Tuesday, August 27, 2013

What IF The Tenant Quits?

It is the first of the month and the rent is due. The rent does not come in and a notice to pay rent or quit is served. The majority of tenants pay the rent. But what if the tenant decides to “quit,” by vacating the property?

The first reaction is usually anger and outrage on this unfair turn of events because the owner will not have the rent and there is a high probability there will be damage. When the initial emotion passes, it is more productive to take a different perspective.

§  It is better to have a sudden vacancy than go through the strain of waiting to see if they are going to pay, working through the escuses and behavior of a tenant stalling for time, and then having them vacate anyway.
§  The property manager and owner now do not have to make the agonizing decision to start formal eviction proceedings or spend time waiting for the rent.
§  Bypassing an eviction means avoiding more expenditures and time to remove the tenant.
§  If the current tenant is not going to pay the rent, it is better to have the property back so a paying tenant can be procured and the tenancy can be improved.
§  The security deposit can be applied to damages and loss of rent.


Can you take possession? Yes, if a tenant abandons the property, you can take possession. If they have left personal property in the residence, then consideration has to be given to the value of what is left behind and how to dispose of it. It is important that a property owner does not rush into selling off the personal items of a tenant to regain what the tenant owes them.

Do they still owe the rent?  If they are on a lease, the tenant will still owe the rent until the property is re-rented or the ending date of the lease, whichever comes first.  If they are on a month-to-month tenancy, the rent is normally due for what is specified in the rental contract regarding the amount of notice required.

Do you still have to send a statement on a security deposit? Yes, even if it is to the property address with a “please forward and/or address correction required.” This way, the property manager and/or owner are covered for itemizing the monies deducted against the amount of the deposit. It is good business to itemize security deposit damages whether the tenant vacates suddenly or follows the terms of the contract.

Can you report them to a credit reporting agency? Yes, as long as there is written documentation, attempt at notification, and if the rental agreement and/or notice to quit contains important wording notifying the tenant that the landlord has the right to report them to a credit reporting agency. This is required under Federal Credit Reporting Act law.

Can you still seek damages?  Yes, you can always seek damages in any situation if a tenant owes rent or damages. The first step is to obtain a judgment in small claims or report the loss to a credit reporting agency.

How can you collect damages? The best solution is to use a collection agency since they have the tools and expertise to track people who owe money. Although the agency does collect a fee, it is better to receive some renumeration rather than nothing at all.

How do you avoid this situation? As your property management company, our solution is  to prevent this by obtaining a qualified tenant.  However, there are no guarantees this will work. People often encounter difficult situations, such as divorce, drugs, loss of employment, high medical bills, and more that often lead to poor judgment in handling their personal situation.

However, if the tenant quits, it is better to take the most productive course of action and move on to a better tenancy for your investment and your peace of mind.

Sunday, June 2, 2013

The Madison Real Estate Group expands into hospitality management with the acquisition of several prominent Arizona motels

The Madison Real Estate Group expands into hospitality management with the acquisition of several prominent Arizona motels

By: PRWeb
Posted on April 25, 2013 at 07:37 AM EDT
PRWeb
Madison recently announced that it has been awarded the assignment of three prominent motels in Bullhead City, Arizona-The Highland Motel, The Colorado River Resort and the River Front Resort.
With this assignment, Madison also announces the addition of two corporate employees, Amenita Smith, Vice President of Hospitality Management, and Suzy Rodriguez, Vice President of Operations, as well as the on-site employees.
Both executives joining Madison Commercial Properties were promoted from property management positions in the Madison portfolio. Armenita Smith will head up the Hospitality operations division at Madison, providing support and direction to the newly expanded division of Madison's management portfolio.
"With the acquisition of The Highland Motel, The Colorado River Resort and The River Front Resort, we are excited to launch a new line of services to Madison clients and are committed to providing quality long term management in the hospitality field," said Armenita. Armenita will integrate a recruiting, training and labor management program at the Motels in addition to setting up a standard for cost control.
"The expansion into Hospitality Management fits perfectly into Madison's overall operational goals and complements our existing portfolio," said Jacqueline Kimaz, Vice President of Madison. "With 50 years of collective experience in various aspects of commercial real estate, we feel this is a logical growth strategy in taking Madison to the next level."
About Madison Commercial Properties
The Madison Real Estate Group is an entrepreneurial and experienced full service multifamily and commercial real estate company specializing in receivership, property management, tenant placement and brokerage, and serves as a trusted advisor to financial institutions and private investors. We have built our reputation by offering innovative solutions to our clients property management needs, adding value to their portfolio, and consistently exceeding their expectations for service and performance. For more information about The Madison Real Estate Group, visit http://www.madisonreg.com or email Joe at Jkimaz(at)madisonreg.com.

The Madison Real Estate Group has been awarded the property management of four multifamily projects in North Hollywood

The Madison Real Estate Group has been awarded the property management of four multifamily projects in North Hollywood
By: PRWeb
Posted on April 18, 2013 at 06:32 AM EDT
PRWeb
One of the top regional commercial property management firms on the west coast, The Madison Real Estate Group, has been granted the property management of the housing projects by the Los Angeles Superior Court. One of the company's founding partners, Jacqueline Kimaz, has been appointed as receiver by the Court to manage four multifamily apartment complexes in North Hollywood, California. Located in a highly desirable area, the properties face significant competition in a market that has a vacancy factor in excess of 15%. The Madison Real Estate Group has been retained to take over the management of the properties and to collect rents, pay operating expenses, correct any health and safety issues and handle leasing.
As a court appointed receiver, Jacqueline Kimaz works with the seasoned professionals at The Madison Real Estate Group to preserve the value of the assets under her appointment. The Madison Real Estate Group has developed a comprehensive property management plan that offers the transparency both the ownership and lenders need to enable them to make informed decisions.
"The founders of Madison have a long standing relationship working with financial institutions providing real estate expertise in stabilizing distressed properties and take a proactive approach to limiting their liability exposure," said Joe Kimaz, President of The Madison Real Estate Group. "This assignment is just another testament of the trust lenders have in The Madison Real Estate Group and the team of professionals working for us."
With the addition of these assignments to Madison's portfolio, Madison continues to expand its Southern California Portfolio of managed commercial properties. The Madison Real Estate Group specializes in brokerage, receivership, commercial property management, self-storage properties, office buildings, industrial parks, retail centers, leasing/tenant placement and RV Resort/mobile homeparks.
About The Madison Real Estate Group
The Madison Real Estate Group is an entrepreneurial and experienced full service multifamily and commercial real estate company specializing in receivership, property management, tenant placement and brokerage, and serves as a trusted advisor to financial institutions and private investors. We have built our reputation by offering innovative solutions to our clients property management needs, adding value to their portfolio, and consistently exceeding their expectations for service and performance. For more information about The Madison Real Estate Group, visit http://www.madisonreg.com or email Joe at Jkimaz(at)madisonreg.com.

The Madison Real Estate Group expands into Central California

The Madison Real Estate Group expands into Central California
By: PRWeb
Posted on April 04, 2013 at 07:07 AM EDT
PRWeb
Madison recently announced the expansion of their property management, leasing, tenant placement and brokerage services in Fresno and the surrounding cities. Originally expanding into Central California to service the brokerage needs of their clients, Madison found it necessary to expanded its service base to include management, leasing and tenant placement in order to facilitate their client's needs.
In just two short years, Madison has transcended itself into the commercial brokerage community and is currently managing multifamily and commercial properties, performs single family home leasing and tenant placement. With portfolio managers and agents that act as a satellite to Madison's headquarters in Los Angeles, Madison has established a business plan to support additional growth in Fresno and surrounding cities.
"We are excited to introduce the Madison brand in Central California and are committed to servicing the needs of our clients with the highest standard of excellence and integrity," said Jacqueline Kimaz, Vice President of Madison. "Our goal is to continue growing our brokerage and property management division, while maintaining a high level of service to our client base."
Currently, Madison is working with third parties providing property management services to multifamily and commercial assets, leasing and tenant placement in Fresno, Bakersfield, Stockton, Porterville, San Luis Obispo, Paso Robles, Lemoore, Clearlake, Truckee and Grass Valley.
"We are excite to be creating new jobs and continue to aggressively recruit top performers who are creative thinkers and want to be a part of building something new," said Laura Nargi, Office Manager for Madison. "We're developing a team of commercial real estate professionals who know their markets and will further differentiate us from our competitors."
About The Madison Real Estate Group
The Madison Real Estate Group is an entrepreneurial and experienced full service multifamily and commercial real estate company specializing in receivership, property management, tenant placement and brokerage, and serves as a trusted advisor to financial institutions and private investors. We have built our reputation by offering innovative solutions to our clients property management needs, adding value to their portfolio, and consistently exceeding their expectations for service and performance. For more information about The Madison Real Estate Group, visit http://www.madisonreg.com or email Joe at Jkimaz(at)madisonreg.com.

The Madison Real Estate Group has been awarded the property management assignment for two properties in the San Fernando Valley

The Madison Real Estate Group has been awarded the property management assignment for two properties in the San Fernando Valley
By: PRWeb
Posted on April 11, 2013 at 06:49 AM EDT
PRWeb
The Madison Real Estate Group, a full-service commercial real estate and management firm, has assumed the management of two multifamily properties in the San Fernando Valley.
SMK Properties awarded The Madison Real Estate Group the property management contract on Tiara Street Properties, a newly remodeled multifamily apartment complex in Sherman Oaks.
"We would recommend The Madison Real Estate Group to owners or management companies," said a managing partner of 14142 Tiara Street Properties.
Portico Woodman awarded The Madison Real Estate Group the property management contract on Portico Woodman Apartments, a multifamily apartment complex located in Van Nuys within close proximity to the Sherman Oaks Fashion Square.
"They're responsive (especially during a crisis), pro-active and easy to get a hold of. They've earned my respect and have become my rock in managing my investment - I couldn't imagine owning the buildings without them and will eagerly engage the Madison Real Estate Group on future properties that I intend to acquire," said Ethan B., managing member of Portico Woodman.
With the addition of these assignments Madison continues to expand its Southern California Portfolio of managed commercial properties. The Madison Real Estate Group specializes in brokerage, receivership, commercial property management, self-storage properties, office buildings, industrial parks, retail centers, leasing/tenant placement and RV Resort/mobile home parks.
Madison is proud to offer its clients an executive team that has experience dating back to the late 1980's, which includes experienced asset, property and facility managers, as well as a licensed real estate broker and construction contractor.
"Madison treats each assignment as if it were their own and will work with the ownership of both multifamily projects to develop a management specific plan to meet their investment goals," said Jacqueline Kimaz, Vice President of The Madison Real Estate Group
About The Madison Real Estate Group
The Madison Real Estate Group is an entrepreneurial and experienced full service multifamily and commercial real estate company specializing in receivership, property management, tenant placement and brokerage, and serves as a trusted advisor to financial institutions and private investors. We have built our reputation by offering innovative solutions to our clients property management needs, adding value to their portfolio, and consistently exceeding their expectations for service and performance. For more information about The Madison Real Estate Group, visit http://www.madisonreg.com or email Joe at Jkimaz(at)madisonreg(dot)com.

The Madison Real Estate Group expands into Northern California

The Madison Real Estate Group expands into Northern California
By: PRWeb
Posted on March 29, 2013 at 07:02 AM EDT
PRWeb
The Madison Real Estate Group announces the continued expansion of their receivership, property management, leasing and brokerage services in San Francisco and the surrounding cities as a response to the ongoing market weakness and a growing inventory of foreclosed properties.
Madison has a legacy of providing specialized investment solutions to institutional and private investors. Currently working with third parties providing brokerage, property management and leasing/tenant placement services in Chico, Chilcoot, Lake Shasta, Oakland, Redding, San Jose, Sunnyvale, Santa Clara, Santa Rosa, Petaluma, Clearlake, Truckee, and Grass Valley, Madison intends to enhance its ability to serve these markets while expanding its reach.
In conjunction with the announcement, Madison also announces the appointment of Iraida Angarita, a tenured and highly respected industry professional, as Regional Property Supervisor. Iraida will partner with our established property management team to further enhance the overall leadership, strategic focus and profitability to our clients. "Iraida's experience and expertise allows us to bring value to our current clients and the ability to expand our management services to investors looking for a firm with local experience," said Jacqueline Kimaz, Vice President of Madison.
The newly expanded portfolio represents a diversified mix of multifamily, office, retail and single family homes. Madison takes a collaborative, long term approach with all its clients in finding solutions that meet their goals and objectives.
About The Madison Real Estate Group
The Madison Real Estate Group is an entrepreneurial and experienced full service multifamily and commercial real estate company specializing in receivership, property management, tenant placement and brokerage, and serves as a trusted adviser to financial institutions and private investors. We have built our reputation by offering innovative solutions to our clients property management needs, adding value to their portfolio, and consistently exceeding their expectations for service and performance. For more information about The Madison Real Estate Group, visit http://www.madisonreg.com or email Joe at Jkimaz(at)madisonreg(dot)com.

The Madison Real Estate Group gives back to the community by working with the homeless in Los Angeles County

The Madison Real Estate Group gives back to the community by working with the homeless in Los Angeles County
By: PRWeb
Posted on March 22, 2013 at 06:43 AM EDT
PRWeb
The Madison Real Estate Group, a full-service property management company serving SouthernCalifornia and Las Vegas has teamed up with Angel on My Shoulder to feed and clothe the homeless on skid row by providing sleeping bags and food to feed more than 300 people.
The Madison Real Estate Group have worked consistently for over 10 years to help the less fortunate by bringing awareness of the Los Angeles' homeless population to, friends and colleagues by working with a group of volunteers in an effort to serve those less fortunate in the community.
Madison expects to build on the success each year through community support and predicts the annual trip to Skid Row will continue to grow expeditiously. What started out as a clothing and lunch distribution for approximately 50 has grown into an opportunity to provide not only clothing, and food but basic needs such as toothbrushes, toothpaste, warm socks, shoes, first aid kits, sleeping bags, rain ponchos, and more, for more than 300 homeless families with young children.
The Madison Real Estate Group is proud to provide for the homeless in hopes to increase the number of street feedings that happen annually by increasing awareness and encouraging others to donate and volunteer. "We are committed to doing our part to make a difference in the community we service," said Jacqueline Kimaz, Vice President of the Madison Real Estate Group. "I am very pleased with the results that Madison has helped contributed in. I look forward to continuing our efforts surrounding this critical issue in the future."
The growing needs of the homeless are obvious, but a channel for volunteers to direct their efforts is also needed. By extending their involvement through The Madison Real Estate Group, they have already inspired many of their employees to get involved and have given them a focus for their desire to serve others.
About The Madison Real Estate Group
The Madison Real Estate Group is an entrepreneurial and experienced full service multifamily and commercial real estate company specializing in receivership, property management, tenant placement and brokerage, and serves as a trusted advisor to financial institutions and private investors. We have built our reputation by offering innovative solutions to our clients property management needs, adding value to their portfolio, and consistently exceeding their expectations for service and performance. For more information about The Madison Real Estate Group, visit http://www.madisonreg.com or email Joe at Jkimaz(at)amadisonreg(dot)com.