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.
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.
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.
There are two ways you can run your property management company: as a landlord or as a property manager.
Property management is a specialized field that requires above average intrapersonal skills, patience, and organization. Choosing to run a property management business means hard work and perseverance, but it is also very advantageous. With all of the heart you put into your property management business, you should be sure you are not leaving money on the table. Here are six things you should review in your internal operations to tighten up your earnings.
Property Management is a Help Desk Business That Happens to Manage Real Estate
When you look at the day-to-day tasks of property managers, it quickly becomes clear that they are operating a customer service help desk. Your staff spends the majority of their time fielding tenant, owner, and property issues. To be successful in property management, it is critical to have a highly-tuned customer service machine.
What does that actually mean? Well, it means that you will need to look at your business differently. Communication with owners and tenants, your ability to manage outstanding tasks, and your efficiency in handling your operations will be the deciding factors in how successful your property management company will be.