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.
Any savvy business professional understands the importance of maximizing deductions come tax time. Preparing well in advance and making sure to take advantage of every available opportunity to save will help you stay in compliance and keep as much money in your pocket as possible. As that time of year rolls around once again, we thought it might be helpful to provide a few tips and tricks for property managers during tax time. Take a look to see if there’s anything you might benefit from below.
According to research conducted by Gartner, 75% of all software implementations fail. A new software ERP that fails to go live means that the time and money invested into selecting a system was wasted and the process needs to begin again. It also leaves teams who were excited for the additional support in their roles disappointed.
When hiring a new employee, a manager’s first consideration when handed a CV or resumé is to look at previous job experience to determine whether the candidate has the skillset or background knowledge to preform as expected. What’s sometimes overlooked is a candidate’s soft skills, but when ignored it’s quite possible that the opportunity to bring onboard a valuable member to the team is missed. Placing weight on soft skills can help your organization cultivate a team that is cooperative and productive.
Many may not realize it, but the workspace your team is given can significantly impact their performance. Investing in a positive work environment means you’re investing directly into your business’s and employees’ success. From productivity and profitability to employee health and retention, the office environment is likely to play an influential role.
Your business exists for two main purposes: to fill a customer need and to be profitable. As it turns out, these two goals can be attained collectively by investing into customer experience. Research confirms, time and time again, that organizations that have better customer service are profitable. A study conducted by Temkin Group found a moderate increase in customer experience warranted an average revenue increase of $823 million over 3 years for a company with an average $1 billion annual revenue.
The capitalization rate, sometimes referred to simply as the “cap rate,” is a concept that’s fundamental for anyone buying into real estate for commercial purposes. The cap rate is used in real estate investing to provide a clear ROI of properties. It’s typically depicted as a percentage and its value can vary over time.
There are many key factors to a well-performing business and high profitability, what you may not know is your team is one of those key factors. A highly engaged team can help to keep customers loyal and profitability up, which is one reason it’s important to keep a focus on your employee experience as well as your customers. Training, opportunity for growth, and regular feedback (both positive or negative) are key investments in your team, that when executed effectively build trust, create respect, and grow your bottom line.
Customers increasingly want control over managing themselves and their business relationships especially when it comes to their finances. Online payments offer owners and tenants self-service capabilities that are customers want at an increasing rate. Mobile payments alone have grown in popularity as younger generations get older and have more spending power – studies show that 33% of millennials use cash while only 18% of Generation Z relies on cash. The ever-evolving industry can be difficult to keep up with but stay in-sync with trends can offer benefits to customers and property managers, here’s what you need to know about online payments for your owners and tenants.
Preauthorized payments are a form of payment automation where customers enable companies to withdraw funds for recurring payments directly in their account, typically via the EFT (electronic funds transfers) or ACH (Automated Clearing House) process. Preauthorized payments have been around for a while but have become more popular as the use of cash has declined, the 2016 Federal Reserve Payment study found that over 144 billion payments in the US were non-cash and they totaled over $170 trillion. The shift away from cash persists, 83% of American businesses leverage ACH/EFT payments, here are 5 reasons why you should too.