AuthorKurt Kroeck

Why Have Offline and Online Record Keeping?

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...

Management Fees You Should Know About

Property management fees are important and when we look at them, they have to be seen as with any other business expense. First, of course, as a property owner, you want to look at the types of services and the quality of those services provided- but also, have a broad scope of different property management company quotes. Bear in mind, when you hire a property management company- you’re hiring...

Trust Accounting For Property Managers

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...

Property Management Tip: Owner’s Statement?

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.

Keeping Multi Family Units Organized

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...

Use These Green Incentives Finding Resources

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.

Should A Landlord Incorporate?

Whether it be just a small amount of rental properties or a full sized property management company, the smartest thing you can do to save your assets is to incorporate them.

One Thing You Should Never Ignore in a Rent Roll

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...

Checking Tenant References

When your tenants are in the process of finding a new rental outside your organization they will likely give your contact information as a reference to their next landlord, just the same as you would have gotten their previous landlord’s information. This is a chance to assist a fellow property manager by giving them an honest and professional account of your experience with the soon-to-be...

Should you put your rental into an LLC?

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...

Roof Maintenance: What You Need To Know

While a roof is one of the biggest protection features of any home, it is also one of the most neglected. Rooftops receive a constant amount of pressure from storms to extreme weather, weight of humans walking about from cleaning out gutters, and trees and branches falling on them. Lack of roof maintenance may be the cause of a worst case scenario down the road, which could mean a total roof...

Taking Care of the Rental Move In Process

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...

Should You Go Mixed Use?

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...

How Do I Increase Tenant Retention?

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?

It’s Spring Cleaning Time For Apartments

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...

Freddie Mac’s Report On The Multifamily Markets

 
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.

What To Do If A Tenant Abandons An Animal

Pet abandonment is a steadily rising problem across the US. Though most pet owners have been proven to be responsible, every now and again, there are the bad apples that spoil the whole bunch. Unfortunately, a tenant who will abandon a property will also often abandon the pet along with it. Though most states have laws that require you hold on to a tenant’s possessions even if they’ve abandoned...

Is It Hard For Your Tenants To Pay You?

One of the biggest complaints you’ll see out there about property management is that it can be hard to get people to pay rent when you ask for it. While reminders and the like can make it so your tenants don’t forget- have you ever thought about just being more accessible and making it easier for them to pay in the first place? Offering more than one way to pay is definitely a big boost to making...

Basics of MultiFamily Investments

For most landlords, the idea of a multifamily apartment complex is a huge investment. If you’ve been thinking about taking it a step further, this is probably where your thoughts go. In terms of long term investments, multifamily is definitely the way to go- they’re an impressive source of monthly income but also, they offer a wealth of tax incentives. The problem is, it’s not the same as if you...

Get Ready to Landscape Those Lawns

The end of the winter that seemed like it wasn’t going to end seems to be in sight. While we are all hoping that the polar vortex has gusted its last, it may be a good time to consider what you’re going to do about springtime landscaping. I talked a little bit about different things you can do to make your multi family properties more “summer fun” friendly, but there are some basics when it comes...

Should You Become Pet Friendly?

There are two interesting and oppositional trends in rental housing markets across the country. I began researching this somewhat in earnest after I noticed something on Craigslist while looking for rental properties in Saint Louis. Now, according to the Humane Society of the United States, 164 million households in the US have at least one pet. Of those, roughly 83 million people own at least...

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