Blog

Striking a Balance Between Repairs and Prevention

Author: John E. Damianos, Esq. Damianos Realty Group LLC       7/24/17

Someone who believes she is a  competent Property Manager may be misleading herself and others in proper methodology.

Solving problems quickly is impressive and should be done expeditiously before tenant emotuons rise to vocal intolerance. However, there are cost considerations and other insights like that of problem avoidance that should be taken into account.

It has been said that "an ounce of prevention is worth a pound of cure" in practice, this means that a $20 sign, a $400 lavatory waste container and or a $300 hand dryer can prevent $600, $700 in plumbing expenses for pulling toilet bowls and snaking tens of feet into lines, not to mention tenant and landlord inconvenience.

Also, when work needs to be done, rather than the mechanical raising of phone to ear and automatic dial to the same contractors with the typical expense cost results, a...

 

Is The Mortgage Market Dead or Alive ?

Author: Barry Stein - President, Rohman & Stein Associates Inc.    3/28/17

Helping your clients navigate the right financing while positioning them for opportunities in this consolidating and ever - changin market is as important as helping them find the perfect property.

To further mudddy the waters this doesn't even begin to address the greater government intrusion and bank regulators placing additional stress on lenders such as varying underwriting standards (increasing stress analysis) increased regulatory and administrative oversight requiring higher loan loss reserves, thus adding tremendous costs to lenders. When regulators start to tell professional loan officers how to underwrite loans, this cannot be good.

Yes, lenders today are still making loans albeit on a much more conservative time consuming (sometimes painful) restrictive basis.

In today's market the loan to values are lower, the debt service coverage ratios are higher, particularly...

 

Domination By Cool Downtowns

Author: Christopher Kelly  of Tritec Real Estate Company, Inc.      3/7/17

After decades of decline Brooklyn began a renaissance around the turn of the century that included lowering crime, revitalizing neighborhoods and developing multi-family properties. The borough attracts people from all over the world and rivals Manhattan as one of the coolest places to live. The Brooklyn renaissance has not escaped the eye of the commercial real estate community. The hottest segment in the office market right now is the technology sector, and it seems natural that it gravitates toward the coolest place to live which attracts and keeps a talented workforce.
 
TAMI (technology, advertising, media, and information) tenants have challenged the FIRE (Finance, Insurance, and Real Estate) companies as the largest number of private sector space users in the city.  Brooklyn’s live-work lifestyle firms are choosing to populate reclaimed factories, shared...

 

Winter is Catch up Time

Author: John E. Damianos, Esq. - Damianos Realty Group LLC 2/6/17

While the winter progresses we take stock of our immediate and concealed surroundings in our office environments. Vacant sites are our patent stock – in – trade and therefore must be in tip – top condition like a car for sale on a car lot or in a showroom. A roving curiosity should be our guide. Open vacant spaces and ask yourself if you would care to lease them. Is the entrance presentable or are the door moldings chipped and dented? Are there holes and dried tape residue on the door faces? Are they dirty? Inside, are there un-emptied containers of garbage present? Litter on the floors? Un-stocked bathrooms? Is there debris from prior tenants strewn through the different rooms? Our ideal should be one that says “Move In Now” the condition is ready for you! “Winter” is “Catch-up Time” which leaves your asset in active...

 

Property Management – the Hidden Ingredient

Author: John E. Damianos, Esq. - Damianos Realty Group LLC 10/17/16
Much of the sparkle and glamor of real estate shines in the form of ultra-modern building facades, smartly dressed brokers driving distinguished clients in impressive (high-end) luxury automobiles, awesomely decorated lobbies and smart landscaping. You will learn, if you’ve not already, that basic components of real estate life are, the buildings, grounds. Tenants, landlords, and real estate brokers

While these comprise the ostensible elements, there is yet another area often overlooked – the hidden infrastructure of Property Management. Buildings just don’t maintain themselves, or run by themselves for that matter, even if people don’t see maintenance personnel in overt locations.     There is the additional component of Property Managers.

Behind the scenes is usually a crew consisting of managers working with their superintendents.  Very technical (or time-consuming)...

 
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