Property Management Software

  Let’s face it, people usually do not enter a legally binding lease with the intention of breaking it. Sometimes life deals us challenges that conflicts with our current lease. Whether its job related, family or health issues. There is a plethora of situations that can arise that will have you asking the question, ‘How can I break my lease’. Read your lease Some leases provide an opt-out clause. You should review your lease carefully because you may already have an option spelled out for you. Sub-Leasing If your lease doesn’t provide an adequate opt-out option, check with the property manager or owner about sub-leasing the property. If the owner or landlord agree, keep in mind that (in most cases) you are still responsible for the remaining of the lease terms. Having a qualified tenant can be a win win for both you and the property manager. Be Nice If you have been a great tenant, ask the landlord about marketing the property to find another tenant. W...

  In order to fill your vacancies, you first need to know what renters want. That list can vary widely based on the type of rental property you have. Renters moving into an apartment will have different ‘wants’ then those moving into a single-family home. Longer Term Renters For those who are longer term renters, they may want to be near school or work, coffee shops, restaurants, work out facilities, parks etc. Job Renters If your renters are relocating (even temporarily) for work, they may have different wants. For example, in addition to the long-term renters wants, they may also want to be close to an airport and transportation services. Depending on the area of your properties, you may want to include information about some of these ‘wants’ in your advertising copy. For example, if you are close to an airport but have not thought about corporate leases, include the fact that airports are just 10 minutes away. Furnished Properties Furnishing you...

Financial reports are a critical element for property managers and property owners. Without these reports, how do you know the financial health of your portfolio or a single property? Decisions are often made based on your current financial status. General Accounting Most general accounting applications are not designed for managing real estate properties. I’ve been a long time QuickBooks user, but QuickBooks doesn’t provide the breakdown that I need, at least not easily. Some of the best property management software applications that include complete accounting, will provide you with the financial reporting, broken down in a meaningful way. Let’s take a look at how PropertyZar provides financial reporting. As a property manager, you should be able to run any financial report based on property owner, a building or a single property (unit).   Profit & Loss Reports by Owner With a good property management software, you can run P&Ls based on each ...

  Open houses are a great way to generate interest as well as some urgency when it comes to renting your properties. They have been used by real estate agents for decades because they work, sort of. They say between 4-10% of sales contracts are a result of open houses. However, for rental properties, there are other benefits. The Basics First, let’s start with the basics. You must be prepared for a successful open house. Be sure to arrive early and setup in time. The property should be show ready. Meaning, fully cleaned, carpets shampooed, painted and all maintenance issues fixed. Remember, you want the best tenant and the best rent that you can get. First benefit, you can consolidate your showings into a single trip and afternoon. It also can help generate some ‘buzz’ around your properties. To do it right, you need to plan well and advertise so that you have a good attendance. That is important to create the sense of urgency. Keep in mind, if you have multip...

  You know the saying, a picture is worth a 1000 words. There is no denying the fact that great looking photos will help your marketing efforts. Renters are more inclined to choose a property that has a lot of photos with high quality. What most renters do, is shop for rental properties and then imagine what their life would be like living there. Photos help the renter ‘imagine’. It’s a good idea to take multiple professional quality photos of each room from different angles. This helps paint a broader image for the renter to see and imagine living there and seeing the rooms from all angles. Professional Quality Notice I said ‘professional quality’ photos. Are these only produced from professional photographers? Not necessarily. With the higher quality cameras on the market and with a little practice, you can take decent quality photos yourself. If you are ‘camera’ challenged, then I recommend hiring a professional. Your property class also should factor into ...