Posts Tagged ‘Westwood’

Pay Attention to the Big Picture

Friday, April 2nd, 2010

Author: Scott Goodman • Scenic West Property Management

HighsmithI read recently that the Fox and Bruin theaters in Westwood Village were in danger of closure.  Fortunately, Regency Theaters stepped in to avoid what might have been a conversion to retail space or an outright demolition.  I can just picture the local residents and architectural preservationists fighting tooth and nail had this matter not been concluded as it was.  Having the benefits of a strong community where people can spend their free time in a place like Westwood Village should not to be taken lightly.  I grew up in Westwood and watched many  movies in those two theaters. Had we lost the Fox and Bruin theaters to the laws of highest and best use, we would have lost yet another piece of our history, as well as a reminder of why we chose to live in West Los Angeles.  It is easy to get caught up in the day to day of property management.   The property you own or manage may be “your world” but do not forget that it was the greater community which lured your customers (i.e. tenants) to live in your building in the first place.

Using a Roommate Addendum

Monday, January 11th, 2010

Author: Scott Goodman • Scenic West Property Management

The ever revolving door roommates is a source of aggravation for most landlords. Like a game of musical chairs, roommates are constantly moving in, moving out, or somewhere in between. As many of the properties we manage are close to UCLA, in Westwood, we rent our fair share to roommates. It is important to add a new tenant to an existing lease, or to remove one that has moved out. But given the frequency with which this can happen, it could become a full-time job. This is where the roommate addendum comes in. By using the addendum, there is no need for a new lease agreement every time there is a change in roommate tenancy in a specific unit.  A roommate addendum should state that the new tenant is obligated to all the terms of the current lease agreement, and that the outgoing tenant is released from all lease obligations. Landlords should also provide all legal forms, such as a copy of the lease, to the new tenant.

The other issue that is sometimes unclear to landlords, is the question of the security deposit. The simplest answer is that the security deposit is linked to the unit under lease, and not to any one tenant. When there is a switch in roommates, the reimbursement of the security deposit (or portion thereof) to the outgoing tenant should be settled by the tenants amongst themselves. A landlord is not obligated to refund the security deposit until the lease is terminated. This should also be clearly spelled out in the roommate addendum.

Lastly, always screen an incoming tenant as you would any new tenant. Stick to your standards and rental procedures to avoid future problems and ensure the successful occupancy of your units.