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.
Rental property ownership can be a very lucrative investment, but as your business expands, finding additional properties that fit with your long-term goals can become increasingly challenging. To improve your odds of landing the best properties before your competitors do, here are five resources you can leverage.
In an ideal world, as soon as one great tenant moves out, the next great one would move in, keeping your properties rented and a steady stream of revenue flowing into your bank account. In reality, minimizing vacancies isn’t nearly this straightforward. Whether you recently purchased your first real estate investment property and you’re starting from scratch, or you’re an old pro and are just looking for new ways to keep those units full, here are a few effective marketing strategies to try.
One of the nicest things about residential communities is that they feature a diverse collection of personalities and opinions. Of course, this can also be one of the biggest challenges, particularly for association managers. In addition to their mountain of other responsibilities, community managers face the monumental task of keeping a melting pot of temperaments happy, all at the same time.
The ability to negotiate effectively is a key element in establishing successful and mutually-beneficial business deals. Without strong and strategic negotiation skills, whether it’s with potential business partners, vendors, customers, or even employees, you’re likely to come out of a meeting with a deal that only satisfies a fraction of what you wanted. While not everything in business can be done completely on your terms alone, insufficiencies can have rippling effects on your goals for business.
Internal business goals are dynamic. Strategy, time, data, and labor are poured into establishing achievable goals for an organization, whether it’s company-wide, departmental, or individual. Sometimes even with all the data on their side, companies don’t reach their goal within the projected timeframe. When this happens, it can be disappointing for everyone involved, but it should not be less motivating. In fact, missed goals are an opportunity for teams to leverage retrospective failures, shaping new goals and outlook.
When you’re ready to kick off a vendor-guided software implementation, one important question to ask is ‘who should be involved’. For every property management company and every software application the answer could vary. But for an ERP there are some key choices for an implementation team that can facilitate the experience and ensure ongoing success throughout the lifetime of the relationship.
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.
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.