property management

December 17, 2016

Murphy’s 12 Laws of Landlording

Murphy was an optimist….so the joke goes…see how many of these 12 strikes a funny cord with you and go ahead and laugh.  Then learn the lesson.     (ADA moment:  Ever wonder who in the heck Murphy was and why he is famous?  Here’s the backstory: http://www.murphys-laws.com/murphy/murphy-true.html)   The time when the weather outside is -25 degrees Fahrenheit is when your Tenant calls to tell you their furnace just stopped working. The time when the weather outside is 102 degrees Fahrenheit is when, yep you guessed it, when your Tenant calls to tell you their Air Conditioning just stopped working. Contractors don’t always play nice. Tenants don’t always play nice. Government officials don’t always play nice.  (Some experienced would make the pointed argument they NEVER play nice….) Just when you think you remembered everything to do is when that one critical thing slips past you. Checks bounce when you […]
December 21, 2016

What makes an excellent Property Manager?

What is the baseline for an excellent Property Manager? I get this question from landlords frequently as they attempt to wrap their heads around a seemingly similar commodity of service providers.  Most charge about the same amount for their monthly fees, most say they will do a great job.  So how in the Hell do you tell which one will actually deliver and do an excellent job? GRIT.  Pure GRIT. Find the property manager who has the passion and perseverance for the job.  Find the guy or gal who can overcome the physical, emotional, and unknown obstacles day in and day out. Find the property manager who doesn’t have just a simple enthusiasm to earn your business.  Almost any fool can be enthusiastic…especially when they want your money. Find the one who has the endurance. Endurance is RARE….find the one who has the ability to endure.  You’re not running a […]
January 9, 2017

Groundhog Day is in 22 days….

I love the movie with Bill Murray, don’t you? It’s a cute story filled with humor, lovey-dovey moments, and makes you feel good about your life and the chance to control the ending. Real Estate investing is similar to the movie, too…..you have those moments of lovey-dovey, you feel good about your life and the chance to control the ending–your Financial Freedom.  And like the movie, it can easily repeat itself to the point of being quite annoying.  Expensive, too. See if you can identify with any of the Top 7 most repeated rental property Groundhog Day-esque moments: #7: Slamming a marginally qualified tenant into a vacant property because it’s been vacant so long that the spiders and ants have begun playing formalized games of cricket and soccer on your carpets.  Two months later, you end up evicting that tenant and you’re now worse off than before. #6:  Ignoring that […]
January 23, 2017

It’s not personal, it’s just business…..

The title of today’s post is derived from the famous scene in the movie, The Godfather. It takes place when Michael Corleone rebukes his brother about an impending action the family is about to take to avenge the shooting of their father, “It’s not personal, it’s just business.” If it’s been awhile since you’ve enjoyed the movie, here’s a link to the clip…The Godfather. If you’ve been a landlord for more than one week, you know human beings, at times, can be messy. Messy in their housekeeping. Messy in their organizational ability to pay the rent on time and plan their household expenditures. And finally, messy emotionally as they juggle the demands placed on them by work, family, finances, and societal expectations. That is part of the human condition.  It’s best to accept these shortcomings and embrace them for tremendous success in your rental properties.  Or don’t accept these shortcomings and get […]
February 2, 2017

Chuck Yeager: A very slow test pilot who broke the sound barrier.

The Right Stuff.  Astronauts.  Jet planes.  Test pilots. The stuff of childhood dreams.  The stuff adults might want to study again. Chuck Yeager was one of my childhood hero’s and still is one of my adult hero’s, but not simply because he broke the sound barrier.  If you’ve ever read his autobiography, you get a picture of a self-deprecating, fun-loving, Appalachian born man who was born to fill his destiny in history.  He loved to fly.  He had the physical abilities for it.  And he had grit.  Plenty of it. But the real story of Yeager’s success and place in history is that it shouldn’t have happened to him.  Instead, probability says there should be a street named for him at Edwards Air Force Base in California.  Dozens of test pilots with college degrees and more “stick time” than Yeager have streets in their names there.  (Streets at that base […]
February 15, 2017

Re/Max Centerstone–Agent Training

How to Navigate Investment Property Transactions without Wrecking Your Real Estate Career Advanced Training Exclusively for Re/Max Centerstone REALTORS As a productive agent, you have likely had exposure to investment property deals.  If not, you soon will as these transactions are projected to increase with both frequency and complexity as more money flows into the residential real estate investment arena.  Even if you only represent buyers and sellers of owner-occupied properties and do zero investor business, you will still benefit from having this knowledge for when you DO have to negotiate on a transaction involving an existing tenant-occupied property or a property involving a management company. Managing your Client’s expectations for a successful outcome on each transaction will be key to your continued ability to earn high dollar commissions and avoid contentious E&O claims. We’ll cover topics including: How to navigate tenant-occupied sales transactions from both the Listing Agent and […]
March 10, 2017

Move Your Fulcrum

A few weeks back I wrote about 2017 as a fulcrum year…..if you missed it, here’s the link: https://danbaldini.com/2017/02/20/2017-is-a-fulcrum-year/ Since that post, a few enterprising individuals have emailed or PM’d me asking for more clarification on how they can make 2017 a great year fulcrum year for their rental operation.  (Actually, one of my more direct coaching clients comment was,“Baldini–I’ve read your article 3 times now…What the Hell are you talking about?”…….I love it when people are direct.) Here’s what I told them:  Move Your Fulcrum Imagine the classic teeter-totter from a playground.  It has a long beam with two seats at the ends and a fulcrum in the middle.  Well, if there’s a heavy kid on the one end, in order to lift the heavy kid up, you either have to have an equally heavy kid on the other end or use an immense amount of force to push down your […]
April 10, 2017

Truths in Property Management

A number of years ago, I went to the Indy 1500 Gun Show with a buddy. He was in the market for a specific rifle; I was looking to buy a .40 caliber pistol. We wandered for two hours among the booths and tables and came upon a re-seller dealer from northern Indiana who was selling almost exclusively Glocks. And they were priced very aggressively. (Side note: If you’ve never been to a gun show, it’s truly one of the bucket experiences to complete, even if you’re not a firearms enthusiast. You have thousands of people walking around buying and selling and trading everything from firearms to ammunition to hunting and camping and survival gear to even jewelry. And every single person is on their best behavior saying,”pardon me” or “I’m sorry” or “excuse me” when they accidentally bump into you. Very polite and well-mannered people.) Anyways, I find a […]
June 7, 2017

Can Anyone THINK anymore these days?

Freshmen and seniors at about 200 colleges across the U.S. take a little-known test every year to measure how much better they get at learning to think. The results are discouraging. At more than half of schools, at least a third of seniors were unable to make a cohesive argument, assess the quality of evidence in a document or interpret data in a table, The Wall Street Journal found after reviewing the latest results from dozens of public colleges and universities that gave the exam between 2013 and 2016. Ouch.  Double Ouch. https://www.wsj.com/article_email/exclusive-test-data-many-colleges-fail-to-improve-critical-thinking-skills-1496686662-lMyQjAxMTI3MDA4NjcwMzY0Wj/ I bring this new article to your attention for the following reason:  Rental properties involve, fortunately or unfortunately, human beings.  As I have written about human beings in other articles on this site, we are messy creatures–physically, emotionally, and mentally.  (I mean, come on….if we weren’t, we wouldn’t have jobs in leasing, property management, real estate, court […]
June 15, 2017

You’re Fired….and I’m not sad about it, either.

I’m generally a patient person.  Let’s face it….to succeed or even survive in property management and leasing you must have a reservoir of patience to interact with all the craziness of our industry. I’m also generally an understanding person.  Life happens, I get it.  We are all humans and screw up. So I’m a patient and understanding person…Until I’m taken advantage of by someone for these traits of generosity.  At that inflection point, I transform into what my title company rep infamously nicknamed me:  “BB Baldini.” Ball Buster Baldini. When I reach that level, the gloves come off and it’s not pretty to be on the receiving end.  So when a Client or vendor jerks me around for payment or is acting in an in-congruent manner with the expectations set between our two entities, it’s Go Time.  Unless resolved correctly, it ends with me firing them. Is that mean?  Is […]