Wednesday, May 23, 2012

Los Angeles Property Management Company the Madison Real Estate Group’s Vice President Jacqueline Kimaz Arrests Five Individuals for REO Vandalism


The Madison Real Estate Group rescues property owner from squatters and vandals upon being awarded management of the building and arrests the five individuals responsible. Despite alarmingly high rate of these instances in Los Angeles, the Madison Real Estate Group is bringing properties such as this one into compliance within 90 days.

The Madison Real Estate Group, a leader in multifamily property management, was awarded the management of an eight unit REO property in Los Angeles.   At the time of takeover the property had been placed in the Los Angeles Rent Escrow Program (REAP). Squatters were rotating in and out of the vacant units and it was continuously being vandalized.
Subsequently, upon takeover of the asset, five individuals were arrested for vandalizing the property, the squatters were removed and the REAP case was brought into compliance within 90 days.  The necessary paperwork was filed with the city and Madison filed the necessary paperwork to obtain fund in excess of $20,000 being held in the escrow account and placed the property on the market for sale.
In the past few years, the number of REO properties has reached an all-time high, in what some are calling an unprecedented pace.  With the number of REO properties hitting the market it is essential the right management company is retained.  The Los Angeles REO market has been plagued with problems from squatters to vandalism and are being placed into the Los Angeles City Rent Escrow Account Program at an alarming rate.    

For landlords and property owners who have fallen behind in their maintenance and repairs, the city of Los Angeles Rent Escrow Account Program can wreak havoc on their revenue and collectibles, and come close to burying them in a landslide of beaurocracy and paperwork.  It’s a legal and logistical mess most property owners don’t have the experience necessary to handle on their own.

The affected tenants are immediately given a rent reduction, usually somewhere between 10% up to 50% range, and it isn’t unheard of to see a reduction in the upward range of 80 to 90%, depending on the severity of the violations.  This is lost rent to the property owner and is non-recoverable.   A notice of REAP is recorded and filed against the property's title with the County Recorder’s Office.  If this is not resolved, this recording may restrict the refinancing or sale of the property.
Once a property is in REAP, even those owners who immediately attend to the complaints have a lot of work ahead of them just to recover even the reduced rent if the tenant has chosen to pay the money into the escrow account set up by the city.  The owner must then attain three separate sign offs  on all outstanding orders from the LAHD city inspector assigned to the property and a case manager from the cities outreach program before being sent to the city council for final approval and release.  
Clearly, owners should be aware of violation notices, and diligently make repairs to avoid this situation. Those that put it off too long are looking at rough waters.  Once a property is in REAP, it takes knowledge and expertise to get out – and even that does not guarantee full recovery of your expected income. Trying to navigate those waters alone can leave an inexperienced owner drowning in paperwork, and failing profits.
This coupled with squatters and vandalism at the property were creating life and safety concerns for the ownership that needed to be address immediately.  Immediately upon taking over Madison’s team of REO professionals took all the necessary steps needed to ensure their client’s interest were being protected.  Madison has systems in place when an REO property is placed under management, allowing them to act quickly and aggressively ensuring residents are protected and the value of the asset is being preserved.  As standard protocol during the takeover process of an REO asset, The Madison Real Estate Group notifies the local authorities of the change of ownership and files a Trespass Arrest Authorization form with the local police department. This allows the police department to arrest anyone on the premises who isn’t a resident or a proven guest of a resident without having to contact the ownership of the property.  This gives Madison the ability to call in a potential threat to the police department and allows the police to make the arrest without confrontation, protecting the client’s interest, as well as, the residents of the property.  

About The Madison Real Estate Group

The Madison Real Estate Group is an entrepreneurial and experienced full service multifamily and commercial real estate company that serves as a trusted advisor to financial institutions and private investors. They have a successful track record working with city officials in getting the properties under their stewardship removed from the REAP program and recovering funds owed to their clients.  They have built their reputation by offering innovative solutions to their clients property management needs, adding value to their portfolios, and consistently exceeding their expectations for service and performance.

Thursday, May 17, 2012

Safety Tips for Leasing Agents


Los Angeles Property Managment Company shares
Safety Tips When Showing a Vacant Unit

Don't let this happen to anyone you know:

Woman Raped While Showing Apartment to Prospective Renter   http://www.click2houston.com/news/Woman-raped-while-showing-apartment-to-prospective-tenant/-/1735978/7651518/-/nsphvwz/-/index.html

1)      Always get ID from the perspective lessor and let them know they will get it back after the showing.  Then lock it up in a safe place (safe, filing cabinet, or desk drawer) where someone will find it if need be.

2)      Opening the windows in a vacant unit each morning is a good habit to get into.  It not only allows fresh air and natural sunlight in, it allow noise to travel and should a confutation of any sort arise allow neighbors to more easily hear a struggle.

3)      Whenever possible use the buddy system.  If you are on-site alone, get in the habit of letting your owner or office know when you are stepping out to show a vacancy and when you return.

4)      Always leave the front door open and let your prospect enter first.  Walking behind and allowing  a clear exit path.

5)      Carry a bottle of mace or whistle with you.

Thursday, May 10, 2012

Delivering Exceptional Customer Service


Not a day goes by that most people aren’t customers – at stores, gas stations, over the phone, etc. We recently asked fellow real estate professionals what makes their experiences good or bad and how they duplicate those things in their own business. We’ve combined the responses with our own expertise to give you tips for improving customer service in your office’s day-to-day interactions.

In our industry, like many others, it’s easy to skip right to the hard sell when you’re talking to a customer. Of course we want to relay all of our selling points to the potential client or tenant we’re talking to but it may be beneficial to take a step back and make a connection first. Anyone can tell you why they’re the best but your customer will respond better if you take the time to get to know them before jumping in.  Making a connection can be as simple as walking out from behind your desk, offering a genuine smile, or addressing the customer by name.

Let your customer know that they have your attention, listening to their needs will be very beneficial when it does come time to sell them on that fabulous apartment you have for rent. Pointing out how the apartment meets the needs the communicated to you is going to be much more effective than simply listing the features of your community. In our discussion, Nate wisely advised not to try to sell them on something they do not want or that doesn’t fit their needs as it will be trouble for you later.

Another participant, Sandy mentioned that she has had customers come to her after having a bad experience with leasing staff. It’s important to make sure that leasing agents and on-site management teams understand the value of providing great customer service. Stephani says that residents at her community appreciate that she takes the time learn their names and remember something about them. Going the extra mile by getting to know your customers can make their experience with your company even more enjoyable. These little details can shape not only tenant’s experiences but vendor’s as well. Johnny even mentioned establishing a great relationship with one of his vendors because of his company’s customer service practices.

At the end of the day it’s important to remember the golden rule –treat others the way you want to be treated. People remember when they receive exceptional customer service, provide great service and watch your business grow!



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Tuesday, May 1, 2012

Jacqueline Kimaz Arrests Former Owner of REO Asset


In the past few years, the number of REO properties has reached an all-time high, in what some are calling an unprecedented pace.  With the number of REO properties hitting the market it is essential the right management company is retained.  The Los Angeles REO market has been plagued with problems from squatters to vandalism. REO asset management can be tricky and in most cases is management intensive.  


Recently, the former owner of an REO asset under The Madison Real Estate Group’s direction showed up at the property waiving a gun, demanding rent from the residents.  Because of Jacqueline Kimaz’s hands-on management style and The Madison Real Estate Group’s extensive REO management experience in the Los Angeles rental market the situation was handled without incident. 

The Madison Real Estate Group, a Los Angeles property management firm, had already taken the necessary steps at the time of takeover, allowing them to act quickly and aggressively ensuring the residents were protected.  As standard protocol during the takeover process of an REO asset, The Madison Real Estate Group notifies the local authorities of the change of ownership and files a Trespass Arrest Authorization form with the local police department.   This allows the police department to arrest anyone on the premises who isn’t a resident or a proven guest of a resident without having to contact the ownership of the property.  This gave Madison the ability to call in the potential threat and allowed the police to make the arrest without confrontation, protecting the client’s interest, as well as, the residents of the property. 

Troubled assets are not the only ones that can benefit from the experience of a property management company.  When you are looking into property management companies you will find there are many options to choose from.  The Madison Real Estate Group has the experience you need to deliver results. Give us a call and find out just how you can benefit from working with our team of professionals.  

About The Madison Real Estate Group

The Madison Real Estate Group is an entrepreneurial and experienced full service multifamily and commercial real estate company with offices in Los Angeles, Las Vegas and Phoenix, that 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 portfolios, and consistently exceeding their expectations for service and performance.

Contact

For more information about The Madison Real Estate Group please visit our website at www.madisonreg.com or contact:

Joe Kimaz
The Madison Real Estate Group
14852 Ventura Blvd.
Suite 111
Los Angeles, California 91403
Phone: 213-620-1010
info@madisonreg.com