property: Don't Quote Cookie-Cutter Services! Part II
- 02/20/13 01:52 AM
By Linda Day Harrison, theBrokerList, Chicago, IL I came to the conclusion very early in discussions with potential new property management clients that an initial drive-by, preliminary meeting with the owner, if possible, and compiling facts about the property on my own internal “Real Property Inventory Profile” was the best approach for me to take in determining the information necessary. Keep in mind, this approach is only necessary with local owners who were typically comprised of a partnership of local individuals or related persons who pool funds to invest in real estate. If the potential prospect is an institutional-grade client, the … (1 comments)
property: Don’t Quote Cookie-Cutter Services! Part I
- 02/13/13 12:23 AM
By Linda Day Harrison, theBrokerList, Chicago, IL When I was on the front line, running a full-service real estate firm, I would be the point person on all new business calls. The first question from a potential client would almost always be "How much will you charge to manage my property?" Or "What percent will you charge to manage my property?" It was a frustrating position to be in, but one that was easily answered: "There's no fixed quote to manage your property." Of course, the argument would be that they called several other management companies and were quoted X or … (0 comments)
property: How to Select the Best Tenant for Your Rental Property
- 02/06/13 12:12 AM
A guest post by Sara Thompson, Webfor, Vancouver, WA You bought your investment property to make money over time, and with the right tenant, it can. Selecting a tenant is the most important aspect of managing your investment property. An undesirable tenant can turn your owner experience into a nightmare if they damage the property, fail to pay rent on time or at all, or cost you when you have no choice but to evict them. The situation can get ugly fast. So, let’s discuss how you can be sure to rent your property to the best possible tenant. Eliminate the … (0 comments)
property: Let's All Build Fences
- 01/01/13 11:27 PM
By Colin McCarthy, J.D., Robinson & Wood, San Jose, CA I recently had a neighbor suggest to me that we jointly fund a new fence along my side of the property that adjoined his. The fence was dilapidated here, but nowhere else. I was open to the idea, but wondered why I should share in the cost if this was the only place my fence was having problems. On all of the other adjoining property lines the fence is fine. Why this one? Maybe because his property was six inches higher than mine on his side of the fence and was … (2 comments)
property: Northeast Property Owners Prepare for Hurricane Sandy
- 10/26/12 12:14 AM
By Ken Kmet, Condo Voice, Clearwater, FL Hurricane Sandy is glancing off Florida, and heading toward the east coast of the U.S., aiming straight for a rare collision with the Northeast U.S. Sitting here, as a Floridian, watching the satellite photos and watching the projected path, I am reminded that many, many part-time residents of Florida live in the Northeast. Even though most Northeast homes and properties are not fitted for hurricane protection, many residents know the drill. The only good news about this event is you have a lot of time to prepare, because tracking software has become so sophisticated. … (2 comments)
property: What Star Trek: Deep Space Nine Can Teach Us About Property Management
- 09/05/12 02:35 AM
By Steve Boudreault, Buildium, Boston, MA It’s about time that Buildium’s top wordsmith started writing blogs for All Things Property Management. So here I am and here we go! I’m going to use my first ATPM blog to connect property management to my number-one passion: Star Trek. Specifically, Star Trek: Deep Space Nine (DS9). Deep Space Nine focused on the space station of the same name, in orbit around a planet called Bajor. Originally an outpost of the evil Cardassians, it was built using Bajoran slave labor during The Occupation, which lasted nearly 50 years. When the Bajorans finally ousted the … (3 comments)
property: Rebrand or Improve Your Property Management Business?
- 05/10/12 06:20 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia Does this make sense to you? Last week I was in discussions with a respected sales agency. This agency had a huge sales business with 12 or so sales consultants during the peak of the region’s boom. They now only have the directors, three of them, working as sales consultants. Due to the huge decline in the property sales market they decided to focus their attention on their property management business. They recognized that this side of the business provided constant cash flow and kept their doors open during the shrinking sales market. It … (2 comments)
property: Questions Are Nuggets Of Gold
- 03/07/12 04:12 AM
By Linda Day Harrison, theBrokerList, Chicago, IL When managing your property staff, encourage them to ask as many questions as possible. In general, people are afraid to ask questions because they think it makes them look less qualified. However, you must listen and treat each question like a nugget of gold. As a property manager you need to train your staff on the ins and outs of your business, but if they are not sure about something, encourage them to ask questions. Otherwise, acting without direction may have serious ramifications! Hearing questions before an action is taken should be like music … (0 comments)
property: 8 Tips for New Landlords
- 08/18/11 09:22 AM
A guest post by Brian Davis, Ezlandlordforms.com, Moorestown, NJ Building a strong relationship with a new tenant and protecting your real estate investment is of paramount importance when crafting a lease agreement. There are a multitude of considerations at this juncture that are essential to understand. Brian Davis, Vice President of EzlandlordForms.com, is a seasoned landlord and top expert on landlord-tenant relationships. Here he offers his top tips for new landlords as a helpful tool for navigating lease creation and the ongoing considerations of managing a rental property. 1. Understand the Fair Housing Act and how it applies to your rental. When advertising … (5 comments)
property: Property Management Training - The Solution
- 07/22/11 06:35 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia I’ve always been taught that I should never go to anyone with a problem if I can’t also assist with the solution. In my last two blogs I’ve articulated my observations and opinions on just one of the reasons why this industry is so problematic. The problems are so bad they have metastasized into a systemic dilemma crippling the industry – I believe as a result of the lack of training due to the type of training available. Due to my upbringing, I set about researching, searching, solving and testing what I believe to … (1 comments)
property: Tenant Selection in Today's Economic Environment
- 05/10/11 04:28 AM
By Ben Holubecki, STML Realty Group, Glen Ellyn, IL I was recently on the phone with a rental property owner who was considering utilizing our leasing and property management services and he asked me an interesting question. He asked me how the downturn in theeconomy and the flood of foreclosures and short sales had affected the way that we make decisions about rental application approvals. I had not given the issue a lot of thought as the housing collapse didn’t exactly happen overnight. However, as I reflected upon the way that we used to process rental applications a few years ago as … (4 comments)
property: 10 Property Management Pitfalls
- 11/29/10 03:24 AM
A few weeks ago, we talked about 10 Signs of Property Management Success. This week, we’re going to take a look at the flip side of that coin, reviewing some indicators that it may be time to make some changes (after all, the time for New Years’ resolutions is just around the corner!). Following are a few red flags to keep an eye out for in your property management business. 1. Lack of referrals – This applies to both tenants and property owners. In an ideal scenario, you should be creating a web of referrals that expands year after year. If … (6 comments)
property: Building Your Property Management Company Culture
- 11/22/10 03:41 AM
Just as with any other business, the success of your property management company is inextricably tied to staff morale. The more content your staff is, the more effort they will put into their jobs and the more invested in your company they will become. And the better they do at their jobs, the better your company will do as a whole. Good staff morale can be bred through many avenues, but one of the biggest overarching ways to ensure a good culture is to show your employees that you appreciate them. Following are some of our favorite ways to let your … (2 comments)
property: Renters' Insurance -- Do You Need It?
- 11/15/10 03:25 AM
Though the acquisition of renters’ insurance is ultimately your tenants’ responsibility, as a landlord it’s important that you have an understanding of what it is and why it’s important, both for your own well-being and for your tenants’. Your tenants should be aware that in the case of a destructive event at your property (fire, natural disaster, theft, etc.), existing property insurance will only protect your actual property. In other words, tenants’ possessions and personal belongings are not covered. In addition to protecting their personal items, renters’ insurance also helps protect tenants in the case that a visitor is injured due … (5 comments)
property: Spend Time to Save Time
- 05/03/10 04:07 AM
Time is of the essence in the property management business. Let’s face it, there are just never enough hours in the day to get everything accomplished. So, for many, the notion of taking time out for training and other sorts of continued education (whether it be about real estate rules and regulations or maintenance tasks) seems like a nice idea, but also completely unrealistic. When considering such matters, though, it’s important to apply a bit of foresight to the decision-making process. Following are just a few examples of common property management scenarios where spending time up front might just save you … (4 comments)
property: To Phone or to Email? That is the Question
- 04/28/10 02:00 AM
As each year goes by, more and more people utilize iPhones and BlackBerrys. With all of this instantaneous email access, communication skews a little more toward email all the time. Certainly, this isn’t necessarily a bad thing—but it is important to evaluate which situations are most appropriately handled with email and which ones call for a good old-fashioned phone call. Phone: Making a connection. It’s basic, but it’s worth noting—if face-to-face interaction isn’t possible, a phone call is the next best way to make a lasting first impression. Emails are great for a lot of reasons, but they do not allow … (7 comments)
property: Newsletters: Are They Worth It?
- 03/22/10 06:18 AM
Newsletters are one of those aspects of property management that can swing either way. Depending upon your business and goals, newsletters can either go a long way toward improving and growing your business or, frankly, result in a relatively low payoff for a lot of effort on your part. So how do you know where you fall along the spectrum? Following are some ideas to keep in mind that will help determine whether a newsletter is a good business strategy for you and your property management business. Newsletters offer a great medium for getting information out there in a regular and … (1 comments)
property: Is the Customer Always Right?
- 02/22/10 04:39 AM
“The customer is always right.” Chances are, you’ve heard (and perhaps even doled out) this bit of advice many times over your property management career. Obviously, there’s a lot to be said for applying this philosophy to your own business dealings. Particularly in an age of automated electronic service, there is so much to be said for making each of your clients feel as though they are special and well cared for. The bottom line is that, these days, good, attentive customer service is very much the exception rather than the rule. Which is great, great news for property managers who … (3 comments)
property: Property Repair Forecasting
- 12/14/09 03:07 AM
No matter how meticulously you look after your property, there are certain long-term maintenance items and repairs that are inevitable. Sure, by staying on top of things you may be able to stave some of them off for a bit, but some things are impermanent by nature and are going to have to be repaired or replaced sooner or later, no matter what you do. A savvy property owner will always keep these items in the back of her head because the big repairs are almost unfailingly also the expensive repairs. In order to avoid being submerged in massive expenses all … (5 comments)
property: Stay Safe. Stay Insured.
- 12/07/09 01:20 AM
Check out the Buildium Blog for more property management resources. The impending new year offers the perfect opportunity to make sure your “house” is in order, both literally and figuratively. No matter how unappealing it may sound, getting all of those nagging little tasks off your must-do list is the perfect way to start 2010 off on the right foot. And, let’s be honest, dealing with property insurance is one of those items that fits squarely on this list. No one loves dealing with insurance, but we all have to. So take these last few weeks of the year to make … (3 comments)
All things property management is a one stop destination for folks interested in learning more about managing real estate. Broken down into a variety of targeted columns, the information that you are looking for is easily accessible — from investing tips and best practices in The Intelligent Investor to the real-life dilemmas of property managers in Stories from the Front Lines. We’ve brought on contributing writers from across the country to share their respective expertise with you, whether you’re a landlord, a professional property manager, or an association board member. Your feedback, participation, and comments will help us deliver the information you need most. Feel free to contact us if you are interested in contributing.
By Linda Day Harrison, theBrokerList, Chicago, IL
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