When you keep files on your residents, you are keeping a lot of information on hand. More than that, it’s very sensitive information. You wouldn’t just leave your identifying information, social security number, address and bank details laying around for others to look at: so, don’t leave your data unprotected. Data safety is quickly becoming a much bigger concern than it used to be...
One of the most common questions asked by both landlords and property managers is: how do I get my renters to not only have paid rent on time, but to pay it in full? Nobody likes having to deal with slow payments or even tenants who default, and even fewer still like having to face down an eviction. (I’m sure there are some out there who do, I’ve just never met any of them and I doubt you have...
RealtyTrac’s Q2, 2014 Residential Property Rental Report, had some interesting things to say about what markets rocked and what markets just sunk like rocks. A look at the report shows that the second quarter just wasn’t as great as the same time last year: the average annual return for 2014 was about 9.9% compared to the 10.60% of 2013. While the report gives us a great look at all areas...
Multi-family is a market that is on an increasing uptick, as homeownership is still at an all time low. Rents continue to rise in response, and trends are looking very promising for the rental housing market in 2015. Though a number of sources have indicated that 2015 might be a fairly big year for home-buying, this is due to two factors: first time homebuyers with more cash and credit and the...
Sprucing up your rental units isn’t all that different from taking care of your own house. You want to make sure that all the little details are attended to before they end up becoming big problems. Of course, a regular walk around and routine inspections can help, but also, if you take care of these 6 things while they’re small issues, they never really need to become big problems at...
Being a landlord means having a load of responsibilities. From collecting rent and utility money, property management, marketing, and maintaining a good relationship with the tenants, a landlord’s plate can seem very full. If you manage numerous rentals then you may be a bit too busy to manage your properties to the fullest. Hiring a property manager can help alleviate the stress and will ensure...
A great way to help generate new and consistent income is to invest in rental properties. However mistakes are made and some can end up costing you a decent amount of money. While you can have what you think is a rather strict and secure screening process, there’s still no guaranteed way to ensure you weed out bad tenants. But you can help safeguard yourself from similar situations in the future...
Avoiding Rental Scams In the age of technology, it’s not just renters who are getting scammed with rental properties. Now there is such a thing as tenant fraud and it can be the cause of a serious headache. Here are a few ways to help avoid all of that and to keep yourself from being a possible victim. Search through online listings Do a search of listings in your area and even a little outside...
So, I’ve talked a little bit about tenant retention, but how do you keep your property management clients? Getting them means marketing and promotion- but keeping them is a different area entirely. First things first, it’s important that your staff is loyal, skilled, and able to handle the tasks they are given. There are many ways of going about making sure your team is at the top of...
One of the worst hazards to navigate happens before a tenant even signs a lease: rejecting a rental application. If your pre-screening process is pretty stringent, this may not be as much of a problem- but, every now and again, it happens and handling it the right way is pretty important. Everyone deals with this in different ways, depending on the situation. Some might choose to send a reason...
When I mentioned writing an article on Surviving The Turn, most people had visions along these lines: Or maybe even: Unless, of course, those people worked in property management. Surviving the Turn means something very different to most people than it does us, doesn’t it? Each and every year- whether you are a property manager, a landlord, or even a tenant, you have to deal with the end of...
I think it’s been pretty well established that investing in the rental market is a wise choice if you can get in on the right properties. Multifamily apartment complexes are typically easy to brand with all of their amenities included and usually, they already come with a reputation, be that for good or bad. Those of course, come with their own set of issues. It has also been well...
And what you can do about it. Whether you’re the peppy office leader or the dour sort of middle management type: you probably know that staff meetings are an important mode of communication that can be used to deliver important information, motivate your staff, and get everyone on the same page. Your staff, however, may see it very differently. They may see it as an awkward waste of their time...
Every rental property owner’s been there. The beginning of a new month, which means, all the bills are due. Also, the rents are coming in. This will include all sorts of things, from home owners’ association dues, to mortgages, to utilities that you cover. If you’re still shoeboxing it: this is nerve wracking and you may be losing money. Setting up online bill pay for the utilities and mortgages...
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...
As a property manager you handle a large amount of money. A large amount of money that needs to be accounted for and distributed on a monthly basis. No matter if it is only one property or hundreds, maintaining accurate accounts of all transactions is key to fantastic property management.
Property managers have a ridiculous amount of paperwork to deal with on an almost daily basis. Especially if your company continues to grow and gain more clients and properties. Starting good organizational skills early on can save you a lot of issues and will be of huge benefit in the long run. While every person’s organizational skills and needs are different, there are a few good and simple...
You probably know that today is Independence Day- a day to celebrate our independence as a nation and July 4th was chosen for this because it is the day that the Declaration of Independence was published in 1776.
Most of us know what a rent roll is and how to use it, right? You have the tenants name, contact information, maybe some emergency contacts and vehicles- but have you ever thought about one key aspect that could make things for both you and the tenant even more secure? Adding photos to your rent roll can help you not only keep things in order- but it also allows your tenants much more security in...
Whether you’re simply considering renting out a property you own, or you already have an income producing property- one question you should be asking is, “Should I have my rental in an LLC?” There are a variety of reasons why, as a landlord, putting your property into a limited liability company is a smart idea. Owning a property as an individual puts your assets at risk in the event of an...
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 If your tenants never complete a move-in inspection sheet then you lose out on...
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 cause of a fire or bug infestations. It’s better to be aware of what questions...
It’s a well known fact- if you want to save on your bottom line, you keep your tenants. One of the downsides of working in the rental industry is that it can ebb and flow quite a bit, causing a gap in between renters or tenants. With more and more places offering better incentives to move into their complexes, how do you improve your own tenant retention? What’s making them stay?
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...
According to Freddie Mac’s recent report, the multifamily market has been showing signs of things moving towards better times. As a matter of fact, many economists credit the conditions of the multifamily market with leading the way in terms of recovery in a broader scope macro economy.