Managing a few residential properties is one thing, but when you start expanding your portfolio to add other property types, such as commercial properties and community associations, the process becomes much more complex. That’s because each sector comes with its own unique needs. Below, our property management experts share some advice on how to overcome the three top challenges that come with managing a multi-faceted portfolio.
One of the most important jobs of an HOA manager is maintaining a balanced budget. Accountability and transparency for every dollar spent are critical to a successfully run community. Fortunately, financial management doesn’t have to be a major hassle. Here are some steps to help you stay on or below budget every time.
One of the main drivers of success in property management is properly screening potential tenants. In doing so, you can save yourself the hassle of difficult tenants and improve your likelihood of landing and keeping quality, long-term renters. Of course, there is a right way and wrong way to vet prospective tenants. Here are three fundamental components of the tenant screening process you simply cannot afford to neglect.
Positive cash flow is always a goal in business, but maximizing those profits is the ultimate objective. If you own rental property, it may seem like there is little wiggle room beyond the basics of raising the rent. The good news is, there are actually a number of ways to boost cash flow and increase your bottom line. Here are 5 such strategies that you can start implementing right away.
Like any investment, buying real estate does not come without risk. And while there is certainly plenty of opportunity to generate a decent profit, there are times when things might invariably go south. Understanding these potential pitfalls is the key to protecting yourself against them, or at least mitigating your potential damages. Let’s explore three specific ways to fortify your investment against risk and steer your portfolio away from many of the hidden troubles of real estate investing.
Living in a community like an HOA or COA, there are a number of areas where rules must be set to provide clarity and prevent potential conflict. One of the most common is centered on parking. Whether you’re new to the community management field or you just feel that your rules could use a little improvement, here are a few tips that our experts recommend.
Raising rental rates is something most landlords or property managers must do at some point or another. Over time, operating costs and other expenses, such as taxes and utilities, go up. When those increases start to eat away at your profits, it’s time to consider passing at least a portion of that onto the tenant. But raising the rent should be done strategically. Otherwise, you could end up losing a good long-term tenant in the process. Here is some guidance to get you pointed in the right direction.
Many people mistakenly believe that property management and HOA management are the same thing. In fact, the two are decidedly different in a number of ways. From a high level view, property management involves the day to day management of rental properties, either residential or commercial (or both). HOA management, however, refers to the management of homeowners associations. Not surprisingly, the two have very different fees associated with their duties. Here more info below.
Technology has fundamentally changed the world of property management. One of the most innovative changes has been the introduction of virtual showings. This strategy was pushed even more to the forefront thanks to the recent pandemic. Not only are virtual tours safer, but they’re also more convenient for everyone involved. That being said, there are certain measures you can take to make your virtual walkthroughs more appealing. Let’s take a look at a few of these things below.
Your success as a landlord hinges heavily on maintaining strong, positive relationships with your tenants. Developing trust and keeping your good tenants happy will, in turn, keep your vacancies low and your cash flow healthy. Are you doing enough to create and manage these solid relationships? Could you use a little help in this area? We’ve got you covered. Check out a few of our expert tips below.