Lead-Safe Certified? It's not just for Contractors

Lead-based paint was banned in 1978, but houses built before then probably still contain leaded paint. Children, particularly under the age of six, are most at risk from even small amounts of lead, and the damage can be permanent.

Common renovation such as sanding, cutting, and demolition can create hazardous lead dust and chips by disturbing lead-based paint, which can be harmful to both adults and children.

To protect against this risk, in April 2008, EPA issued a rule requiring the use of lead-safe practices and other actions aimed at preventing lead poisoning.

To go a step further, beginning on April 22, 2010 contractors as well as property owners who perform renovation, repair and painting projects that disturb lead-based paint in homes, child care facilities, and schools built before 1978 must now be certified in the new EPA Renovation, Repair & Painting Rule (RRP) and must follow specific work practices to prevent lead contamination.

Also before beginning work, you must provide tenants with a copy of EPA's lead hazard information pamphlet Renovate Right: Important Lead Hazard Information for Families, Child Care Providers, and Schools (PDF)

To find out more go to the EPA website

Types of Property Management

What type of Property Management do you require?

Residential or Apartment Property Management

A Residential Property Manager will manage single family homes or a 1 unit property whether it be in a neighborhood, community or condominium association. They may also manage duplexes to large multi-unit or apartment buildings.

Vacation Rental Management
If you own a property in a popular vacation destination and want to rent it out on a nightly or short term lease you may consider using a Vacation Property Manager. These management companies specialize in managing vacation rentals and know the in's and out's of this type of business.

Commercial Property Management
A Commercial Property Management company will likely manage all types of retail and office space. This could include shopping and strip malls, warehouses, manufacturing, office building, parking facilities and hotels. If your property use is for anything other than residential housing, chances are it would fall in the commercial management category.



Community Association Management
If you are looking for a management company to oversee all aspects of the management of a community association as a whole, then look no further. You are in need of a Community Association Management company. They will take care of all maintenance, financials, enforcement of community rules etc.. for the whole community.

What to Expect From a Property Manager

Tenants
The first step to having a successful apartment is having the right tenants. A company does this by having a third party screener. The third party screens for the following: credit, criminal, eviction, sex offenders, employment and rental history. The goal is to put the highest quality tenant in your apartment.

Fair Housing
The Federal Government has set up laws called Fair Housing. The law states that no one can discriminate based on the following: race, color, sex, religion, handicaps, national origin, family status, and more if your state has added them. A property manager knows how important it is to follow these laws, and are working everyday to make sure that you as the owner of the apartments will never get fined from the Fair Housing.

Maintenance
Maintenance is a huge headache for most owners. You may find yourself wondering, is it time to replace the swamp cooler, or the kitchen sick. Is the water bill so high because there is a leak some where? Managers understands how hard maintenance is, that is why they should have trained employees that know what to look for when they are walking through your properties. Property managers know that a small leak can cause huge problem. The manager should send you a report of improvements that can be done to your property. This will allow your property to stay competitive in the market.

We know that good maintenance does the following:
1. Retains tenants.
2. Keeps your property competitive in the market.
3. Will prevent problems for the future.
4. Lowers turnover cost.
5. Will allow for increase in rent.

Make sure that these 5 things are happening for you.

Property Management
Property managers should want to help you keep your property to the highest standards. Some of the keys are; a great marketing plan to get the best value out of your property, walk through each property every 60-90 days, Walk through inspections are an important key not only to see what is happening in the property but it builds a better tenant relationship. The more we are in the properties the better tenants you will have. Another important key is book keeping, providing up to date book keeping, rent collection, automatically deposited to your account. Fast evictions are an essential key, have an attorney who works solely on evictions. Know that each of these keys are vital to keeping your investment successful.

Rent
It is our job as your manager to help your property value increase property value is tied to NOI. Rent increases or decrease done at the right time help to avoid high turnover cost. A good manager will watch the market for you.

Security deposits
Security deposits are moneys that are kept in a trust account by the management company to help pay for repairs done after a tenant moves out. Within fifteen days after the move out date the tenant will receive a deposit disposition form from the management company, this form will state if the tenant receives money back, or if they owe the property management company money for damages.

Move outs
As soon as they have notice that a tenant is moving out they inspect the property with a camera and inform the tenant what needs to be fixed and how much we will charge them if the things are taken care of. After the tenant has moved out they again go to through the property with a camera and record things that were not done. They then make all the necessary repairs before new tenants move in. This is to ensure you have evidence of all repairs, and to ensure that all work gets done.

Turn over expenses
The law says that a landlord may charge the tenants for reasonable items to be replaced when a tenant vacates the property. So, here are some cost the that landlord needs to be prepared to pay; locks changed, painting, carpet cleaning, and general cleaning of the property. Remember, these are general rules and exceptions are made.

About the author:
Dathan Jacobson of Fortress Property Management LLC. serving the Northern Utah area, graduated from Brigham Young University in 1993 with a Bachelor of Science Degree in Construction Management. Since graduation, he has been working as a Project Manager and Estimator for large builders in Utah. His experience has strengthened his knowledge of real estate and property management. His strong estimating, scheduling, and management skills are crucial in managing and maintaining rental properties.Dathan is honest, hardworking and dependable. Raised in Utah, he loves the area and people who live here. Helping and improving the situation of others brings him great satisfaction. He is a dedicated husband and a father of five.

Utah property management companies

How To Choose The Right Contractor for your Home or Investment Property ---------

10 Questions To Ask Before Inviting Him Into Your Home or to ask of your Property Manager:

1. Are you (contractor) licensed?

Make sure a contractor is properly licensed. In the State of Arizona, all contractors MUST be licensed. Anyone can say they are licensed. Make the contractor prove it by either showing you the license or giving you a copy of it. Remember to check the expiration date. Being licensed is the Law. If a contractor cannot provide a valid license, DON’T HIRE HIM!
If you live in a townhouse, villa, or high rise condominium building with four or more units, only a Building Contractor or General Contractor is permitted to perform remodeling work. Furthermore, hire a specialty contractor (trim carpentry, drywall, glazing, aluminum, plumbing, electrical, mechanical, roofing, etc.) to do only the type of work the license specifies. If you have any questions or doubts, call the Arizona State License Board.

2. Do you (they) carry general liability insurance?
Make sure your contractor carries general liability insurance. This type of insurance protects your property in case of damage caused by the contractor and/or his employees. The insurance company will pay for the cost of replacing and/or repairing any damage that occurs. Anyone can say they are insured. Make the contractor prove it by having their insurance company FAX or mail to you a certificate of insurance with you named as the certificate holder.

3. Do you (they) carry workers compensation insurance?

Make sure your contractor carries workers compensation insurance. It protects you from liability if a worker is injured while on your property. Be aware that if the contractor doesn’t carry workers’ compensation coverage, you may be liable for any injuries suffered by the contractor or any of his employees on your property. If the contractor is a one-man operation, he can be exempt from having to carry workers’ compensation insurance. If he is doing so legally, he can provide you with a copy of his construction industry certificate of exemption from workers’ compensation. This is very risky for you though. If he shows up with a helper and the helper gets hurt, with no workers’ compensation insurance, you may have to pay the medical bills. If the uninsured contractor is sloppy about verifying his sub-contractors workers compensation insurance and the subcontractor gets hurt, again you may have to pay the medical bills. In short it is much safer to deal with a fully insured contractor.

4. Will you provide me with a written lien waiver?
Your contractor should provide you with a written lien waiver at the end of the job. This is a legal document which say’s you the homeowner have paid the contractor in full for the services rendered and the contractor waives his right to place a mechanics lien on your property. If during the course of construction you receive any notice to owner documents from material suppliers or sub-contractors, it would be prudent to ask the contractor for a final release of lien from each one prior to paying the contractor his final draw. This protects you in case the contractor doesn’t pay his material suppliers or sub-contractors after you have paid him in full.

5. Are you a member of NARI or NAHB?
NARI stands for the national association of the remodeling industry and NAHB stands for the national association of homebuilders. It’s always a good idea to consider hiring a NARI or NAHB contractor. In most cases, both organizations only attract conscientious contractors interested in bettering the industry and in weeding out unprofessional contractors. In order to become a member, the contractor’s background and references are thoroughly investigated.

6. Will you pay all the required building permits?

Make sure your contractor pulls all required permits. This is very important. When a contractor pulls the required building permits, you know things will be done to “code”. Also, many homeowners’ insurance policies require pulling a permit on any major remodeling to keep your home property covered. Not all contractors will do this. Many prefer not to pull permits because of the time involved and the “hassle: with the inspectors. Some contractors may ask you to get the permits. This could be a warning sign that they are not able to pull the permit because they are unlicensed, or the work is outside of their license. A reputable contractor will permit every job where a permit is required.

7. Do you guarantee your work?
Your contractor should guarantee his work for at least one year from the date of completion. Some contractors guarantee their work for two or even three years.

8. Who will be in charge of the job?
Make sure the contractor or his foreman is on the job daily whenever work is being performed – especially if sub-contractors will be used. The responsible party must be intimately familiar with every aspect of your project. If you won’t be home during the construction and must leave the house unlocked, or leave a key with the contractor, you must feel comfortable. You can’t be worried about what is going on when you are not there.

9. Will you provide me with written references?

A good contractor will be happy to provide you with references. You should look for a well-established contractor who can give you several customer references from the last 6 months to one year. Ask for the name of the contractor’s accountant or banker. You want to ensure that the contractor is financially sound and won’t be declaring bankruptcy in the middle of your project.

10. How do you handle “dirty work”?

Construction is dusty and dirty! It gets everywhere, especially if any sanding is being done. Make sure the contractor will make an honest effort to keep the dust contained, or notify you when the heavy dust generating operations will take place or refuse container at the end of every day.

As Property Managers for the Phoenix area-we only work with highly qualified contractors or reputable handymen who work only for us and are held accountable to our high standards of quality and inexpensive repairs or rehab.

Hope this helps in holding your Property Manager accountable or to interview a contractor that you are looking at hiring now or in the near future.

Author:
Cecil Duarte- Designated Broker/Owner
Serving ValleyWide Realty and Management

Chandler Az 85286

Need a contractor in Arizona

Make Finding a Property Management Co. Easier on Yourself by Asking the Right Questions, Part 4 of 4

This is Part 4 of a 4 Part Series where we have outlined important questions to ask a property management company before hiring them.

Part 1 Companies Credentials

Part 2 Property Management Services
Part 3 Property Management Fees
Part 4 Tenant Screening Process

Property management companies come in all sizes, capabilities and expertise. Just because one works for one investor does not necessarily mean they will work for you. Below we have outlined some important questions to ask a company during your initial interview process regarding their tenant screening process. Their answers to these questions will give insight into their business capabilities and can provide you with an understanding of the type of services they offer which are important to you.

Part 4 - Tenant Screening Process

Your new tenants moved into your vacant apartment last month and everything seems okay so far. She works and he has his own business, a consultant of some sort so he works out of the apartment. You like the fact of having an adult around your premises because you have had some issues with neighbor kids being rowdy and figure the kids will be less of a problem with an adult being around during the day. On their application they showed ample income to afford the rent and they seem like a really nice couple so you decided there was no need verifying credit history, previous rental history or if any evictions were recorded against them.

Now read below the different types of background checks that you should have performed and using the scenario above you will quickly understand what unfavorable consequences could occur if this is not done.


Credit check
A thorough credit check report will show past to present payment history of applicant. This will give you good insight into an applicants ability to manage money and debt. All credit score reports come with what is called a "FICO" rating. The "FICO" rating or score runs between 305 and 850, with 850 being the best. A general rule of thumb is 650 and up is good, 550 to 649 is open for review, and 549 or less may not be a suitable applicant. Evictions, bankruptcies, mortgage defaults and judgements may also show up on a thorough credit check report.
Note, Individual landlords may no longer receive copies of credit reports, or actual credit scores, of an applicant. The Tenant Credit Check report will simply inform you when an applicant passes your minimum credit grade that you have chosen for your property. A good alternative is to use a property management company or real estate agent to perform this for you.

Employment verification
Never assume an applicant will tell you the truth whether it be verbal or written down on an application form. It's your responsibility to verify this information with the proper source. In this case it would need to be verified through the companies human resource department or other employment authority. Also you may verify employment income by requesting to see their last few months pay stubs. This can confirm income is from legitimate sources and not illegal activities.

Criminal background check
Criminal Report includes felonies, misdemeanors, traffic violations, and incarcerations. The information in a Criminal Report comes from State records, Court records, and Departments of Correction records. Searches are made using first name, last name, and date of birth. A sex offender or drug trafficking could jeopardized a whole community especially in a multi-family atmosphere where you must make your property safe and habitable for all.

Eviction check
This report is run by using the applicants SS# and name. It pulls the past addresses associated to him/her and searches the housing courts database for any filings or evictions matching the name of your applicant. Evictions Report can include all court-reported evictions for all 50 states.

Rental history
It's always good practice to contact any previous landlord. Sometimes if the landlord is trying to get a tenant to leave their apartment they may say favorable things about the tenant only so that you will take them. But, you can at least verify the accuracy of the information such as lease terms, rent amount, occupants living there etc. Also drive by previous living quarters for further verification.

Karen McDaniel

Property Management and Vendor Network

Make Finding a Property Management Co. Easier on Yourself by Asking the Right Questions, Part 3 of 4

This is Part 3 of a 4 Part Series where we have outlined important questions to ask a property management company before hiring them.





Part 1 Company Credentials
Part 2 Property Management Services

Part 3 Property Management Fees

Part 4 Tenant Screening Process

Rental management companies come in all sizes, capabilities and expertise. Just because one works for one investor does not necessarily mean they will work for you. You need to know some important questions to ask a company during your initial interview process regarding fees they charge for their services. The answers to these questions will give you a good grasp of the total management costs you will incur in exchange for the managing of your rental property. By knowing the answer to these questions before hiring them could prevent future misunderstandings and unforeseen expenses.

Part 3 - Property Management Fees

Unlike a real estate sales commission, there is no standard commission that is charged for rental management services. Usually you will see commissions ranging from 4-15% of the gross monthly rental income. In addition to a commission fee you could be looking at any or all of the following fees:

-Lease-up or set-up fee

-Lease renewal fee

-Advertising fees

-Mark up charges on repair work

-Early cancellation fee

-Service call fees..etc


Do yourself a favor and get familiar with asking the questions below when interviewing a property management company. After you are under contract with a management company is not the time too find out how much your expenses will be. And some of these fees can be negotiated to meet your needs.


Commission
How much do you charge as a monthly commission? Do you charge this if my property is vacant or only when occupied?


Lease-Up or Setup Fee
Do you charge an initial set-up fee, and when do I need to pay this? If I cancel prior to you placing a tenant in my property is this fee refundable?


Lease Renewal Fee
Do you charge me a fee when you renew a tenants annual lease that is soon to expire?


Advertising Costs
Who pays for advertising costs? If the property manager does, ask where they will advertise. If it means placing your listing on their own web site and other free online classified sites you may not be getting your monies worth. There are many good online rental or tenant resources that will bring in qualified tenants for a reasonable fee and you will want to consider these. Nothing is worst than having your property vacant, bringing in no money only because you or your property manager skimped on advertising.


Maintenance Mark-up Charges
Do you charge a "mark-up" or percentage over the actual costs of any repair work, service calls etc?
Just one of those things to be aware of, as these all eat into your profits.


Early Cancellation Fee
Is there a cancellation fee if I decide to cancel my contract with your company if after 3 months no tenant?
Note: If the management company has invested advertising dollars and lots of time and effort in searching for a tenant, they may well deserve to be reimbursed for their out-of-pocket expense.


All of the above are the most common fees to be charged for property management services. Asking these questions will make your job a lot easier when it comes down to hiring a company to manage your rental property.


For a detailed explanation of all of the above fee terms go to Property Management Fees

Karen McDaniel

Property Management and Vendor Network

The cost of rehabbing your investments - Expect it

Author: Joe Lavid of Property Management Inc. of SW Florida

I have a client "venting" his frustrations about the expense of upgrading his newly purchased duplex - a "foreclosure” that he rehabbing to get ready for tenants.

Does he have the right to vent?

The duplex purchased was for $55,000, and to get it ready for tenants he will need to spend about $3,500. The property 2 years ago sold for $240,000, overpriced maybe - but the revenue he will be receiving on the 2 units will be in excess $1300 a month.

People, who invest in these types of properties (foreclosures), do so in hopes of making good returns from them. Trying to set aside funds and budgeting is very important when dealing with a investment property. These costs include the cost of repairs, taxes, and advertising. The repair costs and taxes depend upon the age of the building and a proper provision for them has to be kept while determining the return from the realty.

Does he need a property manager? Well he resides in Europe, so definitely! For others, well the thought of dealing with tenants, preparing leases, taxes, maintenance, credit screening, annual reports, and eviction to name a few would be something to consider when taking a investment property.

Learn more about Property Management 

Survey: How are Property Managers Using Technology?

Since Software Advice launched their property management software buyer’s guide in early 2009, they have talked with over one thousand people during their search for property management software.
This week, they are moving from the anecdotal to the empirical with our Property Management Technology Survey.

The survey is a short one – only 15 questions – and will only take you a couple of minutes to complete. Their goal with the survey is to create a 2009 snapshot of how property managers are using the vast amount of technology available to them.

Help them out by participating in their survey

Go to Survey Now

Find out more about Property Management

Featured Property Manager of the Week - DuBose Realty Group

DuBose Realty Group - Southfield, Michigan

DuBose Realty Group is a full-service Property Management company servicing Detroit and its surrounding suburbs. We manage single family homes, flats, apartment buildings, condominiums, and cooperative associations. We are affordable and reliable, and our goal is to get the highest return on your investment while making your experience as a landlord easy and worry free!

Our services include, but are not limited to:

• Aggressively Marketing Your Vacant Properties

-On our Saturday Morning FM Radio Show
-On our billboard signage and in the Malls
-With Several Section 8 Offices
-On the MLS System
-With Insurance Relocation Services
-Email Blasts
-With Corporate Relocation Services
-On the internet

• Frequent Open Houses
• Tenant Screening and Placement
• Rent Collection
• Full Maintenance and Rehab Services
• Home Inspections
• Eviction Services...and more!

DuBose Realty Group is a licensed full service real estate agency as well, therefore should you want to sell your portfolio of rental homes, or purchase new ones, we can help! We are proud members of the National Association of Realtors and the Detroit Association of Realtors with complete MLS access. We want to be your Make-It-Happen team!!


Find property management companies in Michigan

Featured Property Manager fo the Week - Oz Accommodations, Inc

Oz Accommodation, Inc. - Lenexa, Kansas

The company was founded April 15th, 1993, to be the premier provider of Corporate Housing in the Kansas City Market. The company expanded services to include Property Management, Real Estate Brokerage Referral Services, Real Estate Investment Consulting Services, Property Rental Services, and Property Maintenance Services. Oz has enjoyed substantial growth while earning a reputation for excellence, making Oz Accommodations the preferred provided of reality rental services for real estate investors with rental property.

Oz Accommodations Inc., offers property owners peace of mind with services and experience to make your property investment, yield maximum returns. Our mission is to protect and enhance your investment performance while providing you trouble free, high quality, property management, with INTEGRITY. We are well connected with Kansas City's Best Corporations looking for quality properties, for transferees and executives. We can offer property owners a broader market of potential high quality renters. We work directly with other leading Real Estate Firms in attracting potential renters. Oz Accommodations can customize the best possible plan to achieve your property investment objectives. The following represents summary of our services.

Oz Accommodations has invested heavily in technology enabling our owners to access data regarding their respective properties via the web, to get real time information of accounts receivables of tenants, collection effort activities, rent rolls, information of transactions such as money received, money disbursed, and maintenance activity.


Find  property management companies in Kansas

Featured Property Manager of The Week - Allied Property Management Group, Inc.

Allied Property Management Group, Inc. - Fort Lauderdale, Florida


In Palm Beach, Broward, Miami-Dade, St. Lucie, and Martin Counties, Allied Property Manangement Group, Inc. Rental Management Division offers leasing and management to rental and investment property owners as well as apartment and multi family buildings.

Allied Property Management Group Inc.'s committment to service excellence and industry leading use of technology offers our clients unparrelleled service & value, and has made us a top choice in the markets we serve.

Our Capabilities

• Tenants can pay rent online with an e-check, debit from their bank account and also with a credit card. This feature increases tenant satisfaction and speeds the process of collecting and submitting rent to you
• We provide you a monthly online statement of income and expenses
• We have established relationships with many vendors to help ensure the best pricing and honest work
• We use one of the best, industry specific software packages to run our management database and accounting functions – No QuickBooks!
• We pay you by direct deposit so you get your money faster, no matter where in the world you are
• Tenants can submit maintenance requests online
• Our thorough screening process that also allows tenants to submit their application online
• Ongoing education and certifications

Find more property management companies in Florida

Landlord and Property Managers must changed with the Times

This economy has been tough on the real estate market to say the least. And many real estate companies have had to change the way they do business, especially when it comes time to finding new clients.


What about the rental management industry? We would think the rental market would be doing well, since so many homeowners are now being forced to become tenants, that the landlords or property management companies phone would be ringing off the hook. New would-be tenants would be flocking to their offices looking for a place to live. Maybe some are getting extra business, but the climate and type of clients are quite different from the pre-economic woes.


In todays environment the prospective tenant has more options than ever could be imagined. The inventory of available rental properties is enormous, lease with option to buy are becoming the norm as well as the desperate landlord that has no choice but to reduced his rental rate to unrealistic levels so as to bring some type of income in or face foreclosure.

Today rental market is a tenants dream scenerio and a landlords nightmare that unfortunately has few winners.

Even though rental rates are at record lows, tenants are still finding it difficult to qualify for a lease for the following reasons:

1- Many new tenants are previous homeowners that have poor credit due to a recent foreclosure which makes it difficult to qualify


2- Many new tenants recently lost a job and can not show steady employment


3- Many new tenants are looking for short term leases due to unstable jobs


4- Many new tenants household incomes have been cut in half making it impossible to qualify

5- Many new tenants can not come up with the required security deposit or other monies to

secure a property

For the Landlord or property manager many new challenges have become apparent:


1- You are competing amongst not only the current pool of rental properties, but now all the homeowners who can not sell so will rent their property instead.


2- It's very difficult to find a qualified tenant and if you do chances are you better give them a offer they can't refuse, cause the next landlord will.


3- You may have to loosen the reigns when it comes time to your screening


4- You may have to loosen the reigns when it comes time to asking for full security deposits upfront

5- You may have to change your per policy and start accepting pets if you didn't before

If you have a property management company helping you to secure a tenant, they should be doing things different. They can not wait in the office for the phone to ring anymore. They must be more aggressive in they advertising, showing properties even if this means after hours, move-in incentives, freebies...you get the picture.

Times are tough and this means making tough decisions. There no winners, but hopefully by making some changes we'll be the one that are still standing after its all said and done.


Find out more about Property Management

Property Management Software - Your Property Manager Shouldn't be Without It

Nowadays to stay competitive and run your property management office like a lean machine, you should consider using some sort of property management software. There are many different products out there but Chris Thorman of Software Advice does a nice job of pointing out some cool features these software programs can offer you to make your life easier as a property manager. Check out his software reviews below.
Reposted by: Property Management Profile

Six Things Property Management Software Makes Easy
Author: Chris Thorman of Software Advice

If you’re like most property managers, your work day is stuck in the 20th century. Rent checks are collected through a metal drop box. Brochures sit idly by outside of your office. Your web site consists of one page with a phone number, e-mail address and a few photos. Enough paperwork is collecting in your office to create a fire hazard.

I want to point out six things that property managers can really master in the 21st century, thanks to the latest property management software systems.

Managing Leads to New Tenants

According to Apartment Internet Marketing, 46% of apartment prospects inquire about a property after normal 9 AM to 5 PM office hours.

How are you currently tracking these? Through e-mail? Scrolling through your Caller ID to check missed calls? Do you even know how effective your current advertising methods are?

Fortunately, many property management software applications will collect and organize your leads from all sources, even after you’re out of the office. Rent Manager is one company that is integrating marketing with it’s property management software.

A modern property management application can:

• Collect call information from prospects inquiring after hours
• Respond automatically via e-mail to internet prospects
• Track e-mail open rates so you can follow up with those who haven’t seen your response
• Broadcast e-mails to the leads you’ve collected but haven’t converted
• Log the source of leads to your web site (Craigslist.org, Apartments.com, etc)
• Track leads from offline sources through the use of specific phone numbers
• Integrate with your online advertising methods (pay-per-click, banners ads, etc.)

In our opinion, this is the wave of the future in property management software. With more and more people every day going to the internet to look for properties, integration of web services with your property management software will be the difference between surviving and thriving.

Connecting with Your Tenants

Don’t be that property manager on ApartmentRatings.com whose tenants claim is never around.

Running your office on one of the leading property management software applications will allow you to:

• Generate e-mail blasts to your tenants and rental owners
• Create community forums to discuss important topics and feedback
  
• Manage online calendars of events and important dates

In short, your property management software becomes your communication hub between you, your tenants and your rental owners. There’s no need to combine three of four different, separate services that don’t talk to each other. Moreover, you’ll be present without having to knock on every door.

Automation of Regular Tasks

If the rent deadline has passed and a tenant has not paid their rent yet, what do you do?

Typically, you either call them on the phone or drop off a notice at their door. That’s too much manual effort. Your property management system should email them an alert or late rent notice immediately. No need for you to type, print, mail or deliver.

Property management software can even ease the pain during one of the most stressful times of the year – tax season. Buildium’s property management software will automatically generate 1099 tax forms for vendors and rental owners and even file them electronically to the IRS. All of this is done from within the software itself.

The advantages of automation are clear: more time to focus on more important tasks (like finding leads), fewer mistakes and an overall higher level of efficiency.

Others tasks that have been automated by property management software are:

• Rent increases
• CAM charges
• Preventative maintenance scheduling
• Lease expiration notices
• Tenant log in to view account details

Many of your automated notices to tenants can be emailed directly from the property management software or even sent to mobile phones.
Advertising with Popular Web Sites

Put yourself in the shoes of a prospective tenant. Where are you going to look first for a new apartment or home? More than likely, you’re going to start your search at Craigslist or another website.

Property management software company Appfolio integrates the ability to post listings to Craigslist directly into it’s software, making posting vacancies to the hugely popular web site that much easier.
Appfolio uses the information you’ve already entered and are managing about your properties and ports that information directly to Craigslist. No double entry and no time wasted managing your Craigslist account separately.

And it’s not just about making it easy to post to Craigslist. Appfolio allows you to design a custom template (pictured right) that makes your Craigslist posts stand out among the typical, text-only ads.

Building a Web Site that Integrates with Your Software

If you can count the number of pages on your web site on one hand, chances are it’s not doing much to help keep your occupancy rate high. You need more than a digital business card. What you need is a web site that appeals to prospects, tenants and property owners alike.

A good number of property management software systems out there give you the option to build a slick, fully functional web site that integrates directly with their software.

Property Ware and Rentec Direct are a few of the many property management software suites that give you this build-a-web-site option in addition to their other property management software services. They’ll build a fully customizable web site with all of the features you need.

Advantages of customizable property management web sites include:

• No coding or site maintenance is need on your part
• Installation is quick and painless
• They’ll manage your domain name
• Web site analytics built into the software
• Built in forms increase your lead generation
• All of this is integrated directly with the property management software

Instead of having one company handle your web site design and hosting and another handle your property management software needs, why not have one company do both?

Going Green

Eco-conscious tenants are increasingly concerned with the environmental footprint of their home, even if they are a tenant rather than an owner.

Here’s a list of ways that property management software helps property managers save energy and save paper:

• Storing documents digitally, resulting in fewer lost documents and less paper
• E-mailing renter’s statements at their request instead of printing out paper statements
• Scan renter’s checks and upload them electronically
• Web-based property management eliminates the in-house server, saving energy

Going green isn’t just about saving energy and trees. It also helps you increase your efficiency:

• Digital document storage cuts the time searching for documents dramatically when you can type in a search instead of rummaging through a massive file cabinet
• E-mailing out monthly statement’s is quite a bit quicker than printing, stuffing envelopes and making the rounds on your property dropping off statements
• Imagine eliminating those weekly, sometimes daily, trips to the bank when you can scan and uploading a renter’s check from your desk
• Web-based property management software virtually eliminates IT headaches (and time spent dealing with those headaches) because your software vendor hosts the software on their own servers

If you do take these energy saving measures and advertise them, you’ll attract more customers. And depending on the extent of the “greening” of your properties, you’ll be able to charge more in rent too.

What else does property management software help you do better? What things do you want your property management to take care of that it currently doesn’t?

Featured Property Manager of The Week - PRODIGY INTERNATIONAL REALTY

Prodigy International Realty - Sunny Isles Beach, Florida


Prodigy International Realty provides all services required for the management of your property. We offer a wide array of property management services, which are very beneficial to the international or out of state homeowner who needs someone to take complete care of their investment property or vacation home in Florida.

Because our property management portfolio is boutique style, we can offer our clients the personalized attention that their assets deserve.

Our Specialty is the rental, management and sales of Condominiums, Townhomes and Single Family Homes, serving the needs of property owners and residential tenants in metropolitan Miami-Dade and Broward areas.

If you currently own or intend to purchase residential property for rental in Miami- Dade and Broward counties, consider using our property management service. You will find it both professional and cost-effective; we know how to manage property for optimum performance, while ensuring smooth running tenancies.


Find more property management companies in Florida

Help for the Rental Property Owner - Is there such a Thing

We all know how difficult it's been in this economy. The real estate market has taken a huge hit with record foreclosures, a failing mortgage industry and homeowners seeing their home equity disappear. Some homeowners are finding some relief by refinancing through one of the loan modification programs available for struggling homeowners. The current administration is heavily focused on keeping homeowners in their homes.

When the real estate market was good, many people were looking to get into home ownership and take advantage of the favorable lender environment. In another corner, many investors were buying up rental properties at record pace to capture the low interest rates, "zero downs", 100% financing and attractive ARM's not normally available for rental properties. And with so many baby boomers on the horizon, many were buying as second homes for their future, but using them as rentals for the short term. Of course, all assuming the market would continue to go up, equities would continue to rise and they'd have retirement funds in abundance.

Unfortunately this did not happen and many of these investors are now holding onto investment properties that have lost much of their value, have mortgages set to re-adjust at higher rates and are now becoming long term landlords.

Many have tried to apply for the same loan modification or refinance programs that are being offer to homeowners in their primary residence, only to find out that most of these programs do not apply to properties in the catagory of "investment properties", especially if the original financing terms were catogorizes as a "second home" and now the property is used as a rental.

Also if a second mortgage is attached to the rental it can almost be impossible to get the second lienholder to subordinate and allow the 1st mortgage to be modified. Nor would it be easy to get the first lienholder to consolidate 1st and 2nd mortgages together as this would most likely cause an upside down mortgage (over 100% financing).

As a result there are not many options for a property investor other than to try and stay afloat and hope their tenant never moves out. Or lose your property to a quick sell (hoping to break even), a short sale or worse foreclosure.

To me it's interesting this administration hasn't given much thought to the needs of property investors, as this group of people are not only helping the economy by offering affordable housing to many that have lost their homes, but also to the fact that these investors create many jobs in the building industry, supply income to the state and city by way of property tax revenues, banks, tradesmen, carpenters, real estate companies and property management companies.



Find out more about Property Management

Featured Property Manager of The Week -

Capitol City Properties, Inc - Washington D.C.

Capitol City Properties, Inc. is a full service property management and Real Estate Brokerage firm. We take pride in the services we provide to our property owners and clients. As property management specialists with unique expertise in managing apartment buildings, condominium associations, strip shopping centers, residential and commercial properties, we provide comprehensive commercial real estate services. Capitol City Properties, Inc. is committed to preserving the value of an investment/rental property while generating income as an agent for its clients. When you engage Capitol City Properties, Inc. to manage and operate your investment property, you are assured to receive top quality professional services and advice.

We build relationships based on trust, proving time and time again, that service reigns as the number one factor in finding a quality real estate company to work for you. We work closely with each client; to make sure that every angle is examined, offering options based on value to your business or your personal investment. Contact us and find out why we emphasize INTEGRITY.

In the Property Management division everything we do is focused on the ultimate goal of maximizing our client’s cash flow and increasing the net value of their investments as if we own it. From marketing to accounting to maintenance issues, we develop a customized business plan for each property. Then, we find the best people to execute it.

Find more property management companies in DC

Featured Property Manager of The Week - Fletcher Property Management, Inc.

Fletcher Property Management, Inc. - Little Rock, Arkansas
A leader in the property management industry, Betty received her broker’s license in 1999 and opened Fletcher Property Management, Inc., CRMC^® for business on January 1, 2000. After joining the National Association of Residential Property Managers (NARPM^®) in 1999, she served in varying capacities on both a local and national level. Locally she is the founding president of the Central Arkansas Chapter of NARPM^® where she is still an active member. Her service on the national level includes chairing the Membership Committee, the Editorial committee, 6 years on Board of Directors. She is proud to have utilized the Endless Possibilities of NARPM^® by serving as the 2008 National President.

After completing extensive coursework and industry service work, Betty achieved the elite Master Property Manager (MPM^®) designation in September 2002. Betty is a frequent speaker at local, regional and national property management meetings and conferences as well as having numerous articles published in management specific national publications.

Find more property management companies in Arkansas

Featured Property Manager of the Week - Real Estate Investor Service

Real Estate Investor Service - Elmhurst, Illinois

Real Estate Investor Service is dedicated to understanding our clients' individual needs and providing them with exceptional real estate experiences. We put each unique client at the center of the process, delivering superior service with insight, innovation, and integrity. We strive to develop life-long relationships with each and every client. Our clients' trust is at the forefront of everything we do.

Real Estate Investor Service represents only the finest of properties in Chicagoland. We conduct all forms of residential and commercial real estate property management, brokerage, project management, and consulting.


Find more property management companies in Illinois

Make Finding a Property Management Co. Easier on Yourself by Asking the Right Questions, Part 2 of 4

This is Part 2 of a 4 Part Series where we have outlined important questions to ask a property management company before hiring them.

Part 1 Companies Credentials
Part 2 Property Management Services
Part 3 Property Management Fees
Part 4 Tenant Screening Process

Property management companies come in all sizes, capabilities and expertise. Just because one works for one investor does not necessarily mean they will work for you. Below we have outlined some important questions to ask a company during your initial interview process regarding services they provide. Their answers to these questions will give insight into their business capabilities and can provide you with an understanding of the type of services they offer which are important to you.

Part 2 - Property Management Services

Properties they manage - Property management companies are as different as car dealerships are to each other. For example, a Mercedes dealership will have the best inventory and the most knowledge of the latest selection of new Mercedes. You could visit the Toyota dealership in your neighborhood, but chances are you will not find what you are looking for. Of course, they would love your business and will try and talk you into why a Toyota is a better fit for you than a Mercedes.

Same with a property manager, they are not created equal when it comes down to their property portfolios. You need to ask what types of property they manage and make sure your type of property is one they manage. If you own a single family home, a company that manages mostly large apartment buildings or commercial property would not be a good match. In this case, your best match would be a company that has a minimum 50% or greater of single family homes in their rental pool.
Some companies manage all types of investment properties...single family homes, apartments, commercial and community associations, but chances are they hold a specialty in one or two areas.

Inspections - A thorough property inspection should never be overlooked by a property management company. A property inspection needs to be conducted upon tenant move-in and at move-out. A property inspection can range from drive-bys, a walk-through or a video inspection. If disagreements arise between tenant and manager as to items missing or damaged, actual documentation from the move-in inspection and pictures of before and after hold validity versus a verbal agreement.
A video inspection of the interior as well as the exterior of property is the best option. Still pictures are good, but sometimes do not capture all areas of property. The video will not only capture all areas, but is easily interpreted and validated as the subject property. A signed checklist at move-in from tenant validates that tenant concurs with the inspection findings.

Maintenance - When it comes time to performing maintenance or repair work to their rental properties some property management companies have their own in-house maintenance personnel. These are usually employees of the company and are paid a salary through the company. The costs or hourly rate of any maintenance or repair work that is required will be dictated by the management company itself.
On the other hand, the management company may decide to outsource all or some maintenance work to outside vendors. These vendors could range from a handyman, specialized tradesman such as a plumber or a large facility that performs all types of maintenance work.
There are pros and cons to both and I do not advocate one over the other but will outline a few points of interest:
In-house Maintenance
Pros:
- More readily available, since they work within the management company
- Direct communication with management company and their policies
- More intimate with property...they are the "one" contact and know the history of your property

Cons:
- May be more of a "jack of all trades" versus being specialized in a certain field and having the appropriate licenses
- May not be as determined to perform or finish maintenance work in a timely manner as he/she is not being paid based on the job. Whether he/she finishes in 2 hours or 8 hours, its all the same.
- If in-house maintenance crew is not available, either the repair work waits or the company will need to search for a outside vendor on short notice

Outsourcing Maintenance
Pros:
- This allows the property management company the luxury of competitive bidding among vendors, which could equate to lower costs
- Vendors will be eager to sign contracts with a property management company that can bring stable business to them, and as a result will most likely perform quality work in a timely manner
- Most vendors will be specialized tradesman carrying all required licenses, insurance and being bonded

Cons:
- Some property management companies will add a surcharge or mark-up above the actual cost of any repair work to cover their time in acquiring these bids.
- If work was not completed properly, it may be difficult to get the vendor back on the job.

Another option is coordinating all maintenance work yourself. This may work for you if you have reliable contractors you have work with and are dependable. You can probably save yourself some money but this will involve a bit of your time on your part.

Accounting - Most full service property management company will offer as a customary service some type of accounting procedure. This usually comes in the form of a monthly paper statement itemizing all income and expenses funneled through the management company on your property for that particular month. It will show rental income and any expenses such as management fees, repair costs, lawn care service, advertising charges, lease renewal fees and possibly utility charges. The monies owed the owner also referred to as the net amount should be clearly spelled out on this statement. The monthly statements are usually mailed every month to the owner along with a deposit check for the net amount. You should also be provided with a end year statement along with a 1099 for tax purposes.
With the advancement of online technology many management companies are now offering their owners the ability to view and print their monthly statements via the companys' website or online portal. These portals have the ability to store other documents such as the management contract, vendor invoices, pictures of property, inspection reports etc...all at your fingertips.
Another great advantage of working with a savvy property management company is their ability to setup automatic deposit of your monthly checks. No more waiting for the postal service, your deposit checks can be deposited directly into your bank account. Chances are they will also have the ability to setup automatic debit of tenants rent from either a checking account or credit card.


 Part 3 of 4 "Make finding a property management company easier on yourself by asking the right questions - Property Management Fees"

Find out more about Property Management

Featured Property Manager of the Week - SouthCoast Properties

SouthCoast Properties - Savannah, Georgia

Your Home is our Business. SouthCoast Properties is a family owned and operated company serving the Savannah and surrounding areas property owners. We manage single homes and multi-family property throughout the region. Our clients include homeowners living in Georgia and throughout the globe.

All property managers are licensed real estate agents and have over 80 years of combined real estate experience. Each of our property managers is knowledgeable, professional, prompt and courteous, which is one reason our clients stay with us for so long.

Our team of professionals realize your property is a valuable investment and manage your property as if it were our own.

At SouthCoast Properties, our primary goals are to:

Maximize Your Cash Flow: We are committed to obtaining the maximum amount of rent for your home that market conditions will bear, thereby maximizing your income. We also work hard to minimize the cost of repairs and maintenance using our extensive network of contractors.

Minimize the Vacancy Period: We are committed to designing and executing a targeted marketing plan to rent your property as quickly as possible, thereby minimizing the time that your rental is not generating income.

Protect Your Investment: We thoroughly screen prospective tenants and manage your property in a discreet, professional and competent manner.

Do the Work for You: We handle everything so you can spend your time on more important things!

In addition to providing professional property management services, we also provide extended services such as purchase and sales representation.

Please contact us today and order your free management package. Let SouthCoast Properties take care of all of your property management needs.


Find more property management companies in Georgia