19
Jul

Is It Better To Sell Your House To A Property Manager?

Property agents are what many people know and they help you with the selling process by handling interested buyers and handling the transactions all the way to closing after which you get your money for the sold property. In some cases this is a process that can take long because it means waiting until a buyer who is interested enough and likes what he sees comes along and is willing to go all the way. Depending on the location of the house and its current condition and other factors, it can take a considerable length of time to sell even though you eventually will sell.

Fortunately, apart from the property agents that can help you sell, there are property companies and managers that actually offer to buy the property directly from you easing up the process for you. Usually the condition of your home is not a factor because they buy it as it is and within a very short period of time so you can get your money fast and easy. This type of managers and property companies are becoming very popular and you might be wondering why it is better to sell your home to them. Here are some of the reasons why they might be the best path for you to take.

1. The property buyers close the deal as soon as you reach an agreement on the value of the house. This means if you do not have the luxury of time to wait until you find a willing buyer, you can still sell and go ahead with the other plans you have. They are the ultimate solution when you need money urgently or need to sell and relocate immediately.

2. They managers do not have any restrictions when it comes to the condition or location of the house. They simply value it according to the current state and give you the amount it really is worth without you having to make any renovations or repairs. They handle other property issues after the property is under them. This is nothing compared to individual buyers that want everything to be in top shape before they agree to buy the house, meaning you would need to do repairs and make all necessary changes within the property for sale.

3. The managers offer faster transactions. They are experienced in what they do and will therefore make the process as quick and easy as possible for you. You do not have to worry about long closing processes you might not have time for. Some are so good that they can do the survey, valuation and close the deal within a day and you will have your money to continue with any plans you have.

4. They offer very discreet services. Selling your home is sometimes not very pleasant, especially when you are forced by circumstances that are not very good to do so. The best thing about selling to the property managers is that the process remains short, discreet and very private to protect your interests.

19
Jul

How to Get Into the Field of Property Management

Property management is an exciting job that allows you to interact with people. By managing the site, you are responsible for taking payments, writing up lease agreements, hiring maintenance workers, and fielding problems from tenants. For someone who enjoys the day-to-day interaction with people and real estate, it is a good direction to go. So, how do you get into the field?

Education

While there are not many colleges that offer a bachelor’s degree specifically in property management, you can take other routes. By getting a degree in accounting, public administration, or business administration, you will have a head start on what you need to know. Earning your real estate license in the process gives you valuable information that will help you in your career.

No matter which path you take to earn your degree, there are a few classes you need to take, including courses that cover real estate law, leasing laws, and financial management. You should complete courses in bookkeeping, too. A certificate course that covers multi-tenant housing and government-assisted housing is also beneficial.

Licensing and Certification

In some areas, to be part of a successful property management team, you may need a license or certification. This requirement varies by state, so you should check with your state’s real estate board for specific requirements. If you are required to have a certificate or license, you will have to renew it on a regular basis, and you must complete a certain number of training courses each year to maintain that certification.

Even if your state does not require a license to work in this field, you should consider getting a certification. By going through the certification program, you can show potential employers that you have the knowledge needed to perform the job to their high standards. Prior to exams, however, most programs do require you to have some work experience as a leasing agent or assistant manager. Check with the National Apartment Association or Certified Apartment Manager sites to learn the exact requirements.

Career Experience

Once you get your education, you are ready to enter the field of property management. Of course, you need some experience in order to run your own office. You can start by working as a leasing agent for a firm to help gain necessary skills. Smaller groups may even allow you to take a job as an assistant property manager. This allows you to shadow the current manager and learn the necessary skills needed to run your own office in the future. No matter the size of the leasing agency, you need to prove that you understand maintenance and financial management before you will be allowed to be in charge of your own area.

It takes time to gain the level of education and experience in order to run your own property management office. However, by keeping yourself abreast of the changing real estate regulations and having a firm understanding of financial and business management, you can succeed.

19
Jul

Property Management Made Simple

A fast, simple and effective way for landlords to manage their property portfolio with minimum hassle.

Being a landlord or a property manager can be an arduous task. There is usually an endless list of jobs that need to be taken care of, whether you’re managing a single property or a vast portfolio. There are several landlord property care apps offered by property management groups to help property owners in managing their property and keep everything running smoothly, taking the stress out of daily tasks.

WHY DO I NEED AN APP FOR THIS?

Downloading the app provides a simple and efficient way for you to manage your properties. It’s intelligently designed, easy to use features have been developed by the experts in app development to cater for your specific requirements. With its key features you can digitally take control of all tasks with a swipe of your finger.

KEY FEATURES:

  • Managing Tenants
  • Monthly rental payments
  • Utility management
  • Rent review
  • Property inspection reports
  • Annual safety tests
  • Lease management
  • Print yearly/ monthly taxable finances.

MANAGING TENANTS AND RENT

When it comes to managing rent owed and tenants the app couldn’t make it simpler if it tried! You go to the sub section you need, click the icon and straight away you can add new tenants, storing their personal information i.e. phone number and address, as well as their moving date and contract end. As for rent you merely need to select the property in your portfolio, specify the date, rental fee and Estate agents commission and you’re sorted. This saves a lot of time and productivity in the long run, meaning you’re not chasing any overdue payments or tenant details.

TAX MADE SIMPLE

Everyone knows that trying to keep on top of yearly tax returns can be a nightmare, but this is just another reason why this app is extremely beneficial. It allows you to do your own book-keeping on the move, by logging all of your income and expenses, when and where you necessary, to keep on top of your accounts. In the long run this will be more beneficial for your accountant or even for yourself if you organise your own accounting. Moving forward, this means you can review monthly and yearly reports with the tap of one finger, as well as track your taxes making your End of Year returns report easy to access, and print off for your benefits.

The same format is used when logging Expenses, again these are all kept in one place, and you can easily input property expenses through their individual property details and log important expenses such as Interest only mortgage, Capital Mortgage, Repairs, Insurance, Cleaning, agents involved etc.

ADDITIONAL SUPPORT

An additional benefit is that you will have a dedicated support team which promises to assist you with any technical and non-technical help that you may require. This gives you reassurance and trust that your portfolio details are in the right hands, and that all information is deemed confidential, to which you will only have access to, and none of which will be shared to other Property Managers.

19
Jul

Do You Have What It Takes To Be A Property Manager?

Being in my seventh year of real estate, I have worked with a lot of Property Managers. Let me tell you that years of service do not equal a great staff member. Here are the top 5 things I look for when recruiting.

1. Attitude – I can teach skill; I cannot teach attitude so the right fit will always win with me. I recently chose a new team member with no experience over someone with two years industry experience because of the attitude of the new starter.

2. Process driven people – Property Management is largely about legislation, following procedures, ensuring work flows are followed as well as customer service. While it is nice to be creative and appreciate pretty marketing, if you cannot follow a process it will not work. I use a lot of checklists and task based work with my team to ensure we follow through on every step that we promise to take. Without processes, I can guarantee a failed promise.

3. Training – You must love training to succeed in our industry. While it is only a few days to get your registration, the training never stops. We complete on the job, legislation, customer service and new business training just to name a few. We continually improve and part of that is through our meetings and training. I also feel very strongly that conferences (industry related or not) are a great training tool. Sometimes they will be around motivation, which always gives staff a boost. Some conferences will be Property Management focused. I just attended a two-day conference on the Gold Coast and I will be returning with pages of ideas that we can discuss as a team.

4. Team work – Don’t we all work on our own portfolios? I Property Managers ask this question all the time. If you can’t work as a team, it is just not going to work! We must work with the sales team. We must support and be supported by administration. We must work with our Business Development Managers who bring in the new listings so that we can deliver what they promise. Most of all we must work and support others on our level. I have a task buddy for each team member. We can then help each other out with important tasks when someone is away or on holidays.

5. Loyalty and Culture – I know it sounds corny but if you do not live the brand, love your work and bring positive vibes to the team, you will not last. People who constantly bring down a team will just be making everyone’s days very difficult. If you don’t love your job, don’t do it.

I think overall, if you are thinking of becoming a career Property Manager, my best piece of advice is to ask to speak with the head of a few Property Management departments. Have a list of questions written down. Don’t be afraid to read from your list. While they may not have a position, they may know someone or keep you in mind when something when the team grows. You may learn this is not for you, which is perfectly fine, you won’t know unless you ask. Good luck on your journey.

19
Jul

How Property Management Firms Are Making Affordable Housing Desirable

According to the Economic Times, “affordable housing” refers to housing options within the budget of those whose income is below the median household income of a particular area. While some may assume that affordable housing automatically means giving up certain amenities that are common in society today, property management companies all over the country are working to ensure that this is not the case. Indeed, in 2016, low income doesn’t have to mean low quality. From the very basic needs of safety and shelter to the most deluxe offerings like on-site laundry facilities and fully equipped community areas, property management companies are providing rentals that get the most out of every dollar. Whether you are looking for a cozy apartment or a large, master-planned community with organized activities, you don’t have to sacrifice access for affordability.

The need for affordable housing spans every demographic and age group, and property management companies take note. For instance, some rentals provide amenities geared toward older residents, such as retirement facilities with mobility-accessible features, while others are more geared toward families, offering two bedroom units with balconies and lots of storage space. Because families typically include children of school age, some communities will be established in areas with access to great schools and within proximity to local restaurants and entertainment. Many rental communities also include extras like off-street parking and built-in alarm systems, as well as access to on-site recreational activities.

Regardless of your specific needs, a property management company can assist you with locating properties available in your price range and working through the application process. Not all managers are created equal, so to ensure you’re getting the best representation and amenities available, look for certifications or designations from organizations like the Institute of Real Estate Management or the National Association of Realtors. Ideally, you want to work with a company that has a long history in the industry, with many years of expertise and a clear passion for providing tenants with wonderful homes. The company should also have a cooperative relationship with HUD, the government’s Housing and Urban Development agency, whose mission is to create strong, sustainable communities and quality affordable homes for all.

In addition to providing leasing services to tenants and management services to property owners, many property management companies also act as development consultants or work to obtain federal funding for affordable housing projects in their communities. This commitment to providing a platform for individuals and families to gain access to a place to live and work benefits everyone involved, from saving taxpayers money by reducing demand for government services, to improving education for students who would otherwise be moving around when their parents are unable to afford a stable home.

19
Jul

How to Assess Property Management and Take Your Rental Experience to the Next Level

Renters are often given advice, but property management is not normally on the checklist for them to consider. Without quality caretakers, however, a rental home is unlikely to be a positive experience. Attention to detail and a consistent, responsive attitude toward addressing complaints are the marks of a high-quality supervisory company. Families considering a rental normally consider several factors, including location, proximity to work, good schools, and public transportation. Budget is another important topic, as is the condition of the rental itself. Even a low-cost apartment close to work and school isn’t a pleasant place to live unless the building and grounds are kept in good condition and repairs and other issues are addressed quickly and consistently. This is where the property management company becomes important.

Prospective renters can begin their inspection before even entering the apartment. The landscaping is a reflection of the care the building receives. Grass should be neatly trimmed, bushes should be kept cut back, and flower beds mulched and neat. The outside of the building, common areas, and hallways should be clean and well maintained. In winter, sidewalks and pathways should be safely cleared of ice and snow. Paths and curbs should be kept in good repair, with cracks or potholes patched. It’s important for prospective renters to take note of the care taken of the building and grounds. Good care reflects an expectation of quality service and upkeep.

One of the most telling signs of the quality of the care the building receives is the cleanliness of the apartments being shown. Prospective renters should be aware of the finer details when inspecting the rooms. Signs of lax care include worn or torn carpets and linoleum; dirt built up in corners, around tubs, sinks, and toilets; and poorly maintained windows and doors. Renters should check areas like the refrigerator and stove top for cleanliness. If a caretaker doesn’t prepare the apartment to be shown, they will be unlikely to maintain a consistent schedule of maintenance. A good property management company will maintain a regular schedule of maintenance and checkups to ensure repairs are carried out quickly and that the building is properly cared for, ensuring the rentals remain comfortable and attractive.

Finally, apartment seekers should ask questions about maintenance, expectations, and procedures. Is there a contact person to call in case of a broken pipe or another maintenance emergency? Is there a caretaker on the grounds at all times? How often is heavy cleaning, like carpet steaming, carried out? It is important to understand the expectations involved in any rental contract and to spell out who is responsible for cleaning, basic maintenance, and procuring repairs in the apartment. If at all possible, renters should speak to other residents to learn more about the oversight of the building and to understand what to expect from the company. With a little research, renters can find that living in an apartment is an easy choice for themselves and their families.

19
Jul

Best Three Tips To Find Your Rental Property

With the rising cost of properties, It has been harder than ever to buy a new home. Of course, people cannot do without a roof, and there comes the choice of rental properties. Finding the right home isn’t going to be easy, especially in US and Canada, where landlords are charging insane prices for almost every single home. As a smart tenant, you have to go a step ahead and decide on certain things before narrowing down to certain choices. In this post, we will talk of some of the things worth considering before you find your rental property.

Start with an online check

Gone are times, when you would need to spend hours on the weekend trying to find ads for rental homes! Thanks to the internet, things are much easy today, and you can find some amazing sites that enlist rental properties for most states and areas of US. You can check properties based on your needs, and it is very easy to sort a few options. Some of the sites connect the tenants with the landlord directly, which makes the process of negotiation and discussion much easier. Just make sure that you choose the right website, which has plenty of properties.

Check the budget

It is essential to have a budget for your home, but don’t set an amount based on your whimsies. There are always a few trends in the rental market when it comes to prices, and hence, you should spend some time researching on the same. Make sure that you check for the actual rent, added expenses if any and other long and short term expenses. Typically, rental sites can give you a good idea of how much you may need to shell for a particular type of house, but you can also check on other sites too.

Know what the lease means

Many tenants don’t read rental agreements in detail, and that can have serious consequences. There are usually a few things that you should note. The first thing is the length of the lease, which should be clearly mentioned. Secondly, you need to check for deposit requirement, and how the landlord is going to deal with the refund when you move out. The third part is property maintenance, and you should know if there are any expenses that are payable every month.

Also, not all home owners allow pets, so if you intend to bring your pooch home, always discuss the same. Sometimes, homeowners and landlords don’t allow changes in the house, like adding of special lights and painting, and hence, you should talk on the same. If you are going to have roommates, you need to know the arrangements with them, and the lease sharing clauses, if any.

19
Jul

How Do You Select The Best Property Management Software?

Property management can be a challenge, especially without the right tools. Getting the right software program is very essential in helping you streamline the process of handling your growing business and to keep it organized. More and more companies are eliminating paperwork by choosing software solutions that can handle all important functions including management of documents. But then how do you go about selecting the best property management software for your business?

Step 1 – Start by focusing on what you need

Avoid choosing software that is an overkill or under-kill for your business. It is important that you evaluate exactly what you need the software program for; you can separate office accounting needs from property management needs to cut costs of the software program. Consider whether it is important for the system to help you with tenant background checks, liability and asset accounting and budgeting so you do not waste your time on a solution you really do not need. Whereas you do not want to go overboard when choosing the system, you also do not want to end up with a program that cannot handle the most basic things for your business. It helps to at least ensure that the management software you settle for can automatically post management fees, rent and late fees, maintain separate ledgers for tenants and owners, easily update information via a friendly interface, handle different property types without additional module buying and deal with bank deposits and checks.

Step 2 – Check all important features

There are so many features that may not be that critical to the management process of the property, but they will prove to be valuable on your software. Some of the features that can make a difference in your system include reminder features to help track appointments, pop-up lists of owners and tenants owing you money, features that help check tenant info for log back payments and credit references, automated rent amount updates, automated account updates and other. The more you are able to do with the program the better the convenience you stand to enjoy running your property business.

Step 3 – Confirm support, reliability and reasonable pricing

Most property management software companies fail in offering the needed support. Some may even compel you to pay for software updates to enjoy technical support, whereas others may offer free support for a limited time frame and start charging for any support beyond that. Choose a support plan you can fully trust in and rely on. On the same line, you should take the mandate to check for any hidden costs when buying the software. Ask as many relevant questions as possible and read as much as you can about what you stand to gain using the solution before making the final purchase. It helps to choose a software program that is easy to install and use and one that comes with a comprehensive inbuilt help file. Keep off programs that require you pay for updates and research.

19
Jul

How A Property Management Company Helps With Quality Renters

One of the toughest parts of being a property investor is finding an outstanding tenant to fill your vacancy. What makes an outstanding tenant? The two most important things are that the tenant pays their rent on time and cares for the property as if it were their own.

According to MarketWatch.com, considerations for placing a quality tenant in a property is more valuable than even the old adage of location, location, location when investing in the rental housing market. As such, this is one of the most valuable aspects of working with a property management company. A good property management company will find you rock star tenants that will not only pay the monthly expenses on time, but also keep the home looking as nice as it did the day they moved in.

But what do property management companies do to make that dream tenant a reality? We’ve highlighted some of the most important steps a firm can take to protect you and your investment.

The most important aspect to finding a quality renter is the screening process. A reputable property management company will utilize a nationwide screening company to ensure the most qualified candidates are found.

Several factors come into play when screening a potential renter. Things like criminal and sex offender history are good places to start. But beyond that, other items that will be checked include credit history, verify income, check rental history and search for past evictions. By thoroughly researching potential tenants, you can feel confident about the tenants you allow in your home.

Also, by being available to take applications online 24/7, a property management company will be able to swiftly process the applications received and get a quality tenant in your property faster than if you did it yourself.

A reputable property management company will also likely have a marketing department that will utilize as many resources possible to reach potential renters. This is particularly important because quality renters may seek out a reputable company that appears more legitimate rather than work with an individual one on one. With rigorous marketing, quality renters will gravitate toward properties represented by a reputable firm.

A good property management company will always strive to treat tenants with the utmost respect and address their needs swiftly. A tenant should feel that the home they inhabit is more than just a place to hang their hat, they should care for the property as much as if it were their own. Even the best tenant can become disgruntled and less than motivated to care for the property when they feel they are not being treated well and their concerns not addressed.

By working closely with the tenant, a property management company helps to keep the tenant happy and willing to do the little extras that keep up your investment. For many investors it is not possible or practical to build this relationship themselves and by letting a management company take over the work, you can rest assured the tenant will be happy to call your house their home.

Also, keeping a good quality tenant happy in the property means they are more likely to renew, which will keep costs down and keep the steady stream of income from the reliable tenant coming in to you.

Finally, much in the same way that having a sign for a security company outside your home can act as a deterrent to burglary, association with a property management company may deter unqualified renters from applying in the first place. Often, those who cannot meet the rigorous standards set forth by a property management company will seek out individual landlords who may not have the knowledge or resources to help find qualified candidates. When you partner with a property management company, you send the message to potential tenants that you are seeking quality and will not be taken advantage of.

At Park Avenue Properties we take finding and retaining quality tenants seriously. We know that for investors, filling a vacancy means earning on your investment. We take all the steps above to ensure that we get the best tenants possible in your property as quickly as possible.

17
Jul

Property Management Provides Peace of Mind

While real estate can be a lucrative investment, managing tenants, repairs, and related issues can be challenging. This is especially true for owners who live in another location or have full-time jobs beyond their real estate investments. For these individuals, hiring the right property management company can provide much-needed peace of mind. Here are questions to ask when interviewing a potential property manager.

1. How long have you been in business?

Not only is a lengthy record in the industry often indicative of a trustworthy business, but it also means a manager has likely dealt with most problems that tend to crop up with rentals. Experience with a range of issues, including legal, accounting, emergency response, and maintenance expertise, is essential.

2. Are you licensed by the appropriate state and industry authorities?

In most states, licensed managers must take an approved property management course and passed a state licensing exam. A licensed property manager in charge, or PMIC, is allowed to manage other managers and run his or her own business. He or she is knowledgeable about state regulations for handling rental income, security deposits, and other financial matters.

In addition to licensure, certification can indicate more extensive industry knowledge. These credentials are granted by trade organizations, including the Institute of Real Estate Management, National Apartment Association, National Association of Residential Property Managers, and the Community Associations Institute.

3. Can you provide referrals from past clients?

A property manager should be able to provide contact information for current or past clients that have agreed to speak on his or her behalf. Potential clients should check out the addresses of which the business is in control to ensure that they are being run properly. By the same token, relying on referrals from trusted contacts is a good way to vet a short list of potential companies.

4. What fees do you charge?

While there can be a wide range of industry fees, the standard costs include a management fee ranging from 4 to 12 percent of the monthly rent, depending on the location and condition of the real estate, whether there is more than one holding, how many units in each, and what types of services are required. Some companies charge a monthly vacancy fee when the home is uninhabited, while others require the full fee regardless of whether there’s a current tenant. A set-up fee for a new client can be up to $300. Also, those relying on a management company to find tenants can expect to pay 25% to 100% of the first month’s rent (usually around 50 percent).

5. How often do they inspect?

The answer to this question is a key to ensuring that a real estate investment is protected. While a property management firm should inspect anytime there is tenant turnover, regular inspections should still be done when there’s a long-term tenant. Intervals can vary, but units or homes should be inspected at least once a year, as well as an external inspection every quarter to notice any potential developing issues.