Stress Free Property Management – Propertyware

Stress Free Property Management Series Overview

Marc Eiting — Fri, 16 Dec 2016 15:24:05 +0000

Is Stress-Free Property Management a Myth?

While nobody can guarantee a stress-free job or even day, our rental property management software is specifically designed to simplify, automate and streamline the tasks rental property managers face every day. The result is more productive property managers and happier tenants and property investors.

Why Owners Turn to Property Managers

Fixing the problems that arise in their properties and keeping them in working condition requires time, energy and talent, as does finding and retaining tenants. This is why property owners turn to property managers: they are looking for stress-free property management.

Organizing Maintenance

“a good way to build financial security, and keeping down the costs is crucial for the investment.”

Regular repair and maintenance schedules are an investment, but they allow you identify and address concerns before they become urgent. Use an owner portal to communicate information about repairs or news related to tenants; your owners will be able to log on any time without calling or emailing your office.

“Our owners love the owner portals, the tenants love the tenant portals.” – Michelle Fox, Owner at Fox Rental Management

Ready to make rental property management easier?

Read the entire article Why Rental Property Owners Want Stress Free Property Management

Take the Stress Out of Distressed Properties

Distressed home market has slowed but gems exist

Distressed property inventories pale compared to years ago, when foreclosures brought on by the recession led to a flurry of activity. As can come with a soft market, upward pricing pressure is minimizing the number of opportunities where an investor can pick up a distressed property for a low price. Within every market, however, are the ugly ducklings that can turn into swans.

Read the entire article Taking the Stress Out of Distressed Properties

How to Make Rental Property Management Less Stressful

There seems to be no end to the needs of each property and tenant, and it can be easy to feel overwhelmed by the constancy of these needs. However, rental property management software can provide you with the necessary tools to manage these needs more efficiently, making it much simpler to run your business. Here are a few practical tips to make running a rental property management business much less stressful.

Find and Maintain the Right Tenants

Finding the right tenants can reduce your stress immeasurably. Use your property management software to set up systems that remind you to check references, do credit checks, and store data about tenant concerns and complaints. This information can come in handy if you do need to address those concerns with tenants later on and you’ll have an impeccable record of all of your interactions.

Improve Communication

If you’d like to have less stress at your rental property management business, improve the communication you have with your tenants. When you include a tenant portal on your website, this allows your tenants to communicate with you easily after hours. They can add their repair requests or place information that you need into their system. They can also pay their bills easily. Tracking data about tenants and properties also means that tenants can look up the answers to their questions without needing to ask you directly.

Keep Your Rental Documents in Order

An online document management system helps you keep vital information in order. From scanned receipts to bill and invoice tracking, rental property management software allows you to input data and generate reports. You can look at trends and determine areas where you can improve. You can also set recurring activities and reminders so that you don’t forget to complete the intake process for a tenant or conduct routine maintenance on a property.

Read the entire article How to Make Running a Rental Property Management Business Less Stressful

Stress-Free Property Management Begins with Effective Rules

Managers are also tasked with the human element of the job: working with owners and tenants. With clear communication processes, they need to articulate the property’s rules, deadlines for rent payments, and other important details. They’re also responsible for following up with owners or tenants if something goes wrong with the property.

Great property managers are emotionally intelligent, ethical, and can resolve conflicts to maintain healthy relationships between tenants, owners, and the property management business. Read the Entire Article: Property Managers Do Much More Than Manage Properties

Start Here for Stress Free Property Management Series from Propertyware.

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Why Owners Turn to Property Managers for Stress Free Property Management

Marc Eiting — Mon, 14 Nov 2016 10:00:00 +0000

For a property owner who manages several homes on top of his or her day job, it’s easy to become overwhelmed. Fixing all of the problems that arise in their properties and keeping them in pristine condition requires time, energy and talent, as does finding and retaining tenants. This is why property owners turn to property managers: they are looking for stress-free property management.

Managing Relationships

Building a successful property management business is about relationships. As a property manager, you can take this burden off of the property owners. You already have strong relationships with vendors who help maintain and repair your properties. You also build relationships with tenants by maintaining strong communication and providing assistance when problems arise. As a property manager, it’s your business to visit properties to get to know the tenants, property, and neighborhood. You can use rental property management software to maintain your records so that you have clear documentation of everything from inspections to leases. Maintaining an ongoing and an emergency communication system is taxing on property owners. However, you can do both with property management software that helps you coordinate a tenant portal and answer after-hours calls through a contact center. You’ll be able to thoroughly document communication and provide 24/7 customer service, without being on call. Organizing ongoing or emergency maintenance can be time-consuming. Property owners want you to make it simple.

Organizing Maintenance

You want to reduce those complaints from tenants, and one of the ways you can do this is to coordinate ongoing property maintenance. According to the Sydney Morning Herald, property owners see their properties as a “good way to build financial security, and keeping down the costs is crucial for the investment.” Regular repair and maintenance schedules are an investment, but they allow you identify and address concerns before they become urgent. Document management systems keep all of the pertinent information about the property in a single location so that it’s easy to find, pay, and file receipts or rental agreements.

Collecting the Data

Managing and collecting data is an integral part of property management. Owners usually have a few properties at most, and typically manage their data with a simple system such as Excel spreadsheets. With property management software, you can document and merge information to measure neighborhood trends and make better business decisions. Once you’ve collected that data, owners need to know about the property as well. Use an owner portal to communicate information about repairs or news related to tenants; your owners will be able to log on any time without calling or emailing your office.

“Our owners love the owner portals. Our tenants love the tenant portals. With Propertyware, you can go in, do a direct deposit, create the owner statement, and publish it to their portal, or email it to them.” – Michele Fox / Fox Rental Management

When you’re working to facilitate stress free property management for your owners, contact Propertyware. We have the rental property management software that will make your life (and the life of the property owners you work with) easier. Contact sales today and see how our software can make you a more organized and efficient property manager.

The post Why Owners Turn to Property Managers for Stress Free Property Management appeared first on Propertyware.

How to Make Running a Rental Property Management Business Less Stressful

Marc Eiting — Mon, 04 Jan 2016 17:11:12 +0000

Is Stress-Free Property Management a Myth?

Running a successful property management business is rewarding, but can also be a busy, 24-hour a day sort of job. There seems to be no end to the needs of each property and tenant, and it can be easy to feel overwhelmed by the constancy of these needs. However, rental property management software can provide you with the necessary tools to manage these needs more efficiently, making it much simpler to run your business. Here are a few practical tips to make running a rental property management business much less stressful.

Find and Maintain the Right Tenants

Improve Communication

Keep Your Documents in Order

Watch Your Cash Flow

Where’s the money? If you have a hard time maintaining records of tenant payments or bill payments, an online property management system can help. It allows you to send out payments and invoices, watch your cash flow, and see who’s paid for what. Cloud-based software makes it possible for you to log in and access information from any place and at any time. This makes it easy to resolve questions and concerns on the spot.

Reduce Legal Concerns

Having information, improving communication, and screening your tenants well all reduces a huge stress point: legal action. Having good information will help keep you on top of rental property management processes, such as tending to repairs and maintenance. This can help you reduce the likelihood of tenants suffering injury or damages. A tenant portal makes it easy for tenants to get and share information as needed. When tenants feel like they can communicate their concerns and get the information they need, they’re less likely to take you to court. [Additional Reading: Should You Create a Rental Property LLC?] Properly screening tenants is key to making property management less stressful. With the use of property management software, you can set up systems to coach yourself through the process of screening and bringing in a new tenant. According to Forbes, “While being your own boss may appear to put you in the driver’s seat, working with external business partners, clients, investors, and other outside parties put you in a position where you lack control.” The use of cloud-based rental property management software can help put you back in control of your data and create convenient ways for your tenants to control their information flow as well. When you’re looking for new property management software, look to Propertyware. Sign up for a free tour today. “We don’t need to tell you that property management is a fast-paced industry. Each day is unique: new management agreements are signed; maintenance work is performed; and tenants keep you on your toes 24/7. You want and need to have the best tools to help you meet these challenges. One absolutely critical tool is your property management software.”

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Taking the Stress Out of Distressed Properties

Tim Blackwell — Fri, 14 Aug 2015 14:51:26 +0000

Stress Free Property Management of Distressed Properties?

In a world of new, shiny rental homes, some hidden gems await. Distressed homes that need repairs are there for the right kind of owner who can add a little polish and create a comfortable, safe residential experience. Properties that may bear the long-term effects of poor maintenance and management practices or are victims of crime offer investment opportunities. It’s not uncommon for some homes in less desirable neighborhoods to be heavily discounted and sell for below market value. “They require more work, more effort,” says Jim Stock, who owns Florida-based Vision Management, LLC*, which specializes in turning distressed properties into family-oriented communities in northern Florida. “They may be older, it’s not the type of product everybody says they’ll put an ad out and increase their occupancy.” When remodeled, the properties usually don’t get the high-tech amenities or latest gadgets that come with more mainstream apartments. Sometimes, applying discontinued carpet and paint, along with a clean environment, are just the right upgrades to attract new residents who don’t have deep pockets. Stock looks for sub-prime or distressed multifamily B, C and D properties that may have had a bad reputation and turns them into safe, comfortable communities where residents can set roots. The same principles of revitalizing distressed properties that Stock spoke about at a recent industry conference apply beyond the multifamily realm.

Distressed home market has slowed but gems await

Today’s market for distressed properties has diminished because of a strong economy that has propelled new construction and development. Inventories pale compared to six years ago, when foreclosures brought on by the recession led to a flurry of activity. This year, the distressed property market is running at all-time lows, especially in the single-family sector. In April, distressed sales accounted for 10 percent of home sales, far less than in 2009 when about half of all sales were from foreclosures or short sales, according to National Association of Realtors data. In addition, foreclosure filings from default notices, scheduled auctions and bank repossession in the first six months of 2015 dropped 13 percent from the previous six months. As can come with a soft market, upward pricing pressure is minimizing the number of opportunities where an investor can pick up a distressed property for a low price. Within every market, however, are the ugly ducklings that Stock says investors can turn into Cinderella stories.

Managing Distressed Properties is Big Business with Propertyware

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‘Character underwriting’ along with providing clean, safe environment

A new coat of paint and upgraded carpet is but a small piece of turning around distressed homes. The bigger brush strokes come with rebuilding the tenant base by providing a safe, clean place to live and, in some cases, working more closely with residents. Tenant budget counseling sometimes comes with the territory, says Stock. He recommends using the available leasing and management tools, and to not be afraid to go beyond convention leasing approaches under the right circumstances. Call it a little character underwriting. “You verify what matters, like criminal background checks, rental history, employment history, expense to income ratio,” he said. “We meet people where they’re at, but it’s not a plug in number and social security and let the computer tell them if they are approved or not. Use your common sense. Help the person who deserves to be helped and cut your losses on the ones who don’t.”

Upgrades may not be trendy, but property will get nicer with age

A key to keeping a property affordable, Stock says, is being frugal but smart. He doesn’t pan designer websites for the latest trends in exterior or interior design. Instead, he heads to the area’s “carpet row”, where carpet and flooring companies warehouse. He establishes relationships with vendors to get first dibs on discontinued items, leftovers and other products that don’t move. While the carpet or other fixtures may not be trendy, he banks it will be an improvement for the incoming resident. “You can have cool looking trim, but it doesn’t have to be expensive,” he said. “Make it such that when someone walks in, it’s, ‘Wow, this is nicer than what I’ve been in.’ It doesn’t have to cost that much to make the entrance look nice.” He hasn’t paid more than $2.50 per square yard for carpet in six years, and he makes use of new discarded paint. Every dollar saved is worth $7-$8 in capitalized value, he says. “It’s out there,” he said. “It takes work. Our homes get nicer with age, because we keep doing the little things that keep making the home look newer and nicer.” *For more information on Vision Management, LLC, please contact jimstock63@gmail.com.

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