lrsrealtyandmanagement

Landlords: Allow for Pets?

Tue, 04 Jan 2022 15:30:33 GMT

Slowly landlords are loosening up their s tandards

We live in a fast moving and changing world. LRS has been in the property management , and sales business since 1988. What was once, is no longer, and what is today will soon change by tomorrow. Between the pandemic and our changing values with regard to many cultural issues we seek to find our balance. As society changes, and all businesses try to conform to existing "norms" property managers and real estate agents must do as well.

"California law guarantees people who use trained service dogs full equal access to public places.' Further in California an "emotional support animal which can be a dog or other animal that is not trained to perform specific acts directly to an individual's disability but where it gives the owners sense of well-being, safety or calm from the animals companionship and presence" must also be allowed to move into the home or apartment. More and more norms that once considered all animals as pets are changing. Although many landlords are still reluctant to allow pets, slowly they are loosening up their standards.

LRS Realty & Management has been in business since 1988 and although there are some more expense issues, especially with flooring, associated with pets to make a "make ready", the whole residency of the tenants must be taken into consideration. Has the resident paid in a timely manner? Did they respect the property and overall leave it in good shape? If they lived in an apartment community were they a "positive force"? Would I rent the property to them again?

Most landlords are ok with pets with certain nuisances, which include size, breeds, type of pets, etc. Is it practical to allow a Great Dane to live in a 400 square foot studio apartment? At the end of the day ask yourself a simple question (which applies to many situations) and remove the "Pet" from the equation, was a better off with or without the resident? Over the years I have spoken to many owners of residential properties from single family to large and small multi family homes and have found out that it is not really the pet, but it is the "values" of those the residents that move in. Since there is no measure for this, and pets continue to be part of our everyday landscape then allowing pets with the appropriate security deposit is the correct course.

�ǿ��(�й�)�ٷ��վ Management Has Changed

Tue, 28 Dec 2021 06:17:39 GMT

Your "Handyman" usually did a pretty good job, but...

Over the past 4 decades the property management has changed in so many ways, from rent control, evictions, tenants rights, the definition of quality, and hiring and usin g vendors. 40 years ago you had "your handyman", yep that guy or gal who could do just about anything and at a very reasonable price. You actually called this person "your handyman". They usually worked by themselves and when it was needed "your handyman" brought along a friend or two to help with the project. Most of these workers did not have a business licence, or workers compensation, or any protection at all. They were inexpensive (not fond of using the word cheap), hard working and usually did a pretty good job. You were happy to pay the bill, far less than a licensed professional. But oh how have things changed......

Enter the "real world". Vendors must be licensed, bonded and insured or using them could cause major issues. As your friendly handy - person was given instructions to clean your gutters, and while climbing down from the ladder your handy - person accidentally slips (accidently, because who slips on purpose) and falls to the ground and becomes badly injured. You then find out that he/she does not have any kind of insurance at all (which you knew anyway, and never thought about). You visit your handyperson in the hospital, and see this person lying there with tubes going into his/her arms, hooked up to several devices. Your heart grieves and in a "moment of passion", you offer to pay your handy person's medical bills. You walk out of the hospital room feeling great, (such a humanitarian) specially after that warm hug you received thanking you for your generosity.

You contact your handy person in the hospital because you want to find out how things are going and find out of his/her immediate release. What a "joyous day" you scream! "I have a lot of work for you to catch up on," you continue. "Oh, I will not be able to work for you any more", your handy person says. "Why?" you ask bewildered. "I am permanently disabled, not sure I will ever be able to do this kind of work again".

To all of our clients with LRS Realty & Management, please think twice before hiring an unlicensed, not bonded, and not insured handy person, our world is not the same any longer, especially in California. Visit LRS Maintenance.

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Add value: ADU's and definition for single family homes

Thu, 28 Oct 2021 05:13:04 GMT

Prices have skyrocketed

The price of real estate continues to increase, the prices for both single family homes and multifamily have skyrocketed. Rents are at an all time high, as we slowly recover from the Pandemic. Prices for real estate have increased throughout the United States and the world. It is an amazing time to be involved in this business. Since prices are up everywhere, and you're aski ng yourself should I continue to buy? Commercial is rebounding, what about investing in commercial properties? There is a lot of growth in the Sun Belt, how about the Pacific Northwest? Wait a second, you feel a little uncertain, and perhaps these prices won't last and just as important, you need more money to invest than ever before. I have a potential solution...

LRS Realty & Management can help. What if instead of buying another property, you created value in the properties you currently own.

First of all, we can all agree that fixing up a property to achieve the maximum rent will increase your cash flow, attract good qualified residents and in the long run save you lots of money. Have you considered adding an ADU? We are currently leasing and managing several single family homes and apartment buildings that have ADU's. But wait, it's not as simple as just putting up an attached or separate structure. The purpose is to increase the value of the property, not just add an income producing unit. If I add another unit and rent it out, aren't I creating more income and therefore creating value? Not as much as you think.

Single family homes: Adding one or two units will bring in more income, but it will also bring in "rent control". Rent control, with the best of intentions, has not worked for the average investor. Far too many rules and regulations that are constantly changing. Further by adding additional units you are not necessarily creating as much value as you would if you did a remodel and added, say 400 sq ft to your home.

Adding definition: If you're building an ADU alongside a single family home, build it in a way to create definition. Meaning, you need to have enough space to create a positive environment that will give the residents the privacy needed to keep the single family home feel. Space that belongs in the leasehold of the tenants that live there. A backyard, a patio, a place on the property that is there's alone. An area where they can plant flowers, work on their hobbies, such as painting, a place to sit and enjoy the day. The homes with definition and quality will always bring a higher rent creating value.

Why do the "experts" know where and when the best time it is to lease or buy?

Thu, 15 Jul 2021 03:41:13 GMT

Maybe they don't

I have spent the majority of my life in the real estate field. LRS Realty & Management was created in 1988, but spent another 9 years or so working with other property management companies. Being a creature of this business, and interested in all aspects, including predicting future trends, I have read hundreds (probably thousands) of articles and books by writers and experts forecasting the future. Home prices will continue to rise, right? Rents will slow down next year and then increase the year after. Invest in this, "get out of that", and so on.

Ever read the articles by those that were fortunate enough to recommend investing in a particular stock, and this stock went through the "roof", making him the "genius"? Then you watch this "genius" on CNN, Fox, CNBC (no disrespect MSNBC) giving his\her new predictions about this fantastic new investment they feel will create even more wealth than the first recommendation for success. You know the drill.

Each new idea, new concept, new invention, and new trend in the market brings on the "experts". Oh, they make it sound so simple! New ideas that will change the world and make you rich. Yeah, I know it's the "free market" and it has created enormous amounts of wealth in this country and throughout the world. Hundreds of millions of people throughout the world have been lifted out of poverty, many diseases have been cured and therefore making this planet a better place to live. However, what is usually not said, it does not work for everyone, and more importantly "It's a lot of work"!

An idea that is profitable is only part of the equation. It's your grit, your willingness to do what it takes and make sacrifices. It is getting to bed late, waking up early, hiring and training partners\employees, always educating and looking for new ways to improve. Of course, timing and some good ole fashion luck never hurts.

After working 14 straight hours and you finally get a chance to sit and enjoy that nice glass of red wine (ok, it can be white, or a beer...or something stronger), you turn on the television to get caught up on the news for the day, and there is a "talking head" being interviewed. "Now is the best time to buy real estate..." say to yourself "well... maybe."

Technology is Wonderful

Fri, 02 Jul 2021 05:39:38 GMT

It can solve problems and it's great for those small details that often get overlooked during conversations

Technology is wonderful!! In particular emails. It can solve problems and it's great for those small details that often get overlooked during conversations. Speaking through the computer, (emails), a manager can add content to his or her delight. Points can be made and backup provided. Following conversations that need to be memorialized in writing, nothing is a better format than an email. Remember typewriters with white out? How about electric typewriters, word processors, etc? For many of us who find ourselves so very busy but for the convenience and the simplicity of an email, well our business would not be the same.

However, to be honest, emails are cumbersome, take a long time to write, and most important for our busy world, what takes hours to explain through emails can take 5 or 10 minutes by picking up the phone and talking. Yes, simple to the point verbal conversation is fast and effective. The warmth of a friendly voice on the other end. The ability to solve issues and misunderstandings in "real time". There are times when I see emails, sometimes dozens of them, on one subject, taking everyone's valuable time when a phone call is the best course of action.

Some emails are darn right "mean" or seem to be. Perhaps it was hastily written, a misspelled word, or an inappropriate punctuation that conveys a meaning you did not intend. None the less the message was sent and you are not properly heard. In the good "ole days" did you ever write a letter (to those of Generation Z a letter is an ancient way of communicating, ask your parents) and after writing this truly meaningful letter, you just tore it up? Of course you did, but once an email is sent there is no going back.

The key to any good relationship, be it in business or personnel, is to have good communication, being able to explain yourself to the other person or persons. One word can change the entire meaning. Once the email has been sent, your point has been made. LRS believes that you should pick up the phone as often as possible and when you accidentally say the wrong word it can be immediately corrected. Human connectivity, a personal relationship, is something that has no equal. Call them up!

Our fundamental principle of success

Sun, 06 Jun 2021 22:19:48 GMT

We are perfectly positioned to help guide our owners\clients into the best market for their needs

LRS Realty & Management was founded in 1988. At that time we specialized in the leasing, management and sales of single family homes and apartment complexes. Starting out in the Los Angeles market, LRS soon developed portfolio's in San Diego, Orange County, San Bernardino and Riverside counties, as well as Ventura and Kern counties.

Our footprint is spread through most of Southern California with 5 offices with renting and sales listings, and other income producing streams. Several of our clients own properties in different areas of Southern California , and we are able to service their needs in each local market. We are perfectly positioned to help guide our owners\clients into the best market for their needs.

Our fundamental principle of success is based on local knowledge of the "real market" through our "bottom up marketing" with the "team approach" to all that we do. What is the "team approach"? We work together, sharing our abilities, teaching one another, making each individual stronger, with the willingness to step up to help for the success of our team. Success is not always about closing deals, but gaining knowledge and working with our clients so they are comfortable and feel secure that paramount to the relationship is the trust we create.

Most agents and property managers determine the value of residential property, both multifamily and single family, from going online, comparing like for like properties in comparative locations. LRS does this as well. The difference is we determine values based on a much wider basis. Further, we comprehensively cover the "micro market", street by street, property by property, making our determinations and value from the bottom up. Each property is unique, each property can achieve higher rent or a higher sales price, by distinguishing certain qualities from nearby other homes and apartment buildings. A few points to note:

1. An open floor plan creates value over the properties adjacent without that type of plan.

2. Certain high end light fixtures create value

3. Walking distance to parks, restaurants, etc can play an important part

4. Certain smells can create value

5. Configurations can increase your rent or sales price

6. Views can have an affect on value

Rents in multi-family units can be affected by decorations, or lack thereof, location of the apt or condo in the building, and the "property across the street", can increase or decrease your rents.

The reality of the "real market" can be determined only by visiting the properties, and knowing your competition. The bottom up style of marketing is boots on the ground looking for those small competitive advantages allowing us to increase your rents, along with your sales price. The knowledge and information found in the "real market", cannot be found in a computer, or marketing on social media or television. It is out there in the world, and you need to look for it.

Is It Time To Level-Up Your Condo in San Diego?

Sun, 06 Jun 2021 17:59:45 GMT

If you could sell your condo and buy a single family home at an equivalent value, would you?

As you know, the Real Estate Market is HOT! Properties are selling at record levels and quickly. I am sure the thought has crossed your mind about selling your property. But then the question becomes what should I do with that gain? Well i f you own a condominium you are renting out with LRS, I want you to consider “leveling-up�� your condo. If you could sell your condo and buy a single family home at an equivalent value, would you?

It all depends on your goals for your property. This idea came up with a client recently and the numbers I will share with you below are their numbers for their condo.

Before I continue, please allow me to introduce myself. My name is Russell Kochis , I am the Director of Operations for LRS i n San Diego. I manage single family homes, condos and multi-family properties. I have bought, sold and managed hundreds of homes in my 23 year career and I really enjoy helping my clients determine their best course of action.

Recently I met with a couple who have a condo they bought i n 2013. They have a good equity position and make a decent profit each month. The place rents very quickly but they were searching for some direction on what to do with the condo when the tenant leaves in a few weeks. They know the market is hot but they were seeking some direction. They asked my advice on what I thought they should do with the property. And I knew immediately what I would do if it were me, I would buy a single family home on a 1031 exchange.

The value-ceiling for the condo is lower than the value-ceiling for the single family home. The value-ceiling is the maximum value that the property could eventually be worth. A single family home has far greater potential to become worth $1M than a condo does. Unless your condo has a premiere address by the beach, the likelihood of a condo becoming worth $1M in the next 10 years is very low. A single family home on the other hand could increase much quicker if the

right variables come together.

See if this sounds similar to your situation. A 2 or 3 bedroom condo, with 2 baths between 1100 - 1600 sqft renting for $2400/mo. There is a low mortgage balance of about $260,000 that has a monthly payment just above $1000. The HOA is $450/mo. You are cash flowing around $1000. The property is worth about $630,000 on the market today.

There is the opportunity to buy a 4 bed/ 3 bath property in another part of town, with very high rental demand, for just over $600,000 that rents for about $3300 with an HOA of $150/mo. If you rolled your $260,000 loan balance into that home, your cash flow is going to be greater and the potential for a larger gain in appreciation will be substantial.

Assuming a smooth transaction, would you take that deal? Does it match your goals for your property?

In my opinion, if you plan on renting out your property for the foreseeable future and you want the highest possible value-ceiling available, then a single family home of this size has much more potential to be worth $1M than a 2 bed/2 bath 1200 square foot condo does.

It also lowers your risk from the market-rent perspective. Let’s say rental demand went down, you could still lease it out for $2400 a month and make as much money as you were with the condo. The demand for single family home rentals is always greater than for condos. Yes, there is the potential for greater expenses in maintenance and repairs. But i f you minimize the risk at the purchase by closely analyzing the big-ticket items like the roof, the HVAC, windows, plumbing etc., you should be in good shape.

When you lay out the numbers side by side, it is clear to me that leveling up your condo to a single family home makes great sense. If you would like to know where we can do this in your market, give your manager a call.

It's not just maintenance, it's money well spent.

Tue, 20 Apr 2021 06:46:18 GMT

Mr. and Mrs Landlord, can we talk?

LRS Realty & Management, Inc has been in the property management business for close to 33 years. Changes to the industry have come at us at speeds never before realized. Laws at the State, Federal and local levels are changing rapidly. The Pandemic did not create this situation, it has however, accelerated some issues. California residents are struggling to pay their bills including the rent. AB (assembly bills) for this, and another AB for that. Attorney's disagree on how to interpret these changes from "Sacramento."

As owners of properties, it can feel as though you don't have decision making powers over the investments you have worked for all of your life. There seems to be no end in sight. May I make a suggestion? Keep your properties fixed and in good repair. Regardless of the circumstances, you do have control of your properties. Do not decrease services, continue to create a quality product, "Make readies" should reflect the current market. This enables you to lease to the best possible new resident.

Current tenants maintenance requests should be handled in a proactive manner regardless of the rent they pay. Exterior properties need to be cleaned frequently, perhaps more so now than ever before. Stairs, parking lots, laundry rooms, common areas cleaned, gardeners need to do their job, you might consider adding an extra day per month or trim the trees, etc. There are many reasons for doing this, but let's explore a couple of these.

Evictions\legal matters:

We all know there will come a day when, despite our best efforts, certain residents will turn into evictions. Further we are all aware of the "habitability defense" (often used as an excuse). Remove the excuse in no uncertain terms. Be able to show through pictures, invoices, etc that during this uncertain time, you the landlord, continued to give good service and in fact in some cases increased monies spent to make sure your residents felt cared about. This will not only help with eviction proceedings, but can make it much more difficult if someone "takes you on" from a legal perspective.

Great residents:

In decades of managing properties, we have found that the ability to present to a potential resident an exceptional product, goes a long way to attracting the best. Increasing your services, sharpe make readies, friendly service (that's our dept.), will create a climate now and into the future of tenancy that pays the rent, sometimes a high rent, and become more long term. Homes\apartments are rented faster for higher rent prices. Increases are easier when it is appropriate. Word of caution, at the core of rent increases is high value and more income. However, the question will always be, when should the rent go up and when is it better not to...

Conclusion:

Take a positive approach to your investment, realize that most of the time that the extra money spent is in yours and the residents best interest.

Full Service �ǿ��(�й�)�ٷ��վ Management

Thu, 04 Mar 2021 01:49:36 GMT

Buy it right, manage it right, sell it right.

What is Full Service Management? There are many aspects to managing an asset. LRS Realty & Management has been Managing Real Estate investments since 1988. Full Service has different meanings to each of us. At LRS we go by a simple phrase, “buy it right, manage right and sell it right.�� LRS works with you in the process of purchasing the property, managing the property and helps you sell the property . Our Clients can move to another town or city, to another state or even another country, and we handle the whole process.

Purchasing the property:

LRS will help you identify a property, inspect the asset, and help you with your due diligence. We can help you determine if this property is not only a good investment, but is it the right kind of property for your portfolio. We can help you determine current and future values and expenses needed to create value. We will work tirelessly to determine the rental values, and what improvements are needed to create additional income. We will get you bids from reliable professional long term vendors to help you achieve your goals. LRS will help you determine the current value through inspections, knowledge of both the sales and leasing markets.

Management:

LRS will collect all rents, lease all properties, pay all bills, inspect the exterior of the property, do thorough interior inspections each year, take pictures at inspections, provide repair suggestions and bids. You will receive a monthly operating statement, a dedicated and licensed �ǿ��(�й�)�ٷ��վ Supervisor, Portfolio Manager, and a maintenance contact person. The LRS property management team meets each week to discuss all issues, from leasing to maintenance, and potential problems.

LRS ownership “chairs�� these meetings with personnel involvement in most issues. We work daily keeping up with the latest Covid related obligations of ownership as well as the residents that live at the properties. You can rest easy knowing that our 24 hour emergency service is second to none. Since 1988 LRS has been creating value in any market. Rents will vary, especially in trying times. Our marketing team, with our attention to detail and with over 40

years experience, will help guide you through these “special times.�� The creativity and knowledge of what we call the “real market,�� will establish more money in your account, and the equity that is needed to sell the property.

Selling the asset:

LRS will help you to determine the value of the property through inspections, comps, and experience. We often hear, “What do I need to do to get the highest possible return on my home, apartment building, commercial property?�� We will work with your team to achieve this. Our property managers will do the inspections, establish value, and place your real estate investment in the best possible situation to reach your goals. LRS can represent you in the transaction or work with your agent in any capacity you feel will help achieve the maximum outcome.

Final point:

As with most economic ventures in life timing is everything, and the decades of experience has taught us to constantly move forward, but only if the time is right.

San Diego Single Family Home Market

Fri, 29 Jan 2021 05:29:36 GMT

A 1031 Exchange on a Condo for a House in Temecula

LRS has been managing and selling single family homes, condo's, and townhomes in San Diego since 2005. We have been leasing, managing and selling single family homes since 1988 in 7 counties in Southern California. Through good times, bad times and yes, even strange times. We have never seen a single family home market as strong and unique as the San Diego area. Nothing stays on the market for any length of time.

Prices have skyrocketed and we browse the MLS, we see home after home in the pending column. Prices are soaring, and some San Diego residents are being priced out of the market. Even the mountain community of Julian, east of San Diego, where a couple of years ago homes sold at a “snail pace�� is booming. Investors who love the San Diego life style and economic climate are asking where do we buy?

Russell Kochis, the Director of �ǿ��(�й�)�ٷ��վ Management for LRS Realty & Management , Inc has some thoughts on this subject.

When I think of the areas around San Diego to purchase a single family home to live in or as an investment property I think you can find the best values in Temecula, in southern Riverside County. I will share a story with you. One of my clients did a 1031 exchange on a condo. Joy, had a condo that she lived in then rented for years. The property was cash flow positive approximately $400 per month but she had a $500/month HOA payment. When her tenant had given notice last February 2020, she asked me if I could find her a single family home in San Diego like San Marcos without an HOA payment that she could 1031 exchange. We determined her sale price of her condo would be about $430k.

There were some smaller homes in Vista that were within her range, but they were older and would need a lot of work to make the situation work. Joy didn't want anything to do with a fixer upper project. I told her she should look in Temecula. We learned the different zip codes of Temecula and the areas that were getting the highest rents. We ended up selling her condo and getting an 1835 sqft single family home 3 bed/ 2.5 built in 2001 with a $105/month HOA. It rents for $2400/mo. The amount of interest for that rental was in my top 2 for demand of all the rentals I did in 2020. Mind you, this happened in July 2020 during the pandemic and still demand was through the roof.

I had more applications than I knew what to do with.

The other lesson we learned is a low-cost HOA is preferable to no HOA. Without an HOA you can end up with homes painted pink and purple as your neighbors or the dreaded car-on-blocks in the front yard next door.

All in all, Temecula has newer single family homes in southern California within driving distance to San Diego , Orange County and Riverside . We all know single family homes appreciate the most. If you can get a newer home with low maintenance, a low HOA payment, incredible rental demand, positive cashflow, and excellent appreciation, what more can you ask for?

If you are looking in the San Diego market for a single family or multi-family home to buy or lease give Russell a call at 619 867 1713 .

Quality in �ǿ��(�й�)�ٷ��վ Management

Sun, 20 Dec 2020 21:23:34 GMT

Increasing Values

In the decades of doing business, LRS has been on the forefront of increasing rents and creating value . Each and every property, from multi family, single family, commercial, retail, our ability to achieve the highest possible rent is part of our very essence. Our weekly marketing meetings, knowledge of the “real market�� and our emphasis on value with the dedication to achieving our goals is a constant within our system. At the core of our management style is our vision of creating a great place for the resident to live in and or a business atmosphere from which to prosper. The market will respond to the property and the manager\leasing agent of that particular asset. LRS Realty & Management has created a culture from within our organization of higher rents, great tenants, and the concept of “Quality.��

What is quality? The definition of quality is the "standard of something as measured against other things of a similar kind the degree of excellence of something. An improvement in product quality". It is a "distinctive attribute or characteristic by someone or something.�� There is always a demand for quality and Quality will never go out of style. We all have properties we prefer, and that is called “taste.�� We will have discussions comparing ranch homes, bungalows, mansions and McMansions, tiny homes, and so on. Several types of commercial properties: multi-family, retail, industrial, and office. Although each of us has a preference we can usually distinguish those properties that exhibit quality.

In the real estate world, Quality can be the condition of the property either for sale or rent, it's the professionalism of those that do the job, it's the finished product, or the residents that are placed into the property, agents doing the leasing or sales, the marketing, the pictures, the thoughtfulness and time devoted to each task. It's showing up early to the appointment, it's answering the late night call, it's about doing the little extra for your client. Further, it's about being honest, admitting your mistakes and just as important, working to rectify the issues created. Ultimately, it is performing at a “higher" level than your competitors having that “special product�� to market.

LRS Realty & Management, Inc. has been in this business since 1988. Our dedication and loyalty, both to our clients and to the residents and business owners must continue to meet the “highest�� standards. As we venture forward, LRS must service the public and our clients with utmost dedication and professionalism striving to always do our best, achieving the higher rents and helping to create that special product, a real estate investment that both our clients and the public can say, “that’s quality."

A Path Forward

Fri, 27 Nov 2020 01:35:04 GMT

What is in the best interest of the property is in the best interest of the owner and the resident

We have just gone through a wild national election, both sides can claim some victories. What if there were no winners or losers? What if we had the election and the results were not clear? Being a property manager and always being in the middle maintaining a relationship with our clients ( owners of properties ) and with the residents who live at these properties becomes a challenge. Each side has a legitimate point of view. LRS's job is to listen to both sides and determine what is in the best interest of all.

Part of our management style at LRS Realty & Management, Inc is to put together a business plan for management where all sides are treated fairly. The resident that lives in a particular single family house or apartment deserves a safe place to live, maintenance work done in a timely manner, deserves respect with good communication and during this time in our country the understanding that our world is somewhat "upside down" and should receive from us the patience and compassion necessary for all to feel comfortable in their home.

Ownership, must believe that we are going "all out" to make sure the asset is protected, well maintained, money not only used properly, but used in a way to increase value, renting to residents with good credit and to properly vet each new tenant in a professional way following all fair housing laws. We must frequent each property on a monthly basis or as needed, our soft ware must be "state of the art" which helps us with the collection of rents, answering emergency requests in a timely manner and working with and educating ourselves with all the pandemic regulations, that are in a constant state of flux.

We have a long standing saying at LRS Realty & Management "what is in the best interest of the property is in the best interest of the owner and the resident". We are all on the same team working to create a "home" for the tenant and a successful investment for the client. Each follow up email, each phone call, each interaction, to both ownership and the residents ,that live in the homes we manage, while carefully conveying our concern and with a "time sensitive" approach. Such as the Democrats and Republicans, we must figure out a "path going forward", a path that understands both sides to come up with that middle ground, where everyone agrees and feels the decisions being made are fair with all who are involved.

The House Rafting Game

Sun, 06 Sep 2020 18:14:59 GMT

How a game became preparation for shelter in place

When our daughter was very young, my wife and I would lay in bed with her and play the rafting game...What is the rafting game you ask? We would pretend that all three of us were "stuck" out in the middle of the ocean, living there for the rest of our lives. All food and necessary items were delivered by some boat, we lacked nothing, and we even had a generator for electricity. There we would stay for the rest of our lives. As time went by, we started rafting and changing the rules. We started "bedroom rafting," meaning we could live in the bedroom, and never leave. We had a TV, computers, we could order books, food, etc...we had it all. Soon we started "house rafting," just us three, we could go anywhere in the house or the backyard, but we could not leave. As with bed and bedroom rafting we got everything delivered. Not sure why we could not leave, but we couldn't, sound familiar?

Back in March when it became apparent we were going to be working a lot from home, no dining in restaurants, no going to the movies, no parties, or family get-togethers, I decided to change how I was living and adjust accordingly. I set up my schedule, waking up early for those morning walks, watering the plants, pulling weeds, having my breakfast and being at my desk by 7am or earlier.

After a few months went by, and it occurred to us, we were not having to " shelter in place .” We were "rafting." All those times, we played the game, where pizza, water, books, movies, and so much more were sent to us; even the gardener showed up (ok, remember this was just a game), and the pool service too. I got on the phone and talked with our daughter and told her we were not going to "shelter in place," and she was quiet, “well?" still quiet. "Do you know why?�� I asked excitedly, "not really" she replied, because I said “we are rafting. Remember all those times? Well, we are now prepared and it's kinda cool", I continued. She started laughing. As we talked and recalled many of those little "rafting" rules we had, we realized that for our family it was much easier for all of us to cope. In a sense we were conditioned and the rules of the game became our pattern of life.

In our rafting imagination we did not have to work, at least we never had to think about money, or the ramifications of not having enough, or any at all. There were no bills to pay, no office to work from, no disease, no pain. During this Pandemic, I fully realize just how lucky we are, in a world that seems so "upside down" , I so appreciate those on the "front lines" of the virus, risking their health and lives for us. I am further grateful to work with so many dedicated professionals at LRS . We live in a time of uncertainty, and each of us needs to step up and do what we can.

Those days of rafting with the family were fun and games, but in reality it was an escape. In our game we had no responsibilities, did not have to make character decisions defining who we are, but we had fun and togetherness and for those moments we are forever grateful.

Properties in Los Angeles, Orange, San Bernardino, Riverside, Ventura, San Diego, and Kern counties

Tue, 25 Aug 2020 04:04:47 GMT

Each county is special; demographically, culturally, religiously, politically, all combining to create that local opportunity for just about anyone.

The State of California is very complex and all the areas do business differently. The diversity of our state creates opportunities in the real estate field that no other state can match. LRS Realty & Management's footprint covers an approximate 1\3 of California. LRS manages properties in seven different counties. We have properties in Los Angeles, Orange, San Bernardino, Riverside, Ventura, San Diego, and Kern counties. Each county is special; demographically, culturally, religiously, politically, all combining to create that local opportunity for just about anyone.

Kern County:

There is definitely a different landscape here compared to other counties. Although the unemployment rate is currently 16.5%, rent collections have remained the same within our portfolio. Rents are increasing and properties are rented within a couple of weeks. Mojave (30 minutes away from Tehachapi) attracts large aerospace businesses including Mojave Spaceport , Masten Space Systems, Virgin Galactic , The Spaceship Company, Stratolaunch Systems, Firestar Technologies, and others. This is creating the need for additional homes for both rent and sale. Bakersfield, which is the largest real estate market in Kern County, is growing and one the best places for investors to purchase properties.

Orange County:

As with Kern County, Orange County LRS collections have remained high, leasing robust, and rental rates are overall stable. Orange County has more diverse technology than many US States. "When compared to several states Orange County was the second most diverse with 15 out of 19 tech industries having higher employment concentration when compared to 200 metro areas in 2018".This has created a highly skilled labor pool, bringing extremely qualified renters and buyers into the county. With beautiful beach communities, such as Huntington, Newport and the City of Irvine, making the top "best of" listed cities in the country, Orange County has a lot to offer.

San Diego County:

I have read that San Diego has the "best climate in the world". The 50 miles of sun soaked coastline, lakes, hiking trails, emphasis on conservation, outdoor activities, spectacular downtown, and so much more. As with Kern and Orange County, San Diego rental rates are holding their own and sales activity has become relatively stable. Forbes called San Diego the "most inventive City in the world". San Diego is home to the " number 3 ranked public university UCSD in the US and 17th in the world". It is also ranked No. 1 for the lowest average commute times among peer cities. A great destination for international trade, manufacturing, military and tourism. From the beaches, to the mountain communities, properties with acreage, and a beautiful downtown city life, the diversity of San Diego is something to behold.

Riverside & San Bernardino County:

The Inland Empire's annual growth "stood at 2%, outstripping growth in the US (1.4%), California (1.8%), Los Angeles metro area (1.3%), Orange County (1.2%) and matching San Diego (2%)". The size of this area along with its proximity to Los Angeles, (with lots of underdeveloped areas) with cheaper housing costs, has many LA residents choosing to commute to and from work. As more people work from home, this trend should continue. The Inland Empire has many outdoor sports, from snowboarding to four wheeling. It has the beauty and grandeur of Lake Arrowhead and Big Bear and the desert tranquility of Joshua Tree National Park. As with the other counties the unemployment rate is around 15%, but the rentals rates seem to be holding up. Properties are renting out relatively fast, with many potential residents applying each day.

Los Angeles County:

One of the best things about living in Los Angeles are the "escape valves", within a short period of time you can be at the beach, the desert, or the mountains. There are many cultures, languages, and of course cuisines. If you want it, Los Angeles has it! "Seventy seven percent of all site investments today are based on location quality, not cost. And the #1 factor is availability of talent". Los Angeles County has that talent making it a very creative and diverse city. The unemployment rate is at 16.3%., higher than the other counties in the state of California. LRS has been reaching out to those affected by Covid 19, setting up payment plans that make sense to their situations. Properties are taking a little longer to rent out, being "price sensitive" but every property gets rented in a very timely manner. The key for LRS is to price it right, and to always be available to answer the inquiries.

Going Forward:

LRS Realty & Management has been in business since 1988. Through the good and bad, the ups and downs, we continue to push forward. We continue to service our clients while never stopping because things have changed and we tap into the diversity of this state. We create new methods working with all our partners in all the counties, meeting our obligations with the knowledge and experience needed to service our communities.

Success in Hiring

Wed, 01 Jul 2020 04:31:56 GMT

Finding the Right Fit

Any good size company is always looking for talent. LRS Realty & Management is regularly looking for new hires. We spend a significant amount of time looking for the right fit. LRS will interview most potential employees several times and they are questioned by different staff members, who will then compare notes, asking and discussing each potential employee's ability to do the job. The first question to be answered, does the hiring of this person make good sense, not just for LRS, but is this applicant we are considering making the right move for themselves? Is this a logical step forward in their career or is it just a job? Based on the interviewee's experience and abilities, will they fit into this position, in the short term with upward mobility for the future? Making the right hire will benefit both parties.

Many years ago I worked with a property management company that wanted me to find the best possible talent to place in multifamily units as a resident manager. My job was to find talent and convince them that this was the best place for them. I was selling the job and not finding the best fit. There was no consideration or thought about what the potential employee wanted. Needless to say, there was high turnover.

In the "new environment" we are currently living in, LRS is putting together a new format for hiring. A platform for the future. Our hiring process will be part of our every day agenda, and continue throughout the year. We will reach out to our existing employee base for referrals, we will promote from within, we will cultivate a culture that breeds success for both employer and employee. In the final analysis, success of both employer and employee will be the mutual respect of each other's goals.

Being Right is Never a Substitute for Being Successful

Wed, 01 Jul 2020 04:08:04 GMT

We're listening...

Being in business for a while, you learn by doing. It's not in books, or lectures, or seminars, it's in experience. Experience by doing. From the start you realize you are going to be working with people who you affectionately call your clients. In the property management business clients come in all sorts of forms. They are your residents, sometimes friends of your residents, owners of properties, advisers and attorney's for owners, assistants for owners, wife's/husbands, ex wife's\husbands, girlfriends, boyfriends, ex girl and boy friends, vendors, employees for the vendors...I could go on. �ǿ��(�й�)�ٷ��վ managers often deal with life and death, family feuds, relationship issues, emergencies, criminal behavior, fire, floods, earthquakes, and now the pandemic. For good measure lets throw in the protests, along with looting, etc. Police stations were shutting down with "all hands on deck." While our world seemed like it was falling apart, many of our neighbors brought "food and hugs" to our police officers. In the middle of all of this, LRS Realty & Management was answering the calls, getting maintenance issues handled, renting the properties, collecting the rents and talking to our clients letting them know that we are here for them.

At LRS Realty & Management each one of us comes to the recognition that "being right, is never a substitute for being successful". Each individual we deal with must be treated with the respect they deserve, the courtesy they are entitled to, and the understanding that the uniqueness and the variations we come into contact with, is what makes us human. Today's modern property manager must connect with each individual they come in contact with. Our enhanced knowledge and sensitivities are far too great to justify anything else.

Today's business climate calls for individuals whose main task isn't necessarily to perform, but to service. LRS maintains that any bad review, any customer service complaint, has at its core, a communication issue. We must accept the responsibility. At the core of these issues is a word said or not said or a call not returned or not returned timely. An apology which needs to be said, or just the willingness to take the time to listen. Finally, the few minutes it takes to check back with the client, to see how everything is going.

We are not a finished product. We must continue to improve, and look for new and creative ways to do it. LRS is here working and moving forward with eyes wide open along with our hearts.

California Properties and the Pandemic

Sat, 30 May 2020 21:29:26 GMT

By Alec Bernstein

LRS Realty & Management started in 1988. We have seen many changes in the past 32 years due to earthquakes, fires, floods, 9-11, 2008 recession, and now the pandemic. Managing through these different cycles and life changing events has not only made us stronger, but we have come to the realization that no matter what the circumstances we must continue to move forward, perhaps differently, none the less forward.

Once LRS Realty & Management managed most properties in the same way. The philosophy was essentially the same, depending on the location, age, type of property, and the goals of each owner. We called most of the "shots". After the recession of 2008, many ownerships got involved with most aspects of the business. They asked more questions, wanted more control and made more decisions with us.

The recent Pandemic has created more confusion than anything else. The rulings from the City, the State and the courts keep changing and sometimes contradict one another. The change is fast and non stop. Late last year a new statewide law was enacted AB 1482. This put m ost of the properties in the state of California under rent control effective the first of January, and along with local jurisdictions which also had their own ordinances in place creating another level of bureaucracy. The City of Los Angeles , the state and the courts, with the best of intentions, has stepped into this crisis to ease the pain of the residents who have, through no fault of their own, lost their jobs, and cannot afford to pay rent. Los Angeles has some of the highest rents in the nation and a serious homeless problem exacerbating the situation. When does the emergency order lift in the city of Los Angeles? As of now I believe it's June, but the real truth is I have no idea and neither does anyone.

Finally, LRS stands for the Landlords Rental Service. We started in this business to service and work for Landlords. The recent laws, orders, ordinances created to help the residents during this tragic time helping to protect the residents from losing their homes, (and understandably so) come at the expense of those who pay the mortgages, the the utilities, earthquake retrofit, large and small maintenance project s .

The question remains who and how can we also help the Landlords?