Thank you for sharing this Breaking News Nadeen.
Ellen Calmas
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Training Trivia

For future renters or when putting someone on a waitlist, there is no real need to close.

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Property Management

- Blog posts tagged in Property Management

Posted by on in Property Management
The following word clouds are comprised of actual words and  phrases from the 3,000 reviews we surveyed. *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 are highly polarized (love or hate) was easy to pick out, but beyond that there were a number of other common themes that came up over and over again. Here were the key issues that for tenants and landlords: Landlords Common Complaints Delayed reaction time to phone calls and e-mails Failure to promptly send out checks Excessive and/or unexpected fees (especially maintenance fees) Incompetent maintenance staff or contractors (slow, shoddy, overpriced work) Took too long to find a tenant Placing low quality tenants Common Praise Quick placement of tenant Placement of quality tenants Made the landlording process easy Professional demeanor and rapport Knowledgeable staff, understand the law and finer points of dealing with tenants Tenants Common Complaints Long-standing maintenance requests – Tenant feels ignored or like they’re being passed from person to person in an revolving door of personnel and empty promises and excuses. Run down dwelling – Everything from...

Posted by on in Property Management
Despite all the negative publicity and media issues posted against energy deregulation, several states continue to push through with its implementation, each formulating their own system on how to effectively implement the system within their boundaries. The state of Texas is at the forefront of this implementation, with several Retail Electric Providers and other new players in the Texas electric industry stepping forward to participate in the energy deregulation roll out. The following are the top six benefits that can be derived with the implementation of energy deregulation, not only for consumers but for the community and the environment as well. * Consumers are Given the Power to Select – Probably the most important benefit that consumers derive from energy deregulation is the privilege and opportunity to select the Retail Electric Providers that will bring Texas electricity to their homes or business establishments. Whether their motivation for switching providers is to get cheap electricity, better customer service or the option to choose alternative energy resources, consumers are now not restricted by what the utility monopolies of old dictate. * Eradication of Energy Monopolies – in an industry that has been characterized by monopolies and cartels, the playing field is now leveled with the influx of new industry players all competing to provide electrical services and products to the consumers. With a new atmosphere of competition, the consumers now dictate the quality of services that they deserve from the electric companies. * Better Quality of Services from Providers – the new...

Posted by on in Property Management
In this economy, businesses of all stripes are looking for a little extra leverage when it comes to generating more sales. Despite all the gloom and doom news out there, this actually opens up a lot of new doors for property managers to not only lower their vacancy rates, but also to incorporate new business strategies that can pay off in spades over the long haul. We’ve spent a lot of time on this blog talking about viral marketing and utilizing new technology for growing your business and marketing your properties. While this is all well and good, it’s also important to keep those perennial grassroots marketing strategies alive and well. And one of the most effective grassroots approaches for those in the property management business is partnerships with local businesses. More likely than not, businesses in close proximity to your rental units are open to strategies that will bring a steady stream of new customers into their establishment, whether it be a restaurant, grocery store,video rental store, or salon. Believe it or not, you have your finger right on the pulse of their potential client base: your tenants. Of course, this is a two-way street—those same neighborhood purveyors may well have just the tenant you’re looking for in their clientele. Capitalizing on such potentially synchronous relationships is simple. First, sit down and figure out what your ideal tenant pool looks like. Is it students? Young professionals? Families? Once you know what your target tenant demographic is, take a look at...

Posted by on in Property Management
I gotta feeling The BlackEyed Peas will be showing up flashing Camden Residential tattoos at the 2010 NAA Education Conference and in their next music videos. You guys gotta see this. I've tweeted it and posted on the RentWikiHouse page.  Camden Residential ROCKS. Easy to see why the company is included in Fortune 100's "Top Places to Work". Come on Apartment Operators...let's see what YOU've got. [video:http://www.youtube.com/watch?v=UtFxQeJvdd0 433x300]...

Posted by on in Property Management
Breakout of property management company ratings on Yahoo LocalOver 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 feel about these sites it's clear they are here to stay and affecting the businesses being reviewed. It's not uncommon to see sites like Yelp ranking on the first page for searches on company names, or to see reviews from multiple sites aggregated in the search results of Google Maps. Property management ratings on Yahoo Local Every industry has a unique set of dynamics that influence the average customer sentiment, and while we had a pretty strong hunch of how property managers fare on these sites, we decided to do the research required to get some more concrete data. We decided to use Yahoo Local as our source for reviews because of it's size and reputation as one of the largest, longest standing sites in this space. We surveyed their reviews for property management companies in the following cities: Austin Atlanta Boston Dallas Denver Indianapolis New York Orlando Phoenix Portland...

Posted by on in Property Management
It’s one of the dirtiest, four-letter words in the apartment industry: mold. Unfortunately, mold is everywhere, good and bad, from the air inside our homes to places in open air. The mold that we deal with in our industry can pose potentially harmful effects to residents, employees and to your company’s bottom line. Mold can grow on any surface where moisture or humidity is present. Mold can cause permanent damage to building materials and personal property likely because of water leakage from plumbing fixtures, air conditioning equipment not functioning properly, intrusion of water or moisture inside the home from the exterior environment, flooding, or condensation due to poor ventilation. These reasons are almost always preventable with proper attention paid to preventative maintenance onsite. Prevention Mold prevention requires everyone’s involvement, not just the usual suspects in the maintenance shop and in the front office. Residents can prove to be an ally by practicing some easy tips. Residents should know to report any water leaks in a timely manner, and maintenance staff should also handle reports of water leaks in an equally timely manner. Residents should report any sightings of mold in their apartment homes to management immediately. Maintenance technicians can investigate the source of the mold and take the proper steps to eliminate it promptly. 3.       Residents can also decrease the threat of mold in their homes by: a.       Keeping the temperature in their homes between 60° and 80° Fahrenheit; b.      Using ceiling fans to circulate air in the home; c.       Keeping...

Posted by on in Property Management
Not all property managers are accounting experts, but accurate and organized accounting systems are nonetheless a crucial part of effective property management. Luckily for those of us that don’t have a significant background in accounting, there are many helpful tools available to aid property managers in effectively handling their accounting practices. Software One of the most critical accounting tasks a property manager faces is the struggle to keep different properties’ finances separate from one another. This means that funds allocated for property A are kept separate from funds for properties B, C, and D and from funds meant specifically for the property management company itself. The second biggest accounting concern for property managers is maintaining consistently up-to-date accounting records. With money constantly flowing in and out of each properties’ accounts, it’s essential to remain on top of payments received and made. Property managers must be able to quickly and efficiently respond to property owners’ inquiries regarding payments or bills. Accounting software allows property managers to easily update payments made and received. It also allows you to see all accounts for your various properties, as well as the property management company itself. Property management accounting software also allows complete and organized records to be pulled at a moment’s notice, whether you need to review them yourself or want to send them out for a property owner’s review. Be sure to check out Buildium’s property accounting software, specifically tailored for property managers. Books In addition to having a software-based accounting system, it’s also...

Posted by on in Property Management
Well, let me start out by saying that as a new property manager with only two years under my belt, I'll take help from any source I can tap into, and that means Facebook is right there at the top of the list! Sure, I have taken a number of classes offered by my management company, as well as attending several different seminars, but these are only available in limited quantities, and during selective times.  What about needing help at 8:00am in the morning when Polly Prospect comes in with her two babies needing help because your competition locked her out of her apartment? Or when you are up late at night desperately thinking about how you can get that resident out, prior to their emergency eviction, as they continue to steal the electric outside via an extension cord? Is there a class for that? Is anyone available to help during those times?I have found that most times the answer is 'no.' It is during those stress-filled times when I tap into Facebook and try to decompress reading other people's problems, looking at happy family pictures, and playing silly word games.  It's fluff, right? WRONG!  When I first became a member of Facebook, it was for those exact reasons, however, I quickly learned just how valuable Facebook could be to my career.  It begins by friending your local apartment association; who do you see as friends? Do you recognize anyone? If you do, then friend them, too. Instant networking. Have a favorite...

Posted by on in Property Management
Determining a career path in the property management industry can be a challenge.  We start in one position.  We wind up doing really well at it and then it comes time for a possible promotion.  With a promotion, may also bring the necessity to demonstrate leadership qualities in one way or another.  The typical problem that pops us is that many professionals are not fully prepared for the roles they are being asked to take on.  Do we really know how to manage people?  Do we understand how to handle group dynamics?  Do we have the ability to make decisions we can stick by through thick and thin.  As we move through our career path it is so important to analyze ourselves and see what kind of leadership and management styles we have currently and ones that we can be developing.  Below are some examples.   The Visionary The visionary shares their goals with the group and team. They give clear direction of where to go but don't necessarily give directions on how to get there. They share information and impart their knowledge and experience onto others. The Visionary Leadership style can create a company culture that facilitates directional changes. Evaluate your team and determine if a visionary style would motivate them to think and work more independently.  Not everyone may be able to work independently.  Balance is needed when using this approach.  The visionary is focused on helping the group to reach a proper conclusion. The Coach Are you a...

Posted by on in Property Management
First impressions can either take you a long way or stop you before you’ve even passed go. And when it comes to clients (both potential business associates and potential tenants), their first impression of you may very well involve your office. While it’s not necessary to spend a ton of money creating a luxurious office setting, it is important that everything is functional and presentable. Following are some low-maintenance tips that will help you and your office put a professional first foot forward. 1. Clear signage.Your client’s first impression of your office may well begin before he even sets foot through your front door. Make sure that your office space is clearly marked from the exterior so that customers can easily identify it and start things off on the right note. 2. Showcase yourself.Your office is a great place to do some self-promotion. Lining your walls with professional looking photographs of some of your most appealing properties and any awards or certificates you have sends great visual cues to potential clients. 3. Make space.Even if your office is a small space that is occupied only by you, be sure that you have some sort of seating option for clients. This can be as simple as a single, comfortable chair on the opposite side of your desk. But it is important that there is a place—whether it be just a chair or a conference table—where your client can sit down and make herself comfortable. 4. Points for hospitality.Putting potential clients at ease and making them as comfortable as...