The role of being a landlord comes with many financial, legal, and ethical obligations. As an owner of an investment property, time is money.  There are two ways to go, managing the property yourself or hiring a property manager. On this week's Five Minute Friday, Bob poses a question to real estate investors:  should you manage a rental property yourself or should you hire a property manager?There are of course lots of questions to ask yourself and many aspects to consider. Bob covers these questions and aspects in today's episode. If you are not completely confident in handling all these items properly, then perhaps it is a good idea to consider hiring a property management company. Property management companies, like North County Property Group, have skilled teams of professionals who are specialists in handling all the nuances of renting your property and managing it properlyThis episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and YouTube. 

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Five Minute Friday #43: Self-Managing vs. Hiring a Property Manager

In this week's Five Minute Friday, Bob reviews and gives his position/endorsement for either a "yes" or a "no" on four California Ballot Measures in the upcoming election on November 3rd, that he believes to be  significant to landlords, real estate investors and owners of rental property. Bob provides his opinion from a nonpartisan, independent position, as the owner of a property management company in the State of California. Here is a summary of the ballot measures of particular interest:Proposition 15: Tax on Commercial and Industrial Properties for Education and Local Government Funding Initiative (“Split Roll Measure”)Bob's Position and Endorsement: "NO"Proposition 19: Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties AmendmentBob's Position and Endorsement: "YES"Proposition 21: Local Rent Control InitiativeBob's Position and Endorsement: "NO"Proposition 22: App-Based Drivers as Contractors and Labor Policies InitiativeBob's Position and Endorsement: "YES"Have a listen to the episode to hear the full review and reasoning behind Bob's positions and endorsements of these significant California measures and propositions.This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and YouTube. 

Five Minute Friday #42: Calilfornia Ballot Measures Significant to Property Managers

What is a "process" and why do we need it as a landlord or property management company? Webster’s defines process as a series of actions or steps taken in order to achieve a particular end. All you property managers out there, sound familiar? Our daily workflow in this business requires us to follow certain steps for several reasons: legal compliance, efficiency, profitability to name just a few. Think of the activities in our jobs which need to stay streamlined: business development, owner onboarding, move-ins/outs, rent collection, evictions, and more. On today's episode, Bob discusses the need for property management processes with Jordan Muela, CEO at Lead Simple.Topics Covered[2:45] Jordan introduces himself, his various business ventures related to property management, and Lead Simple's new workflow solutions module to help bring process to the property management lifecycle.[7:25] Is a process the same or different from a checklist, workflow, standard operating procedure, or system?[9:20] Why are processes so critical in a property management company?[12:50] A process can’t be “set it and forget it”.[16:00] How having processes documented can help with risk management in a property management company.[18:20] Where to property managers start in writing their processes?[21:15] Jordan explains how the Lead Simple process solution fits in the market with its unique differentiation.[25:35] Jordan tells the story of how he has learned to confront conflict openly and transparently in his organizations. Connect with JordanLead Simple jordan@leadsimple.comConnect with BobNorth County Property GroupThis episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify,  TunedIn,  iHeart Radio and YouTube.

Episode 47: Property Management Processes, Featuring Jordan Muela, CEO at Lead Simple

We've been getting a lot of questions this month about the new eviction protection laws recently passed by the CDC and in California so we wanted to provide an overview to California landlords and property managers on this episode of Five Minute Friday. Full disclosure, Bob Preston, the host of the show, is NOT an attorney so this episode should not be take as legal advise. It offers only his opinions and summary, from his interpretation, as to how a landlord should handle such situations under the new law. In all cases, should you find yourself in this situation, please consult an attorney.The California state legislature and Governor Newsom have taken action by signing the COVID-19 Tenant Relief Act (AB 3088) into law on August 31, 2020. The purpose of this update is to bring you up to speed on this new law. We will warn you, it's all pretty confusing, so we have pasted in a link to additional resources for further reference and clarification. AB 3088 continues protection for residential tenants with a financial hardship related to COVID-19 from being evicted until 2021 under certain circumstances. AB 3088 limits a landlord’s ability to evict a tenant for non-payment of rent due from March 1, 2020 to January 31, 2021 if the tenant has experienced a financial hardship related to COVID-19.Click here to read our full blog post on this topic: COVID-19 Tenant Relief Act (AB 3088) at the North County Property Group website.Click here for more information and resources regarding the Tenant Relief Act.This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and YouTube. 

Five Minute Friday #41: California's COVID-19 Tenant Relief Act (AB 3088)

As the host of the show, Bob often gets asked about the name of his podcast, Property Management Brainstorm. That often leads to the question, is Property Management a creative business? is the business of being a landlord and managing rental properties an open landscape for brainstorming and innovation? If asked, many of our listeners would answer "no" and they would not necessarily be wrong! Many property managers are still utilizing old school ways of doing things and the same processes they’ve been operating under for years. But from Bob Preston's perspective, he says “au contraire”.Bob suggests that in this business we call property management, we are undergoing a paradigm shift, with lots of room for creative thinking, innovation, and new ways of approaching how we run our businesses. In this episode, Bob discusses the topic of creativity and innovation in property management with Nir Bashan, author of The Creator Mindset, to who offers his insights on how we can and should be embracing change and creativity in our industry.Topics Covered[2:50] Nir introduces himself, talks about his background as a producer, and explains what led to his book The Creator Mindset.[6:15] Bob and Nir discuss types of creativity and the "creator mindset."[11:15] Are we at risk of losing our creativity in the pandemic era?[13:45] Nir asks Bob how he got into property management.[17:20] What can we do now to inject creativity to make sure we keep it in our property management organizations in 2021?[23:40] What are the creative things that can be added to property management that add value for clients?[26:30] Does COVID-19 threaten the creativity in our companies or can a crisis force us to embrace creative change?[29:10] Are creativity and innovation the same thing and what impact does technology have on both?[30:40] The role of company cultue in fostering creativity. Do we need a ping-pong table?[42:00] New challenges to creative thinking during the Zoom era.[44:30] Nir shares a story of embarassment and failure which spirited a positive change and new directions in his life and career.[48:08] Nir tells us about his book The Creator MindsetConnect with Nir BashanFind the book The Creator Mindset on Amason:https://www.amazon.com/Creator-Mindset-Secrets-Innovation-Sustainability/dp/1260460010#ace-g2342880709Connect with BobNorth County Property GroupThis episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify,  TunedIn,  iHeart Radio and YouTube.

Episode 46: Creativity in Property Management, Featuring Nir Bashan, author of The Craeator Mindset

A common questions we get at North County Property Group is what type of rental should I have for my investment property, long-term rental or short-term rental? Long-term rentals involve annual leasing on a home that is normally unfurnished. Short-term rentals, sometimes called vacation rentals, are homes that are furnished with all utilities and amenities provided by the owner, rented to incoming guests while on vacation. In this FMF episode, Bob offers two differing profiles of success factors pertaining to both long-term and short-term rentals. He also suggests that if you take time to calculate the overall finances of both approaches, it is very likely to come out in the wash as a 50/50 proposition. For more information on this topic, see Bob Preston's blog post, and the property owner profile table he offers and refers to in this FMF #40:  https://www.ncpropertygroup.com/blog/long-term-or-short-term-rental.This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and YouTube. 

Five Minute Friday #40: Long Term or Short Term Rental Strategy?

This episode is dedicated to property managers wanting to grown their business. Bob discusses hosting landlord seminars with Mike Connolly, Broker/Owner at East Bay Property Management of Freemont CA. Mike's company has successfully hosted landlord seminars to bolster their business development efforts and grow their rental property portfolio.  Heading into the Fall of 2020, the market may be ripe for gaining new property management clients. Many self-managers of rental properties are not sure how to lease a property at tenant turnover within CDC measures for COVID-19 safety?  Might landlord seminars be an approach for you to bring in new clients to your property management business? Topics Covered[3:25] Mike tells listeners about himself and his business at East Bay Property Management.[7:15] Bob and Mike discuss the concept and premise of landlord seminars and why someone would want to attend.[11:20] How frequently should landlord seminars be hosted and what is the ideal length to keep the attention of attendees?[14:03] Mike explains his typical agenda for a landlord seminar and his “open kimono” approach to sharing everything he knows.[15:45] Who is invited to attend and how can a property management company reach them?[18:30] Is the market ripe for brining on new property management clients in the Fall of 2020 in the era of COVID-19?[20:47] Take aways Mike provides to attendees upon leaving.[24:05] If you can't beat 'em, join 'em![26:10] Mike tells a great story about meeting his wife and the humorous irony of where the wedding was held.Connect with Mike ConnollyEast Bay Property Management Website Mikes email:  mike@eastbaypmc.comConnect with BobNorth County Property GroupThis episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify,  TunedIn,  iHeart Radio and YouTube. 

Episode 45: Hosting Landlord Seminars, Featuring Mike Connolly, Broker/Owner of East Bay Property Management

There are two times of the year when a functioning HVAC system is critical for a tenant in a rental property, winter time when in need of heating, and the middle of summer when cooling is necessary during hot temperatures. In this episode of Five Minute Friday, Bob explains why regular HVAC service is not only worth it, but how his company considers it a mandatory regular maintenance item. Many landlords my consider HVAC systems "out of sight, out of mind" until they break down. This sort of neglect of heating and air systems can lead to upset tenants, expensive repairs after the fact, and headaches in finding technicians to service the property during extreme weather events.This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and YouTube. 

Five Minute Friday #39: Is HVAC Maintenance Worth It?

When society emerges from the COVID-19 pandemic, will there be a paradigm shift across industires, our economy, and even how we live our lives?  Might that shift create a need for us to make permanent adaptations to the way we run our property management businesses?  In this Five Minute Friday, Bob Preston ponders these questions and more as he discusses what happens when the usual way of thinking is replaced by new perspectives. Of equal importance is to spot the changes as they emerge and plan for the inevitable to stay ahead of the curve and be ready when the paradigm shift occurs.This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and YouTube. 

Five Minute Friday #38: Planning For a Paradigm Shift

As landlords and property managers, have you ever experienced the dreaded “blackout” at your rental property when the tenant utility transfer was not handled properly? This is when you arrive to move your tenant into the home and guess what ... no power!  Even worse is getting a bill a month later and discovering that the transfer never happened and you’re now being billed for tenant’s utility usage. On this episode of Property Management Brainstorm, Bob discusses the process of setting up utilities for a tenant of your rental home and making sure it happens right every time. His guest is Peter Hernandez of Citizen Home Solutions. Peter explains their concierge service for reaching out to tenants and working with with them on the phone to get all utilities established. Topics Covered[2:30] Peter Hernandez introduces himself and describes the services provided by Citizen Home Solutions.[5:50] What is "concierge utility service"?.[8:25] The tenant experience when setting up utilities through Citizen Home Solutions.[11:45] Matching the tenant with the right utility services in their geographic area. [15:30] What happens when the utility provider requires an application, deposit, or in person visit?.[23:50] Benefits of the Citizen Home Solutions service to the property management company and landlord.[28:30]  What is required from the property manager or landlord to get the process started for the tenant?[32:30] Peter shares the story of the Property Management Health group on Facebook and what it has done for his own personal health.Connect with Citizen Home SolutionsCitizen Home Solutions Website - If you connect with them, tell them you were referred by Property Management Brainstorm!Connect with BobNorth County Property GroupResources MentionedFree eBook: Bob Preston’s eBook, Best Practices for Renting Your Home, is offered as a free download on the North County Property Group website, find it here as a free download! https://www.ncpropertygroup.com/ebookThis episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify,  TunedIn,  iHeart Radio and YouTube. 

Episode 44: Setting Up Utilities for a Tenant Move-in, Featuring Peter Hernandez of Citizen Home Solutions

We are starting to see them everywhere, “smart devices" installed for home automation. These devices might include thermostats, doorbells, home security cameras, lighting, appliance monitoring and more. Homes are becoming more efficient, secure and convenient. So is it something that makes sense for your rental homes as property manager or landlord?  On this Five Minute Friday, Bob discusses the factors that should be considered, including benifits and drawbacks, before installing smart devices in your home. Some tenants, for example, may love the idea of living in a smart home. Others may find it too “big brother” like if they think the landlord is eavesdropping or monitoring their lifestyle. Which is right for your rental home or property management company?  It is a great topic to get on the table, so here we go, have a listen.Here also is the link to a great episode about home automation, featuring Sean Miller of Point Central, definitely worth listening to this episode too:  Episode 27: Gaining Efficiencies Through Property Automation, Featuring Sean Miller of PointCentralTGIF, keep the faith, and we will catch you next Friday!This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and YouTube. 

Five Minute Friday #37 - Should My Rental Be a Smart Home?

In FMF #36, Bob speaks to the importance of open communication as a landlord and property manager. This is true with all of our stakeholders: tenants, maintenance vendors, and property owners. One question Bob hears a lot from new San Diego Property Management prospective clients is: Will you keep me informed throughout the rental listing process?  You see, they want to know what is going on!  We’ve heard a lot of stories of property management companies taking on new clients, never to be heard from again unless the client reaches out and makes a connection.Bob explains that at North County Property Group, they believe this is completely unacceptable and one of the reasons they provide an exclusive and value added service to  property owners called the Listing Tracker Dashboard! On a weekly basis, North County Property Group sends a Listing Tracker report to each of their clients with a rental listing that is currently active, vacant and listed with the company. This graphical report provides their clients with insights into the overall interest level in the property from a market perspective: number of leads received, how many of those inquires have had contact with our team, the number of showings which were scheduled, rental applications received, etc. It might be worth considering launching something like Listing Tracker at your property management company!TGIF, keep the faith, and we will catch you next Friday!This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and YouTube. 

Five Minute Friday #36: The Listing Tracker Dashboard

On this episode of Property Management Brainstorm, the focus is what it takes to build and grow a property management business from the ground up AND the importance of the support provided by our National Association of Residential Property Managers, otherwise known as NARPM (N-A-R-P-M). Bob Preston discusses these topics with his guest, Kellie Tollifson, owner of T-Square Properties in King and Snohomish Counties of Washington State, which she has grown from the ground up. Kellie is also the national president of NARPM so brings a terrific perspective to both discussion topics. Topics Covered[2:25] Kellie Tollifson describes her journey in building her property management business.[6:10] Hurdles and challenges Kellie experienced along the way in her career.[8:40:] Guiding principles as an essential fabric in building a property management company.[14:28] About NARPM and why it is a tremendous resource from property managers. [22:45] Why networking opportunities available through NARPM as so important to the property management industry.[30:08]  The importance of local and state chapters within the NARPM structure.[36:42] Plans for the 2020 National NARPM Conference and Tradeshow, October 19–22, 2020, Amelia Island, Fernandina Beach, FL.[39:00] PM Leadership XChange, a virtual event planned for August 24 - 25, 2020, co-sponsored/hosted by Second Nature, NARPM, and Rent Bridge.[42:15] Kellie shares personal story about overcoming some of her fears on her career journey by challenging herself with a tandem skydive jump out of a plane.Connect with Kellie at T-Square PropertiesT-Square WebsiteConnect with Kellie at NARPMhttps://www.narpm.org/Learn More about PM Leadership XChange, August 24 - 25, 2020An experiential leadership event featuring exciting new speakers!HOSTED by SECOND NATURE, NARPM, and RENT BRIDGEhttps://www.pm-xchange.com/Connect with BobNorth County Property GroupThis episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify,  TunedIn,  iHeart Radio and YouTube. 

Episode 43: Building a Solid Property Management Company, Featuring Kellie Tollifson of T-Square Properties and President of NARPM®

In this week's FMF, Bob discusses one of the challenges he had in the early days of his company with the delegation of authority … the process of transferring responsibility for a task to another employee. When working in a small company, finding the time to properly offload an aspect of the business to another person, and more importantly trusting that aspect to another person can sometimes be nerve wracking! There are many excuses for it, like: “It takes too long to train them. It’s quicker to just do it myself.” As the company has grown over the 20 years of it's history, Bob has grown personally too in becoming a better delegator. Simply put, without delegation you will never be able to make the organization possible. Bob further explains what he has learned about delegation through the Entrepreneurial Operating System (EOS) which he has adopted at North County Property Group. Here are the simple steps:Make a list of all the things you do with your time, tasks if you will Put each of those tasks in one of four quadrants: Love to do it / Great at itLike to do it / Good at itDon’t like it / but Good at itDon’t like it / Not Good at itNow look at the last two quadrants and delegate those things you don’t like and aren’t good at If you follow this simple exercise, once per calendar quarter, you will allow you yourself as a leader to have the energy for all of those things you are great at and love to do. And there is a bonus .... productivity will go up throughout the entire company, you will have a better culture, and you will no longer be a bottleneck. TGIF, keep the faith, and we will catch you next Friday!

Five Minute Friday #35: Don't Be a Bottleneck

Built to Last. These are three simple words that communicate a powerful punch. It is actually the name of a a book written by James Collins and Jerry Porras in 1994. Bob explains how he was given the book 25 years ago by his boss at the time, Bill Krause, who had been an executive at HP and was the CEO of the start up where Bob was working in Silicon Valley. Bob still has the book to this day and the words “Built to Last” still resonate with he applies them to his property management business.In this episode of Five Minute Friday, Bob describes his journey of jumping off the Silicon Valley treadmill as the Chief Marketing Officer of a public company to return to San Diego to be closer to his family and forming his property management company, North County Property Group. The core principles from "Built to Last" are still being used by Bob today as he has grown his business from a strong foundation of core values he learned 25 years ago in Silicon Valley. This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TunedIn, iHeart Radio and YouTube. 

Five Minute Friday #34: Built to Last

Property Management Brainstorm provides tips and advice to property managers, homeowners, and property investors about renting and managing their residential investment properties, tenants, and vendors. This podcast series is conducted in an interview discussion format by Bob Preston – president, owner and real estate broker of North County Property Group, a top ranked San Diego property management company. Bob interviews top professionals and experts in their respective fields related to the real estate and property management industry with the goal of providing insight and best practices to maximize your property value and income while maintaining top notch tenant relations.

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