Being a property manager means that you handle quite a number of individuals money. Rental payments, down payments, bill finances, and security deposits are all yours to maintain and keep track of. While opening separate bank accounts for each property may seem like an easy idea, balancing just one banking account can be a hassle. So why attempt to keep 20 or 200 of them balanced singularly? That’s where trust accounting comes in.
Working in single-family property management seems like it’d be easier: but it brings with it a lot of issues. When I speak to landlords and property managers, one of the bigger initiatives seems to be finding rebates and incentives towards improving the energy efficiency of the properties.
Dealing with the security deposit has always been a long hassle between landlords/property managers and tenants. Security deposits don’t always have to be a problem, this post gives advice to anyone who operates in the world of security deposits for rental properties and addresses some commonly asked questions. Know your State Laws It is important […]
Every rental property manager has encountered the problem of tenants leaving your property in what you would consider less than ideal shape. A good way to avoid this issue would be to create a checklist for your residents to know what condition the rental should be left in after their departure. When Tenants Move Out […]
What could be more appealing than an apartment building with the comfort of having businesses, stores, and offices right below it? A mixed use property offers exactly that. Offering simple and close commutes to work or the grocery store will likely keep your building occupied but can also add to the risk of being the […]
Hopefully, where you live, the time for spring cleaning is upon you. In many parts of the US, the weather’s still cold, even though it is March. During this time of year, you really find that the “property” aspect of property management becomes key. You may be looking to move some dead tree limbs, get rid of leaves and other debris, aerate your lawns and plant flowers. However, what if you’re looking for a much more efficient way to do your spring cleaning?
Earlier, we talked about landlords and tax time, but did you know that there are sometimes special tax issues and situations for property managers? It’s that time of year again- end of the fiscal year and if you’ve been paying people to do yard work or take care of other things around the properties, odds are, you need to send out Form 1099.Though we, or anyone else is unable to give you tax or legal advice, and you should always consult your tax adviser, there are a few things that you need to know about 1099 for property managers.
You probably already know that using Craigslist, Zillow, and Trulia are effective ways to advertise your rental listings. However, how you present your property on there will make a big difference. You want your ad to be effective in attracting the kind of tenants you want, while also saving you some time in the prescreening process.
We’ve just added support for all of RentPost’s awesome property management features in our Aqua plan, starting at only $29/mo. We’ve heard from many smaller property management companies and others just getting started that they needed a cheaper entry point. Well, we’re announcing just that. So, now you can get all the great features of […]
Providing housing for every man, woman, and child is the social and humanitarian goal, and thus, a government concern. Consider the following: [Government involvement = Regulation] and [Regulation = Risk for PM]; thus, according to the Transitive Property of…Property Management…Gov’t involvement equals risk to property managers. The Fair Housing Act protects the rights of those seeking homes, and it is this same legislation that provides the authority to punish those responsible for wrongdoings in the management of these properties.
I was just speaking with a property manager, and somehow we ended up having a lengthy discussion about the seemingly accelerated effect that technology has on business and life in general. Before dismissing this as “duh,” (for lack of a better term)…[re]consider a few specific words I included in this otherwise over-generalized statement: “…accelerated effect that technology has on business…”
This, in my mind, presents a dynamite topic of discussion, and after sharing my thoughts with a handful of clients, prospective clients, and colleagues…, I’ve realized that others recognize this topic’s relevancy, regardless of their independent opinions on subject.
These recent conversations have brought new depth to the issue… Some folks agree with my original thesis, others do not. Out of those who do agree, not all of them like these changes. Of those who do not like the effect of new technology on business, some believe that the problems created can and will be fixed in time with further innovation. And so on…and so forth.
Read on for our conversation and further analysis…
In the wake of the 2008 Financial/Housing Crisis, the real estate industry was dealt a series of direct blows (as could be expected), and indirect effects continue to exacerbate the pummeling; at ground zero the dust has not settled, but what can be deciphered is a re-assignment of equity and the subsequent paradigm shift within […]
ONE HUNDRED TWENTY MILLION DOLLARS!
The simple change keeps $120,000,000 in taxpayer pockets, saving “more than 1 billion [taxpayer dollars]” over the next ten years. The electronic payment solution implemented by the U.S. government commands the attention of all U.S. businesses still using valuable time, effort, and money processing checks. Now what about Property Management?
Some evening reads to keep property managers and property investors in the know on what’s shakin’ in the world of income property. As tenants go virtual so must property managers and landlords; take a look at the future offices of property managers. Check out the debate in New York State regarding a potential cap on […]
Few felt the financially tragic effects of our economic collapse in a way similar to commission-based real estate agents. Many aim to endure the economic storm with hopes of brighter days to come; however, if agents ignore the market shifts, the sun may never shine again. Changes are many and all of different origin, some direct and others indirect; regardless, time to assess what has happened, forecasting what is to come. In doing so, agents will understand the new dynamics, increasing the ability to flourish in the new real estate climate.
Online Property Management Software isn’t new, but it could be revolutionary; however, the revolution seemingly has a limited ability to revolve. Here’s what I mean: something has truncated online property management software’s ability to assimilate all parties to a rental agreement in the cloud, but who’s been left out? The answer is…Tenants! Sure, most software provide a cutting edge way to observe and access information regarding your company’s properties under management, regardless of your geographic obstacles, but most only provide a limited conduit of activity for tenants – those most pertinent to rent and its associated processes. All you software providers who’ve only accommodated for property managers: keep on dancin’ ‘till you learn how to tango, ‘cause it takes two. Tenants, put on your boogie shoes, ‘cause you’re the missing piece to this fiesta. Let’s party.
Today the Witt leaves rent’s history for a spell, and the Rent Lobster makes a dash from advice to bring a more interactive piece regarding real life experiences to assist both tenants and landlords. Naturally, tenants only speak of landlords when angered, seldom giving any praise. However, this is to be constructive on both ends as we all seek to improve in the ever growing world of rent. The Witt and The Rent Lobster will start us out. Anyone else with a story is encouraged to share. To the testimonials!