Keeping expenses as low as possible is the name of the game in most businesses, and property management is no exception. Sometimes, however, taking the cheaper way out can actually end up costing you more in the long run. This is frequently the case with property management software. Budget-friendly solutions may seem ideal on the surface, but they often come with a number of unexpected and unpleasant surprises. Here are just a few of the hidden costs to beware of.
High on the list of priorities for most property management companies is ongoing growth. Whether it’s adding new properties to your portfolio or expanding into other types of properties, growing your business takes time, patience and perseverance. In the beginning, achieving growth can seem like an impossible goal. The good news is, it’s not. Better yet, it’s not even as difficult as you may think. Let’s take a look at four simple yet highly effective growth strategies below.
There is very little that hasn’t changed over the past year and a half, thanks in large part to the pandemic. As a result, there has never been a greater need for strong, human-focused leadership. Within the property management industry, leaders must find better ways to prioritize communication while supplying their teams with the tools and technology they need to perform at their best. If you are in a position of leadership, here are three ways to better achieve your goals.
Moving into a new neighborhood can be stressful enough without having to also worry about community rules and logistics, like parking and trash schedules. As an HOA manager, you can alleviate a little of this chaos by providing new residents with a comprehensive welcome packet that they can review once they’ve settled in. This can help you set expectations early and create a positive experience right from the start. What should this packet include? Here’s what we recommend.
Minimizing turnover in your rental units does more than just keep money flowing on a consistent basis. It also helps to reduce the other costs associated with vacancies, including cleaning, repairs, advertising and showings. But renting out your units is only half the battle. It’s finding those good tenants and keeping them for the long term that’s the real key to success. Whether you’ve struggled in this area or would just like to make sure you’re maximizing your efforts, here are five pro tenant retention tips.
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.
When evaluating potential tenants for a rental property, it’s imperative that you screen them thoroughly. The truth is, anyone can look great on paper and seem legit in person, but there are a lot of hidden pitfalls to renting that could come back to bite you if you’re not careful. One of the best ways to weed out bad apples is to verify each applicant’s income. This can significantly reduce your risk and save you a lot of money and hassle in the long run. Here are a few expert tips to help optimize the process.
Real estate investment is always a bit of a gamble. Sometimes you make out like a bandit. Other times, not so much. While there’s no way to eliminate risk completely, there are certain things you can look for that may indicate whether or not a property would be likely to produce sustainable returns. To improve your odds of a profitable transaction, here are a few key requirements to add to your list.
If you’re just starting out in the property management industry, gathering as many new clients as possible may seem like a wise idea. If you’ve been in the business for a while, however, you already know there are some clients who simply aren’t worth pursuing. Knowing what red flags to look for can help you avoid the hassle and headache of working with problem clients and keep your book of business running smoothly. Here are three types of clients to steer clear of.
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.