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property manager

How to Effectively Communicate with Tenants as an Absentee Landlord

by adminSeptember 24, 2023

written by admin

Being a landlord can be a good investment, but keeping an eye on properties when you’re away can be challenging. If you are an absentee landlord, communicating well with your tenants is even more critical.

With the right strategies and tools, a landlord and tenant can build a good relationship even if they live far away. You have a lot of chances to make your property management better. Read on to find out how to talk to your tenants best as a remote landlord.

Set Expectations From the Start

As an absentee owner, it can be challenging to communicate with your tenants effectively. However, setting clear expectations is crucial to maintaining a positive landlord-tenant relationship.

The first step is to establish multiple lines of communication. Open communications through email, phone, or text, and ensure they know which method to use for urgent issues.

Set expectations for response times and stick to them to gain your tenants’ trust and provide stability. Transparency and consistency in communication will help maintain a harmonious relationship with your tenants.

Hire a Local Property Manager

As an absentee landlord, it can be challenging to communicate with tenants living in your rental property effectively. It is especially true if you are in a different city or country.

It is wise to hire local residential property management personnel. It ensures smooth communication and addresses any concerns or issues promptly. With a regional property manager, you can know that you will take care of your tenants and your investment is being managed effectively.

Maintain Regular Communication

Talking to your tenants regularly can help you keep a good relationship. It can also help prevent problems from worsening and keep your rental property running smoothly.

Always check in with your tenants to hear about any problems they’re having and to let them know about any changes to the property. Being responsive and handling any questions or issues right away is also important.

Implement an Online Tenant Portal

If you’re a long-distance landlord, you might only sometimes be able to talk to your tenants in person. But as technology has improved, setting up an online tenant portal can improve communication and make things run more smoothly.

Ensure your tenants understand the portal’s use by giving them clear instructions. Encourage tenants to use the portal to talk about any problems or questions and answer quickly.

Conduct Regular Property Inspections

Regular inspection of the property ensures that it is well-maintained. It is essential to plan reviews ahead of time and let the tenants know about any problems or concerns that might come up.

Make sure to listen to what the tenant says during the inspection and fix any problems immediately. It can help build trust and ensure the landlord and the tenant have a good time renting.

Manage Your Property as an Absentee Landlord With No Sweat

Effective communication is crucial for maintaining a positive and successful landlord-tenant relationship as an absentee landlord. By utilizing various methods, such as clear and timely communication, using technology, and setting expectations early, you can establish a strong line of communication that will benefit both parties.

Don’t wait! Use these tips to help you quickly manage your property and tenants today! Did you like this article? Great! For more, visit the rest of our blog posts!

September 24, 2023 0 comments

Real Estate

How to Become a More Successful Property Manager

by adminMarch 8, 2023

written by admin

Did you know that there are 3 million real estate agents worldwide?

Are you interested in a career in property management? Working as a property manager is an outstanding career choice. It is growing rapidly as the population grows and the need for housing increases.

Read below to learn how to become a more successful property manager.

Enhance Your Knowledge

To become a property manager, it is essential to enhance your knowledge. There are many ways to do this. This includes taking courses and attending seminars and webinars. Joining networking groups and reading books in the industry is also important.

Understanding the technology used in property management is essential. It can be acquired by taking up certification courses.

Continuous learning will help you gain knowledge and understanding of the field. This will allow you to apply the best practices to your current business.

If you need help, be sure to consider Appfolio consulting to help you manage your commercial and residential properties easily.

Sharpen Your Interpersonal Skills

Start by developing excellent communication skills. Interpersonal skills are essential for successful property managers. Property managers must be able to communicate clearly and concisely with tenants.

Effective written and verbal communication will ensure that landlords understand what is expected. It can build trust in your abilities. Building relationships will increase your success in the industry.

Exercise patience and tact when dealing with difficult personalities. Have empathy to bring resolution to a conflict. Also, make sure to establish an accountability system with all your tenants and hold them to it.

Stay Up to Date With Market

Staying updated with the market is vital to becoming a more successful property manager. Staying informed of industry trends is critical to staying ahead of the curve.

Regular networking helps ensure an understanding of the latest in market developments. Consult various industry publications, such as newsletters and magazines. This can help property managers stay current with market fluctuations.

A property manager can become more successful through informed decision-making. It also helps to stay ahead of the competition.

Create Effective Systems

Creating effective systems as a property manager is essential to your success. Begin by investing in robust property management software that manages accounting and payments. Establish routine property maintenance to ensure the asset’s ongoing care.

Develop an organized system for filing documents. This includes contracts, leases, and tenant paperwork.

Follow fair housing and safety rules and regulations for all properties. This will ensure a harmonious atmosphere for tenants. Set realistic expectations for tenant turnover, repair requests, and communication.

Define Your Goals and Plan Ahead

To become a successful property manager, defining clear and attainable goals is essential. Take the time to identify what you hope to achieve in your role. This allows you to create a plan of action to reach your goals.

Planning provides an opportunity to recognize potential problems in the future. It can also develop strategies to overcome any roadblocks. Utilize organization tracking systems to ensure all tasks and projects are considered.

Becoming a Property Manager

Being a successful property manager can be a rewarding experience. Property managers can be strategic and productive by remaining organized and keeping on top of each task. A solid strategy and staying on top of industry trends can be a significant asset.

So, why wait? Become a property manager today!

Did you find this article helpful? Check out the rest of our blogs!

March 8, 2023 0 comments

Real Estate

Here’s Why You Should Hire a Property Manager

by adminAugust 30, 2022

written by admin

If you own a rental property, you may be managing it on your own as a DIY landlord. But if you really want to streamline your investment, it’s worth hiring a property manager or property management service to oversee things.

What is a Property Manager?

If you’re considering hiring a property manager, make sure you know what they cover.

“A property manager is an individual or entity hired by the property owner to oversee and manage the daily workings of their real estate investment,” Rocket Mortgage explains. “Property manager responsibilities include setting and collecting rent, handling maintenance requests, filling vacant units and potentially setting the budget for the property.”

Most property managers will not guarantee zero percent vacancy rates or things of that nature. However, much like the approach taken by Beverly Hills property management, they will work hard to ensure your units are as profitable as they can be. Known for their exceptional service, they set a strong example of the dedication and hard work needed to optimize property profitability.

4 Reasons to Hire a Property Manager

Whether you have one property or a portfolio with dozens of doors, hiring a property manager makes sense for several reasons. You’ll find some property management companies that specialize in different types of properties – like luxury property management – that provide tailored services to owners with unique needs.

You’ll also find location-specific management companies, as well as a variety of property managers that fit different types of real estate investment strategies. But regardless of the kind of property manager you hire, here are some of the overarching benefits of having one:

Lower Stress

One of the biggest things a property manager does is reduce stress. They act as a layer of insulation between you and the tenant.

For example, in a traditional landlord-tenant relationship, it’s the landlord who is getting a call at 2 a.m. when a pipe bursts in the ceiling and a deluge of water starts flooding the kitchen. And it’s the landlord who has to get up, speed over to the property, shut off the water, clean things up, call a plumber, etc.

But if you have a property management service, they’re the ones getting the call. Yes, it’s still an issue that you’ll have to pay for, but you don’t have to respond to it. You’ll simply get a call from the property manager, notifying you that the issue is being handled.

Time Savings

They say time is money – and a property manager saves you a ton of time. Here are just a few examples:

A property manager lists your property when it’s vacant, screens tenants, and handles all of the onboarding and move-in process.

A property manager chases down late rent checks and ensures they get collected.

A property manager fields all maintenance and repair requests and coordinates fixes.

A property manager navigates the eviction process, when necessary.

At a minimum, a property manager saves you a couple of hours per week per property. On some weeks – like during tenant turnover – they can save you hours of time every single day. This time can be reallocated to focus on bigger picture tasks, like finding new investment properties or focusing on other businesses.

Happier Tenants

When tenants have good, reliable, around-the-clock service, it makes them feel respected and appreciated. Thus, having a response property manager can actually improve tenant retention rates and reduce turnover and other related issues.

Above Board

As a landlord, you might know some of the rules and regulations surrounding real estate investments, taxes, and tenants’ rights. However, it’s not enough to know some of the laws. All it takes is one slip-up and you could find yourself in trouble.

A property manager is a professional who understands screening laws, rules regarding what you can and can’t say to tenants, how to enter the property legally, etc. In other words, they keep you above board!

Putting it All Together

It’s hard to thrive as a real estate investor if you operate in isolation. Being successful in real estate is all about building the right team of people around you, and a property manager is an essential partner.

Yes, it’ll cost you a percentage of your profits, but you have to look at it as an investment. For every dollar that you invest into a property management service, you’ll earn back more in time, freedom, and scalability.

For most landlords, this makes it a no-brainer.

August 30, 2022 0 comments

Real Estate

Is the Cost of a Property Manager Worth It?

by adminJune 27, 2022

written by admin

What’s the most challenging thing about owning rental property?

Ask any of the 11 million individual landlords in the U.S. and you won’t hear the end of it. From dealing with bad tenants to doing property taxes, being a landlord isn’t as rosy as it sounds.

The good news is landlords don’t have to deal with these problems on the daily. You can take a hands-off approach by hiring a property manager – at a fee, of course.

However, this begs the question: is the cost of a property manager worth it? If you’re considering getting professional help, read on to learn more about the benefits that await you.

But first off …

How Much Does a Property Manager Cost?

On average, property managers charge anywhere from 8 to 12 percent of the monthly rental collection.

There are a number of factors that determine how much a property manager can charge a client. These include location, type and size of the property, and range of services offered.

If you only want help with rent collection and property maintenance, for example, you will pay less than if you wanted a full-service package. Click here to learn about the various services you can get.

Now that you have an idea of how much you’ll pay, let’s look at the benefits.

Rental Property Marketing

Every landlord dreams of having a rental property that’s occupied throughout. That’s how you’ll maximize your return on investment.

However, it’s not easy to maintain high occupancy rates, especially if you own a multi-unit establishment and you’re self-managing it. A property manager can help keep the occupancy rate high, though.

This professional will use their property marketing knowledge to advertise your rentals and attract tenants, ensuring vacant units don’t stay unoccupied for long.

A property manager will also help reduce tenant turnover by ensuring prompt resolution of tenant complaints. This means your tenants won’t vacate because of poor tenant-landlord relations.

Tenant Screening

Tenants aren’t created equal. While some will use your property responsibly and pay rent on time, others will be a constant source of headaches for you.

The last thing you want is a tenant who is always late with rent payments and causing disturbances to neighbors. Some tenants even engage in criminal activity, something which can necessitate police execution of a search warrant.

One of the biggest benefits of hiring a property manager is they will conduct tenant screenings. This increases your chances of getting the best tenants.

Minimize Legal Issues

Landlords have rights, but so do tenants. Unfortunately, landlord-tenant conflicts are common. Sometimes these conflicts escalate to court.

Whether it’s a tenant suing for discrimination or wrongful eviction or whatever reason, or you’re suing for unpaid rent or extensive property damage, this isn’t how you want to be spending your time and money.

But with a property manager, you will minimize your exposure to legal issues. They have the expertise to prevent and resolve tenant disputes amicably.

The Cost of a Property Manager Shouldn’t Put You Off

You’ve invested a lot of money into your rental property. Perhaps you’re struggling to keep up with the mortgage payments. So, it’s understandable that you’re on the fence about paying someone to do something you can do.

However, as we’ve demonstrated, the cost of a property manager is a drop in the ocean compared to what you’ll gain. Browse our blog to learn more informative articles.

June 27, 2022 0 comments

Real Estate

How Did COVID-19 Impact the Property Management Market?

by adminJune 10, 2022

written by admin

Statistics show that 52% of property management companies make annual revenue of less than $249,000.

How has the property management market evolved in the past few years? What are some things that successful property managers are doing? Where can you find new opportunities to invest?

Keep reading to learn more about how COVID-19 has impacted the property management market.

The Negative Impact of COVID-19 on the Property Management Market

Widespread shortfalls in rent collection are one negative impact of the pandemic. Regardless of whether someone owns one property or one thousand properties, the struggle of working with tenants to get rent collected on time has increased.

Another impact has been the difficulty in acquiring new properties. Depending on the area and the timing, the market may have outpriced any new buyers which prevent property management companies from expanding with more units.

With a renewed focus on cash flow, it is important to find a property management bookkeeping service that will help you stay organized as you navigate the challenges that the pandemic brought to the industry.

The Positives of COVID-19 for Property Management Companies

One positive of the pandemic for property management companies is the opportunity to make more money per unit. If you do have tenants that are able to make the rent, they are accustomed to the rent prices that are trending higher.

This is important because the competition in the housing market is driving some people to rent instead of buy. This is demand that is being created for new units and a great financial opportunity for you to find a way to fill them.

The Opportunities Created by COVID19 for Property Managers

Property managers can now take advantage of the opportunities that were created by the pandemic to benefit their overall business.

Video tours of properties have become a more effective way for future tenants to view the units and decide if they want to tour them before ever stepping on the property. This means that you can hire an in-house person to shoot the video or outsource it and not have to use the man-hours to show several people the units each day.

This will save your leasing agents time that can be focused on bringing in new leads and spending less time with people who are not serious about renting with you.

There are also tenants that are signing lease agreements without ever touring the property. This will save you money by not having to market to them or tour them prior to the agreement.

Improve Your Property Management Today

Now that you have read more about how COVID-19 has impacted the property management market, you can improve your strategies as you continue to invest in the real estate market moving forward. Trying new approaches and conversing with other property managers could lead to increased success for your business for years to come. Continue exploring our website to read more helpful articles like this one.

June 10, 2022 0 comments

Real Estate

9 Expert Tips On How To Find The Right Property Manager In Dubai

by adminMay 31, 2022

written by admin

Investing in a second property is one of the most lucrative ways of earning passive income, especially in a mahoosive place like Dubai. It is very painless to hunt and find the best properties for sale in Dubai. However, handling the property when let out beside the person’s day job would seem quite exhausting and challenging to endure in the long term, especially for overseas investors who cannot visit their property in person at the time of real emergencies. To avoid this yearlong hassle, working with a property manager who has enough experience and knowledge about the neighbourhoods and houses of Dubai is the best way. Hiring and finalising the best person can be done by following this checklist:

LOOKOUT WITHIN YOUR CIRCLE

Most of the time, precious information could be found within the closed network of any person in general. Asking family and friends who have already worked with a reliable property manager would give a credible list of people to get the job done. Another way of finding a property manager quickly is by enquiring about the estate agent who helped with purchasing the property in Dubai. No one better than them can help with finding a manager by digging through their contacts. This way, one can save more time.

BEYOND JUST MONEY

Instead of filtering out the property managers based on how much they charge, it is necessary to study their services and flexibility throughout their tenure. The sole purpose of hiring a property manager is for active participation in the overall management of the home bought in Dubai in the homeowner’s absence. Finding the best real estate agents in Dubai is easy now with multiple resources and after the background check, they can be hired to manage property full-time. Checking their behaviour and attitude at the time of crisis would say a lot about them.

DO THE RESEARCH YOURSELF

It could be daunting to choose from a sea of property managers across all neighbourhoods of Dubai, especially when required immediately. Instead of asking elsewhere, people can research online for this information rather than relying on others. Similarly, not many first-time investors hiring a property manager would not know what responsibilities they would handle and remain unaware of it. They can check for these details before planning to hire a manager. This way, creating a quick list before filtering them is more manageable and would help in navigating the homeowner throughout the process.

CHECK FOR AUTHENTICITY

Even before people decide to pick one of them from the top three property managers from their list, they must check whether the person is qualified to perform this job. Looking for the appropriate licences or certifications is one significant way of filtering out the good ones before hiring them. The quality of work they provide must also be checked to ensure it meets the homeowner’s requirements.

DIG MORE ANSWERS

Conducting a formal interview with a relevant set of questions directed to the project manager will let the person know more about their approach and their professional work front. People can ask about their speciality neighbourhoods, management fees details, rent handling, who is the POC, and other critical questions. It is always essential to ask for all the necessary details before getting on board with the property manager as it would involve working together in the long run.

PAST EXPERIENCES

Based on one’s previous experiences in property management, it will become easier to evaluate information before hiring them. People can visit them when working in a real apartment as a property manager. They can also check homes that are currently being handled by the manager to check the overall maintenance. Customising the requirements apart from their usual set of services can also be done if the homeowner wants to increase or decrease the manager’s workload.

RELIABLE TESTIMONIALS

Nothing tops the pile of reliability than the words of another person testifying about the credibility of a property manager. If the person holds amazing testimonials from previous homeowners, they can be considered as the next property manager for your home in Dubai. Cross-checking if these are true is necessary before blindly agreeing to work with them.

THEIR RESPONSIVENESS

A property manager’s real credibility is questioned when a problem arises out of nowhere. Response time and flexibility of a property manager must be quick enough to react to emergency repairs or any other concerns lurking at the tenant’s place so that the person hiring would be sure that their property is in good hands.

CHECK THROUGH MANAGEMENT COMPANIES

To avoid the hassle of finding an independent property manager among a high group, it is always better to approach a property management company that provides these services in Dubai. Once this company is found and verified, they will handle the entire management requirements and can manage them entirely.

Source: https://www.empireestateagents.com/post/9-tips-for-choosing-a-great-property-manager

May 31, 2022 0 comments

Real Estate

5 Rewarding Benefits of Using Property Management Software

by adminOctober 6, 2021

written by admin

Did you know that there are around 80,000 property managers in the United States of America? One of the best things that any property manager could invest in is property management software. Getting the best property management software provides a ton of great benefits that timely burdens off of your shoulders.

They provide accounting help for your properties as well as business tools that will help you manage your business. If you haven’t considered if you should buy property management software then you’re going to want to read this article.

Continue reading to learn more about the five best benefits that you’ll get from investing in property management software today.

1. Easy Rent Payments

One of the big perks that you’ll see from the beginning with property management software is that it makes collecting rent from your tenants a much easier task. The software allows for electronic payments rather than cash payments in person. This means that they can pay at any time during the day or night without the need for you to be present.

This also creates easy reporting and records that are easy to access. This is especially convenient around tax season.

2. Better Property Management

A good property management software will give you all of the property management tools that you need to handle the accounting maintenance, and communications aspects that come with managing properties for a living. It also decreases your reliance on using third parties to help you run your properties.

Look into getting a property management software like www.balancedassetsolutions.com.

3. Increased Tenant Screening

A big obstacle that you face as a property manager is making sure that you adequately screen your tenants. The last thing you want is to provide a place to live to someone that trashes it and doesn’t pay their rent. Good property management software will help you do a thorough background check on your prospective tenants and decrease your risk of getting a poor tenant.

4. Enhanced Visibility

Another great benefit of getting property management software is the level of transparency and visibility that you’ll gain with all of your properties. This is especially beneficial if you own more than one property since you’ll have live data and information about the financial side and the tenant side of each property you own.

5. Accurate Reporting

Taxes are tricky when you’re running your own business. They get even trickier when you’re managing multiple properties that each have their own income coming in. The best way to keep track of your finances is to get the best property management software program.

You’ll have an easy time keeping track of your revenue, your taxes, as well as the availability of your units at each of your rental properties.

Invest In Property Management Software Today

When you’re a property manager, time is of the essence. One of the best ways to make the most of your time while managing your properties is to get property management software. This makes it much easier to collect rent from your tenants while also getting accurate and live data about your finances.

For more insightful articles on a range of topics, check out our website.

October 6, 2021 0 comments