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.
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.
Every major player out there uses social media to enhance their marketing, and for a good reason. The average person spends nearly two hours per day on their social media accounts, and 82 percent of the world’s population has a Facebook account.
If you aren’t promoting your property management business using social media, you’re missing out. Building an online presence requires more than a great website and paid ads, social media is one arena where you can put inbound marketing principles into action.
There are two ways you can run your property management company: as a landlord or as a property manager.
In the highly competitive world of institutional single-family residential investing, creating value and driving performance can be a challenging undertaking. Factors such as local real estate market conditions, acquisition costs, market competition, rental rates, and so on impact how a portfolio of single-family rental homes performs. However, the most significant contributing factor to portfolio performance for institutional SFR investors is the operational effectiveness and efficiency of the property management division.