Property Management Software

Location Doesn’t Matter Whether you own rental properties in California, Georgia, Oklahoma or Florida, storms are a normal part of our weather cycle. Along with these storms comes the fact of flooding. Flooding is a problem in every state across our country. When these storms and floods come, it only takes a few inches of water to cause damage to your investments. Education and Resources As property managers , it’s your responsibility to advise your tenants about flood preparation. You can find helpful hints about flood risks and preparation for your rental property from Floodsmart.gov website You can also send this link to your tenants for a guide to flood preparation . This guide is offered by FEMA. This guide includes statistics on flooding, warning signs for bad weather and preparing for emergencies. Knowledge and preparation will help ensure that your tenants stay safe as well as helping to protect your rental properties. Whether you are a pro...

Web-Based Property Management Software Integration with Dotloop PropertyZar , an affordable web-based property management software announcesour integration with industry leader, Dotloop ®. PropertyZar is a fast-growing property management software solution and with this latest integration, PropertyZar can provide property managers with transaction management. This integration allows property managers and landlords to transfer data from PropertyZar into Dotloop®, which will then autofill leases and contracts. This will save the landlord time by eliminating the need for duplicate data entry. PropertyZar simplifies the managing of real estate properties. PropertyZar includes these key features: · Online Payments · E-Leases (now with Dotloop®) · Work Order management · Communication via Email or SMS · Apps for Onsite Property Inspections, Owners, Tenants and Vendors · Complete Accounting · Property advertising/syndication · Schedule Appoint...

Are you managing real estate properties yourself? There are some things you can do to make this job less painful. If you are managing properties yourself, there are some things you need to know. There are processes, forms and paperwork that you will need in order to protect yourself. Start With Property Management Software This is a no brainer. A good property management software will end up saving you a lot of time & headaches with some of the tedious work that is involved in managing your properties. Property management software will also help protect you legally, should you ever need it. Consider some of these key features found in the top property management applications: Communication via email or SMS Log file of all past communications Tracking notes on tenants & properties Onsite property inspections (great for accountability) Document management Online rent payments Work order management (identify property abusive tenants) Accou...

Many homeowners and property management companies do not consider home maintenance until something breaks. Is that the best way to maintain your investment? Whether you are a new landlord or seasoned one, you should establish some maintenance protocols. Here Are Some Tips For Protecting Your Investments: Establish A Home Maintenance Plan A good place to start is by establishing a maintenance schedule. A good property management software will assist you in creating reminders for asset maintenance. Things like changing air filters, water filters etc. You’ll need to plan on cleaning your gutters and trimming trees from time to time. Pest control is another item that is often overlooked. Depending on your lease agreement, you may need to spray or have ground treatment performed a few times a year. When it comes to assets such as appliances, make sure to send in any warranties and follow the maintenance recommendations in your owner’s manual. Upload the ...

All the talk about a 2019 downturn may end up being exaggerated, just a bit. There are some signs of a slight decline, primarily due to the uncertainty in the market. However, many of these are simply overblown. The economy’s fundamentals are strong and there seems to be a good amount of momentum. This is good news for property management companies. As multifamily real estate continues to grow investor’s portfolios, property managers should have a positive 2019. REITs This 2019 also is gearing up to be a positive year for REITs as well. Rising interest rates don’t affect the REITs like other sectors. Market Ups And Downs Experts are always trying to predict the next downturn. Recessions are somewhat predictable. Imbalances are one cause of recessions. The imbalances between supply and demand. Too much multifamily construction projects that exceed demand will eventually require a correction in the market. Too much debt also can be a factor in m...

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...

The choices for multi-family investors continues to grow for 2019. Sure, there are concerns about higher interest rates, property values and high inventory but that doesn’t seem to affect the availability of capital sources. This is good news for property management companies. As the real estate market remains strong, more investors will rely on property managers and property management software to support their portfolios. Debt Funds There are several equity funds that are providing financing for developers by way of debt funds. These ‘bridge loans’ can go as high as 85% of the property value with competitive interest rates. Once the property has been completely leased, the developer can move to a more permanent type of loan. Interest Rates Even though there have been some recent rate hikes, rates are still considered low for traditional permanent loans. In 2018 Q4, Fannie Mae and Freddie Mac have been in the area of 4.25% – 4.50%. These loa...

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...

  Hard money lenders have changed from the typical definition a few years back. In the past, loan sharks were often synonymous with hard money lenders. Part of the reality that backs that point of view was those lenders often loaned money to people they didn’t believe would succeed. When they would fail, the loan shark would move in and swipe up the collateral and reap the financial benefits. Many hard money lenders of today are a different breed. They are sources of capital in the private sector that help real estate investors with their funding needs. They are generally a more viable option of funding when traditional funding resources have passed on the opportunity. Lending Algorithms Today’s hard money lenders have a better application process that help determine whether or not the property owner will secure the capital that they need. Lenders look at the real estate investment opportunity even more than the individuals FICO score or their personal wealth. ...

  It’s time to face the fact that there is a good chance your tenants don’t love you. If that is true of your property management company, then maybe it’s time to find out why.   With all the potential issues that can go wrong, coupled with numerous tenants, it’s common to have rocky roads with tenants. However, a good property management company can implement processes and procedures to reduce the amount of complaints. Good Relationship A good and open relationship with your tenants is the start of good things to come. Good relationships lead to less vacancies and higher retention rates. Communication is critical for property management companies and the most common way of communicating is SMS, email and the phone. Communicate about everything. Most property management software systems include these features as well as logging all past communications. So communicate about general violations, reminders for events, trash pickup, upcoming invoices, holiday s...

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...

  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....

  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...

  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 ...

Raising rents is a question we see a lot. Should you or shouldn’t you. For those landlord’s or property managers that do raise rents, 2-4% seem to be the typical range. Good Tenants If you have good tenants who take care of your property, pay on time and all-around good tenants, raising their rent may push them to look for another place to rent. Finding new tenants, especially good ones, is a costly endeavor and may not be financially prudent for an extra 2 or 3%. Not So Good Tenants However, on the other hand, if your tenants are not the best, maybe it’s worth losing them if you raise their rents. If they stay, fine. You gain a little extra profit for the extra work they bring to you. Progressive Rent Increases Residential leases vs Commercial leases are different. Commercial leases are more common for regular rent increases, but not always. Many commercial leases include progressive rent increases stipulated. If you use a property management software...

Part of a property managers’ job duties is showing available properties to would be tenants. What a big waste of time is, is driving across town for a showing only to find the other parties are ‘no-shows’. When you set up the appointment for the property showing , be sure to get the mobile phones of all attendees. Also, be sure to set reminders for the showings. A good Property Management Software will have the ability to create appointments for showingsand set multiple reminders for all attendees. If your showing is a few days out, you should create a reminder by email and SMS for maybe 24 hours before. Then another reminder for 1 hour before the appointment time. Let’s face it, people are busy. Reminders are a good thing. The reminders should include the attendees mobile phone as well as an email address. Furthermore, the reminders should include the property address. If an applicant is running late, they can easily tap the provided mobile number in the SMS re...

The Fair Housing Act of 1968 and Americans with Disabilities Act of 1990 is a bit complicated for multi-family properties. If the laws are not followed, you could be faced with hefty fines. The FHA requires property owners to provide reasonable accommodations for individuals with disabilities to use their properties. According to the FHA, ADA and Rehabilitation Act of 1973 definition, accommodations range beyond having wheelchair-accessible entrances or sidewalks and van-accessible parking spaces. According to the FHA, Sect: 504 of the Rehabilitation Act of 1973, a disability includes“a physical or mental impairment which substantially limits one or more major life activity”. There are approx. 1 out of every 5 adults that have a disability based on their definition. The most common disability was mobility limitation. This is defined as serious walking issues or climbing stairs. Other disabilities include mental concentration, memory and vision. You may be surprised to know tha...

As Commercial or Residential Property Managers , as well as individual Property Owners, one of the sure-fire ways to attract tenants is to spruce up the look of your rental property. Of course, how much you do and spend depends on your class of properties. If you own class A-B properties, you probably are already keeping the appearances up. If you own class C-D properties, you might be lacking in keeping up some of the properties areas. I hear property owners make statements like, “Well my property looks as good as the rest of the neighborhood”. That may be so but what about making your property look a little better then the rest of the neighborhood. Would you be better to compete for that tenant then your investor friend next door? Could you reduce some vacancy time if you spent a minimal amount in appearances? There are several affordable ways to do this. Here are some suggestions: Exterior Paint– This is an obvious one, but often it is over looked. Painting ...