Property Management Accounting Software – Propertyware

10 Questions You’ll Want to Know About Propertyware (FAQ)

Anthony Maiella — Tue, 25 May 2021 15:34:05 +0000

By: Tony Maiella When you’re thinking about a property management software platform – especially one as flexible, customizable, and powerful as Propertyware – you’re bound to want to thoroughly analyze what it can do for your business. With that in mind, we sat down with the Propertyware partnerships team to answer the most common questions they get from potential clients who are kicking the tires. Looking for a Propertyware FAQ? You’re in luck.

When you say that Propertyware’s software is customizable, what do you mean?

We like to say that Propertyware allows you to do business your way. What that means is that the software gives you the ability to customize your workflows and data, customize your reporting, and integrate with any software in your tech stack through an open API. It’s built for property management businesses that need a high level of flexibility with both their process and, potentially, the amount of geographic locations they manage.

What are the benefits of a solution like Propertyware that’s customizable and open?

The customization we offer with custom fields, dashboards, and reports empowers you to gather, track and report on anything you’d like. That coupled with our open API eliminates the headaches that come with managing several sources of data. Plus, you’ll have a more scalable solution over the long term. With Propertyware, if you have more complex needs down the line, you won’t be limited by the software and can make adjustments as your business changes.

What’s an open API and how does it work?

Think of an open API as a waiter that takes your order and serves up the data you ask for according to the connections you’ve made. In a nutshell, you’re able to connect to a third-party software, and move information to and from Propertyware. For example, some customers use it to connect external maintenance software or Customer Relationship Management (CRM) software for owner and tenant leads.

How can Propertyware help businesses with multiple locations?

First, Propertyware lets you operate from anywhere since it’s web-based—there’s no app necessary. Additionally, you can design the infrastructure for parent and child hierarchies, which is extremely useful if you have a complex, multi-location business structure. Plus, you can set up unique user profiles to manage what data each staff member has access to and what actions they’re allowed to execute.

How does Propertyware make it easier to communicate with tenants and property owners?

Propertyware offers mobile-friendly portals for owners and tenants and also includes communications tools like text messaging and email. For your owners, you can schedule reports that they want to be sent automatically every month, and that’s just the beginning.

How am I able to customize reports for property owners and investors?

From accounts receivable aging to rent roll, we offer over 175 pre-loaded reports based on what we have seen our customers use the most. You can customize those reports however you like.

How does onboarding work and how long does it take?

Onboarding is a team effort. Once you decide to work with us, we assign an Implementation Consultant (IC) to partner with you. All in all, the process takes approximately 45 business days, and your IC will have multiple phone calls to discuss what’s needed to keep the onboarding process moving smoothly.

How does data migration work?

Data migration is a service we offer if someone would like us to move their current, active information into their new Propertyware account. This would be information such as tenant name and address, unit number etc.

How is Propertyware different from other property management software platforms?

Propertyware sets itself apart through customization, robust accounting, and the added security of handling everything in-house. We don’t use any third parties for payments or background screening.

What additional resources are available?

We offer a comprehensive academy for our clients to learn about any topic within Propertyware along with other industry best practices. We also offer instructor-led virtual classes on specific topics as well as an “open mic” session where clients can bring up any questions they have. To learn how Propertyware can be put into action for your business or for any other questions you might have, reach out to our partnerships team and schedule a demo.

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Propertyware’s Open API Lets You Customize to Your Heart’s Content

pwadmin — Tue, 10 Apr 2018 15:01:58 +0000

With most single family property management software, what you see is what you get. Your property data is viewable and usable only as defined by what you see on the screen and the type of reports the software was designed to produce, and processes are fixed. It’s a closed system. What’s more, while you technically own your data, for practical purposes you really don’t: That’s because you can’t access it through an API; it’s accessible only through their software. In essence, they control how it’s used. So what happens if you want change things up? Say, create custom dashboards that display KPIs which aren’t the standard ones managers usually want to see? Set up automated alerts or report runs and distributions? Use your data with a third party application? Or perhaps import outside data for use inside your property management system? But Propertyware offers access to its API so you or your consultants are unlimited in what you can do with your Propertyware data and how it’s presented, both within the boundaries of our software and in conjunction with third party solutions. That’s because we understand that every property management company does things its own way, and it’s impossible to build every possibility into our solutions. We design our software with the functionality we feel covers the greatest possible range of customer needs, but it’s impossible to anticipate the individualized or creative ways some customers will choose to view or leverage their data and design their internal processes. Note that an open API is not the same thing as “open source.” Like the vast majority of software companies, we don’t simply give our source code to anyone who wants it, as that’s essentially the same as giving away the company – and we love our jobs! But an open API is nevertheless a huge asset. An open API is responsible for over 50% of the functionality of the market-leading SalesForce CRM app. Here’s a fairly clear definition that appears on Wikipedia (which, come to think of it, is a non-profit, crowd-sourced organization roughly analogous to “open source” as described above): “An open API is a publicly available application programming interface that provides developers with programmatic access to a proprietary software application or web service. An application programming interface (API) is a set of subroutine definitions, protocols, and tools for building application software. In general terms, it is a set of clearly defined methods of communication between various software components. A good API makes it easier to develop a computer program by providing all the building blocks, which are then put together by the programmer,” according to Wikipedia. If you’re not particularly techie, the important thing to understand is that Propertyware is flexible, meaning you’re not limited to using it only in the way it comes out of the box. Whether it’s certain information you want to see on a particular screen or dashboard that’s not standard, or a process you want to tweak to better fit how you do things, it’s all achievable with our open API. There’s also a conduit to third party applications you can use in conjunction with Propertyware, enabling integration and the smooth transfer of data back and forth. Today, many Propertyware customers already use the open API to customize our software to their particular needs. There are also consultants who have jumped in to help companies that don’t have the internal resources to handle the customization: you tell them what you want, and they build it for you. Are there things you dream that Propertyware could for you? Consider how open API access might be just the right solution! Based in New Orleans, Guy Lyman is a professional writer with over 25 years’ experience writing about single-family, multifamily and commercial real estate. Lyman is a frequent contributor and writer for the Propertyware blog.

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DIY Upgrades That Make Your Property Feel Like a Luxury Rental

pwadmin — Fri, 18 Aug 2017 21:41:01 +0000

Renovations can be expensive, especially when you want to turn your property into a luxury rental to attract higher-paying tenants. While materials and furniture can be expensive, the prices really start to climb when you bring a professional into the mix. Luckily for your budget, that isn’t always necessary. Instead, try these DIY upgrades, all of which will make your property feel like a truly luxurious rental.

Update the kitchen cabinets

The kitchen isn’t just a place to cook and eat; it’s often the space where tenants spend time with friends and family. A simple way to turn the kitchen in the most lavish space in the home is to update the kitchen cabinets. This gives the space an instant facelift at a fraction of the cost of re-doing the entire space. The lowest-cost update is to paint the cabinets a fresh new color. If you have a little more budget, consider refacing the current cabinets or replacing them altogether. Finally, take it one step further and replace the hardware on your cabinets for another visually impactful, yet simple DIY project.

Source: Freshome.com

Update the fireplace

The fireplace is a coveted feature, but one that’s not in top condition can be an eyesore and detract from your property’s value. Not to mention, it’s a centerpiece of the home, which means the smallest changes can make a big difference. A few ways to upgrade the fireplace include: 1. Replace the doors with tinted glass: Tinted glass looks classy, and keeps the mess covered: “Your fireplace is the ugliest place in your home. It’s covered with soot, ashes, and is a grayish blackish mess. Glass doors with tinted glass do a great job of hiding the unsightly mess. It’s like closets. No matter how well organized they are, most people still like a door to keep them out of sight,” says Sam Wilhoit, of Brick-Anew. 2. Paint the brick: Bring your fireplace to life with a fresh coat of paint. Consider re-staining or painting the mantle as well to create an entirely new look that elevates the entire room.

Update the backsplash

An easy and economical DIY project is updating the backsplash in the kitchen. Fresh tile has a significant visual impact without being expensive. “This is another tenant appreciated upgrade that can be very economical if you get tiles on sale and install yourself. Even if the tiles are not on sale, you’re usually only covering an area that is 2 feet by 10 feet = 20 square feet of area = 20 tiles,” shares Nathan Richard with Revnyou.com. If you want to skip the sometimes-tricky installation, go with peel and stick subway tiles instead. These are both inexpensive and easy to use, giving the kitchen a luxurious look without the high price tag or extensive sweat equity.

Update the garage door

One of the easiest and most cost effective ways to boost curb appeal and the value of your property is to replace the garage doors. Having worn out or out of date garage doors can make a poor first impression, losing potential tenants before they even step inside. The best part: garage doors can easily be replaced, and you can also upgrade or replace the hardware on the doors to make an impact without the extra work of a full replacement.

Upgrade lighting

Lighting has an immediate impact on the feel of a home, making it feel dark and closed off or well-lit, open, and inviting. “One of the worst things about rental units has got to be the outdated light fixtures. Luckily, this is also one of the easiest switches. Simply swap out that light fixture for something more your style. Just be sure to reattach the original fixture before moving out,” says Keri Sanders with HGTV.com. Updating lighting fixtures can be as inexpensive as your budget needs, with a wide variety of options at varying price points. Consider some of the most popular modern styles, including unique chandeliers and wood and metal materials.

Finally: clean the property

Never underestimate the impact of a clean rental, especially if you want it to have that luxurious feel—it’s hard to sell relaxation when the space is filthy: “Nothing will turn off a potential renter more than a dirty place,” says Patricia-Anne Tom with Realtor.com. It can seem almost too simple, but a good cleaning is a great opportunity to make the rental shine—literally—to prospective tenants. Deep clean the rental twice yearly, if possible, and hire a professional if possible. Don’t forget the often overlooked areas like baseboards, window treatments, ceiling fans and appliances. A small budget can go a long way to turning a mediocre rental into one that looks could be in a luxury home magazine. Use these ideas to take your space up a notch and attract renters who are ready to spend more. Find out which rental property kitchen and bath trends are making a statement in 2017.

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5 Reporting Options You Need in Today’s Property Management Industry

Marc Eiting — Thu, 23 Jun 2016 10:00:00 +0000

Property managers have a myriad of day-to-day responsibilities, including everything from showing properties to ensuring that units stay in impeccable condition. Reporting is an aspect of the job that can be less exciting but is essential for business growth. Generating timely and consistent property management reports aren’t just something to do in the off-season or when you have time. These reports will help you analyze how you’re doing on the ground, so that you can improve your property management systems.

Track the Status of Tenants and Applications

When you have a property management system that solicits applications through a tenant portal, you can gather data about who’s applying and where they want to live. Learn more about your tenants by gathering data from those who visit your website. Invite prospective tenants to join an email list and ask them to check off boxes about the amenities, property features, and neighborhoods that interest them. Use this information to target your marketing campaigns and the listings and content you generate.

Use Property Management Reports to Understand Maintenance

Your maintenance program provides important benefits but comes with a cost. Property management reporting helps you understand both sides of the equation. It’s important to understand how much it costs you to do a seasonal examination of the exterior of each of your properties, and how much you’ve spent on repairs as a result. Each of these repairs is an investment in property safety. When you implement a new maintenance program, compare old property complaints and tenant turnover with your results after the maintenance program is in use. Reports also help you pinpoint the areas of greatest expense so that you can determine whether you need to change the way you maintain properties. According to the Property Management Insider, “without uniformity in spending, a property management company may pay different prices for the same items throughout its portfolio.” Expense reports will help you stay consistent in the amount you pay for certain services, as well.

Examine Property Changes Over Time

Documenting property changes is essential. Use property management software to house documents about past property inspections and create reports that outline consistent problems or repairs needed on a property. The key is to translate that raw data into useful insights for your business. According to the Harvard Business Review, it’s “actionable, data-driven findings that create business value,” not just the data itself. For example, you can use maintenance and inspection records to examine neighborhood trends and decide whether you want to continue managing properties in an area with higher maintenance and repair needs. Keep track of your marketing statistics with reports that show your return on investment.

Analyze Property Management Reports to Understand Your Marketing Impact

Are you marketing your properties in the right way? Property management reports help you track the changes in a particular property or neighborhood and correlate this data with information about your marketing investment. Examine the overall increase in inquiries over a specific time period to see whether a marketing campaign had an impact, or track the questions you’ve had about a particular neighborhood or type of property after a niche-focused marketing campaign.

Keep Owners in the Loop

You need to know how your business is performing, and so do your property owners. With property management software, you can create reports by date range, owner, or individual property. This gives property owners a full view of their investment with you and allows them to see expenses, income, and changes over time.

“It seems that everywhere, in every situation, Propertyware is keeping us organized.” – Dave Barron / Husky Property Management, LLC

When you’re looking for property management software, look to Propertyware. Not only can we help you develop property management systems that will transform the way you manage your properties, our property management software also allows you to report on what you’re doing so that you can continually improve. Watch a demo and get pricing today.

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Streamline Your Rental Property Management Costs

Marc Eiting — Wed, 13 Apr 2016 21:34:08 +0000

Rental property management is a difficult job, but it can be made easier when the manager uses the proper tools. With good property management software in place, a manager can analyze property activities and determine ways to streamline maintenance processes and lower overall management costs. In order to utilize software to its fullest potential, it’s important to understand the ways in which costs can be lowered while still maintaining the highest possible level of service to tenants.

Consolidating Work Order Activity

According to Realtor Magazine, maintenance costs on rental units can get out of hand if they are not properly managed. Without good software, a property manager has no way to consolidate and analyze work orders to find patterns that can be addressed immediately. For example, if several single family units required persistent furnace repairs during the previous year, then a consolidated group of maintenance reports would point out the need to replace the furnaces in those properties and eliminate the ongoing and costly maintenance costs.

Managing Tenants

If you are managing a larger number of properties, then keeping track of tenants is impossible without effective software. The right software will alert you when rent payments are late or when a lease is about to expire. Instead of allowing tenants to remain in a home without a valid lease because your company could not track your agreements, streamline the tenant management process with software that sends updates each time a tenant agreement requires your attention.

Keeping Quality Tenants

According to AllPropertyManagement.com, managing tenants is about more than simply making sure rent is paid and leases are signed. Once you find good tenants, you want to keep them as long as possible. When you use the right software to help manage your properties, then you can impress good tenants with your company’s organizational skills and attention to details. With management software, maintenance requests are executed in a timely fashion and tenant needs are taken care of. Becoming a more efficient organization will help you retain the quality tenants that help to make your organization profitable.

Managing Contractor Costs

Analyzing all maintenance and remodeling costs in one program has several advantages. The ability to compare costs by contractor helps you to determine which contractors do the best work for the best price. While you do not want to pay money for inferior work, you also want to avoid overpaying a contractor who charges more for the same level of craftsmanship. Propertyware software can help in keeping your costs organized, and assist in the process of making decisions that will keep your maintenance costs down. Sign up for a free tour and experience the solutions that help make businesses more profitable. The key to good property management is to streamline costs, while still offering the high level of service your tenants expect. With the right kind of software in place, you will be able to attract good tenants and provide excellent service, while keeping your costs under control.

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How to Protect your Property Management Nest Egg

Leah Mendes — Fri, 01 Apr 2016 18:39:16 +0000

When you own a property management business, your work is about more than simply completing a job. As an entrepreneur, you pour your time, energy and talent into growing your business—and often work well beyond the typical 9 to 5 schedule. The business represents your livelihood, and its success impacts your ability to live a comfortable life, provide for your family and prepare for retirement. Your business is your nest egg—but is it protected? Here are four areas you should evaluate that can help you understand whether or not your nest egg is being protected:

1. How profitable is my property management operation?

While you may have a general idea of how your business is doing, do you know the specific numbers? Measuring revenue per unit allows you to see which properties are bringing in the most money, and which ones are struggling. Revenue per owner should also be tracked to help identify your top owners.

2. What criteria do I use to make decisions?

Are your business decisions based on strategy and fact, or on emotion? Before acquiring a new owner portfolio, we recommend you do as much research as possible and conduct a thorough business analysis. This will help protect your business from unsound investments, and lay the foundation for success at each of your properties.

3. What’s happening in the market?

Do you stay up-to-date with the latest market conditions and trends? Are you aware of how you stack up against competitors in your area? Get all of the details possible to determine how much you should be charging owners and the appropriate rent to charge, along with what other opportunities and challenges may be ahead. It’s also important to be familiar with your target owner demographics to reach more of them – keeping their property occupied and profitable is the goal you’re ultimately helping them fulfilled.

4. What are my goals for the future?

Knowing that you want to become more profitable simply isn’t enough. Instead, we recommend you set specific key performance indicators (or KPIs) and benchmarks you aim to reach during a certain time frame. Start by knowing your past growth figures and take time to reflect on current conditions both inside and outside your business, then set realistic expectations for the future and identify the tools you need to make it a reality. As you develop your property management business, it’s important to focus on both the big picture and key details. We challenge you to evaluate each area of your business and take a proactive approach to measuring profitability. This will keep your nest egg protected and better equip you to work toward a successful future.

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4 Tips to Improve Asset Management for Your Rental Property Portfolio

Marc Eiting — Thu, 14 Jan 2016 21:48:00 +0000

When you’re managing properties, you’re managing some of the largest assets that anyone will ever own. According to the National Real Estate Investor, the property management role is now moving into one that focuses on strategy. Rental homes can generate a steady income for your business, but you need to manage them as you would manage a portfolio, studying and nurturing these investments.

Rental Property Management: Understand the Fit

When you view your homes as assets, you understand the importance of determining whether a specific asset is a fit for your company. According to B2R Finances, a residential real estate investor is likely to get more favorable financing terms (e.g. lower rate) if he or she is buying a stabilized asset. Know your assets before you bring them into your portfolio. Using property management software built for REO managers, you can collect data on neighborhoods, amenities, and your current rental rates and successes in a particular area. When you see another property in that area, this reporting will help you determine whether you should seek to secure that asset as well.

Get and Input Custom Data

Every property is unique, and you need to know the details of your assets. With property management software, set up data parameters that will help you understand them. This might include geographical information, data about rental rates and turnover, information regarding maintenance schedules and investments you’ve made in the property. Using software makes it easy to manage large portfolios and permissions can be set to provide or limit employee access to data.

Simplify and Streamline Your Systems

When you’re involved in rental property management, one of your goals is to decrease costs incurred by your assets. You don’t want to scrimp on the property itself, so where can you save? One of the ways that you can save is by implementing stronger management systems and streamlining those systems to make your work-life simpler. For example, when you create a tenant portal that allows you to get applications and answer tenants’ questions online, you simplify your systems, allowing you to cut down on administrative time and work smarter.

Improve Your Maintenance Regime

Be honest: are you on top of your property inspections? How’s your maintenance schedule working for you? If you find that you’re struggling to juggle the many assets in your business, you need to work with property management software to ensure that you are completely up to date with property maintenance. While inspections and maintenance are an investment, they’re an investment that pays dividends. Regular maintenance will allow you to prevent more costly emergency repairs, and it will keep your tenants happy, reducing your turnover rates.

Increase Your Returns

How can you increase the returns that you get from a specific property? When you’re looking at your rental property portfolio, you need to find ways to generate more income from what you have. One way is to upgrade your properties, investing in simple maintenance such as new paint. Another is to provide exceptional customer service that allows you to incrementally increase your rent. When your properties are known to be well-managed and up to date and your tenants feel like they’re cared for and that it’s easy to interact with you through online tenant portals, live chat, and call centers, you can increase your rental rates to reflect your excellence.

As you manage your rental property portfolio, you have a need to create the best possible foundation for your business. Rental property management software can help you generate that foundation, allowing you to access financial information and reports, schedule maintenance, and communicate more easily with your tenants. Interested in how Propertyware can transform your business? Take a free online tour of Propertyware today.

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How Spend Management and Standardization Can Help Decrease Expenses

Tim Blackwell — Tue, 09 Dec 2014 17:24:37 +0000

It takes many hands to ensure property management on any level goes smoothly and efficiently. But too many cooks in the kitchen, so to speak, is not always a good thing. The absence of spend management and a non-standardized product purchasing program can cost a property owner or management group some significant savings. Imagine missing an annual rebate that could be worth several thousands of dollars simply because a preferred vendor program wasn’t in place for your maintenance team. Spend management is the infrastructure to support management’s philosophy of who you are buying from, what you’re buying and ways to enforce best practices. Standardization makes spending practices consistent. Why is this so important? “Standardization promotes procedural consistency while helping drive program compliance and standardized product and pricing options,” says Jennifer Lester, who is RealPage’s Vice President, Supplier Management. And saves money. One management group, she said, saved $100,000 in maintenance, repairs and operations by having a proven spend management and standardization program in place.

Compliance improved, emotion removed from standardization

Through standardization, compliance levels are improved to ensure that managers optimize supplier partnerships. Add execution resources that are necessary to keep everyone on the same page, plus portfolio-based training and education to establish a basic foundation for work flow, and purchasing big-ticket items like toilets, garbage disposals, HVAC systems and others becomes more streamlined and creates the opportunity for discounts and rebates. “Standardization also removes emotion from the process,” Lester says. “The maintenance team has a lot emotion when it comes to certain things, like caulking. But when it comes to a larger ticket item, those should be standardized and uniform throughout the entire portfolio to realize significant benefits.” Lester identified a few key components to creating a successful standardization program that can help a portfolio save money and achieve consistency in day-to-day purchases:

Emphasize effective communication

Communication is important during any kind of change management process like establishing a long-term agreement with a preferred vendor. Everybody should be on the same page, especially the field, Lester says. Communicating that a change is in place and how the players should work through the process is the first step.

Data intelligence drives negotiation

Data intelligence is key to any type of spend management or standardization program. Good data will determine what it is that you’re going to negotiate, how you’re going to fine tune your process and best ways to communicate that information to your team to drive compliance. A comparison of invoices across a portfolio might reveal that each property is paying a different price for a gallon of paint. Ideally, a property manager could negotiate a standardized rate for paint.

Establishing reporting method

Monitor closely to ensure that agreements are being followed and that there is compliance of internal purchasing procedures. Periodic reporting will reveal if you’re paying the same negotiated price for a particular supply line, or if there has been an increase.

Manageable Work flow/Process

Complete visibility, into property-level spend at the time of purchase all the way through the receipt of goods is essential. Also, invoices should be electronically transmitted into an accounts payable system for payment.

Maintain compliance at all levels

Reporting and communication drive compliance, which is integral to your purchasing structure. A lack of compliance with the partnerships that support your business often results in leaving savings on the table, Lester says. A mechanism should be in place to educate staff to ensure full compliance. “Successful spend management and standardization is all about communication, execution of resources and reporting,” she added. “The results are more transparency into key portfolio expenditures and identifying and achieving savings.” (Image Source: Shutterstock)

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5 Forecasting Tips to Help Managers Find Hidden Profits

Tim Blackwell — Tue, 04 Nov 2014 17:54:30 +0000

Budget forecasting is one thing that many portfolio managers don’t often relish. Investors demand to see how expenses are tracking with the budget, requiring operators and third-party managers the often arduous task of crunching numbers and looking into that crystal ball.

“It is a task that all too frequently is ‘have to’ instead of ‘want to’. ” says Christine Fisher of RealPage, Inc.

Forecasting – either weekly, monthly or quarterly – enables leadership to see a snapshot of where the portfolio financially and strategically headed. Revenue and expense forecasting help properties plan and make adjustments as market conditions change or stay the same.

Predicting what lies ahead is no picnic, especially if the forecasting process is done manually, like many in today’s home leasing industry. Typically, forecasts are done using internally created spreadsheets that require substantial manual preparation time. Often, they are subject to frequent formula errors. When all is said and done, more time can be spent preparing the forecast format instead of the analysis that tells where the asset is headed.

And a mistake attributed to human error can cost the company money and resources.

“Failing to forecast correctly can increase risk of cash flow shortages or missed opportunities increasing rental income based on changes to the market,” Fisher said.

Market and crime conditions, effective rent, repairs, turnover, utilities, maintenance and other operational expenses can impact the financial success of an asset. And because every property is different, a sophisticated forecasting tool can be highly effective if used in conjunction with integrated and well-designed processes, Fisher says.

“Improved forecast accuracy leads to many downstream improvements, not only financial, but also in operations, customer service and asset management,” Fisher said. “When problem areas are identified early, action can be taken to either address problem areas or take advantage of an income opportunity such as raising rents beyond what was budgeted.”

Using an automated forecasting tool simply offers a better look for properties to predict budget performance, Fisher added. She offers five ways to make any forecasting process easier and quicker:

Start with clean, accurate data

Bad data that is not truly representative of actuals or realistic projections will create problems with any forecast. workable baseline and to update it to identify potential trends.

Access data easily and seamlessly

Easy access to data is essential. Otherwise, the forecast expert is pouring through page after page of spreadsheets. An automated forecasting tool can make capturing and importing data, quick and easy. This will also enable easy modifications to be made, with little manual manipulation needed.

Plan ahead by tracking performance

Tracking prior performance is critical to forecasting accuracy. For example, when projecting repair expenses, a detailed, accurate overview of previous maintenance bills will enable the forecaster to apply the most up to date, realistic numbers. Tracking functionality within the budget forecasting tool offers a current view of performance for utilities, maintenance and other expenditures, as well as for revenue.

Share data through web-based applications

Use a web-based tool that enables your peers to have quick access to accurate information. Data can be shared with a click, instead of managing copies of manual spreadsheets between key stakeholders at different locations.

Adjust for seasonality

Note that expenses and revenue fluctuate depending on the time of the year, so being able to access prior performance quickly is essential. Remember, for example, that utility bills fluctuate during peak summer and winter months, which also can affect repairs. Keep that and other seasonal expenditures in mind when forecasting for the seasons ahead.

To forecast for the short and long terms, accuracy of data and the ability to access it and create manageable reports is essential, Fisher says. A good forecast can reveal money that could be getting away from the management team.

“Forecasts can allow managers to identify where profits may be hiding by closely examining property past performance and challenge them to identify what operational or rent influencers can be adjusted to improve financial efficiency.”

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Energy Rebates and Incentives for Single-Family Housing Pay Off

Michael Cunningham — Fri, 23 May 2014 16:21:55 +0000

Finding energy rebates and incentives may be akin to herding cats. If corralling these little critters that hold the key to lower utility costs and energy conservation were so easy, you can bet that everybody would be tending to them. Finding a way for someone else to help pay for energy retrofits and upgrades can come down to a well-connected contractor or some office-floor CSI-style investigation. Energy rebates and incentives can be found through municipalities and utility companies and via online searches in some cases. Others require a little more digging and often personal outreach.

Finding Federal and State Energy Rebates & Incentives

One online source is www.dsireusa.org. DSIRE, which was established in 1995, is a comprehensive listing of information on state and federal incentives and policies that support renewables and energy efficiency in the United States. The website is operated and funded by the N.C. Solar Center at N.C. State University and the U.S. Department of Energy (DOE). Visually, users can select a state for incentives, rules, regulations and policies that apply to residential – as well as multifamily and commercial – sectors. The search can be boiled down to specific types of utilities and energy classes. If you oversee properties nationwide, go directly to the U.S. Department of Energy (USDOE) site and you will immediately see links to programs available nationwide. Financial Incentives include tax credits, grants, loans, rebates, performance-based incentives, green building incentives and many other types of opportunities for upgrades to be made with little out-pocket-expense to qualifying property owners. In Arizona, for example, a residential utility rebate program offers rebates up to 75 percent of the cost of insulation, duct repair and air sealing. The same program also offers money back on pool pumps, heat pumps and air-conditioning units and even refrigerator recycling. The site is a bit of sustainability nirvana for those serious about getting help lowering energy and water costs. Also, DSIRE offers a number of additional resources, including the low-down on state renewables portfolio standards. State requirements are defined by year and resource class and include other key information like eligibility of new and/or existing facilities. You can also find the state’s electric load covered by the policy. And it just might be getting better. The USDOE and N.C. State are updating DSIRE to expand data accessibility and include new tools to make the search even better. Work is expected to be complete by the summer of 2014.

Enlist the Help of Contractors to Find the Right Energy Rebate Programs

Dan Gaddis, Director of Sustainability and Energy Management for RealPage, Inc., says opportunities await just by doing a little research. At March’s Crittenden Multifamily Conference in Dallas, Gaddis reminded attendees at a sustainability session that buildings consume 40 percent of the nation’s total energy use. He also referenced an American Waterworks Association report that says that restoring existing water systems as they reach the end of their useful lives and expanding them to serve a growing population will cost at least $1 trillion over the next 25 years. “It’s going to get more and more expensive as we go on,” Gaddis said. Navigating DSIRE can be a little tricky and may require some phone calls to verify if the rebate program or information is the right fit, Gaddis says. He suggests consulting with local vendors to help find the best incentives and deals. “You can take it a step further and invite a specific project vendor out to perform a free assessment and let them seek out the incentive to make their project more appealing to you,” Gaddis said.

Take the Initiative to Find Other Energy Incentive Programs

While online sources provide a wealth of information, there are additional opportunities just by asking around. DSIRE only provides information on approximately 250 local incentives and policies established by local governments that are “especially innovative” and to municipalities and counties with the largest populations. Because there are thousands of local governments in the country that may offer their own incentives and policies, the playing field is potentially much larger. Uncovering those other opportunities may come down to making a few phone calls or quizzing a colleague or new acquaintance over lunch or drinks. Also, relying on a contractor’s experience with rebates and incentives is another way. Those who do the work are usually dialed in to what state and local governments have available to save money on everything from toilets to hot water heaters. “Whether by smart investment, there is a large opportunity for us all,” Gaddis says. “There’s a lot of money out there to be saved.” (Image source: Shutterstock)

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