TIME FOR A YEAR END REVIEW?

The past few years have been tough for the rental housing industry, whether it be in the multifamily or single family home sector, and 2009 really took the cake. High vacancy rates, low rents, high expenses, excessive insurance premiums and constant intrusion by government in the form of taxes and fees has really taken its toll on housing providers, who are trying to provide affordable housing. 2010 is not looking much better, but now is the time to examine some of your procedures, policies, leases and your collection practices to see if you are operating legally. In desperate times, sometimes the important things begin to slip, and your exposure to lawsuits can increase. While we cannot control the economy, we can control how we operate.
 
Click here  to see how you are shaping up or “slipping up”

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LEASE CANCELLATIONS BY THE RESIDENT

You did everything correctly from first meeting with the prospective resident to the execution of the lease yesterday.  All the paperwork is completed and signed.  The apartment is ready for his move-in tomorrow.  Another well done job by a management professional!  Now that same resident is on the phone canceling his lease.  Sometimes he tells you he is canceling because he doesn’t have a signed lease yet.  Sometimes he tells you that even though he has his copy of the signed lease, he is exercising his right under the law to cancel his lease within three days.  What is he talking about?

Click here  to see if a resident can cancel his lease.

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GUARANTORS AND LEASE RENEWALS

Your former resident Bob vacated three months ago. He lived in your apartment community for 3 years and renewed his lease each year. Bob’s initial application to rent was declined because of his poor credit history. Luckily for Bob, Uncle Jeb stepped up to the plate and agreed to be a guarantor of Bob’s lease. You have just received a phone call from Uncle Jeb. He is beside himself. He tells you that he is not responsible for the lease renewal periods.  You ask him, “Want to make a bet about that?”  You point out that Uncle Jeb’s signed agreement states that the guarantee remains in force for all renewal periods, and that he and Bob are responsible for Bob breaking the lease early.

Click here  to see why you may lose that bet.

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ROOMMATE DISPUTES AND THE PROPERTY MANAGER

Due to tough economic times, more residents are taking in roommates without your knowledge to help pay the rent. Many property managers really have no major problem with this, and most don’t even know of a roommate situation until it is brought to their attention by the frustrated resident who wants you to help them remove the roommate, as “things are not working out.”  Can you evict the roommate? Should you get involved? Now that you know the resident has an unauthorized occupant, what is your duty?

Click here to find out how to handle the “unwanted roommate”.

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COMMERCIAL LAW AND YOU - COMMERCIAL REAL ESTATE FORECLOSURES - THE NEXT BIG CRISIS AND THE SUGGESTED SOLUTIONS

The looming commercial real estate foreclosure problem with Florida and national commercial real estate is a major issue facing many  commercial landlords and commercial property managers. This issue will dwarf problems with commercial leases. The potential crisis should give commercial landlords and property managers an incentive to retain tenants, provide tenant inducements, and take all steps necessary to maximize their net operating income to enhance their properties for future refinance or loan modifications. Do you know what action to take?

Click here to see how to begin dealing with the looming commercial foreclosure crisis by Commercial Law Attorney Kevin Jursinski.
 

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