"Landloring is perhaps the second oldest
profession and certainly the most
Frank Ponce Luxury &
Before you call an agent, make sure you have collected the necessary information about your
property. Prepare an accurate account of the past two years of financial records including;
*Current rent roll
*Income and expenses
*Current tax statement
*Five year loss run insurance statement including any claims made, fire and water damage
*Make sure all hot water heaters are double strapped
*Test all fire alarms—if broken, replace them
*Repair any big ticket problems—crumbling roof, decrepit parking lot, etc
Doing a thorough inspection of the exterior and interior of the property will afford you the opportunity
to potentially find anything in disrepair and fix it. Of course, you don’t want to alarm or alert tenants to
the fact that you will be selling the property. Just tell them that you are doing an annual inspection
and give them 24 hours notice.
If your rents are substantially below market value, it is advisable that you raise rents in order to
maximize the value of your property.
It would also be in your best interest to decide whether you’ll be taking advantage of a 1031 Tax
Deferred Exchange or retaining your equity.
Looking for an Agent
Looking for an agent to represent you in the sale of your building is not difficult. Finding an agent that
has specialized in income properties is. When selling your property you want an agent who is adept
in multi-family market with a proven track record for serving client needs. Why risk your investment
property to someone who does income properties part-time? Come to Coldwell Banker Commercial.
Frank Ponce is an apartment specialist who has been in the apartment business since 1983. Frank
owns his own apartments and understands the investor’s point of view in finding value, he is a
Realtor, and a member of the Chamber of Commerce, and has an education from California State
University Los Angeles in Accounting.
Prepping Your Property to have “Curb Appeal”
Prepare your property from a buyer’s perspective. You and your agent should tour the property. This
will allow the agent to view the property, possibly finding anything that could enhance the value, while
determining if there are any outstanding maintenance issues.
Small changes to the landscaping and exterior can make a significant difference in boosting “curb
appeal.” Easy things like picking up trash, weeding, edging, and planting flowers can turn a so-so
exterior into a stunner. Here are some other tips:
*Clean driveway and sidewalks of dirt, leaves or refuse
*Water the lawn extensively, well in advance of selling
*Remove old lawn ornaments, toys and play sets
*Clean and repair rain gutters and siding
*Touch up exterior paint
*Pick up any litter
*If needed, touch up interior paint and repair cracked plaster
*Repair any other minor flaws
When looking to get into the apartment business, selling an apartment, or exchanging one, look to
someone who walks the talk. Allow me to help you get started in your investment program. Email me
at firstname.lastname@example.org or call me at (310) 503-4158 or stop by at Coldwell Banker Commercial at
68 Malaga Cove Plaza, Palos Verdes Estates, CA. I look forward to meeting with you and answering
your personal real estate questions.
Preparing to Sell
Investor Analysis Tool. Click on image below to obtain Excel
spreadsheet to assist you in analysing an apartment investment:
Dangerous Omega Fire Sprinklers
I still walk into apartment buildings and see these old Omega sprinklers and the
landlords have no clue that they are a disaster waiting to happen.
WHAT: Nationwide recall of 8.4 million Omega brand fire sprinklers
WHO: Joint recall by the U.S. Consumer Product Safety Commission and the Central
WHY: The CPSC believes Omega fire sprinklers are defective and could fail in a fire,
exposing the public to bodily injury or death.
WHERE: Omega fire sprinklers are located in a wide variety of buildings - homes,
office buildings, schools, nursing homes, hotels - across the nation.
WHAT TO DO: Building and homeowners with sprinklers are urged to find out if they
have Omegas. They should call South Bay Fire Extinguisher Company (310)
376-6901 to ask if they can take a look and see if your fire sprinklers are Omegas.
What is an Omega sprinkler?
Omega sprinklers are fire safety sprinklers that were manufactured by Central
Sprinkler Company from 1983 to 1998. Sprinklers are commonly installed in buildings
to offer protection in case of a fire.
What Omega sprinkler models were recalled?
All Omega sprinkler models are being recalled, including those Omegas
manufactured after May 1, 1996.
Why were Omega sprinklers recalled?
The Consumer Product Safety Commission believes Omega sprinklers are defective
and could fail in a fire.
Can I identify an Omega just by looking at it?
You may be able to. Omegas have certain key characteristics that you may be able to
see, just by looking at the sprinkler.
How can I tell if my fire sprinklers are Omegas?
All Omega sprinklers contain one, two or three small, circular discs at the base of the
sprinkler. These discs may be as small as the head of a pencil eraser or as large as
a dime. The discs are very flat and thin and are spaced closely together. They may
be white, chrome or brass depending upon the finish of the sprinkler. If the sprinklers
in your building do not contain these discs, they are not Omegas.
If your sprinklers do have these discs, they may be Omegas.
© Frank Ponce
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