur that you may have never thought about. The best way to look at maintenance is that you are working for yourself and improving property value and personal net worth and proving a valuable service at the same time.

WHAT ARE LANDLORDS RESPONSIBLE FOR? Landlords are responsible for plumbing, heating, hot and cold water, ventilation, lighting, trash storage, weatherproofing, exterior locks, smoke detectors, CO detectors, common areas and mold. Quite a list! Most cities will cite you for things like missing or broken window screens.

WHAT ARE TENANTS RESPONSIBLE FOR? Tenants also have some responsibility here. Damage caused by tenants through deliberate or carelessness . We can also look to tenants for a lack of cleanliness or misuse of fixtures, such as a dishwasher or stove or even your laundry equipment.

A GOOD PLAN It is a good idea to schedule yourself for an annual or bi-annual inspection of all units. This will give you a chance to check the smoke detectors and CO detectors for worn out batteries, but also to check for things that a tenant may not notice, such as faulty wiring, a leaky water heater (some are indoor). You may even find additional tenants who are not on the lease, as well as contraband items. It may also be a good time to present the tenant with their rent raise notice. It will save you a trip, and possibly notify you of an upcoming vacancy. You may want to predate an insurance inspection where you may be able to catch something before your insurance inspector does.

“Sportsmanship to me is when a guy walks off the court and you really can’t tell whether he won or lost, when hew carries himself with pride either way.” Jim Courier

What we at PRS PROPERTIES CAN DO. We are always available to chat. We can supply you with rent and sale comparables in the area of your properties. It is important that you know the true value of your rental units, so that you can get them rented right away at market value, or at least as much as possible with rent control restrictions. We can look at potential purchases that you may be interested in to make the property more desirable, and maybe look at potential issues that an insurer might require you to repair.

If you should decide to sell your building, we can help you exchange into a larger or smaller properties. We can even help you move into something with less management responsibilities.We can also help with getting the paperwork together for a refinance if that is your desire. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other easy and inexpensive changes that might allow you to get a higher value. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are currently in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.