Browsing the archives for the Property Management category.

The New 3.8% Tax Rate

City of Dallas, Economic Outlook, Governmental Affairs, Investors, Lakewood, Multi-Family Property, Property Management, Real Estate, Real Estate Finance, Resources

Here is a report by the National Association of Realtors that explains the New 3.8% Tax Rate. When the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI.

To get you up to speed on the new tax legislation, the National Association of Realtors has prepared an informational resource. Click HERE to read.

As always, feel free to contact me with questions. You can also find more info on my website: www.CampagnaHomeSales.com

No Comments

Update from Campagna Property Management Services

Lakewood, Property Management, Real Estate

Written by Anthony J. Campagna, SR – Broker / Owner / Founder 

I wanted to give everyone an update on the personnel changes at our office. Matthew Hartmann, who had been with my company for 16 ½ years, has left us for another opportunity. Matt came to work with me on Labor Day weekend, 1995, and has been a valuable asset to my company. Matt has learned a lot about real estate and property management, but has decided to venture into the commercial end of the business.  I certainly appreciate all of the years of dedicated service to me and to my customers, my tenants and most importantly, my property owners such as you. We wish Matthew good luck in his new adventure and success in all of his endeavors.

To fill the void, I take great pride in presenting to you the newest asset to our company and our new property manager. He has been 23 years in the making and I have known him since the day he was born. My son, Anthony J. Campagna, Jr., is now my property manager for CAMPAGNA PROPERTY MANAGEMENT SERVICES.  Anthony graduated from Lake Highlands High School with honors and graduated from my alma mater, Texas Tech University, with a degree in political science. He has seen first hand the work and dedication it takes to perform this job well.

Initially, I think he was a bit overwhelmed with all of the information that was thrown his way, but with patience, guidance and some additional experience, he will grasp this opportunity and do a fine job. He graduated with “A” average from Texas Tech, has a Black Belt in Taekwondo and is a daily visitor to the gym. To say the least, he tries to be perfect in all his endeavors. I am sure you will find him to be diligent, personable and responsible. If he doesn’t know the answer to a question, he can always ask his “boss”!

Angela Mitchell is our illustrious office flight deck commander and bilingual and friendly front desk greeter. She maintains a great relationship with our tenants and helps them whenever possible.  Joe Monzingo is our most experienced leasing and sales agent.  Franceanna Campagna, President of the Dallas Chapter of the National Association of Residential Property Managers, is our liaison to our Property Management professionals, and a leasing and sales agent, as well as making her dad proud.   And last, but certainly not least, is my sister, Jo Trout. She makes certain that the leases are executed properly with all the forms being complete and correct. But most importantly, she monitors and pays the vendors and, of course, you, our owners, and verifies that all is correct with your monthly and yearly statements. With this crew working for you, you are in great hands.

No Comments

Dare to Soar! NARPM 2011 Opening Day

East Dallas, Home Maintenance, Investors, Multi-Family Property, Property Management, Real Estate, Real Estate Finance

It was great to see so many of our Dallas Chapter Members at the opening of the Convention today. There is some great programming scheduled for the rest of this week. And there is still plenty of room and an opportunity for you to register on site. Below is the link for Thursday and Friday’s Schedule.

http://www.narpm.org/conferences/annual-convention-trade-show/schedule.htm

Today’s Business Leader Development was fantastic! We got a dose of Disney, from Dennis Snow who shared his lessons from the Mouse. It was an excellent seminar focusing on the development of world class customer service. By creating a positive powerful experience in which your customers/clients feel valued, you can cultivate intense customer loyalty.

After a brief get together in our hospitality room – #726 – we all headed to the Opening Session. Our Keynote speaker, Linda Larson, challenged us all to elevate our thinking, visualize positive opportunities and improve our communication skills – and improve out bottom line.

It’s now a little after 9pm and I can promise you several of our Chapter Members are still at Chaucer’s off of Beltline in Addison, watching the game and entertaning our Property Management friends.

The Trade Show is now open and tomorrow morning you can stop in and grab breakfast with the exhibitors 7.15am – 8.45am.

At 9.00 am, Dr. Mark Dotzour, from Texas A&M University, will be there tomorrow morning to give us an update on our current economic environment and how it will impact our business. Following the Economic Forecast, it is your choice of open workshop sessions.

If you are a Dallas NARPM member, you should definitely come out for the day. It is money well spent on your business development.

 

No Comments

Apartments are “IN” In Austin

Multi-Family Property, Property Management, Real Estate

According to a report in the AUSTIN (Austin American Statesman), apartments are “IN”.  With occupancy rates hitting 96 percent and rental rates also hitting record highs, developers are looking to get on the Austin apartment bandwagon.

Multiple new complexes are being built. Here is a list of the complexes coming the capitol city’s way.

• 201-unit Wildflower Terrace 
• 302-unit University Park
• 301-unit Mueller Phase II
• 150-unit M Station
• 262-unit Corazon
• 300-unit RiverView
• 230-unit Lakeshore Apartments
• 1,200-unit South Shore District
• 215-unit The District at SoCo
• 318-unit Lamar and Manchaca apartments
• 298-unit Post South Lamar
• 210-unit Gables Park Plaza II
• 334-unit HPI Residential-Davis Springs
• 325-unit HPI Residential-Lakeline
• 244-unit Camden Amber Oaks, second phase
• 296-unit Colonial Grand at Double Creek

All of the complexes are either under construction or planned.

See the Austin American-Statesman for a map of the developments

While some residents have complained that rents are too high and that new development will only increase the rental rates, a few property owners have pointed out that the increase in rental rates barely keeps up with the continuing increase in taxes and maintenance costs.  The article notes the development boom is driven by demand and that it will be 18 – 24 months before many of these new apartment units are available and online.   As a former resident of Austin, I am looking forward to seeing the new development happen.

1 Comment

Staying Cool in Triple Digit Dallas Heat

City of Dallas, East Dallas, Home Maintenance, Lakewood, Property Management, Resources

We are almost 2 months in to triple digit Texas temperatures with little to no relief in sight.   As  a property manager, the most common maintenance call we receive during this time of year is about the A/C unit NOT cooling.   One of the best tips I can give residents is to make sure you are changing your A/C Filter on a monthly basis (unless you are using a 3M filter).

The home warranty companies must also be receiving a high volume of A/C calls because I received these great reminders from Nations Home Warranty .  Many Thanks to those skilled technicians who keep us cool during this Texas Heat Wave.

AIR CONDITIONING EQUIPMENT INFORMATION

  • Air Conditioning systems are designed to produce a temperature split or a “Delta-T” on Home Inspection reports, between 15-22 degrees from inside the home measured before and then after the evaporator coil.
  • If the temperature split is higher than 22° or less than 15° that indicates that the air conditioning system should be serviced by a licensed HVAC company.
  • Achieving a temperature differential inside your home of 28-30 degrees from the outside ambient temperature is more than optimal. The ability of your A/C is highly determined by the age of the unit and the energy efficiency of your home.
  • Attic temperatures, in summer, are 140 degrees and UP. Therefore, air conditioning technicians are experiencing high volumes of heat exhaustion. Companies are struggling to keep them healthy enough to keep working.
  • When and IF it ever rains, exterior equipment cannot be serviced or installed because it is too dangerous for the technicians and rain can compromise the equipment. Additionally, the pressure readings are taken outside and it cannot be accomplished in the rain so servicing the A/C system would more than likely be a failed attempt.
No Comments

Property managers: Here are new laws that affect you

City of Dallas, Property Management, Real Estate

Several bills with consequences for property managers passed into law during the regular session of the 82nd Texas Legislature:

Control of rent. SB 747, the TREC Housekeeping Bill, closes a licensing loophole by requiring real estate licenses for third parties who control the acceptance of deposits or rent from a resident of a single-family residential property unit.
Effective: Sept. 1, 2011

Pauper’s affidavit. HB 1111 requires the justice court on request to immediately issue a writ of possession, without hearing, if a tenant fails to pay the initial rent deposit into the justice court registry within five days of the date the tenant filed the pauper’s affidavit.
Effective: Jan. 1, 2012

Smoke alarms and fire extinguishers. HB 1168 requires at least one smoke alarm in each bedroom or in the room used for sleeping, in the case of an efficiency unit. In addition, if multiple bedrooms are served by the same hallway, there must be a smoke alarm in the hallway; and if the unit has more than one level, there must be a smoke alarm on each level. If the dwelling was occupied as a residence before Sept. 1, 2011, or a certificate of occupancy was issued before that date, a smoke alarm may be powered by battery and is not required to be interconnected with other smoke alarms.

Also, if a landlord has installed a 1A10BC residential fire extinguisher or other non-rechargeable fire extinguisher, the landlord must inspect the fire extinguisher at the beginning of a tenant’s possession and within a reasonable time after receiving a written request from the tenant. Finally, a landlord at the landlord’s expense is required to repair or replace a non-functioning fire extinguisher, one that does not have the correct pressure as recommended by the manufacturer, or one the tenant has used for a legitimate purpose.
Effective: Sept. 1, 2011

Certificate of occupancy. HB 1862 provides remedies to a tenant against a landlord if a municipality or county revokes a certificate of occupancy because of a landlord’s failure to maintain the premises.
Effective: Sept. 1, 2011

Property Management Questions?  Consult a Professional! Please contact me with your property management questions.


No Comments

Safe Complex Symposium

City of Dallas, Investors, Lakewood, Multi-Family Property, Neighborhood Events, Property Management, Resources

Now whether I agree with City of Dallas  on what is essentially a TAX on multi-family property, or not ….. As a property manager and REALTOR, I am responsible for educating investors on their responsibilities as landlords and property owners.  So Mark your Calendars!

Just a reminder:   SAFE COMPLEX SYMPOSIUM

Tuesday, May 10th, 2011

9:00 a.m. to 12:00 p.m

Location

Fair Park Music Hall

909 1st Street

Dallas, TX 75210

All owners (or representatives) of multi-tenant structures within the City of Dallas are required to register their properties annually and to attend the annual symposium.

For Additional information and to save time:

Register Online at

** Please note that ALL outstanding balances / fees must be paid on or before the date of this event.  Please contact the Revenue and Collections Team at (214) 670-5708 to find out if your property has any registration or invoice fees.

No Comments

Expired Listing? Consider Rental Income

Expired Listings, Property Management

Welcome to East Dallas Residential! This is my first official posting to my new blog site.

To give you a brief overview, I am the 4th generation in a family of Real Estate Investors. I have continued the tradition and work in the family business of Residential Sales, Leasing and Property Management. My father is the founder and broker of our company, with over 30 years of experience in the Real Estate industry. For the last 8 years, I have been helping to run his management office as a licensed Realtor. I am actively involved with the DFW Metro Tex Board of Realtors and I am a member of the Leadership Committee, YPN: Young Professionals Network, and the Leasing and Property Management Committee. And next year, I will be the President, of the Dallas NARPM chapter. It is the local chapter for the National Association of Residential Property Managers. I believe in Experience, Education, Integrity and Service.

Here in Dallas we have continued to out perform the national average. Like any major city, we have areas that have sustained their values, and areas in which values have declined. It’s all a matter of location. There are pockets where homes sales are still HOT … and others, that just are NOT selling much inventory.

Property Owners who are facing a slow sale market or who have a home located in an area where values have declined, may want to consider holding onto their home as an investment, and re-listing their home for sale when the market turns around. If they are relocating or have the ability to move, they can use their home as rental property, generating some income to contribute towards their mortgage, taxes and insurance payments.

I am willing to bet most people are hesitant to lease their home, especially if it is their primary residence. Many have heard the horror stories of damage done by neglectful residents or are wary of midnight maintenance calls. However, a Professional Property Management Company can take the pain out of rental property.

It is important to interview professional management companies. There are many Realtors in our industry jumping into the management business with little (or no) experience in managing rental property. There are Texas Landlord Laws, outlined in Texas Property Code, which regulate habitability, safety, maintenance obligations and trust accounting, just to name a few areas! In addition, there are tax reporting requirements at the end of every year. It is important to find an experienced manager, in order to limit personal liability.

We cooperate with Realtors in our area. We list ALL of our Rental and Sale listings in MLS (Multiple Listing Service) and offer co-broker fees, competitive with market rates, to agents who bring us qualified residents.

If you are working closely with a Realtor, I encourage you to ask them about your options. If you are looking for someone with experience in Residential Leasing and Property Management, please take a moment to read about me.

In addition, if you are a Realtor looking to offer your client an alternative solution, we offer a referral fee to Realtors and Brokers who refer us to their clients. If your client hires us for our Property Management and Leasing services, we protect your agency relationship, and when your client is ready to re-list their home For Sale, we refer them back to you.

Feel free to contact me with any questions or comments regarding information in this post, or my services. Thank you for visiting!

2 Comments