How to Spot a Good or Bad Property Manager - Before You Move In!

When choosing a rental home or apartment, there are several aspects of the property that you want to examine critically. 

Most important is that the management company does a great job caring for the property, handling any issues, and dealing with you professionally to ensure your rental period is enjoyable. 

In this post are important tips to find you a great property management company before you make the big commitment to move in.

What to Look for in a Good Property Manager

Finding a great property management company is not too difficult; ask for referrals from people you know and read online reviews. Look for positives and negatives and get information from a range of sources so you are sure it’s not biased.

Take your time to research your potential home in detail and identify any red flags. This will save you wasted time in the future if you learn about the bad habits of your property management team when you've already entered a lease agreement with them.

Finding an ethical property management company should always be your goal. This means you’ll have a certain level of trust that they will handle any problems and deal with you fairly throughout your lease term.

Learn our best questions to ask during your property screening...

Interview Questions When Meeting a Potential Property Manager

We hope the following questions will assist you on your search for the best property manager in Boston. Bring these questions with you to ensure a property screening.

• How long have you managed this property? Or, how long has your company managed properties in general? Look for a company with experience managing properties.

• What kinds of property do you manage? You want a management company that works specifically with the kind of home you want because different properties have different management needs. 

• What insurance do you carry as a management company? Expect a good property management company to carry general liability insurance that would cover anyone who is hurt on the property. Also, a legitimate property management company should have errors & omissions (E & O) insurance. E & O insurance covers the manager in the event of a claim of negligence, and can keep the community solvent. 

• How many property managers do you have, and how many units does each manage? Less than 50 to 60 units per manager is best to ensure the management company has the capacity to handle any repair issues and customer service for tenants. 

• Can I see a copy of your lease? Read over the blank lease, with an eye toward any issues that you might not have already discussed. Likewise, look for any phrasing that appears to conflict with what you've heard from the property manager. Actively ask questions!

• 

  How often do you have to evict someone? Hopefully, the answer here is very seldom. Good property managers don’t typically have to evict well-screened tenants.

• How do you screen tenants? A criminal background check is the most vital, but speaking to previous landlords is often telling as well, as is a credit and employment check. Fully employed, responsible adults make the best tenants and neighbors.

• How can I pay my rent? Can I drop it off at the office, even when closed? Is there a dropbox for checks? Can I pay it online via the company website? Having a number of options makes it easier for you overall, and the best property managers know that keeping their tenants happy is crucial.

• When is the rent due? Is there a late fee, and if so, when is that due? Understand your responsibilities, and what the management company expects, so that you comply with your lease.

• What do you do for routine maintenance of the property? Do you perform regular inspections? Pest control service? Lawn, landscaping or snow removal services? Know what is and is not included in your rent so you can estimate your overhead accurately.

• What is your repair process? How quickly can I expect a problem to be handled? Their answer to this should not be vague, and they should be able to commit to a certain timeframe, such as “Within 24 hours”.  

Watch Out for Red Flags of a Bad Property Manager

Drive by some of the properties the company manages; you can tell by looking at a complex whether you could expect a clean condominium in many cases. If they are not in good shape and well-cared for, that’s a definite red flag.  

Likewise, if talking to current tenants gleans less than glowing opinions of the management company, that’s another red flag.

In particular, if they talk about things not being fixed, noise at night, dirty common areas, trouble getting your security deposit back, and finding somewhere better to live when their lease is up - red flags!

How Can I Find the Best Property Manager in Boston?

Are you looking for the best property management company in the Boston area? Well, look no further, because you have found Premier Property Solutions.

 We manage properties all over the area, so no matter if you prefer close to the action at Fenway Park, or in the Back Bay area, we have you covered. 

Give us a call at 617.345.0045 and let’s find your new home, today!

Importance of Cleaning Your Condo Building

January 1st marks new beginning for all who are looking to update their lifestyle & business operations. We all set ourselves out to have resolutions because we know old habits die hard. 

 A New Year's Resolution for Property Owners

Property management and condo cleaning fall into this category. It's essential to add value and keep tenants feeling secure about the fact they have a reliable property management team that always prepares for the coming months to start the year.

To discuss the importance of condo cleaning to start 2016, we compiled a short bucket list to get landlords and property owners what they need to do to make their building and its tenants feel refreshed for a successful 2016.

5 Ways to Improve Your Business Operations

Cleaning does not only mean to wipe down windows and mopping hallways floors in your building. It also means to have quality information updated in your business records, and online human engagement.

Not all property owners are expected to be tech savvy. 

Understand that consumers need a sense of tangibility in order to feel like they are involved in their purchases. In the case of rental operations and real estate, this applies to tenants who have made the decision to set up their living quarters within your condo building.

Effective communication methods is the crux of our suggested resolutions for 2016.

This improves the tenant-to-property owner relationship feel trustworthy and prompt, not having to wait numerous days or weeks before problems get resolved.

Whether they are renting or bought the condo outright, their sense of tangibility comes in the form of these resolutions:

• Frequent Website Updates - You will need to update your website at least once a week or whenever their is a change in your operation and regulations for your tenants to take note of. This not only connects the tenant and landlord faster via mobile devices. A great way to stand out to your tenants is how progressive your service is by using an online community builder. 

Visit our Facebook, Twitter, Instagram, pages to see our strategy.

• Cleaning and Decorating With Seasonal Appeal - Make sure that if the Holidays are over, don't wait until March to take down your Christmas decor in the building. Send out information  about live Christmas tree collections for recycling, and take down Holiday lighting and ornaments down as January 1st comes. Update each se

• Enact a No-Smoking Plan - If you are the type of landlord who is lenient towards having pets in your rental units, you should implement a non-smoking environment. This will help keep the walls in your units from yellowing with nasty nicotine stains on them. Especially if you have carpets, just like your lungs, they will suffer and smell tremendously from the second-hand smoke. This also reduces the chance of halloween disaster stories and other holidays in the building or on the property grounds.

• Reward Tenants For Their Compliance - If a higher condo fee is assessed for the new year, or if your tenants have collectively helped you receive a government-subsidized rebate check for reducing your energy costs with sustainable property management, reward them for being a tenant. The best ways to carry this rewarding out is to promote prizes to them like flowers on each tenant's birthday, or hold a toy drive for the children in the building, or picnics in the spring and summer months. 

• Fire Safety - There were many stories of fires happening in condos the past few years in the Boston area in Allston, Brighton, Cambridge, and the Back Bay Area. Make sure that the fire safety regulations are either printed and given to the tenants every time they begin a new lease, and/or sent to them via email.

Final Thoughts on Cleaning your Condo Building

New Years resolutions can be hard to maintain once you make them. But with the right property management team, you can stay motivated to uphold your promise for updating your images, business, and character online and offline.

Have you created your own list of New Years resolutions? Do they match up to our list?

Tell us how you have used New Years resolutions and cleaning to push your tenant's lifestyle and condo building's image forward.

Property Management Halloween Stories That Will Make You Scream

Not for the faint of heart! This blog contains graphic scenes and images. 

Halloween is the time of year in which we have the most fun with our decorations.

But tenants who are not pleased with the operations, or those who have been delinquent in their monthly rental payments and soon to leave while breaking their lease can be problematic.

It’s integral to have a great property management service who can curb the horrors of dealing with these mishaps. Have you heard stories of spine-tingling creatures living in the crevices of your tenant's units?

Or the jaw-dropping tales of fire suddenly ripping a large condo or apartment building to shreds while fate cuts a tenant’s life short for sleeping and not waking up to the emergency?

We will give three horrific, spine-tingling instances of landlords and tenants that show you the benefits of hiring an experienced property manager.

Lack of Quality Property Management Lets the Bed Bugs Bite

Bed bugs can make your home uninhabitable.

We all know the adage, "Sleep tight, don't let the bed bugs bite."

If you have ever figured that they are not in your bed, you may be gravely mistaken.

And if you don't have a quality property manager who can send for an exterminator or their crew to curb this problem right away, you may be in for many "bite-mares" from bed bugs.

These creatures can seem invisible can reproduce their larvae in your sheets, walls, couches, and wooden table. The life cycle of a bed bug is fairly short, but they can feed every 10 minutes.

Once they band together, they can make your belongings looks ultimately scary, causing you, tenants and their guests, and potential condo buyers to not want to return to your building or apartment complex. 

These are ghoulish creatures have the ability to invisibly seep their way into your skin! Also, the Board of Inspections could potentially shut down your apartment or condominium complex, which lead to an underwater mortgage.

You don't want these to show up in neither you nor your tenant's dreams. Imagine waking up to hearing the phone calls from tenant's screaming in your ear about the crawling dirty mite-sized bugs everywhere. Then, noticing once you get in bed, those bed bugs have destroyed your mattress.

Here is a shocking and gruesome video of what happens if you don’t attack bed bugs quickly enough:

Burning Down The House

You may have tenants or neighbors who have Halloween parties every year. You should learn how to manage large parties in Boston for your property. If you don't, it's safe to assume there will be some damage done that could not only cost you more than you budgeted for, but could also put lives in danger.

Here is an instance in which the tenant was hosting a party where guests were smoking inside their condo unit.

Home infernos can spark simply from a neglected cigarette butt.

One of the party guests flicked their cigarette out the window, but it was a windy night. Mysteriously, the wind blew the still lit cigarette butt back into the room and landed on dry plant.

The party made it's way into another room for about a half hour, and the cigarette sent the plant up into flames. It resulted in a major fire with flames engulfing the entire apartment.  

Evacuation due to fire.

There are two missteps that happened: 

1. There was no established and effective communication system with the landlord for tenants to can contact them during emergencies.

2. All condo owners did not have a condo insurance policy in place.

Landlords and fellow tenants should know that investing in a condo or renter's insurance plan and good lawyers to make sure that items are replaceable, and not get a lawsuit from tenants in case their stuff gets stolen.

Pumpkin statue: "These pranksters killed our 'boo-tiful' setup!"

Pranks For The Memories

Halloween night pranks such as setting a lawn on fire, burning poop bags on front porches, and smashing pumpkins will really make you think twice before putting out other ornaments for your home in the future.

It is safe to assume there will be kids in the neighborhood looking for a good laugh at your property's expense.  

Another story comes during the night before Halloween, also known as "Mischief Night" or "Cabbage Night." 

Some pesky vandalizers who loved to trash other people's yards, front steps, or scare residents just to add to the Halloween spirit are just that— mean spirited. 

In one neighborhood on the Day of the Dead, which begins Halloween Night and ends on November 2nd, these violators decided that they wanted to place a dead deer carcass hanging from the tree in someone's front lawn.

Tenants may be complacent and not report these types of vandalism cases because they simply don't care. But you cannot take the same stance of complacency and need to act quickly to curtail these types of scenarios. 

If you are a landlord living outside of the town or city that your property is located, and do not have a high quality property management team hat can check the premises in the days leading up to Halloween, you will lose home value and risk a bad reputation as a landlord. 

The best way to protect your property on Cabbage Night is to have the budget for a property management team to check your property grounds daily during the month of October when you put out Fall and Halloween decorations. 

If you have ever had issues in the past with this, make sure that you have your communication methods in place with your tenants to email, text, contact you via your most active social media channels, or call you immediately if they see anything that has been vandalized on the property.

Final Thoughts

Halloween is supposed to be fun for all. But it's not so fun when your tenants have to come home to these types of situations. Having the means to help maintain your property's value and reliable services can make a huge difference with managing your tenants.

Have you ever dealt with vandalism on your property, pranks in your apartment building, or dead animals that tenants and real estate agents have been scared out of their wits by? Share with us some of your horrible experiences so we can help you come up with future solutions.

Why There Should Be No Airbnbs in Condos

Traveling to new cities is great for expanding one's horizons and it should be done with much research.

Not only for the city that is being visited, but also for the laws of the land that you are bound to tread on.

But did you know hosts are renting your properties extra space in their unit for as much as $300 per night in untaxed dollars and running a "non-licensed bed-and-breakfast" with Airbnb could lead to big fines in the ballpark of at least $10,000.

Airbnb has been a great resource for tourists who can't afford the price of expensive hotels in their destination city, but is not the perfect solution it may be touted up to be.

In All Fairness: Airbnb Is Bad For The Boston Real Estate Market

The model for Airbnb is suitable for people who can neither find rental space, nor be approved for their own apartment due to a subprime credit rating in a tight rental market like Boston.

But this negatively impacts the local real estate market, Boston property managers and owners because it is still a fairly new unregulated industry that is void of taxation.

This article is in support of the effort to minimize Airbnb hosts and their short-term tenancy advantages on your property.

It not only affects the local lodging business, but it also has added to the bottle-necked market where renters can't find affordable housing in Boston. The windfall comes from the following reasons explained to understand the concept of  Airbnb.

Un-Licensed to Chill: Short-Term Rentals Are Detrimental To Your Property

The short-term home Boston rentals industry is catering to the "sharing economy," where renters and homeowners alike make money renting out their homes, cars, and personal time.

Online rental websites where people bid for beds in rental units by using software such as Airbnb, Homeaway and it's subsidiary VRBO, and Uber has made home-sharing into a billion-dollar industry.

According to Forbes, Airbnb is valued at $25 billion. Since it's emergence in the tech industry haven in the Bay Area, Airbnb has made its presence stretch into 194 countries.

As a new industry looking for altering it's model upon state and federal legislation, what makes sharing an extra space so bad for the local real estate economy?

Hosts that are renting on your property are posting their extra space in their rental unit for as much as $300 per night in untaxed dollars they are keeping for themselves.

Airbnb is making condo owners into their own real estate agents, without the condo association getting a cut of that short-term rental revenue. This affects the property management company because this leaves the condo association out of pocket from paying for the contract renewals to the service via condo fees.

Issues Resulting From Using Airbnb:

• Security is a major concern where owners are seeing an increase in people they do not know access their home with travelers who are typically in a vacation mode which could lead to rowdy activity and inviting even more strangers back for parties. Building keys could also be copied by an airbnb guest leaving unauthorized access

• Landlords and investors seeking more profits by changing traditional housing into short-term units, reducing the housing supply. 

• Airbnb homeowners and renters are at risk for being hosts because the city can fine them for running a non-licensed bed-and-breakfast. This could lead to big fines in the ballpark of at least $10,000.

• Those who come for short stays are taking the risk of neglecting their property value from frequent guests who don't respect the property because they are not signed to the lease. Read more property damage control tips

• The amount of foot traffic that neighbors must deal with from the frequent exchange of new guests on the premises moving in an out of the building. Also how is maintenance and emergency support resolved with short term rentals?

• Increased janitorial costs where guests have no vested interest in taking care of hallways, railings, doorways, roof decks, etc. 

Neighborhood Watch: Avoid Clustering in Your Property

The condo craze in Boston has steadily risen since the start of this decade.

The shortage of home supply, influx of transient college kids, and tourists has made the caused the local groundswell of over 300 Airbnb hosts to register on their site.

For someone like an empty-nester or a tenant who does not have kids, marketing their extra room to some international guests going to explore America for the first time makes for good business. This home-sharing model helps the owner or renter pay their bills and profit.

On the flip side,  clustering of random people could lead to true nightmares for owners who don't have a registered "neighborhood-use permit." You can see the consequences in this video here of this San Diego woman who learned her lesson from using Airbnb.

 

Final Thoughts

Airbnbs in condos may seem generous from the owners, but they are a violation to the condo association and the city of Boston if they are not registered properly.

Have you had any bad experiences dealing with neighbors who are Airbnb hosts with multiple guests every month? Or are you a homeowner in support of home-sharing?

Tell us your thoughts in the comments why Airbnb is good or bad for the community. 

 

Why Eco-Friendly and Sustainable Property Management Matters

During the past decade, there is much to be said regarding sustainability for home energy usage.

So what steps have you made to be more environmentally efficient?

The United Nations officially declared 2012 to be "The Year of Sustainable Energy For All," primarily third-world countries, across the globe.

How Energy Efficiency Can Benefit Your Community

This article is an examination on the legislative and residential aspects so that you know about the best property management company to hire that can provide these types of environmentally conservative services, plus help you save money and energy in your building.

On the home front in the U.S. There has been more hot summers and rough winters that have come forth from drastic climate changes. Plus, California residents are currently facing a water crisis due to a lengthy drought that has caused more home fires than we can recount in our recent memories.

The demand for natural energy resources has increased, and the U.S. government and Environmental Protection Agency have collectively moved forward to reduce emissions of carbon for the sake of public health. 

It's essential homeowners, property managers, and HOAs to have the knowledge of these energy alternatives for their property to adhere to the upcoming changes in the state regulations regarding energy usage to combat climate change and increase sustainability. 

Eco-Friendly Property Management Solutions

There are many ways to minimize your expenditures versus your residual income from your tenants paying their rental costs and/or condo fees to keep your financial balance sheet in the black with great energy solutions to keep in mind during the rest of the summer. But for all times of the year, these following landscape construction techniques can help you reduce energy usage for your community and save you money:

• Recycled Mulch - When you put this on your property's soil around hedges or other plants, the use of recycled mulch can help improve irrigation and water evaporation. If you have use city-supplied water, this could help reduce monthly water bill costs. Also, make sure that you are following the fire-safety regulations for mulch to reduce the chance of burning down your house and land.

• Don't Send Scrap Items To The Landfill Right Away - Some stuff could be put in storage instead of dumping it in the trash. Waste management costs are very high nowadays, so you can minimize the amount of your tenants trash heaps by telling them to save items like cardboard, old china plates, or paper. If you have a common room in your building, or a multi-family house with children, set up an "Arts & Crafts" event to recycle these items for them to create something new for their home. Also, this can help your tenants get to know some of their neighbors.

• Solar Panels - There are two sets of phrases "tax credit" or "tax exemption" that will make you really like this idea. The costs of solar-powered energy from the installation of panels on roofs and on the property to give greater photosynthetic effects to the grass or other horticulture on your property can come back to you basically as an account receivable. This can save you lots of money for your real estate investment. In Massachusetts, owners of residential businesses are eligible for these tax write-offs annually.

  

• Use Natural and Organic Pesticides for Landscape Maintenance - "Organic" is still the craze in 2015 as Americans look to become healthier in what they consume or live around. Items such as fertilizers and pesticides can certainly make a difference for you and for tenant's pets.

• Use Rain Barrels To Irrigate Your Plants - Instead of buying or using city-supplied water by the boatload that can run up your water bill, you should try using rain barrels to store some natural water for later usage on your plants. In Boston, we have more than enough rain that comes throughout the year, so use that to your advantage by use of water collection as it comes. You might also want to think about getting flood insurance for the rainy weather.

• Use Electric Lawn Mowers - Lawnmowers are a necessity for any type of lawn care if you do not have an eco-friendly landscape construction company. Yet it's the type of lawnmower that can help you save money and on gas to power them if you use an electric battery-powered lawnmower instead. Also, it's non-polluting and efficient just much as gas-powered lawnmowers. This will keep your property "greener" than ever in terms of its look, the energy sustainability involved, and in terms of your wallet in the long run.

Breakdown of the U.S. Government's "Eco-nomic" Plans for 2030

The U.S. government looks towards the long-term needs for its citizen's health, and budget their economic plans accordingly. This is considerable for your long-term home value plan because a major part of your expenses will be from the various levels of energy usage of your tenants in your rental units.

One example of this is how they went into experimental measures in 2005 by increasing the start date for Standard Time in the fall season to increase solar light usage and lower heating and electricity usage in home nationwide. Another example came recently this month when the Obama administration announced their Clean Power Plan, a two-year plan to combat climate change and boosting the U.S. economy. The crux of the plan is to lower of renewable energy costs, creating a plethora of jobs, with a benchmark of 30 percent more renewable energy by the year 2030. 

This will be state-regulated on weather natural gas or renewable energy sources, but the plan will affect landlords and tenants inevitably. Under this plan, the biggest takeaways are the following:

• Saving the average American family about $85 per year on their energy bills in 2030
• Save enough money to power 30 million homes
• State and federal government initiatives are to save consumers $155 billion between the years 2020 and 2030

Eco-Friendly Final Thoughts

Do you have any experiences with creating sustainable or "greener pastures" for your property?

Or is there something that you learned that can be valuable towards your knowledge and bank account in this blog? Energy usage is a complex topic, but it can be made simple if you continue to do your research and not be too caught behind before it's too late when your investment is in the red.

What other ideas do you have for creating renewable energy? Tell us your thoughts.

Living For The City: The 2014 Boston Condo Craze

The Boston real estate market is like seeing two-way traffic on a hill, with condo sales driving up and home sales precipitously going southbound.  The purpose of this article is to detail whether 2014 will have the condo bubble will burst, or will it only continue to float and rise for developers and condo owners. Home sales in the real estate market continue to lag in the Hub. With the rise of commercial real estate in the Seaport area, now being marketed as the Innovative District, developers and residents alike are looking to buy in.  But this is not an indicator of the demand for wanting to live in the city. 

This End Up, or Down?

Boston will always be one of the top apartment markets in the US. We can cite The Hub's unmatched college student population, the continuous influx of transient young professionals moving in and out of the city, and city dwellers who cannot afford to buy expensively priced homes within and outside the city limits. As prices continue to rise in the local real estate markets, first-time home-buyers are inevitably being bottlenecked into the condo market that developers are now attempting to make affordable to them.

Plus, as reviewed in our March 2014 PPS article discussing the quality of a condo versus home lifestyle, there are many conveniences offered to residents of condos that are not afforded to those who live in apartments or single family homes.

Moving into the Lap of Luxury 

Graph courtesy of www.housingviews.com

We have not yet even accounted for the booming luxury apartment market that is complimenting the local commercial real estate market, or the wealthy home-buyers who are willing to pay for living in prime locations like the Seaport. Veteran Boston architect Merrill Diamond of Diamond Sinacori LLC wrote on his company's website in 2011 predicting: "Yes, there will be a glut of apartments in Boston." 

Turns out, he was right, but his forecast was referring to condominium apartments; not rental apartments. He also mentioned "I never thought there would be enough wealthy people to fill up all these apartments on the waterfront." Diamond mentioned that 2014 would be the "tipping point" in which developers are going to switch their long-term hold strategies to condos from apartments. This is to bolster their short-term profits from the resurgence of condo demand, being that consumers now realize they can own a condo with the same price that they could be paying to rent an apartment in Boston. According to this Standard & Poors graph,  Boston condo prices have rivaled and outsold those in New York City since the mid-1990s, and continue to rise into this current decade.

Three hot spots for development are the South End, South Boston, and Charlestown, where prices continue to spike. In a recent article in the Boston Herald titled Boston Needs Condos In A Hurry construction has begun for two luxurious high-end condos in Fan Pier at 22 Liberty Drive, which will hold 118 condos, and 450 condos that will be in the Millennium Tower downtown to be completed in 2016. And it surely won't stop there. The former armory on  Bunker Hill Street in Charlestown is being converted, St. Augustine's Church in South Boston will have 29 new condos developed, Meridian Street in East Boston is slated to have 66 new condos, and even Parcel U next to the Forest Hills MBTA station on Hyde Park Avenue was recently approved to have a $14-million project for 50-60 market-rate townhouses. There are too many developments to list here, and local real estate agencies may find themselves with a surplus of listings as a result. 

Final Thoughts

We might ask ourselves "how long will this strategy work?" It is easier said than done for developers to meet middle class home-buyers halfway in covering their cost of the investment while lowering their price point per-square feet, as it is for these same home-buyers to step up outside their means with cash offerings that could be hard to follow up on with financing. If more development takes place, there will eventually be a "tipping point" for demand amongst those who can and cannot afford to buy a condo. 

Will developers and condo building owners find their backs against the wall and resort to sub-prime credit holders in earnest to fill these spaces as they continue to buy  and convert abandoned buildings (i.e. old schools, jails, office buildings)? Or will this continue to be a success for developers in their business initiatives? Tell us your thoughts...

Awesome Boston Condos

Style

Boston Magazine just posted this article documenting a beautiful new condo that went on the market in Chinatown. Featuring some extremely unique functions and beautiful design, I couldn't help but share. Story about the condo here

Look at this condo got me thinking about some other beautiful condos I've seen in Boston. Check out some highlights below!

What a great city we live in! Love Boston!

Thanks to http://loftsboston.com/ and http://www.firstbostonrealty.com/ for the images!

Need Help Finding an Apartment in Boston?

 At Premier Property Solutions, LLC our goal is to find you the best possible apartment at the most affordable price. We accomplish this by listening to your needs and desires and using that information to find you the most appropriate apartment to call home. Contact us to tell us what you're looking for online.

Understanding Your Condo Fee

What Does Your Condo Fee Cover?

One of the biggest misconceptions we hear in the property management industry is what a condo fee covers. Many people incorrectly view these as extra costs charged by the association or the condo management company in an attempt to make a profit. This is not the case! Monthly condominium fees are technically a lien placed on a unit annually that owners can choose to pay off monthly. This fee is is calculated based on your beneficial interest (square feet) in the condo and is used to manage the day to day upkeep of the common areas. This can include:

• Utilities
• Master Insurance
• Landscaping
• Janitorial
• Management Fee
• Pest Control
• Fire Alarm Maintenance
• Plumbing, electrical, or general maintenance work in the common areas

Condo Fees start creeping higher when your association has amenities like:

• Elevator
• Pool
• Workout room
• Concierge

High vs Low Fees

You might be surprised what questions we get (or don't get!) when new buyers are thinking about getting into a condominium. They don't want to know the association reserves, the history of the roof, or the boiler condition. The #1 question we get is regarding the condo fees. This figure, unfortunately, can be very misleading for someone moving into a condominium. Many new buyers see a low fee and assume "Great! My monthly payments will be low, lets move right in".

Supplemental Fees

The issue with a "bare-bone budget", or low condo fees that just barely cover your operating expenses of the condominium, is that it often leads to supplemental fees. If your roof needs a replacement and your condo fees have not been high enough to fund a proper reserve account, you may be paying a large lump sum all at once. Some associations actually prefer to run their condominium this way; They keep fees low and issue assessments as they are needed.

Know Your Facts!

There is no right or wrong way to manage a condo in this regard. Just be sure that when purchasing a new property, you inspect the supplemental fee history and the reserves! Educate yourself on the how the condominium has run in the past and you can plan how it will be run in the future. Know what your fees covers and when the last increase was. Information is king!

Condo Insurance... Simplified

What happens in the event of a loss?

Condominium insurance claims can often become complicated situations and difficult to understand. What is covered, and who is responsible for what?

The Master Policy

All condominium associations maintain a master insurance policy. These policies include liability, replacement cost, and (usually) directors and officers coverage. The most common claim on a master policy is for real property damage. Insurable damage is caused by a sudden or catastrophic event, which is the first place people get confused. Damage from an event taking place over a long period of time, like a slow leak, is NOT covered. If your roof caves in because of snow fall, insurance becomes involved because they consider that a "sudden" and "catastrophic" event. Most master insurance policies have a deductible of $5,000; This simply means that the master policy kicks in once the insurable damage amount goes over $5,000.

HO-6 Policies and How They Affect YOU

But who pays for all the damages up to that amount? That is where your homeowners HO-6 policy comes in. This is something that EVERY condominium owner should have! These policies have a number of provisions that not only cover damage under the associations deductible, but liability within the unit, relocation, personal property, etc. If a fire in your unit causes $25,000 worth of damage and you do not have the proper HO6 policy, you could be paying that $5,000 up to the deductible out of pocket! Landlords who rent their units should also maintain adequate insurance coverage, and remind their renters about “renters insurance policies”.

Sound Off!

The insurance process can be very confusing, so if you have more questions, leave a comment below, shoot us a tweet @MAcondoMGMT on Twitter or post on our wall on Facebook and one of our experienced property managers would be happy to explain it further.

Winter is coming!

Welcome everyone to Premier Property Solutions first ever blog post! We are extremely excited about this new feature not only for our clients, but for anyone interested in learning more about our industry or important facts for their home.

New England Weather

If this winter is anything like the 300 before it, we can expect multiple feet of snow and below zero temperature for weeks on end. Boston's historic districts are drafty by nature, but here are some tips to efficiently keep that heat in your home and keep fuel costs low:

1. Wrap your windows! By installing shrink wrap plastic that can be purchased at your local hardware store, you can save 7-10 degrees of heat loss in your home!
2. Check your vents. Make sure that all furniture and heavy drapes are 2-3 feet away from any vents or radiators. These can greatly affect heat conduction and the temperature in your home.
3. Make sure your storm windows are installed properly and closed for the duration of the winter.
4. By purchasing a programmable thermostat and setting the temperature 8-10 degrees cooler during the day when you are not home, you can save 10% on your heating bill!
5. A little caulk goes a long way. Make sure all exterior windows are properly caulked and weatherized.
6. Contact your property manager and make sure your boiler/heating system is properly serviced heading into the winter.

If all of the above fail and your heating systems are up to date, throw on a Patriots sweater and put a smile on our faces!

Got Tips?

If you have any questions or extra tips that we did not mention, leave a comment below, shoot us a tweet @MAcondoMGMT on Twitter or post on our wall on Facebook. We look forward to hearing from you!