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What is the Role of a Receiver in Rental Property Investing?

What is the Role of a Receiver in Rental Property Investing?

 Latter & Blum Property Management, Inc. is the property management arm of Latter & Blum, Inc., the oldest and largest real estate firm in the Gulf South. An Accredited Management Organization®, we manage commercial, multifamily, and residential properties in cities across Louisiana and Mississippi—and we’re constantly expanding to new areas. What is a Receiver or a Keeper? The general definition is pretty straightforward. It’s a person or entity that is responsible for something. It’s a caretaker, or someone who might watch your winter home when you’re not in residence. When it comes to investment properties, it takes on a specific meaning for all involved parties. Understanding the Role of a Receiver When a loan goes into default, the lender typically has a strong case for the appointment of a fiduciary to protect its loan collateral. Accordingly, the Court often looks for a strong and proven property management company to step into the owner’s shoes and assume all duties and responsibilities. This party is known as a “Receiver.” As a Receiver, the property management company has a fiduciary duty to the Court and all parties involved in the litigation. Primarily, the Receiver is responsible for securing the property, and paying all necessary bills associated with the property such as those related to insurance and utilities. The Receiver also collects rent from any tenants occupying the property and provides monthly accounting. In many cases, the Court Order also allows the Receiver to make any necessary improvements to the property as well as market it for sale and/or lease. Latter & Blum Property Management Receiver Services At Latter & Blum Property...
How to Make Apartment Communities Appealing to Millennials

How to Make Apartment Communities Appealing to Millennials

In our last blog, we talked about the millennial generation and the impact they are having on how office spaces are designed and managed. Today, we’re talking about where millennials live. This generation now makes up 25 percent of the population, and most of them are more interested in renting than buying. They want to remain mobile and they expect access to the best technology and amenities –whether they are at work or at home. Today, we’re discussing how you can make sure your residential community is attractive to them. Modern In-Unit Upgrades and Improvements Work/life balance is more important to this generation than any other. They don’t see it as a benefit, they see it as a requirement. Millennials will often be working from home. They’ll need instant internet access and availability. They’re also looking to love where they live. Upgraded appliances, lighting, hardware, and finishes are not the only way to attract millennial tenants. Give them the flexibility to make the home their own. They may want concrete floors or large windows that allow for natural light. Establishing and Maintaining Community Millennials want to live in apartment buildings and communities that feel like small towns or villages (think college campus). They are in search of pools, a fitness center, and a business center where they can print, scan, and do things that they may not be able to do in their home office. Walking trails, bike paths, and dog parks are excellent ways to help millennial residents feel the sense of community that they need in order to be happy where they live. Communication between Tenants and...
How Commercial Property Owners Can Attract New Millennials

How Commercial Property Owners Can Attract New Millennials

 The millennial demographic is a source of fascination and sometimes confusion. It includes people between the ages of 21 and 35, and it’s a group that is having a huge impact on how businesses are marketing and operating. This is a generation of consumers who expect innovation and flexibility. Most of them have never been without a smartphone. When your commercial property is primarily offices, your goal is to retain your current tenants while appealing to new tenants, such as millennials. While a fresh coat of paint and some new flooring was once all you had to do, it’s time to think about different types of upgrades and improvements. Your millennial tenants won’t necessarily care as much that the beige paint looks crisp; they are more interested in technology upgrades you are making. Collegiate and Communal Work Spaces Forget cubicles. Forget a suite of offices. Millennials like to collaborate. Open space offices are especially attractive to this generation. This doesn’t mean you should pile everyone into one big conference room. Think about what a college dorm lounge looks like. Groups should be able to gather in different parts of the office to work together. Employees should also have the option of carving out some solitary space when they need to focus on independent projects. The furniture should include sofas, yoga balls, and mini libraries. The space must be flexible and functional to attract these tenants. Tech Upgrades are Crucial Companies looking to attract millennial tenants are going to need instant and creative access to technology. Smart thermostats that adjust to the time of day and the season are...
Are Your Real Estate Investment Properties Prepared for Hurricanes? National Flood Insurance Program Updates and Hurricane Preparedness Tips

Are Your Real Estate Investment Properties Prepared for Hurricanes? National Flood Insurance Program Updates and Hurricane Preparedness Tips

We’re still in hurricane season, and when tropical storms do occur, they can be catastrophic to property and people. Anyone living along the Atlantic or Gulf coast remembers the active year we had last year, with Harvey, Irma, and Maria. It’s always a good time to make sure your property is protected against the very worst that Mother Nature can bring, and to be sure you’re all set with flood insurance. The National Flood Insurance Program is in need of reform and sustainability, and at Latter & Blum Property Management, we are doing everything we can to ensure property owners and investors remain protected. Preparing Your Rental Property for a Hurricane You don’t want to begin preparing for a storm once the rain and wind start. Have a plan in place ahead of time. You’ll want to make sure you have good relationships with local vendors so that they can come out to your property to address any damage as soon as it’s safe. You’ll want to make sure all maintenance and repairs have been completed, and there are no loose roof shingles, overgrown branches, or shaky window panes. Do a complete pre-hurricane season inspection so you know that your property is secure if a storm does hit. Provide your tenants with some tips. If they’re going to stay in place through a hurricane, they should have plenty of food, water, and batteries, and they’ll need to know how to communicate with you. Review your insurance policy so you know how to file a claim and what might be covered or denied. The National Flood Insurance Program Having a...
Beyond the Backlash: Dark Store Theory & the Impact on Commercial Property Investors

Beyond the Backlash: Dark Store Theory & the Impact on Commercial Property Investors

 If your retail or commercial space is facing challenges when it comes to re-tenanting, one of the newest trends in facilities management is the Dark Store Theory. The concept is taking hold, particularly among big-box retailers, and today we’re talking about the pros and the cons of this idea. Extra Space Management: Losing Brick and Mortar Ground Many big-box retailers are closing down. It’s not necessarily a lack of business; it’s simply the gains that e-commerce has made in the last couple of decades. When brands decide to abandon their brick and mortar storefronts, property owners are left wondering how to fill that space. Leaving it empty isn’t a viable option; vacant properties attract decay and deterioration as well as squatters and intruders. In an effort to attract new tenants to those spaces, investors are having to negotiate rents that are extremely reduced. This problem can have a significant impact on ROI. Dark Store Theory: A New Way to Value Space Dark Store Theory, or DST, would have property appraisers and tax assessors value a retail property based on its unoccupied value. When a property is unoccupied, it’s dark, and thus not bringing in any earnings. This is contrary to how such properties are currently valued, which is with the assumption that a tenant will be in place, paying market rent. This theory is based on the idea that real estate shouldn’t be valued on its potential to attract income, but on its physical structure and attributes. What it means for Landlords and Investors and Facilities Management This is not a proposal that local governments and tax authorities...
Making Sure Your Real Estate Investment is in the Right Hands

Making Sure Your Real Estate Investment is in the Right Hands

When you cannot be near your real estate investment, you want to be certain you’ve placed it in the right hands to keep it safe and secure. A good property management company can keep your rental properties occupied, maintained, and performing as well as you expect. Today, we’re discussing some of the things you want to make sure your property management company is doing. Designations and Accreditations Work with a management company that is active in professional organizations and in possession of valuable accreditations. For example, an Accredited Management Organization (AMO) will meet specific certification criteria. This accreditation is administered by the Institute of Real Estate Management (IREM), and not every company has it. To meet the AMO standards, a management company must abide by a professional code of ethics that’s based on property management best practices. You know you’re getting excellence when you hire a management company that’s AMO certified. Experience and Stability Successful real estate investing means relying on a property management company that is established and respected in the local market. You want someone that has a track record of success, and an excellent reputation. As an investor, you don’t want to worry about someone stealing from you, mishandling your finances, or missing important deadlines that put you at risk. Many mom and pop shops do a great job for their clients, but you’re safer with a company that has deep financial resources, adequate insurance, and the technology available to manage your property efficiently and effectively. Responsiveness and Accountability A good property management company is responsive, and experienced when it comes to handling emergencies and disasters....