Really? I wish we could attend. This is precisely what we do. And I truly believe our platform could...
Completely, Sanjay, and that was a big part of her presentation that I didn't touch on. What she di...

Training Trivia

If a prospective resident wants a lease with an ending date not available on the lease expiration matrix, it is smart to make an exception and allow their lease to end when they desire to secure the lease.

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Property Management

- Blog posts tagged in Property Management

Posted by on in Property Management
It’s the holiday season, and no one wants to be the neighborhood Scrooge. Those tenants that want to go all out when it comes to decorating for the holidays can do so in their own units, but it’s also nice to incorporate subtle bits of holiday cheer to the common areas of your property. Think of it as one of those little touches that demonstrates your ongoing investment in and appreciation of your tenants. Holiday decorations are a great low-budget way to make your property more cozy and cheerful for tenants. After all, tenants who truly feel like their units are “home” will be far less likely to move. Decorating doesn’t have to cost a lot of money, nor do you have to decorate with items that require a lot of upkeep (as we all know, Christmas trees, though fun to look at, can require a lot of regular attention when it comes to sweeping up and keeping them watered–not to mention the fact that a dry tree can be a fire hazard). Consider incorporating one or more of these simple items to jazz up your properties with some holiday cheer. Light it Up While hanging lights around the entire exterior of your property may be more effort than you want to exert, lights can provide a quick holiday fix when used in other ways–wind them around banisters or string them in pre-existing plants in common areas. A conservative amount of lights is extremely affordable at common chains like CVS and Target (a...

Posted by on in Property Management
We need your help! Throughout the course of writing the Buildium Blog we’ve covered countless property management scenarios. We hope that our property management tips, advice, and best practices have been helpful to your company — at the very least we hope that they have provided you with an opportunity to reflect on the way that your company does business. We constantly hear stories from property managers — those of you who are out there managing your properties day-in and day-out — pertaining to specific challenges, nightmares, or unique occurrences encountered on the job. Whether your story is funny, horrifying, or enlightening we’d like to give you the opportunity to share. Buildium will now be accepting submissions for our “Property Management Stories from the Front Lines” series of blog posts. So what do you need to do? Send us an e-mail detailing your story and what you think makes it unique. The best stories will become a series of blog posts on the Buildium Blog, which can then be weighed in on by other industry professionals. In exchange for your story we will highlight your company, your expertise, and your company website at the end of each post. This will provide great visibility for your business, and great discussion points for all of our readers. Please e-mail submissions to This email address is being protected from spambots. You need JavaScript enabled to view it.. We look forward to hearing your story! -The Buildium Team Property Management Software Rental Property Management Software Landlord Software HOA Software Property Management...

Posted by on in Property Management
Top 10 Tax Tips for Property Management CompaniesProperty managers running their own companies should prioritize for end of the year tax planning, and keep more money in their pockets by taking advantage of the tax benefits available to them. Unfortunately, 2010 is the worst year for end of the year tax planning due to the deadlock in Congress and the inability of Congress to act upon tax issues. One of the positive tax law changes affecting property managers and property management companies is the Small Business Jobs Act of 2010, which provides $12 billion of tax incentives – including bonus depreciation, enhanced expensing, and other relief for small businesses.   1. Accelerate or Defer Income: In 2011, tax rates are expected to revert to 2001 rates. The top income tax rate will increase to 39%and the lowest rate of 10% will be eliminated. If you are in the top tax bracket, it might be better to accelerate income. However, those in the lower tax brackets should follow the traditional tip of deferring income. Income timing is not easy, and you should be sure to consider its impact on various deductions and any tax credits. 2. Accelerate Expenses: Accelerate expenses to reduce your business’s taxable income. Purchase goods and services needed by the business. Pay early bills like cell services, subscriptions, rent, insurance, utilities, and office supplies. You can also stock up on any office supplies, like printer paper and ink cartridges.. The acceleration or deferral strategy depends on the projected profit and losses for your business and the...

Posted by on in Property Management
In many ways, the current economic climate makes for a great time to purchase a multi-family investment property. The prominence of short sales and foreclosures has given way to good purchase prices in many areas of the country. Add to this the fact that there are some incredible interest rates out there right now (even for investors) and the fact that many former homeowners have now found themselves back in the rental market, and there’s a very valid argument that this is a good time to get into the multi-family market. If you are considering making a multi-family property investment of your own, following are a few things to consider before taking the leap. Know what you’re looking for Before you even begin to look at properties, have a clear idea of what you’re looking for and what you’re willing to put into a property, both financially and in terms of your time. Of course, this is always subject to change if you find just the right place, but that doesn’t mean that you shouldn’t go into the house-hunting process without a fairly narrow baseline in mind. Aside from basics like location and size, you also want to have know whether you’re looking for a “fixer-upper” or a “as-is” property. Look at the whole package Looking for a multi-family investment property is different from looking for a single-family home and requires a bit more of a discerning eye. Remember that you will be renting multiple units out to different tenants. To...

Posted by on in Property Management
Passion, Do You Have It? How Do We Put Passion Back Into Our Office Staff ? As the slow season begins we tend to lack passion for leasing and the property. It's common for those of us into the industry to get the winter blues. But the question is how do we break away from the winter blues and put the passion back into the entire staff from Property Manager to Maintenance and into the property residents. There are several ways to do this and I want to share a few with you and hear your thoughts. I think we can learn allot from each other on this subject.   Lets get excited about marketing now more than ever. What you do now for marketing is going to set the tone for the spring and summer. You want to get the word out there now before others do, you want to stay in the back of peoples mined. You want your prospects remembering you every time they think about moving this spring or summer. The only way to do this is to market your community everywhere. Spice up your marketing locations by venturing to areas you have never been before. Also get the entire team involved make it a contest on who can come up with the best marketing location, idea, or new business contacts. I was recently just told not to spend money on marketing right now because you would not get any traffic, that right now it would...

Posted by on in Property Management
As we begin to look forward to closing another year out, it’s a great time to look ahead and get your ducks in a row for 2011. Aside from all of the  information and lessons you glean out on the property management field on a daily basis, incorporating continuing education into your professional program is a great way to ensure you continue growing and perfecting both your business and your personal skill sets. Though complete certifications and ongoing classes may simply be unfeasible for some of us, property management related seminars and conferences are a great time-efficient way to add to your knowledge base. 2011 NAA Education Conference and Exposition June 23-25, 2011 Las Vegas, Nevada The National Apartment Association tags this event as the opportunity to “educate, energize, and empower” yourself and your organization. This well-attended event brings together 5,000 multi-family housing professionals from across the nation and 300 service providers, not to mention a wealth of high-profile keynote speakers, including Condoleezza Rice. NPMA 2011 National Education Seminar July 25-28, 2011 Las Vegas, Nevada Hosted by the National Property Management Association, this multi-day seminar provides a wealth of practical business advice, offered from a wide variety of field experts who have an in-depth working knowledge of how property management works from the inside out. In addition to seminars, the NPMA also offers break-out groups that allow attendees to discuss special interests with colleagues and experts. 23rd Annual NARPM Convention & Trade Show October 19-21, 2011 Dallas, Texas As the largest...

Posted by on in Property Management
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 you’re not, it may mean that: 1) existing tenants and clients aren’t confident enough in your work to refer you or 2) business-building incentive programs are not in place. 2. Haphazard organizational systems – If your office doesn’t have an organizational system in place for things like accounting, rent payment tracking, and maintenance requests, your efficiency and accuracy may be taking a hit. An investment in property management software will pay off big in the long-run. 3. Sporadic maintenance schedule – Staying on top of regular maintenance (like winterizing) and repairs will keep your property value up and your tenants happy. Creating and sticking to an annual maintenance check-list is the most sure-fire way to stay on track. 4. High turn-over – This applies not only to your tenants, but also to your property management staff. While people move on for any number of reasons (both personal and professional) ,...

Posted by on in Property Management
It’s the holidays!  Peace on earth; good will towards…delinquents?!  During the holiday season rent collections can be particularly difficult—especially considering our economic climate.  But in order to ensure effect collections over the holidays, the time to start is now. Today:  Do you have chronically late people?  Take a moment to sit down and make a list of every resident who is typically late.  If you have been at your property for a while, this list will come very easily.  If you are new you will need to take a look at your receivables from prior months.  Start the Process Early:  Take some time the week (before the first) to make positive personal contacts with everyone on your chronically late list.  It is a good idea to set up clear expectations right from the start (e.g. When will you be paying?  How many times will I have to hound you?  How much of my mental energy are you going to take?!)  Call and say, “Hey, I just wanted to call and thank you for paying your rent.  Next month’s rent is coming up—are we going to be okay?” Take time to briefly listen to the ‘story’.  Some may have fallen on hard times.  For cases like this, it is an excellent tool to assemble a list of local charities and houses of worship that provide emergency assistance.  Pass this list on.  Be compassionate and respectful but firm.  Remind your customer that rent is due on the first and that you will be...

Posted by on in Property Management
Communication is key for any business to be successful, but never more so than in multifamily. There are so many variables within daily communications.  Property Managers must be in contact with residents daily, keeping face to face communications with our customers creates that bond with people that say “You Matter”. Properties must communicate with vendors and owners and regional management all during the day and this can become a real “tax” or burden just with phone calling and email, not to mention texting and IM’ing. “Many businesses spend money on promotional items and activities, but fail to get customer service right”, says The Franchise Development Team in a blog posting recently. They also mention that it takes between 3 and 10 times the money to replace the customer or in our case, resident. Here are some of my favorite ways to communicate effectively every day. 1. Reach out to your regional managers every morning, just check in, say hello and find out if there are any issues to go over before you get into the meat of your day. Contacting your direct report at the onset of the day puts real clarity into what the priorities are. What your priorities and the priorities of your boss are, can be two different things and you don’t want to work all day on something when your boss was expecting you to be doing something else. When you are focused on your boss’s priorities, you are communicating to them what is important in your...

Posted by on in Property Management
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 staff know you’re thankful for them. Weekly Gatherings During the dot-com boom, beer hours (usually around 4:00 p.m. on Friday) were all the rage. Since the bubble busted, these have largely gone out of vogue, but the idea is still solid. Sure, you may not want to serve alcohol to your employees on company time, but having some sort of unwinding time together at the end of the work day over snacks can pay off in a number of ways. It sends staff the message that you appreciate them and it allows people to mingle—this can result in idea generation and in a greater attachment to/investment in co-workers and your company in general. If you don’t like the idea of sacrificing an hour of work-time, consider providing some sort of lunch for everyone to enjoy together a few times a month. Monthly Rewards Recognize your employees’ efforts on a regular...