Research reveals up to 30 percent of your assets may be left to the wayside simply because you don't know they are there. For those operating in the real estate industry, it is vital to keep up with all assets at all times. A thorough picture of your assets is key to maintaining cash flow, reducing expenditures, and shortening vacancy cycles.
Tenants, vendors, owners, your leasing team and that inspiring “quote of the day” filling up your inbox? Do you frequently hear, “I emailed that to you already” when talking to vendors or coworkers? Are there 3 or more digits in your unread emails icon? If you are a property manager drowning in emails, we’re here to help.
Property management involves many stakeholders, all of whom want answers with quick turnaround. You are managing someone’s investments, but you’re also managing someone’s home, and as you already know, “I must have missed your email” doesn’t cut it when you miss a work order or form. To avoid upset tenants and angry owners, use these unique tips to help you stop drowning in emails.
Property management has many tasks that are repetitive. While owners and tenants change, the process of onboarding them and managing their property either does not change or changes very infrequently. When you have your standardized methods defined, you can start to look for tasks you can automate to save yourself a significant amount of time.
“If you do not know where you come from, then you don't know where you are, and if you don't know where you are, then you don't know where you're going. And if you don't know where you're going, you're probably going wrong.”
In this series, we are covering the basics of property management accounting. Part 1 discussed some of the more common accounting terms you will encounter throughout this series. In this part 2, we will cover books and accounts, both for your property management company and your clients.
Part 1: The Basics
In this series, we are going to cover the basics of property management accounting. Property management accounting is different from standard accounting because you not only need to keep track of your property management company’s finances, you are also managing separate accounts for the properties you manage.
Raising the rent is a necessity at times and just a smart business practice at others. With the average annual inflation rate in the United States at approximately 3.22% per year, a rent increase is necessary periodically to keep a property profitable.
While property managers understand that rent increases are necessary over time, many tenants do not, so the process should always be handled delicately. After all, at times a lost tenant resulting in a turn and potential vacancy is more expensive than the lost revenue from skipping the rent increase in certain circumstances.
As a property manager, you may not be well-versed in all of the sophisticated technology or insider tricks that help you track your online marketing efforts. The good news is there are some simple and free resources you can use to help track your property management marketing efforts such as Google Analytics.
Skilled property managers wear many hats. Learning how to respond to negative online reviews is the public relations hat. It just as crucial as the “lead generator” hat because so many people trust online reviews when searching for a new business partner. In fact, according to Inc.com, 91% of people read online reviews, and 84% of those people trust the review as if it was coming from a friend.
A Property Manager's Guide to Establishing a Realtor Referral Program
Cultivating leads is vital to helping your property management company continue to grow and thrive. Long-term success in any business means ongoing work to onboard new clients, and in property management, it is no different.