A successful condo or homeowners association is one that is well-maintained and relatively conflict-free. It’s a community where the residents feel safe, heard and content. And it’s the job of HOA or COA management to ensure that this remains the case. Whether you are a newer association looking to set up some best practices or an older community that could benefit from an overhaul, the following tips are for you.
Admittedly, the property management industry has been somewhat slow to respond when it comes to technological advancements. The uncertainty and disruption of this past year, however, has pushed many businesses out of complacency and forced them to look for creative ways to remain profitable.
For landlords and real estate investors, hiring a property manager is often a wise investment. In particular, when someone else is there to handle the day to day nitty gritty work, it frees them up to focus on other, more revenue-driving initiatives. Of course, delegating this work to someone else comes at a cost. Whether you’re a landlord considering the help of a property manager, or you’re interested in getting into the industry and are curious, here are some of the common fees you can expect.
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.
Let’s keep it real. If you’re in the real estate business, you’re in the people business. To that end, networking is one of the pillars of success. As the old adage indicates, “It’s not what you know, but who you know.” This certainly rings true in the property management industry. You can have all the skills, knowledge and experience in the world, but if you don’t have connections with the right individuals, you’ll never really reach your fullest potential. If your networking ability leaves much to be desired, here are a few expert tips.
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.
You already know how important it is to have a signed written lease agreement, but the information that’s actually contained within the four corners of that document is equally important. Chances are, that 2-page “sample” template you found online is not going to afford you all the protections you need and deserve. To avoid learning this the hard way, here are a few essential lease clauses to protect yourself and your investment.
There are tons of resources online (our blog included) about how to find and manage great tenants. But, what about when those residents decide to move on? Even the most successful landlord or property manager will have to deal with turnover at some point. As such, there should be a documented process for how to wrap things up with the former tenant and get the vacant unit prepped and ready to be re-rented as quickly as possible. If you haven’t yet defined this process, here’s what we recommend.
One thing that surprises many new property managers is the amount of day-to-day work that’s involved in being successful. Many have this idea that they’ll simply be able to sit back, relax and collect all kinds of passive income. While it’s highly unlikely that you’ll be able to achieve this degree of autonomy, the good news is, there are some things you can do to shorten your to-do list and make your professional life infinitely easier.