property management: 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 management: How to Use Due Diligence to Expose Business Landmines!
- 03/20/12 03:05 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia Sadly, when carrying out due diligences many agents buying a rent roll are not sure what they are looking for. This lack of understanding means most pay a hasty glance over files and computer reports. On the surface they all look fine, but it’s a bit like an iceberg, we need to understand what looms below. We are all in the industry because we are good sales people. Ultimately, isn't this industry all about our ability to sell? Yes, we promote the best features and benefits of our products and services, but as selling … (1 comments)
property management: A Healthy Property Management Style
- 03/19/12 06:45 AM
By Linda Day Harrison, theBrokerList, Chicago, IL If you like to read great business books and gobble up terms that help managers get the job done, there is one I want you to never forget, MBWA! Not only is it effective and powerful, but it is also good for your health! Here are variations on its commonly known names: The Acronym: MBWA Management by Walking Around Management by Wandering Around Management by Walking About Manage by Walking Around My own version and personal favorite is - Property Management by Walking Around (PMBWA). It is not easy because you have to push … (2 comments)
property management: Can Your Rental Property Become a Day Care?
- 02/22/12 10:56 PM
By Salvatore Friscia, San Diego Premier Property Management, San Diego, CA In a recent notice received by our legal counsel addressing this very issue, apparently if you own rental property in California the scary answer is yes! The great state of California is widely known as a pro-tenant state when it comes to tenant-landlord related issues. Many cities such as San Francisco and Los Angeles are saddled with pockets of rent controlled areas making investment opportunities less attractive. They also have unfavorable statewide eviction laws that allow deadbeat tenants to continue residing in properties months after defaulting on rental payments. So … (2 comments)
property management: Technology and the Successful Property Manager
- 02/02/12 03:49 AM
By Phoebe Chongchua, SD Real Estate Help, San Diego, CA It’s the kind of job that requires a lot of patience, and today being a property manager also requires keeping up with technology. Property managers work with many different personalities, which requires them to have some important skills that help make the job of managing properties a success. But they also need to keep up with where their future tenants are spending their time–online. Get Social. Interestingly, social media and technology play a critical new role in the job of property managers. Now, tenants and prospective tenants aren’t just stopping by to see … (2 comments)
property management: Do Short-Term Rentals Make Sense for Property Managers?
- 01/04/12 08:15 AM
A guest post by Ashley Halligan, Analyst, Property Management Software Guide Short-term rentals, of all natures, have become a hot commodity – and a controversial one at that. Short-term rentals can include vacation rentals and temporary housing, often sought by vacationers, business travelers, or people who have recently relocated while seeking long-term living arrangements. Either way, it’s become an ongoing topic of debate and an attractive investment opportunity for property owners and managers. In comparison to traditional rentals, short-term rentals can charge significantly higher rates given their nightly and weekly availabilities. Some property owners have earned as much as 25% of their mortgage in a … (4 comments)
property management: Your Property Is Unsafe If...
- 09/20/11 09:30 AM
By Colin McCarthy, J.D., Robinson & Wood, San Jose, CA So, we know that a landlord has to use or maintain property in a “reasonably safe condition.” But what is a reasonably safe condition? How do we know when a property is unsafe? As usual, California offers some factors to consider when deciding whether a property is unsafe and if the owner/occupier/lessor/controller should have known about it. Your property might be unsafe if: “A condition on the property created an unreasonable risk of harm” The defendant “knew or, through the exercises of reasonable care, should have known about it; and” The defendant … (1 comments)
property management: What Constitutes Premises Liability
- 08/23/11 02:37 AM
By Colin McCarthy, J.D., Robinson & Wood, San Jose, CA So now that I've enticed you with some interesting stories about people getting murdered and burglars suing property owners, I thought it would be a good time to go over the brass tacks of just what constitutes a premises liability cause of action. When can a resident sue? Or saying the same thing differently as us lawyers like to do: When can the landlord be sued? When there is a lawsuit, what does the plaintiff (the partysuing) have to prove to recover? What does the landlord have to disprove to defend against … (1 comments)
property management: Know Your Property Management Market Potential
- 08/05/11 03:58 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia I see too many property management businesses either fail completely or forever fail to achieve their targets for many and varying reasons. It’s important, just like in any business, to understand and know your market. In order to create your business plan and targets you must know the market size, potential, averages, statistics and demographics. In this particular blog I’ll focus on the critical role market potential and averages play in the success of your business. Mistakes continue to be made in the property management industry because business owners focus on numbers and not … (2 comments)
property management: Not Everyone's a Property Manager!
- 07/19/11 04:53 AM
By Salvatore Friscia, San Diego Premier Property Management, San Diego, CA I made a quick trade, put an offer in on a property in Arizona and then closed my laptop and headed with the kids for lunch in La Jolla. It was after lunch that I had an all too familiar experience. We were playing tourist for the day and on the walk back to our vehicle we stopped into a small boutique store near the cove to allow each kid to choose an item of there choice as a fun reward for good behavior throughout the day. I noticed the … (4 comments)
property management: Creating Soul and Personality for Your Business (Part 2)
- 07/08/11 07:41 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia Let’s continue from my last blog. If it’s all about the client experience, and it is (just ask your clients), then how do you create a memorable and enjoyable client experience? Remember that it has to be a “real” experience because clients can spot fakes and phoneys from a mile away. Therefore your team must internalise your business personality – it must become the natural way that they interact with clients and teammates as well as how they represent your brand and your service. Step one in creating a happy client experience; inject … (1 comments)
property management: Creating Soul and Personality for Your Business (Part 1)
- 07/08/11 07:40 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia How do we know what service experience we want our clients to feel if we don’t know what that experience is ourselves? We don’t, so it’s no wonder our industry is mostly confused when it comes to delivering the best client experience. Have you ever experienced that feeling when you walk into a particular business and feel a culture, energy, or vibe that makes you feel good – appreciated and respected – yet you just can’t put your finger on why you feel that way? I have on many occasions. It’s what I refer to … (0 comments)
property management: Business By Design or Business by Default?
- 06/14/11 03:33 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia Business by design. This is a term I conceived several years ago when I realized that the agencies I was consulting for seemed to run their business operations by default. There seemed to be no real planning and they were mostly reliant on things just happening. The vast majority operated through reactive management rather than proactive management in their business approach. A recipe for disaster! As the saying goes, “If you fail to plan, then you plan to fail.” Business by default has caused a systemic problem negatively impacting the service and reputation of agencies offering … (1 comments)
property management: A Property Management Revolution?
- 06/07/11 03:37 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia Property management… just mentioning those two words usually sets off a plethora of comments, memories and grunts. Most of them are bad memories and grunts of frustration, annoyance and mild to wild anger. Yep, this sector of the real estate industry has grown up to be like the delinquent teenage child who is hell bent on causing pain and humility, rebellious in every sense of the word. You only have to ask around to discover that this is a problem the world over… yes, that’s right, the world over. Why? There are many reasons why, … (4 comments)
property management: QR Codes for Property Management
- 05/05/11 03:52 AM
By Peter Lamandre, Better By Design Real Estate, Scranton, PA I was out and about this week and while on the interstate I pulled behind a contractor that had a QR code on the back of their tow trailer. While I applaud them for embracing an emerging technology, it occurred to me that that may not be the best application of a QR Code. Some of you are probably wondering, “What the heck is a QR Code?” QR code is an acronym meaning Quick Response code. It seems as though QR codes are the latest rage in advertising. But what … (1 comments)
property management: A Quick Guide to Keeping Property Management Records
- 04/25/11 03:49 AM
Keeping records on hand is important for a number of financial and legal reasons. Just because you’ve paid off an account or a tenant has vacated a unit, it doesn’t mean that you’ll never have cause to deal with these vendors or individuals again. Whether it’s for taxes, future loan applications, or legal issues down the line, you always want to be sure you have access to the information you need at any future point. Following are a few things to keep in mind about keeping records. What kind of records do I need to hang on to? As a business … (6 comments)
property management: Welcome Spring to Your Property
- 04/11/11 04:23 AM
Though it may not seem like it quite yet depending on where you live, believe it or not, we’re officially a couple of weeks into spring. Over the past two years, we’ve blogged about winterizing on an annual basis. As with the winter months, you’ll want to welcome the spring season with a bit of property maintenance and some minor adjustments (and repairs, if necessary). Happily, the transition from the cold months to the warmer ones tends to be far more simple than getting ready for winter. Throw open the windows. Welcome the sunshine by opening up those storm windows, which … (1 comments)
property management: Choosing the Right Business Entity for Your Property Management Business
- 03/21/11 04:10 AM
The business entity you choose for your property management company will affect you in very real ways—especially when it comes to taxation and financial and legal liability. This is a big decision and one that you may want to make with the assistance of your accountant or attorney. Following are the four business entities most commonly used by property management companies and some basic information about each. Sole Proprietor The title of this business designation pretty much says it all—a sole proprietorship is a business owned by one individual. Unlike more complex options, sole proprietorships do not have to be legally … (1 comments)
property management: Property Management Blogs
- 03/07/11 03:26 AM
Industry-related blogs are a great way to pick up expert tips, tricks, and insider knowledge quickly and for free. But, of course, there are a lot of blogs out there. Since you only have so much time in the day to surf the web, here’s a quick run-down of five property management-related blogs you should be reading. Marketing and More Property management veteran Mike Brewer, who runs the M Brewer Group blog, is one of the most seasoned and consistent bloggers in the industry. While his blog focuses in large part on marketing, you’ll also find various additional industry topics included … (2 comments)
property management: The Value of Tenant Forums
- 02/28/11 02:38 AM
As a property manager, you have a great resource that shouldn’t go untapped right at your fingertips: your tenants. For as well as you know your property, most property managers don’t actually live on-site. Because of this, your tenants are more qualified than anyone else to provide insights into potentially beneficial changes, improvements, and upgrades that can make your property more appealing—and perhaps even more valuable. You can solicit information from tenants in a number of ways: through an old-fashioned suggestion box either on-site or at your property management office, through an online form, or through a questionnaire for tenants to … (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 Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia
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