property management: Top Rental Sites SEO Rankings Report
- 06/04/10 08:34 AM
Search engine optimization is one of the things we're passionate about, and periodically we like to do a deep dive and get a handle on what is happening in related industries. Recently we ran across Andrew Shotlands's post "IYP SEO Rankings Report 2009" ranking the different internet yellow pages sites by their share of competitive search engine rankings, and decided to apply a similar methodology to see how the different rental sites stacked up against each other. Since many of you use these sites to publish your rental listings, we thought you’d be interested in seeing which of these sites perform … (5 comments)
property management: Why Tenants Love to Hate Their Property Management Company
- 05/26/10 08:52 AM
This is a follow up to our survey of almost 3,000 reviews of property management companies on Yelp and Yahoo Local. Why is it that management companies seem to get such a bad rap in online reviews? It would be easy to dismiss these review sites as being platforms for libel by disgruntled people with an axe to grind, but the reality is rating sites are a useful tool that are widely used by consumers. 61% of people rely on user reviews for product information or research before a buying decision is made. (Razorfish, 2008) Knowing that consumers use online rating … (7 comments)
property management: Top Complaints & Praises From Online Reviews of Property Managers
- 05/25/10 08:59 AM
*The above word clouds are comprised of actual words and phrases from the 3,000 reviews we surveyed. In my last article we covered some of the results from our survey of almost 3,000 reviews of property management companies on Yelp and Yahoo Local (read it first). We found that while there was a mix of tenants, owners, contractors, and realtors leaving reviews, the vast majority of the reviews were left by tenants. This makes sense if for no other reason than the fact that there are far more tenants than any of the other groups. The fact that the reviews … (7 comments)
property management: Surveying 3,000 Property Management Reviews - Love, hate, and little inbetween
- 05/07/10 06:29 AM
Over the last five years customer rating and reviews sites have exploded onto the scene as a major force in the buying and decision making process for consumers. From sites built around reviews like Yelp, to internet yellow pages (IYP's) which have incorporated them as an important feature, online reviews abound and consumers are using them to decide where to buy. Much has been said about the good and evil of rating & review sites which often struggle to balance the interests of the businesses being reviewed, the users leaving the reviews, and their own financial interests. No matter how you … (9 comments)
property management: Dissecting Property Management Contracts Pt. 3 - Indemnification and Boiler Plate Items
- 02/19/10 06:03 AM
Make sure to read my introduction to this series on management contracts In continuation from our last article, here are more items to pay attention to in the property management contracts you review: Liability and Indemnification All contracts will have a section that addresses what the management company can and cannot be held liable for. Some contracts are broader and more comprehensive than others in terms of what the firm requires the owner to indemnify them from. Indemnify: To compensate for loss or damage; to provide security for financial reimbursement to an individual in case of a specified loss incurred by … (3 comments)
property management: Dissecting Property Management Contracts Pt. 2 - Terminating the Contract
- 02/18/10 04:02 AM
Make sure to read my introduction to this series on management contracts In continuation from our last article, here are more items to pay attention to in the property management contracts you review: Term (AKA "Duration of agreement", "Retainer period") Most management companies require a 1-2 year contract period with very few offering month to month services. Bear in mind that the contract will be legally binding upon its execution (signing), even though the start date or "effective period" may begin later. After the initial or "primary" term is over, the contract may automatically renew itself for another term repeating the … (10 comments)
property management: Dissecting Property Management Contracts Pt. 1 - Responsibilities and Representations
- 02/17/10 06:36 AM
Make sure to read my introduction to this series on management contracts While contracts can range in size from 3-10 pages, 5-6 is average. Some are comprehensive, while others are very basic. While we can't tell you what exactly what the agreements you see will look like, there is a good bet they will contain some of the items outlined below. Remember that each management company must be viewed in its entirety when compared against another. While some issues are more important than others, making a true comparison between the companies you interview requires taking into account the full scope of their … (3 comments)
property management: What to Look for In a Property Management Contract
- 02/17/10 06:36 AM
Note: This is designed to be a helpful overview of property management contracts, but keep in mind that I am not a lawyer and this does not constitute legal advice. The contract you sign with a property management company should not be viewed as a mere formality, but rather the sole determiner of what services you or will not receive, what costs you will incur and what rights you will have in the relationship. Choosing to not thoroughly read the contract is no different that choosing to not interview a property manager before you hire them. The contract is designed to … (4 comments)
property management: Examining the Organization - Size, Staff, Customer Service
- 02/16/10 06:14 AM
Make sure you also read Examining the Organization - Background, Qualifications, Portfolio. The service you receive will only be as good as the people doing the work. This step is critical in ensuring you hire honest, knowledgeable professionals who will be attentive to your needs and the needs of your tenants.
Here's a list of issues to review and questions to ask the property management firms you interview: Size How many people do they have on staff? There are pros and cons on to both large and small size companies. While these are certainly not universal, here are some to consider: Larger … (2 comments)
property management: Interviewing a Property Manager - Background, Qualifications, Portfolio
- 02/12/10 05:01 AM
The service you receive will only be as good as the people doing the work. This step is critical in ensuring you hire honest, knowledgeable professionals who will be attentive to your needs and the needs of your tenants. Here's a list of issues to review and questions to ask the property management firms you interview: Background How long has the company been in operation? Under this name or under a different name? The rule of thumb is to look for five years or more experience, but this must be weighed against all the other criteria as there are subpar veterans and excellent … (8 comments)
property management: Does Your Property Manager REALLY Screen Tenants?
- 12/10/09 08:14 AM
No landlord ever wants to land a bad tenant, but regretfully all screening processes were not created equally. Applicants put their best foot forward and the more they have to hide, the greater lengths they will go to hide facts that would eliminate them from consideration. The screening process can vary widely between property managers so its important to find out just how much protection the company is going to provide you from what later turn out to be bad tenants. It only takes one eviction to drive home just how important this aspect of the management companies duties really … (5 comments)
property management: Tenant Marketing and Retention
- 12/09/09 08:46 AM
Attracting the right tenants and keeping them is what property management is all about. This is one of the most valuable services that a firm can provide, so it’s important to make sure you will be getting your money’s worth by examining their process for each task.
Here's a list of issues to review and questions to ask the property management firms you interview: Where do they advertise their rental listings? The more exposure the better, unless the management company is billing you to advertise in places and ways that are not effective. Expect your listings to be on several paid … (5 comments)
property management: Property Inspections
- 12/08/09 12:17 AM
If you are paying a property management company then you need them to be your eyes and ears and it's extremely important that they are strict about scheduling regular inspections. Many owners don't understand how much damage a bad tenant can cause in a short period of time. There is a natural tendency to assume that as long as the rent is being paid on time and there are no complaints everything is going well. Don't make assumptions or take anything for granted. Not only will regularly scheduled inspections allow you to catch problems quickly, it is also very effective at … (3 comments)
property management: Property Maintenance and Repairs
- 12/07/09 11:33 AM
One of the chief roles of a property management company is to protect and grow the value of investor properties. Tenant requests should be addressed promptly and owners provided with transparent system for seeing how their money is being spent. A competent manager accomplishes all of this with the assistance of both internal staff and their network of qualified, licensed vendors whom they have vetted for excellent cost effective service. Here's a list of issues to review and questions to ask the property management firms you interview: Note: Property maintenance and repair fees are covered in Property Management Fees - … (4 comments)
property management: Setting and Collecting Rent
- 12/04/09 05:54 PM
Rental income is the lifeblood of the landlord’s business. If the mechanisms are not put in place to bring in the right amount at the right time each month, the business will eventually wither and die. When properly performed, this is what allows top real estate investors to achieve a higher than average return on investment. Here's a list of issues to review and questions to ask the property management firms you interview: Setting the Rental Rate How do they determine their rental rates? There is a science behind maximizing rents. For a property manager to achieve this requires them to … (5 comments)
property management: Handling Tenant and Owner Funds
- 12/04/09 07:27 AM
Owners entrust their property manager with more than just their physical assets. Property managers handle rental income, reserve funds, security deposits, and write checks on the owner’s behalf. To function properly, this relationship requires trust, transparency and accountability. Here's a list of issues to review and questions to ask the property management firms you interview: Payment to owner What day of the month do they mail checks to owners? Will the check be for that month, or will the management company hold back a month? It’s better to have your rental revenue is in your bank account collecting interest as soon … (6 comments)
property management: Property Management Fees - Part II
- 12/02/09 02:24 AM
Make sure you read Property Management Fees - Part I first. Here are the rest of the property management fees that you need to be aware of and look out for: Advertising fee There are plenty of ways to generate leads using free resources like signs, craigslist, etc. but with vacancies time is money and prolonging the search process to save a few advertising dollars is a bad idea. This fee could be charged in addition to the leasing fee so it’s important to ask who pays and what the typical fees are. The better they are at marketing the … (2 comments)
property management: Property Management Fees - Part I
- 12/01/09 07:13 AM
While management fees are important they must be viewed in light of what other firms are charging, the scope of services provided and the quality of those services. The company you hire will be stewarding one of your biggest assets and the last thing you want to do is make your decision based solely (or even primarily) on who charges the lowest fees. A lower price may reflect either an acknowledgment they don’t provide top tier service, or an attempt to gain business by undercutting the competition. The problem with the latter is that it leads to slim margins for the … (8 comments)
property management: What Are The Benefits of Using a Property Management Company?
- 11/23/09 07:56 AM
A competent property manager can add significant value to your investment, which is why many seasoned real estate investors will tell you that a good management company is worth their weight in gold. Here are a few ways that a good property manager earns their keep:
Higher Quality Tenants Think of tenant screening as the moat and draw bridge around your castle. It is certainly possible to get a bad tenant out of your home once they are in, but it’s a real hassle and you are so much better off never accepting them in the first place. A thorough … (4 comments)
property management: What Do Property Managers Do?
- 11/23/09 07:23 AM
The following is a list of the tasks property managers commonly perform for owners. You may only need some of these services, and the property management firms you interview may offer more or less than what is listed here. Evaluate the property and determine an accurate rental rate
Perform detailed documentation of the interior and exterior including photos Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good ROI. Gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will … (9 comments)
Search engine optimization is one of the things we're passionate about, and periodically we like to do a deep dive and get a handle on what is happening in related industries. Recently we ran across Andrew Shotlands's post "IYP SEO Rankings Report 2009" ranking the different internet yellow pages sites by their share of competitive search engine rankings, and decided to apply a similar methodology to see how the different rental sites stacked up against each other. Since many of you use these sites to publish your rental listings, we thought you’d be interested in seeing which of these sites perform … (5 comments)
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