Property Management Software

Summer Is Right Around the Corner Time seems to be moving quicker these days and summer will be here before you know it. Now is the time to start preparing your rentals for what summer brings. HVAC During the summer months, HVAC systems kick into high gear. Servicing your HVAC will help ensure it runs at its highest efficiency. Summer time is not the time you want ‘preventable’ problems with your HVAC. Be sure to flush out your drain lines, remove any overgrown plants & weeds around the exterior units as well as replacing the filters every 1-3 months (depends on your filter types). Smoke Detectors Now is a good time to replace those batteries in smoke and carbon monoxide detectors. Replace the detectors if they are more than 10 years old. Appliances Pull out your appliances and vacuum out the dirt and dust behind them. Be sure to vacuum the refrigerator coils as well. Ceiling Fans Most ceiling fans have the option to reverse the...

Do you manage real estate properties with HOAs? Is communication with your residents something that is common for you? As 2019 begins, HOA board members should consider offering feedback on how the HOS can improve the community and make it a great place to live. Responsibility Tenants should take responsibility for abiding by the CC&Rs and staying current on their HOA fees. Violations of the rules or failure to pay the HOA fees/dues is not a win for anyone. HOA boards have a lot of power over the property owners. Sharing Tenants should have the ability to express their ideas, suggestions and their concerns in order to help improve the community and build lasting relationships. Residents are important in sharing the thoughts of the community. They should be included in the regular board meetings. Building Relationships Tenants should make an effort in participating in any events, social or cultural activities in the community. This gives t...

The self-storage market has seen significant growth over the past decade. It seems Americans continue to collect too much ‘stuff’ that doesn’t fit into their homes. That’s all great for property management companies. However, the industry is changing. Increase Of Self-Storage Units There has been a significant increase in self-storage construction as demand has risen. With new construction comes the inevitable rent adjustments. Current storage unit owners are realizing that they are having to cut some rent to compete for business. 2019 is expected to see the same growth pattern, with more construction of more storage units. Even so, the occupancy rate remains very high because, let’s face it, we love our ‘stuff’. While new construction is taking place, all estimated new units will account for less than 10% of overall market. This is considered a development phase. With the increase in storage units, this will require property managers to maximiz...

Since I am in in the property management software business, most all my blogs are related to property managers or landlords. However, this blog will cover a new federal program for real estate investors call Opportunity Zones. While it may benefit property managers or property management companies, it’s definitely geared towards real estate investors. With that in mind, read on! The Genesis Sean Parker, the co-founder of Napster (not part of the gold heist with Mark Wahlberg) worked with law makers on a new program call Opportunity Zones. The states governors are responsible for identifying low income census zones in their respective states. Today, there are approx. 8700 defined Opportunity Zones nationwide. The zones are geographical areas that have been designated as investment opportunities that will benefit the community as well as those investors who participate in the program. The program was created by the federal government in an effort to d...

  Office workers seem to have a harder time concentrating at work then do remote workplace workers. Google’s Work Environment Look at Google’s offices. Have you seen these crazy offices? Lounges, tree house type cubicles and hammocks. It looks like a fun place to work but the question is, does that environment and money produce anything of substance for the workers? I understand that companies are trying to woo talent and win over the best team members they can. It seems their goal is to create a team and stimulating environment, but is there a downside to this? Research shows that the pros don’t outweigh the cons and the problem is getting worse. Some studies have found that the # of people who say they can’t concentrate at work has increased by 16 %. Workers like quiet places. Trying to find a quiet place in some of these companies is not as easy as you think. The # of workers who say they don’t have access to quiet places has increased by 13 percent. ...

Recent Study A recent study shows that about 25% of property managers are optimistic about the future and 47% are somewhat passive and 28% are negative. For those negative 28%, the biggest issues are overworked, underpaid and stressed by the demands of the clients, which are ever increasing. People Challenges Many property managers are keeping their finger on the pulse of the future, but the challenges of people are draining most of their time and resources. As Gomer would say, Surprise! Surprise! Surprise! Because of this, approx. 40% of respondents say their next job will be in a totally different field. The Best Property Management Companies The best companies are ones that are run well and that offer structure and processes in place. Great management companies understand that their property managers are more than a task manager. They are more in line of a property advisor. The Make-Up Of Property Management Companies This may be n...

  Offering Pet Friendly Amenities  With so many households owning pets (est. 70%), offering pet friendly amenities will attract a larger pool of potential renters. These pets are ‘children’ to these families and if you are willing to show some ‘love’, property managers might just reduce your vacancy rate. Being a pet friendly place can be a go or no-go decision for potential renters. Especially families, who look for property landlords who except pets.  Here are some ways property managers can make their rental properties more pet-friendly  Pet Parks  An excellent way to help renters keep their pets active. Outdoor pet parks provide the opportunity your tenant’s pets to socialize and get to know each other while at the same time, run off some energy which equates to calmer and quieter time in your property.  Running Paths  In addition to pet parks, a running path for owners and their pets can also be very beneficial. ...

  Rent Control Advocates If you do any amount or reading or watch any news, advocates are everywhere and for every cause. Some good, some not so good. Rent control is no different. There are advocate groups pushing for rent control. A recent defeat in CA had set the rent control push, a few steps back. California Prop 10 would have allowed new tougher rent laws. Rents have continued to rise faster than incomes in many cities across the US. State Laws Most states (approx. 45) prevent local governments from enacting laws that place any type of rent controls. But what is now, doesn’t mean it will remain the same. Just a short time back, most states had laws against illegal immigrants. Today is a different story. Multi-Family Investors Investors who own apartments or other multi-family properties would be most impacted if any rent control laws were to be passed. Experts in the mulit-family sector worry that laws could freeze rents on existing properties....

Oh, the joys of working remote (aka:telecommuting). Flexible travel, hours, locations all have an enticing draw to them. With improved technology, working remote is now possible whereas a decade ago, it wasn’t. But Can You Handle it? Everyone is different. From extraverts to introverts to emotionally needyindividuals to the secure and insecure to the self-motivator to the ‘tell me every move to make’ individual. Working remotely is not best for everyone. While there are certainly advantages, it does require individuals with certain personality traits.Before you ever apply for a remote position, look past the obvious, ‘I get to work butt naked’ and really analyze yourself. If you do not have the traits needed, you will quickly regret your decision, hopefully before your employer regrets theirs. Remote Companies More and more companies are allowing team members to work remotely. Some companies are 100% remote while others are 0% remote and everything in betwe...

  Depends on what type of investor you want to be. Profits are made in both scenarios but choosing the right strategy depends on several key factors. Consider your age, need for cash flow, retirement goals and many other factors. Holding Properties  Buying and holding properties usually are for longer term investments for the purpose of cash flow. In addition to cash flow, the buy and hold investor is also building equity as the mortgage decreases and the home appreciates in value. Flipping  On the other hand, flipping properties is a short-term investment (at least that’s the initial intent). It is intended to produce capital gains quickly (in theory). There are many risks associated with flipping homes. From underestimating the repair costs, over estimating the market value after repairs, repairs taking longer to complete, property on the market longer than expected, unexpected issues such as structure and a plethora of other potential issues. So What App...

  There is no argument, technology has changed the landscape of nearly every industry in the world. That includes property management. There are many positive outcomes from technology but also some downside. So, should you abandon technology and go back to a more one on one personal relationship with your tenants? In short, No! However, there is a balance that can be had and to see the best results, you need to know where that balance lies, for today anyway. All Technology Is it possible to go completely technical in all aspects of property management? I would say no as of today but that is quickly changing. Look at the storage unit industry. They now have self-serve kiosks for renting units, gaining access, signing leases and everything else. Can this amount of automation work in other markets such as the vacation, commercial and residential? Vacation Rentals (short term) If you look at the vacation rental market, their technology is closer to fully autom...

  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...