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Property Management Made Easy and Fun!

What do you think is your biggest challenge as a property manager or as an owner of a property management company?

Most property managers hate Book-keeping because this creates a lot of stress as monthly rental income and expenses reports have to be sent to landlords. Some property managers may track the information manually or in spreadsheets and this is a time consuming process. Other property managers use property management softwares that could be complicated, expensive, and hard to use.

If you also hate book-keeping and are looking for a user friendly, cost effective and efficient way of maintaining your books, then try out a web based property management software. Below are a few advantages of using a property management software:

     1. Track Rental Income and Expenses with a Click!

Easily Track Rental Income and Expenses. Property management software can be used to track rents collected from tenants and rental property expenses including property management fees.

     2. Monthly Owner Statements

Easily generate monthly statements and send it to landlords or owners. Most property management software come with many different kinds of reports such as tenant payment history report.

     3. Collect Rents on time!

Easy online rent collection! Some property management software will have capabilities to send automatic rent reminders to remind tenants to pay rent on time. This eliminates the cost and hassle of rent collection for property managers and property management companies.

Switch to a user friendly property management software and make managing properties easy and fun!

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Net Neutrality, Digital Islands, Google Instant and what this means to your social and online efforts

We, in the United States, have been blessed for the last fifteen plus years of enjoying essentially free internet. As a business, a company could purchase a domain for a few bucks and upload some html and the business was "in business". Initially, we had some digital islands, or groups, like Compuserve and AOL that made you purchase access to their hubs. Then Yahoo, MSN and other free hubs came around and eliminated the need to "pay to play". We started to once again enjoying free access to explore and search the internet. And then we fell in love with Google. Google over the last ten years gave us the power to quickly explore the millions then billions of websites just by adding in a few key words to a search. This search became very powerful, so powerful that Google realized their ability to "sell" keyword searches and bought out groups like DoubleClick to better understand the people that clicked through. Adwords, Google's primary revenue source, auctions keyword phrases that made sense to business for a certain dollar amount and business, realizing the opportunity, gobbled it up and started hiring companies or people to handle their new online ad spend. Well, this happy marriage between Google and business continues, but then emerged social and mobile technologies.  During this time period, MySpace, Napster, Friendster and eventually Facebook sprung up and created social networks, or new versions of digital islands, to connect people to each other b/c of like mindedness. As you are......
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What are the top 5 ways to manage my leads?

Finger Pointing ManAlright... just one more time with the gimmicky top 5 title.  I promise.  For those that didn't read my post last week I talked about ways to generate more leads.  If you followed my advice you should now be seeing a significant increase in your web leads and any vacancy troubles have all but evaporated.  (Okay that might be overstating reality somewhat). I hope you'll come along with me over the next month or so while I talk about all the steps from lead generation to move-in.  I think I have some insights to offer and hope you will agree.  At the minimum I can help you waste 5 minutes now before you do something that might be considered important later.  Driving leads is nice but without a good way to manage them, working them can be difficult.  Today I'd like to ask you the following question: What are you doing to manage your current leads?  I hope by now everyone is utilizing a centralized structure for your lead management.  If you aren't here are just 2 reasons out of thousands why you should be: Where are your advertising dollars going?  Sure you can login to every ILS site you use (what are there 400 different ILS sites to choose from?  Sure seems that way doesn't it?) and look it up.  You can pull your reports in your accounting system but how accurate can those be?  If emails are going to each property's email address who is making sure they are......
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STOP ask yourself do you do your follow up calls or thank you cards?!?!?!?

  STOP ask yourself do you do your follow up calls or thank you cards?!?!?!?  By Jolene Sopalski Leasing Specialist WRH Realty Services If you answered no to that question then I want you to hold up your right hand and pledge the following “ I will  start following up with my prospects no prospect will go un-followed up”. Good now if you are one of the ones that said yes I do my follow up calls and thank you cards I want to give you a big hug so just picture me giving  you a hug.  Why are follow ups with prospects so important to you and your owners? They are important to us because our prospects are the key to our success in this industry with out them leasing our apartments there would be no need for us. So why would you let them walk out of your office and never make contact again with money? All to often we use the excuse there's just no time to follow up. I really don’t like hearing there is no time to follow up on a potential lease because that is our job. I want to share with you some tips on following up on prospects that will hopefully increase your leases, make your owners happy and make it easier for you to follow up.  Always keep in mined that you are not the only property that your prospect is looking at so you want  to stay in the game by......
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Trendsetting Business Ideas - Go Paperless!

Property Management Companies guide Go Paperless  Does your business require maintaining a lot of paper business records? Have you considered going paperless? Read this quick guide to going paperless. 1. Save on Real Estate! By cutting down on paper, you can save on real estate that is required to store old records and other related equipments. If your business operates in a city that is prone to natural hazards, you are at the risk of losing all your files and records that you store on-site. 2. Reduce Man-power! Maintaining records can be time consuming and may require hiring additional employees. Go paperless and cut costs in hiring additional resources. 3. Go Virtual! Switching to emails and virtual records can speed up your operating efficiencies. Virtual records provide the flexibility of pulling up the records anytime at your convenience, comparing multiple records simultaneously, and printing them. If a client requests a certain record, email is a quicker and greener solution. Save time and focus your efforts where it is needed.  4. Keep Risks at a Minimum! In case of natural hazards or emergency situations, such as a fire or burglary, you are at the risk of losing your paper records. You may not enough time to create back up files or move the files to a safer location. Maintaining virtual records minimizes the risks of storing paper records. 5. Go Green! Be a trendsetter by going green! Save on paper, save forests! Intelligent use of print and copy machines helps in becoming energy efficient.  Join the Green Movement! Let your Clients know that your business cares for......
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Protecting your Business Records from Natural Hazards

Guide to Protecting Business Records

Does your business operate in a city that is prone to natural hazards such as Earthquakes, Floods, or Hurricanes? Do you keep all your files and records on-site? Then, read the following tips to protect your files and records in an event of a natural disaster:

Guide to Protecting Business Records

 

1. To reduce the loss of important records and documents, first identify which files are the most important and their vulnerability to damage. 


2. Know your Insurance Policy. Talk to your insurance agent and get all details of your flood and/ or hazard insurance policies. Be sure to know what is and is not included in your policy and the conditions associated with each of them.

3. Keep your Equipments in a Safe Place. For example, computers kept near large windows could be damaged during hurricanes. 


4. Have an Emergency Plan Ready! For example, a few employees could be responsible for backing up computer files, and delivering copies to a safe location.

5. Estimate the cost of your property. Calculate the costs of Repairing vs. Replacing costly equipments. Your estimates will help you assess your vulnerability and help you plan accordingly. 


6. Keep an inventory of your files and equipments. Maintain written and photograhic inventories of all important materials for tax and insurance purposes.

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Realtors Turned Property Managers

Anyone who has made a career in real estate knows that the market is always changing. There’s no arguing the fact that real estate professionals must have the ability to accept that while there are times of feast, there are also times of famine. But even when buyers are hard to come by, opportunities for income generation exist. And one of those opportunities is property management. Adapting to change. It’s not news at this point: Over the past couple of years, the real estate market has taken a huge hit. With foreclosures running rampant, loan qualification processes that can be difficult at best, and severe job losses across the nation, successful real estate transactions have been hard to come by. Even successful transactions now require far more time and effort than they once did. While things are slowly beginning to turn around, the real estate market is cyclical — we will at some point see it dip again. This is why it’s so important for real estate agents to have a back-up plan when times get rough. Property management offers realtors a great way to remain in the field and put their skills to use, even when the market is down. Steady income. No matter what, people will always need shelter. Particularly during economic climates like that of the past couple years, home sales may go down, but renting goes up, with all of the displaced former home owners looking for new places to lay their heads. No matter what field......
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Maybe There's More than One Story in Rising Mid-Tier Apartment Demand

One of the most encouraging results seen in the country's apartment market during 2010's first half was a notable upturn in demand for middle-tier product. Previously, almost all the absorption occurring across the country was being captured at the very top end of the market, reflecting new completions moving through initial lease-up as well as high-end units attracting move-up renters via price cuts. Looking specifically at 1980s-generation developments, the middle of the product spectrum in most metros, occupancy across the nation as a whole climbed 2 percentage points during 2010's initial six months, improving from 91.7 percent to 93.7 percent. At least a little bit of growth occurred virtually everywhere, and the jump was more than 3 percentage points in select areas like Upstate South Carolina's Greenville area, San Antonio, Kansas City and Nashville. An especially interesting shift in 1980s-era apartment occupancy registered during recent months in metro Atlanta. While those units were just 91.3 percent occupied as of mid-2010, the performance in the sector improved by 2.9 percentage points from the late 2009 result. Making the change especially intriguing, almost all the upturn occurred in just a few neighborhoods, specifically the arc stretching from Gwinnett County across the Roswell/Alpharetta area and into eastern Cobb County. That's a cluster of product that on the surface would seem to face a particularly difficult road to recovery, since it lies amid a huge selection of now really, really cheap single-family homes offered both for sale and for lease in very large numbers. What......
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Tips to Keep Your Books Updated

Property Management Companies Guide to BookkeepingWhy Book keeping?Without proper Business book keeping practices, your business is susceptible to cash flow issues and potential legal problems.  Book keeping is one of the most important of your business records since it includes all your business transactions.  Book keeping enables the IRS to evaluate your business operations and helps manage your business better. Here is a Guide to Understanding the Basics of Book Keeping:1. Maintaining Employee RecordsEmployers are responsible for maintaining records on withholding, employer matching, unemployment, worker’s compensation and employee forms such as the W-4 (Withholding Allowance Certification and the I-9 (Employment Eligibility Verification). 2. Tracking Revenues and ExpensesRevenue and Expense records can be maintained through a journal or a ledger.  Journal is a popular method that details receipts and expenses.  Ledger is a method that records transactions as credits and debits.  Recording revenues and expenses helps track how much and on where money is being spent, and how much money is coming in. 3. Recording Cash ExpendituresTo estimate your expenses as accurately as possible, it is important to record the cash your business spends. 4. Recording InventoryMaintain records of all inventory, dates purchased, stock numbers, purchase prices, dates sold, and sale prices.  Try to keep inventory holdings to a minimum based on business trends.5. Accounts Receivable and PayableMaintain all records of invoice dates, numbers, amounts, terms, dates and amounts paid or due, balances, and client information.Tip: Consult a professional to understand the most efficient way that works for you to keep your books.  Also, find out how......
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Baltimore's Apartment Market Performance Beats Neighboring DC's Results

While metro Washington, DC seems to rank at the top of the list of just about everyone's favorite apartment markets, current performance stats actually are a little stronger in adjacent Baltimore. June's occupancy rate in Baltimore's base of about 190,000 apartments stood at an even 96 percent, up 2.1 percentage points from the late 2009 figure and 0.7 points ahead of occupancy in Washington, DC. Neighborhood-level occupancy was right around the 95 percent mark in even the weakest of Baltimore's individual submarkets, and the rate was 97 percent or better in Ellicott City/Columbia and the Towson area. Effective rents in metro Baltimore jumped by 4.2 percent during 2010's initial six months, measuring change on a same-store basis. Since rents only backtracked a very tiny bit previously, growth during the first half of this year has already more than made up the ground that had been lost. Baltimore's current average monthly rent of $1,107, then, is an all-time high. Viewed in the big picture, Baltimore is one of the first local apartment markets where recovery from the recent down cycle is complete. It wouldn't be surprising if Baltimore's performance premium over the stats posted in Washington, DC actually gets a little more pronounced over the next couple of years. The DC metro is going to have to deal with processing more new supply, which likely will have some impact on the occupancy and rent growth performance potential at the top of the market there.   Statistical information presented in this post i......
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