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How does OneStopPM handle the vacancy period?

Mon, 22 May 2023 15:47:27 GMT

How does OneStop PM handle the vacancy period?

Vacancy is a part of being a landlord, but that doesn’t mean it needs to be a headache. The goal during the vacancy period should be to 1) make necessary repairs to increase the value of market rent, and 2) get the property back on the market as quickly as possible to reduce the loss of rental income. While the process may seem daunting, having a property manager assist you in the necessary steps can greatly improve your experience with vacancy as you are advised on recommended repairs, gain access to their preferred vendors, and follow a dependable plan to help keep you focused on a quick, cost-effective turnover.

At One Stop PM, it is our shared goal with you to get your property occupied as quickly as possible. To ensure this happens, we have streamlined a process that helps us and our clients expectations and move through the necessary steps quickly. Before the home even becomes vacant, we will prepare a Property History Report, which consists of a review of the annual property survey and maintenance history to identify any issues that may need to be addressed before a new tenant is placed. Prior to the tenant leaving the unit, we reach out to the owner to discuss preliminary recommendations and begin obtaining estimates for recommended repairs.

We present 3 levels of make-ready grades to our owners, each addressing both basic repairs and offering optional upgrades that will likely improve the market rent. Painting walls and cabinets, replacing flooring, upgrading finishes and fixtures, are all examples of property repairs that will increase the value and rentability of a home. In the example below, a client approved of upgrades and saw a substantial return on rent.

"As often as possible, we get approval for repairs prior to tenant exiting so that we can immediately begin the necessary work once the tenant vacates the home. When everything goes smoothly, we see property go from vacant to market-ready within 3-4 weeks for an average property," says Colin Shumaker, Assistant Property Manager. Extensive upgrades typically add a week or two. When tenants leave the property in good condition, we can typically start marketing within a few short days of the tenant moving out!

Because of our specialized training, experience, vendor connections, and streamlined process, we can execute a hands-on technique most owners cannot accomplish independently. Additionally, starting our process prior to vacancy allows us to minimize the vacancy period for our clients. Thus, we accomplish the goals of maximizing the rental value for the property and minimizing the loss of rental income during vacancy.

Spring Maintenance Is Here!

Tue, 11 Apr 2023 17:03:38 GMT

Spring Maintenance Is Here!

As spring arrives, landlords should prioritize performing necessary services to safeguard their property and ensure tenant satisfaction. In the Kansas City area, spring brings much heavier rainfall than in other parts of the country and that can lead to costly water damage. The summer's intense heat and humidity can also put a strain on air conditioning units. Thus, preventative maintenance is key.

At One Stop PM, we advise our clients to conduct the following checkups before the warmer months:

A/C Check Up: Tenants are not fond of sweltering heat in the summer, so it's critical to ensure your air conditioning unit is functioning correctly to reduce the risk of upset tenants. More often than not, A/C failures are reported after hours when tenants return home from work. So a schedule check up minimizes repair costs by avoiding the likelihood of after-hours maintenance costs.
Sump Pump Check Up: Water seepage into the basement is a common issue in this area. It's crucial to confirm that your sump pump is working correctly to protect your property from water damage.
Gutter Cleaning and Downspout Extensions: Gutters free of debris and downspout extensions guide water away from the house, lowering the risk of water intrusion.

“By being proactive and addressing maintenance issues while they are small, we can reduce the need for more extensive repairs in the future, which can be costly,” says Keith Miller, One Stop PM Maintenance Manager. Implementing a preventative program is a solid long-term investment in owning rental property. A well-maintained home is more attractive to tenants, resulting in faster rentals, higher prices, and longer tenancies.

If you have any maintenance needs or concerns regarding your property, we can help you address them. Give us a call today!

Kansas City Ranks In Top 5 Investor Markets In 2023!

kendra@reinvestorservices.com (Kendra Oakden) — Fri, 24 Mar 2023 03:42:40 GMT

Kansas City Ranks In Top 5 Investor Markets In 2023!

Kansas City continues to prove itself as a valuable place for real estate investors, so it was no surprise to see that Kansas City made it to #1 on Bigger Pocket’s rating of the Top 5 Recession-Proof Housing Markets in 2023 ! While there is some level of uncertainty across the general housing market, Kansas City is holding out as a stable and attractive location for real estate investment, even during economic downturns. Here’s what’s attracting people to the area:

1. Diverse economy and upcoming global events: Kansas City has a diversified economy, with a mix of industries that include healthcare, education, finance, and technology. For example, in 2024, Meta’s (Facebook) $800 million data center is set to be completed in North Kansas City. In April 2023 the city will host the NFL Draft, and a new stadium for the KC Women’s MLS team will be constructed by 2024. Perhaps the most significant development of all is the announcement that Kansas City will host the World Cup in 2026. This event will bring in visitors from around the world, showcasing the city’s vibrant culture and welcoming atmosphere on a global scale. To better accommodate the increase in travel the city will be experiencing, a $1.5 Billion new airport terminal was just completed this March, offering an enhanced travel experience for both visitors and locals.

2. Low cost of living: Compared to other major metropolitan areas in the United States, Kansas City has a relatively low cost of living. This makes it an attractive location for people who want to own property and businesses without the high overhead costs associated with other cities.

3. Steady population growth: Kansas City has seen steady population growth over the years, with people relocating to the area for its job opportunities, quality of life, and affordable housing. This sustained population growth helps to maintain demand for real estate in the region.

4. Limited new construction: There is limited new construction in the Kansas City area, which helps to keep supply levels in check and prevent oversupply. This can help to maintain stable real estate prices and limit the impact of economic downturns on the market.

Overall, these factors make Kansas City a relatively stable and recession-proof real estate market that can provide long-term value for investors.

Interested in learning more? Contact us or call us directly at 816-249-1841.

Recommended fall maintenance on your rental!

Mon, 24 Oct 2022 20:10:59 GMT

Our recommended fall maintenance on your rental property!

We are at the time of year when the weather turns cooler, the leaves start to fall, and the colors of autumn are glorious. However, around the corner is frigid winter! As the temperatures start to dip, tenants begin to turn their thermostats up and kick on their furnaces. Every year we like to remind our property owners of the preventive maintenance items that we recommend be done for all rental homes going into winter to help you reduce your expenses over the season.

“We offer our fall preventative maintenance plan to save our property owners time, money, and keep their tenants happy,” says Keith Miller, Maintenance Manager. “Some of our clients are not familiar with our Midwest weather and so we put this plan together to help them maintain their rental property and potentially avoid costly after-hours repairs when the weather turns really cold as well as water damage from frozen pipes.”

Curious to know what those services are? Let us dive into the exciting world of rental property maintenance and learn together why we recommend each one of these services!

1. Annual Clean and Service for Furnace

Experience has shown us that a fall clean and service of the HVAC system can help the furnace run more efficiently and catch problem issues while they are small. Performing this recommended annual service keeps tenants warmer and happier and keeps your maintenance costs lower by avoiding unnecessary wear and tear on the system.

Keith recommends “that all furnaces be checked this fall with an overall inspection & cleaning of the furnace unit, installation of a new air filter at time of service, as well as performing a test operation of the furnace to ensure it is cycling & operating properly.”

2. Gutter Cleaning

Clogged gutters will not allow water to shed off your roof properly and can cause expensive damage to roofs and gutters and can lead to wet basements. Additionally, during the cold season this can also lead to ice dams forming in the gutters that can cause serious roof and gutter damage.

Keith states “We advise this work to be completed after most of the leaves have fallen and before the weather turns icy. This typically happens in December here in the Kansas City metro area."

3. Winterization

Winterizing your vacant home is highly recommended. Many insurance companies will not cover your home for damage if the property is vacant unless you have a special vacancy policy (you may want to check with your insurance agent to confirm your coverage).

We have seen extensive property damage from frozen/broken water pipes that can cost up to tens of thousands of dollars. Depending on the placement of the water lines in your home, it may only take a few hours of cold weather for pipes to freeze – and because the home is vacant, it may be a few days after the pipes thaw and begin to leak before the problem is discovered. “The property damage that can result is of such a nature that we winterize vacant properties unless a property owner opts out,” says Keith. “It is just not worth the risk for the minimal cost.”

If you currently hold a property with us and would like to learn more about how to best protect your asset through one or all these services, please reach out to Brent at 816-545-9009 Ext. 413.

Why does OSPM use the virtual showing model when marketing a property?

Thu, 29 Sep 2022 18:19:50 GMT

Why does OSPM use the virtual showing model when marketing a property?

While there are many methods used by various management companies to show rental property to prospective tenants, we are happy to say that we are one of a growing number of companies who have found success with the virtual showing model. While we have been using this model for much longer, the industry really started gravitating towards virtual, or remote, showings about 10 years ago. We currently use a platform called, Rently , and while any method will have pros and cons, the following are just some of the reasons we have found remote virtual showings to be so successful:

More showings: Virtual showings have a greater capacity for more prospective tenants to view the property. Millennial renters especially gravitate towards platforms where they can schedule and view properties virtually. Statistics on the Rently webpage indicate that 40% of rental showings are happening outside of normal business hours. With our platform, applicants can schedule showings at their convenience without having to coordinate times with a showing agent; they are also able to more easily schedule appointments during the evenings and weekends when a showing agent may not be available. Unlike showing a property in person, there is virtually no limit with virtual showings to how many showings can be accommodated in a day or week. Additionally, while the effect of the Covid-19 pandemic has faded somewhat, remote showings encourage those uncomfortable with in-person interactions to still view rental property. All of this results in a higher number of people having access to view the property.
Less pressure: Many prospective tenants shy away from agent-led showings just as they would avoid interacting with a car salesman. Viewing a property without a showing agent present allows a tenant to spend a little more time getting a feel for the house, allows them to discuss the property and imagine themselves in the home without the pressure of feeling hurried or being observed during that process. It's also more convenient for renters to view property multiple times when roommates and partners are available, which inspires more tours and more rental applications.
Greater security : Showing property virtually reduces or eliminates the risks of perceived fair housing violations during the showing process. It also reduces the liability for potential for agent injury and because our system collects ID and credit card information for every prospective tenant and timestamps every property visit, the risk of site-related problems goes down significantly compared to agent tours.
Larger tenant pool : Because the virtual showing model lends itself towards more prospective tenants seeing the property, and because our agents are able to manage multiple prospective tenants simultaneously, the natural result is that we have a larger tenant pool from which to select the best tenant for the property. The larger the tenant pool, the better rent we can command and the more selective we can be when it comes to tenant quality.
Lower costs : As labor costs have continued to climb (I have seen labor costs almost double in the last 10 years in many aspects of our industry) technology allows us to maximize the time of our experienced leasing agents. Instead of spending hours and hours driving between showings & dealing with missed appointments, etc. . . we are maximizing their time with answering questions, following up with prospects, processing rental applications and negotiating leases.
Honest feedback : Many tenants are unwilling to give honest feedback during in-person visits but are more willing to do so when able to provide that feedback from the relative safety of a digital communication. Our leasing agents are able to work with visitors after their tour and while not all prospective tenants are willing to provide feedback, what we do get back is generally very honest and therefore useful and helpful as we work to lease the property.

At the end of the day, it's about renting homes more quickly, for maximum rent amounts and for the lowest cost to our clients.

Our team is happy to answer any additional questions you may have about this process, but we hope this has been informative and has demonstrated why we have chosen the virtual (remote) showing platform to ensure you experience the best possible outcome with your rental property. If you have additional questions, please reach out to us at 816-545-9009.

Getting involved in our community

kendra@reinvestorservices.com (Kendra Oakden) — Fri, 02 Sep 2022 17:16:42 GMT

Getting involved in our community with Hillcrest Transitional Housing

At the beginning of 2022, One Stop Property Management had a desire to make an impact in the community in which we work and live. We came across Hillcrest Transitional Housing, a non-profit organization that helps individuals and families move from homelessness to self-sufficiency. With our company being so heavily invested in the housing market, we thought this relationship might be a good match. The more we learned about Hillcrest ’s programs, it was apparent that our values and ambitions were aligned, and OSPM knew we had to support their mission.

This last week OSPM was able to sponsor and attend their largest annual fundraiser, a gala hosted at Arrowhead Stadium. We had an incredible time! We are looking forward to further developing our association with Hillcrest and helping them to end homelessness in our community!

Investing in Long-Term Tenants

Thu, 09 Jun 2022 04:35:13 GMT

Investing in long-term tenants

The age-old struggle for property investors is maintaining the balance between income and expenses. Initially, investors have to weigh the acquisition costs against the anticipated return. Throughout ownership, there is the need to make repairs, update capital components and invest in preventive measures to avoid higher cost repairs in the future.

One area that is not considered very often, is the value of investing in long-term tenants. Seasoned investors will agree that aside from major capital repairs, the mostly costly event for a rental property is a vacancy. During a vacancy we experience the triple-whammy of income loss, cosmetic repair costs and lease up expenses. We also take the risk of beginning a relationship with a new resident, and setting new expectations. A long-term tenant can be the most lucrative aspect of a successful rental property.

Although there is no fool-proof way to guarantee a tenant will stay for 3, 5, 7+ years, taking a long-term perspective to short-term problems can go a long way towards accomplishing that goal. Here are a few ways that a landlord can “invest” in long-term tenants:

• Discounting the initial rental rate is a great way to attract solid tenants who know they will be approved for any property they apply for. They have the best credit scores, the highest incomes and are looking for the best deals in housing.

• Being responsive to tenant maintenance requests and giving them the benefit of the doubt when the responsibility for a maintenance issue is a grey area. A dispute over a small maintenance repair can lead to a disgruntled tenant who may decide not to renew at the next lease expiration. A $200 investment into good will could save thousands in avoiding a vacancy.

• Being proactive with showing appreciation to good tenants. Unexpected tokens of appreciation (a gift card at Christmas, a small upgrade at renewal time, etc . . .) can go a long ways to helping a tenant feel comfortable in their home.

• Staying on top of capital repair items can avoid the strain of being without a key component while repairs or replacement is done. Replacing an air conditioner is expensive in its own right, but leaving a tenant in the heat for a week because the AC went out over a holiday weekend in the summer time is costly both in regards to the capital expense as well as the lost good will with the tenant.

Investing is all about putting something in and getting more out. When it comes to keeping good tenants happy, there are many things a wise investor can do to increase the odds of a tenant staying long-term. And that’s the best return any rental investor can hope for!

What do you do when your tenant is behind on their lease payments?

Thu, 05 May 2022 20:15:50 GMT

What do you do when your tenant is behind on their rent payments?

What do you do when your tenant is multiple months behind on their rent payments? One Stop Property Management’s Rachael Rice decided to try something a little different.

As a property manager, it is our responsibility to collect monthly rent from our tenants. While we screen our tenants thoroughly to reduce unreliable occupants, there are unpredictable and unfortunate circumstances that can cause tenants to fall behind on rent. Rachael Rice, our Occupied Tenant Coordinator, is responsible for collecting past due rent and fees. She strives to get the best outcome for both the tenant and owner often without having to go to eviction court. Here she shares her recent victory with a major happy ending!

“The past 2 years have definitely brought on an onslaught of uncertainty. My position requires me to collect rent. The introduction of new tenant assistance programs due to the COVID pandemic was absolutely something that I wanted to educate myself on, so I attended several online meetings/ trainings to become familiar with the processes. With this knowledge, I have supported tenants in obtaining assistance and collected rent for many owners that would have otherwise had to go through an eviction and then attempt to collect afterwards, which can take years, if any funds are received at all.

We recently had a situation where one of our owners had been reluctant to evict their tenant for several months which created a very high balance on the tenant’s ledger. The owner then realized that this tenant was not going to be able to catch up as the balance was steadily increasing, so she gave me the authorization to evict. For my last effort before evicting, I suggested to the tenant that they contact assistance which had been suggested prior, but the tenant now knew that an eviction was being authorized. This prompted the tenant to finally seek assistance.

As usual, I obtained the case manager’s contact information from the tenant. I then contacted the case manager and she told me that our tenant was on the waiting list, but it could be several months for them to review their application. At this point, I had to decide whether the lengthy wait was going to be worth it to the owner. My knowledge of how long collection judgements take to finally see payment was heavily considered and I decided to suggest to the owner that we wait for this assistance. I continued to negotiate rent payments with the tenant so that there would be some sort of income for the owner while we were waiting. Fast forward to almost 5 months later, we received a check for over $9,000 which paid for ALL of the past due rent and fees as well as 3 months of forward rent totaling 8 months of rent paid. This situation became a “win” for all parties involved and I am so happy that I could keep our tenant housed as well as getting our owner paid in full!”

Well done, Rachael. We appreciate your commitment to our tenants and our owners! The keys to success were knowledge of the system, foresight and patience to counsel for the best outcome. That is the benefit of having an expert on your management team!

Here’s the state of the Kansas City Real Estate Market in Q1!

Tue, 03 May 2022 16:16:44 GMT

Check out the state of the Kansas City Real Estate Market in 2022 Quarter 1!

This video was provided by the Kansas City Regional Association of Realtors.

Purchasing an Occupied Rental Property?

Wed, 27 Apr 2022 16:41:52 GMT

Purchasing an Occupied Rental Property?

Purchasing an investment property with existing tenants in place is ideal. This means instant cash flow, no marketing or searching for the right renters to occupy your new property, and if the tenants have lived in the property long-term, you have a limited risk of the property becoming vacant in the near future — vacancies can be costly depending on the time of year!

Whether your new tenants are currently on a month-to-month agreement or a termed lease, there are a few items you must keep in mind before closing on a renter occupied property to ensure the process runs smoothly.

1. Ensure that tenant contact information is obtained from the seller during the sales process — In order to begin establishing a relationship with your tenants it is crucial that we have a way to contact them. Our initial introduction includes a welcome packet with instructions for activating their tenant portal and information about rent collection, maintenance requests and general office contact details. While contact information can be obtained after closing, it will delay the process of collecting rent, dispatching maintenance and processing renewals.

2. Keys — Often times tenants change locks or have been living in the property for so long that the property management company simply does not have keys on file. It is strongly recommended to request keys from the seller prior to closing. However, One Stop Property Management will work on your behalf to obtain keys from the tenant if they are not provided.

3. Lease Agreements — this is obvious! Hopefully you were able to obtain a copy of the lease agreement during the sale process. This outlines the specific terms of the tenant’s occupancy such as rent amount, term and other provisions of living in the property. It is almost impossible to enforce verbal agreements after the property has changed ownership. An Estoppel Certificate can sometimes be obtained if no lease agreement exists. This is a document, signed by both parties, and details the terms of a lease agreement to the best knowledge of both parties. An estoppel certificate, generally, is not as detailed as a lease agreement but it can be useful in securing a rent amount and term with the tenant.

Purchasing an occupied investment property is an exciting opportunity for investors who want to begin generating cash flow immediately. Before closing on a renter-occupied property be sure to consider the availability of tenant contact information, keys to access the property and the presence of a valid lease agreement. Check-in with One Stop Property Management for more advice on rental properties in your area.

Communication is key!

Tue, 08 Feb 2022 20:57:45 GMT

Communication is key!

At OSPM we understand the importance of clear communication with our owners. We use a variety of channels of communication via email, text, phone, and our website to ensure management/owner connection. Additionally, if there is another channel of communication that works better for our client, we can tailor our communications to fit anyone's needs.

Transparency is a key part of communication, and we understand how important it is for owners to be able to monitor their investment performance and retrieve their financial information, so we’ve created a custom owner portal where clients can access everything related to their investment. We also value privacy and want to ensure our clients that their information is secure and all information is stored in a state-of-the-art data center.

The owner portal is our hub for relaying most information to owners, including but not limited to:

Accessing property information 24/7
Accessing concise monthly statements covering the performance of client property
Accessing owner annual statements and 1099 forms
Reviewing the property inspections that we perform
Depositing funds when needed via ACH or credit card

We strive to provide our our clients with excellent service and communication so that they feel safe and confident in the management of their investment. Please reach out if you'd like to learn more!

Why choose One Stop Property Management?

Tue, 08 Feb 2022 14:00:43 GMT

Why choose One Stop Property Management?

So you have a rental property and need some expertise in managing your investment, but you're hesitant about property management fees cutting into your cash flow. What do the fees cover, anyway? When you sign an agreement with One Stop Property Management to oversee your property(s) you can expect a high level of service from our team as we handle the day-to-day logistics for your rental, including but not limited to: marketing, screening and placing a tenant, leasing, collecting rent, coordinating maintenance, conducting inspections, staying up to date on local real estate governance, executing rehabs, tenant communication, etc., just to name a few. We do all of that for a low monthly rate so you can rest at ease!

One thing that sets us apart from some other property management companies is that we value your money just as much as you do. Okay, maybe we should say “almost as much as you do”. We demonstrate our commitment to you because we do not get paid for our services until we collect rent on your property. Further, we help you manage your funds when a vacancy occurs by coordinating with you to hold funds to cover any needed expenses. Additionally, we make it simple for you to get your funds by using ACH to directly deposit them into your account each month. Similarly, if you ever need to send funds to us, you can do that with a simple transaction from your owner portal online.

We want to make your experience with us as simple and enjoyable as possible, while also helping you maximize your greatest potential return on your investment! Don't hesitate to reach out to learn more about what One Stop Property Management can do for you!