In a perfect world, every tenant would happily pay their rent on time, in full, month after month. Of course, any experienced property manager will tell you, there is no such thing as a perfect world. The reality is, people are late on their payments for a variety of reasons, and when they are, it can cause all kinds of issues on your end, not the least of which is cash flow. Add multiple properties with several late payers and you’ve got quite the financial headache on your hands.
If you’re new to HOA management, you may not be familiar with the most common rules these communities typically implement. HOA rules are an important part of keeping the peace amongst members and maintaining a uniform aesthetic property appearance. To follow are five areas where HOA managers tend to focus their governing efforts and how you can optimize them within your community.
You cannot be successful in property management if you don’t have enough occupied properties to manage. But keeping vacancies as low as possible can be quite challenging, particularly in heavily populated areas where there are plenty of options for renters to choose from. A solid marketing strategy can help position your properties in the best possible light and increase your rental and retention rates. Here are a few tips from our experts to get you started.
Handling evictions can be tough under normal circumstances. Add in a global pandemic and all kinds of new regulations and moratoriums, and you’ve got quite the challenge on your hands. In light of all the COVID shut downs, job losses and subsequent financial impact, legislation was passed preventing landlords from evicting certain tenants.
If you’ve ever had the (dis)pleasure of experiencing a real estate audit, you know what a massive headache it can turn out to be. Thankfully, there are ways that you can be proactive in planning and preparing in advance so that when that time inevitably comes, you’ll have all your ducks in a row. Here are a few tips from our property management experts on how to make your business audit-proof.
A barrier to entry is an obstacle a business must incur to enter a marketplace. Barriers to entry can vary from one industry to the next. The property management industry boasts an overall low barrier to entry which enables higher market saturation. Because of relatively easy entrance into the industry, there are over 280,000 property management companies operating in the US and more than 31,000 are active in Canada, meaning the number of industry competitors in North America exceeds 300,000.
Positive reinforcement is one of 4 kinds of operant conditioning, also known as instrumental conditioning – a form of behavioral psychology popularized by B.F. Skinner. In theory, operant conditioning is essentially a method of strategic reward and punishment to shape future behavior. The term “conditioning” itself can be alienating to many people, but in practice positive reinforcement is a system of validation that’s meaningful to people on the receiving end.
There are many metrics property management companies can use to pinpoint the value of their business, increase the profitability of their service, and decrease costs to their operation. Leveraging software that facilitate these measurements or regularly run property management reports allow organizations to actively improve or maintain profitability and increase cashflow to continue to grow their business. Collecting and analyzing data are key element of planning so businesses can stay financially healthy. If you operate a property management company and intend on growing, here are some strategies to effectively measure your profitability.
Errors are inevitable when accounting department rely heavily on manual processes. Property management companies deal with multiple accounts, hundreds to thousands of customers, vendors, and more, which can make the volume of invoices, payments, balance sheets and other accounting tasks overwhelming and difficult to complete perfectly on the first or even second try. Errors are inevitable, but unbalanced books can double the workload and stifle productivity. So, how do accounting teams avoid the seemingly unavoidable? Here are 5 tips to keep your books in order.
User-generated content (UGC) is content that promotes a brand that is created independently by customers not commissioned by a company itself. UGC is created by consumers and customers who genuinely believe in a product or service. The type of content created can range anywhere from websites, blogs, photos, videos, testimonials, or social media posts.