THEHBBGROUP
LANDLORD GUIDE
Creating remarkable real estate experiences, supporting remarkable people, and achieving remarkable results
YOUR WAY HOME Welcome to The HBB Group
MISSION STATEMENT
The HBB Group, Realtors
The HBB Group strives to deliver best in class and exemplary service to our clients when it comes to all things real estate. We feel that expecting anything else from your real estate professional is unacceptable.
Our team works constantly to improve our process using world-class technology, strategies, and services to deliver the results our clients expect and deserve.
Our highest ambition is to provide the best service in the industry. Service to add value and exceed the client’s expectations. Service worth telling others about!
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MEET YOUR TEAM
TEAM LEADS
AGENTS
OPERATIONS
Jeff Bonk Realtor/Owner @jeff bonk Danielle "Red" Bonk Realtor/Owner @redbonk Emma Chelstowski Director of Operations @therealtoremma Alex Staunton Realtor @stauntona Connie Bihuniak Realtor @conns5 Carmela Meschino Realtor @meschinocarmela Meghan Perih Realtor Luxe Rental Specialist @meghan perih Justin Braverman Realtor @justin braverman Kelly Naughton Realtor Florida Specialist @namaste agent Michael Ash Realtor @mikeashrealestate Medily Nadonza Listing Coordinator Charisma Hermosa Transaction Coordinator Lori Kadezabek Marketing Director Michael Bartol Realtor Listing Specialist @nohurealtor Ayra Martin Director of Transaction Management Brian "Roley" Riolo Realtor @brianriolorealtor Betsy Kuhnau Realtor @thebetsyrealtor Whitney Thomas Realtor @whittthomas Sarah Hoffman Realtor @sarahhoffman realtor Todd Filipps Realtor @toddfilipps realtor- 3 -
Serhat "Seth" Okdemir Realtor @sethokdemir
Connect with a Realtor Accept Applications Set Up Methods of Payment Advertise & List your Property Accept & Sign Rental Agreement Determine Rental Criteria Run a Credit Check & Verify Income Conduct a Move-In Inspection Insure Property with Landlord Insurance Call Landlord References Introduce Yourself to Your New Tenant 1. 5. 9. 4. 8. 2. 6. 10. 3. 7. 11. FROM LISTED TO RENTED - 4 -
HOW WE GET YOU THERE
LANGUAGE TO NOTE KEY
TERMS
Abandon / Abandonment:
Tenant vacating premises before a lease expires without consent of the landlord.
Application:
A document a potential tenant fills out so a landlord can decide if they're qualified to rent the apartment
As-Is Condition:
The tenant agrees to rent the apartment in exactly the condition that it's currently in
Broker:
A broker is a professional agent who works on commission and helps negotiate lease agreements between the landlord and the renter.
Certificate of Occupancy:
A certificate that verifies the spaces available for rent have been inspected, approved for occupancy and deemed as a quality place to live
Co-Signer:
A secondary signer of your lease who won't be residing in the apartment, a co-signer is usually needed when the tenant has a short or poor rental or credit history and requires someone (usually a parent or employer) to vouch for them.
Co-Tenant:
Co-tenants are two (or more) people who sign the lease with the intent that both or all will occupy the apartment and be equally responsible for rent and other lease provisions. Co-tenants have equal and shared accountability and legal rights under the agreement.
Eviction:
The formal process where your landlord terminates your lease and asks you to vacate your apartment in a period of time decided by local laws and statutes You can be removed from your apartment for failure to pay rent or breaking the other terms of your lease
Lease:
A residential tenancy agreement, a contract between you (and your co-tenants) and the landlord or owner.
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LANGUAGE TO NOTE
KEY TERMS
Lien:
The right of a landlord to keep possession of a renters property until a debt has been paid.
Month-to-Month:
A rental agreement that's automatically renewed at the end of each month, until ended by either party under the terms of the lease within a certain window of time
Prorated:
The amount of rent charged to a tenant when the first or last month of a lease is less than a full month.
Rent:
An amount of money you and your landlord have agreed on in your lease for you to pay on a regular and constant recurring basis
Rent Control Ordinances:
Laws in some communities that limit or prohibit rent increases, or that limit the circumstances in which a tenant can be evicted.
Renewal:
The option the tenant has to continue living in the apartment after the initial term of the lease is over
Security Deposit:
A security deposit is the extra sum of money you provide to your landlord upon signing the lease or moving in that proactively covers any damage you might do to your apartment or rent you don't pay during the term of your lease.
Tenant:
A person who enters into a lease and pays rent to occupy a space in an apartment or rental unit owned by another entity or person
Utilities:
Utilities can include cable, heat, water, electricity, internet, garbage removal, storage, parking, natural gas, rental insurance, grill propane and sewer.
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TYPES OF RENTAL PROPERTIES
HOUSE APARTMENT MOBILE HOME BASEMENT SUITE CONDO TOWNHOUSE DUPLEX ROOM
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5 WAYS REALTORS DETERMINE RENTAL PRICING
SALES COMPARISON APPROACH (SCA)
This approach is simply a comparison of similar homes that have sold or rented locally over a given time period.
CAPITAL ASSET PRICING MODEL (CAPM)
This model looks at the potential return on investment (ROI) derived from rental income and compares it to other investments that have no risk.
INCOME APPROACH
The income approach focuses on what the potential income for rental property yields relative to the initial investment. The income approach is used frequently for commercial real estate investing.
GROSS RENT MULTIPLIER APPROACH
The gross rent multiplier (GRM) approach values a rental property based on the amount of rent an investor can collect each year.
COST APPROACH
The cost approach to valuing real estate states that property is only worth what it can reasonably be used for. It is estimated by combining the land value and the depreciated value of any improvements.
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TEN TERMS TO INCLUDE IN
RENTAL AGREEMENT
1. Names of All Tenants and Occupants 2. Description of Rental Property 3. Term of the Tenancy 4. Rental Price 5. Security Deposits and Fees 6. Repair and Maintenance Policies 7. Landlord's Right to Enter Rental Property 8. Rules and Important Policies 9. Contact Information 10. Required Landlord Disclosures
LEASE OR
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YOUR
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HOW TO CHOOSE THE BEST TENANT FOR YOUR RENTAL
Friendly and interested in your unit
Agrees to your tenant screening process
Arrives to your showing on time
Fills out all parts of your rental application
Has sufficient income
Responsible and stable employee
Has a history of paying rent on time
Sufficient credit score and solid financial history
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HOW TO MAXIMIZE RENT REVENUE
Keep the Property in Good Condition
Preventative maintenance is essential to keep your property in good condition
Top Three Tips:
+ Change air filters frequently to extend the life of HVAC, lower energy bills & have fewer repairs
+ Replace old flooring and appliances to make property more valuable & increase rent price
+ Fix repairs immediately (especially leaks) so problem doesn't spread & increase cost of repair
Research Rent Price and Update as Needed
Updating your rent price is your opportunity to make the most of your rental income. Your price should make sense in your rental market. When you increase the value of your property, you should also update your rent price.
Use a Written Rental Agreement
A written rental agreement is the best way to legally establish each party's rights and obligations This will help you avoid expensive legal battles by having it in writing
Enforce Rules
Late fees motivate tenants to pay rent on time! You need your tenants to pay in a timely manner since you are most likely using those payments to cover your mortgage.
Screen Your Tenants
Make sure you're requiring a proper rental application and credit reports with background checks. Verify income with employer and contact prior landlords for reference.
Make Rent Payments Easy for Your Tenants
Allow online payments to maximize ease for both your tenant, and yourself!
Have Landlord Insurance
You will need landlord insurance to protect your property. Homeowner's insurance is not sufficient if you are consistently renting out your property. You are a landlord and need proper coverage.
Keep Your Good Tenants
It's smart business to hold onto good tenants that care about your property and pay on time It could be costly to risk bad tenants: legal trouble, eviction, damage to your property and late or no payments Find a good tenant and renew your lease
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NEW TENANT CHECKLIST FOR
LANDLORDS
Advertise your rental property
Set move-out schedule for current tenant
Schedule vendors for repairs/maintenance
Begin showing rental
Sign lease with new tenants and collect first month rent
Set move-in day schedule
Fix broken / damaged items from previous tenant
Return security deposit to previous tenant
Inspect and repair property maintenance items (see detailed checklist on next page)
Paint and professionally clean unit thoroughly
Change locks / make new keys
Send welcome letter to new tenant including:
How to set up utilities
A reminder that renters insurance is required
Move-in day checklist
How to pay rent
How to report maintenance issues
Where to throw away trash and what day trash is collected
Laundry room and storage collection information
Neighborhood guidance
Contact info
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RENTAL PROPERTY REPAIR & MAINTENCE
DETAILED CHECKLIST
Check all appliances to make sure they work, including the oven, dishwasher, and washer or dryer
Test smoke detectors and CO2 detectors
Repair any problems, such as holes, water leaks, pests, etc
Give the walls a facelift with a fresh coat of paint
Replace or clean flooring
Upgrade fixtures and/or window treatments
Clean each room thoroughly, including hard-to-reach spaces, such as cabinets and other storage areas
If you have steps or stairs in the unit, ensure they are strong and safe to use
Hire a professional to check that all electricity, heating, and plumbing are working properly
Ensure that doors, gates, and windows have working locks
Eliminate any bad odors
Pest control
Landscape front and back yards, gardens, etc.
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LANDLORD TIPS
Treat your rental property like a business
Consider hiring a property manager
Research your market and set the right rent price
Be strict with your tenant screening process
Rental application is a non-negotiable
Require tenants to get renters insurance
Written rental agreement is a must
Allow online payments for ease
Be sure to keep records of EVERYTHING
When you find good tenants, keep them!
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RENTAL INCOME & EXPENSE TEMPLATE
BENEFITS
OF A RENTAL PROPERTY AS AN INVESTMENT
Stable, Long-Term Income
Tax Perks
Property Appreciation
Cash Flow
ESSENTIAL QUESTIONS
TO ASK YOURSELF
Do I have the time to commit to managing a rental property?
Am I comfortable dealing with potentially difficult tenants?
Am I organized?
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ACHIEVEMENTS
THE HBB GROUP, ESTABLISHED IN 2011
Over 1500 Families Proudly Served
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Danielle “Red” Bonk is a mother of two, and a realtor in Hoboken Growing up, she always loved the hustle and bustle of city living In her late teens, she moved to the area to pursue her dreams of living in or near the big city. In 2010, Danielle decided to take the plunge and move to Hoboken, to pursue a career full time in the RE biz! Red had found her "thing"! She truly loved living in Hoboken and loved the new brokerage they called "56". (It was located at 56 Newark St. in downtown Hoboken). During Red’s time working at 56, she met her husband, Jeff Bonk, when he joined in 2013 Since then, Red and Jeff have teamed up and started the HBB Group, which originally started out as Homes by Bonk. Today the team stands at 12 full time agents, a highly skilled full time admin staff, director of ops, and marketing coordinators, producing 75 million a year and counting!
- 18LET'S CONNECT The HBB Group | www.thehbbgroup.com
DANIELLE "RED" BONK (732) 763-9697 red@homesbybonk.com @redbonk facebook.com/thehbbgroup
Your Hudson Tea, Hoboken and Hudson County Specialist
PREFERRED VENDORS
ATTORNEYS
PaulCacciuttolo,Esq
CacciuttoloLawLLC
1812FrontStreet
ScotchPlains,NJ07076
T:(908)663-2180
F:(908)663-2181
E:pc@cacciuttololaw.com
NicholasCherami,Esq.
CheramiLawPractice
236ANewarkAve
JerseyCity,NJ,07032
Office:201-413-9000
ncherami@cheramilaw.com
JayMcLee,Esq
134BrunswickStreet
JerseyCity,NJ07032
Cell:551-574-1610
e-fax:973-954-5523
jay@mcleelaw.com
ChiragPatel,Esq
ThePatelLawPractice
7800RiverRoad,Suite3
NorthBergen,NJ,07047
Office:201-880-7776
cnp@thepatellawpractice.com
ELECTRICIANS
EvanHouse
KellerElectric 9737752590
MichaelVolpe
AllCityElectrical 9084979977
LENDERS
BaretKechian
MortgageMasterInc
NMLSID:9411
Office:201-796-6441
Cell:201-755-6261
baret@loandepotcom
CharlesLomolinoIII
SeniorMortgageAdvisor
NMLS#1555502
115WestCenturyRoadSuite115
Paramus,NJ07652
DirectLine:201-674-3783
Fax:201-632-4856
Cell/Text:201-674-3783
RyanPaltridge
CapitalFirstMortgage,LLC
NMLS#-1916819
LoanOriginator
201.982.2103
ryan@capitalfirstmtg.com
wwwcapitalfirstmtgcom
PLUMBERS
George QualityPlumbing
2018325278
Steve S&BPlumbing
2017921184
HOMEINSPECTORS
DanielLin
FrankLinHomeInspections,LLC
Office:973-722-0892
franklininspection@gmailcom
JimLeedham
IndagoInspections,LLC
LicenseID:24GI00095600
24MountainAve
Hawthorne,NJ,07506
Office:973-885-6236
Fax:973-238-1170
jim@indagoinspectionscom
TerryDarling
HomeSafeInspections,LLC
LicenseID:NJHI#24GI00178900
Office:908-325-2600
Cell:908-499-0109
tdarling@homesafeinspectorscom
HVAC
Howard
Kook&Son
HowardKook
2016530219
RalphMichael KLBUltimate
2012861990
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PREFERRED VENDORS
GENERAL CONTRACTORS
AndyThompson ThompsonFineHomes 973.879.2598
GabeMckeever 2019218473
gabriel@mckeevercarpentryinc.com
JosePena DistinctiveCustomRenovations 2016633748
LarrySteimel LADesign&Construction 9738657146
RichieCheung HonorConstruction 9175596202
TomLachenauer LachenauerConstruction 2016506517
MOVER
PeterBuntzen
OzMoving 9172243673
peter@ozmovingcom
APPLIANCES
DesignerAppliances
973.559.0888
Reno'sAppliance 9732471860
INTERIOR DESIGNERS
KateSiegel KSHInteriorDesign 9737274849
NicolinaErato InteriorsbyNicolina YvetteMeehan YMIInteriorDesign 862.596.0163
YvetteMeehan YMIInteriorDesign 8625960163
ARCHITECT
JensenC.Vasil 12thStinHoboken (201)850-1055
www.jcvarch.com
JohnNastasiArchitects (201)653-2577
NastasiArchitects 321NewarkSt.,Hoboken
MarchettoHigginsStievePC (201)795-1505
MarchettoHigginsStieve Architects 1225WillowAve,Hoboken
PROFESSIONAL ORGANIZER
Lauryn LGOProfessionalOrganizing 201.575.6058
lauryngalda@gmailcom
FLOORING PROFESSIONALS
ChrisLinton C&MFloors 201.656.4775
JohnNichol HighlanderHardwood 973.349.8181
PAINTERS
JohnBeers Brushworks 2017251655
MichaelScarpati CuttingEdge
201.222.0080
Yuriy HobokenPainter 201.777.0067
yuriy@hobokenpaintercom
WINDOW TREATMENTS
NelsonOropesaJr K&MBlinds 7327421336
PeterChoi BudgetBlinds 2016376490
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The HBB Group | www.thehbbgroup.com
