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.
Good financial practices are a critical component of success in any business, including property management. Accurate numbers enable timely and data-driven decision-making. The more soundly you run your business, the more your clients will grow to trust you, which means greater longevity and a better bottom line. Let’s take a look at five best practices to not only keep your books in the black, but also maximize profits as much as possible.
Any good marketer will tell you that not every prospect is worth pursuing. This is certainly true in the property management industry. Not every landlord or property owner will be worth investing your time and energy. To optimize your efforts, you should focus on the demographic that is both most likely to avail themselves of your services, as well as most likely to be a good, long-term client. Here’s how to identify and target these high-quality prospects.
When it comes to managing an HOA successfully, good communication is essential. An open line of ongoing communication ensures that owners and stakeholders all remain in the loop and prevents confusion and misinformation. Thankfully, there are a wide variety of different HOA communication tools and tactics to choose from. Here are a few of the options we recommend.
Property management can be a very lucrative field. According to the Bureau of Labor Statistics, individuals in the property, real estate and community association management professions earn an average annual salary of just under $60k, with potential to make far more. If you’re considering a career in this industry, the best way to set yourself up for success is to plan ahead. Here are a few tips from our experienced team.
It’s a question that many property managers ponder – especially those just starting out with a limited budget: is property management software really worth the investment? To truly answer that question, it’s important to dig deeper than the basic overview of what this type of technology can do for your business. If you’re weighing whether or not to invest in a property management solution, here are a few surprising benefits that just might sway your decision.
It doesn’t take much to destroy the trust of a tenant. Not only is the right to adequate privacy something that your residents want and deserve, but it’s also something that is regulated by law. To avoid accidentally crossing any boundaries and ending up in potential hot water legally, keep the following five tips in mind.
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.
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.
Nobody’s perfect, and property management professionals are no exception. Making mistakes is something that happens in business. Thankfully, those mistakes don’t have to be yours to make. By identifying and understanding some of the most common blunders made by property managers, you can hopefully sidestep them in your own career. Check out our list of the top five property management mistakes to avoid below.