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Cold-Weather Areas Require Good Property Management

March 30th, 2011

CHARD, UNITED KINGDOM - MARCH 05: Snow covers...

If you live in an area where there’s a lot of cold weather, you may need to be more selective about your property management company. That’s due to the fact that not all of them know how to handle cold weather requirements for properties in a way that you’ll be comfortable with or that will protect your home properly. There are several different things you have to consider, especially if you have property in places where it regularly snows or where it dips below freezing quite often. If you have a sprinkler system, for example, it may need to be drained for the winter and primed again every spring. It may not be a good idea for you to trust your tenants to do that, and a property management company could handle it for you.

That doesn’t mean that people who live in warmer climates don’t need property management, but only that there are special considerations for people who live where it’s very cold and where it snows often. Consider the issues that you may need to face if you have a property in that type of location. Unless you know your tenants very well – and most property owners don’t – you wouldn’t want to leave winterizing your property in their hands. If they failed to do something that caused damage and expense, you would be the one who would have to pay for it and get it corrected.

Leaving your property in the capable hands of a property management company is one of the best ways to be sure that everything is handled to your satisfaction. You won’t need to worry about snow and cold weather when you have a company handling your affairs, because they will winterize your property or properties so they’re taken care of.

Property Management is a Big Job – Get Some Help

March 28th, 2011

photo credit: kodiax2

If you have a home or apartment that you want to rent out, it might not be something that you want to do on your own. That’s especially true if you don’t live in the same city or town as the rental property. You can’t just drive past it and check to see whether the tenants are keeping up with the place, and you won’t be available to go by and fix things if there are problems. With that in mind, you may want to consider a property management company. Your first thought might be that it’s expensive, but it actually isn’t when you take into account everything that the management company does for you.

When you need something fixed at the property, or if the tenant is late with the rent, you don’t have to deal with it. It’s not your problem, and you can simply focus on the things that you’re doing in your own life rather than be concerned about what’s taking place at your rental property. If you have more than one property, that’s an even better reason to allow a company to manage them for you.

It can be difficult to keep track of a lot of rental properties, and hiring a company that is set up for that sort of thing is one of the best ways to be sure that your rent is collected on time and that any problems with the property are promptly taken care of. You don’t have to go it alone, and you don’t need to be afraid to buy rental properties because you’re concerned about how you’ll manage them. Go out and invest, and then find a great company that can help you take care of any properties you purchase.

The Ins and Outs of Managing a Property

March 21st, 2011

photo credit: propertysnaps

If you’ve considered being a property manager (in the sense that you’re going to be a property owner), you may want to reconsider. The economy isn’t the best right now, and that’s no secret. People are doing anything that they can in order to make end meet in a lot of cases, including trying to buy property and rent it out so that they can get some income coming in. Unfortunately, where many of them go wrong is in thinking that they can rent it for more than they can actually get, and/or in thinking that it’s going to be easy to manage the property so everything that the tenant pays them in all profit.

While it’s easy to see why people would end up with these opinions, it can only succeed in driving them into a deeper financial hole than they were already in. You don’t have to let that happen to you. Who wants to be a victim of the economy twice? Instead of having that kind of problem, you can get a company to manage the property for you. Yes, you do have to pay them, but you’ll generally still get to keep more of your profit that way, because you won’t be spending all of it on something that breaks and needs fixed. The management company will be handling those kinds of things for you. That’s what your management fee is for.

Of course, some people do quite well managing their own properties. If you’re just gotten into the property management game, though, and decided that being a property owner will bring you some easy and quick money, it might be better for you to allow a company to handle the property for you. By doing so, you’ll be protecting both yourself and your tenant. That’s going to make the property easier to rent, which will benefit you in the end.

Should You Hire a Property Manager?

March 11th, 2011

photo credit: Alex E. Proimos

If you have a rental property available, and you can’t or don’t want to completely take care of it, manage it, and make sure that everything about the rental transactions are handled properly, it may be time to locate a property manager to help you. Not sure how to do that? There are plenty of places that can help you. The key, though, is not just to choose the first one that you can find. You should, instead, choose one that offers you the kinds of things you want and need for a good price. In this market and economy, you’ll want to locate a company with fair pricing and a good work ethic, especially if you don’t live in the area of the property that you’ll have managed.

Since you can’t just drive by and see what’s going on with your property, it’s very important that you trust the company that you work with. Allow that company to show you want it can do, and show you why you should use it over other companies that might not offer as much to you – or that might charge much higher rates. Once you’re moved out of the area and aren’t around to manage your property – or if you’re simply too busy to handle it on your own – a company can be a great help in making sure that you’re covered and your property is handled well.

Make sure you talk to several companies, so you can see how they compare with one another. They need to meet your needs, and they need to do it for a price that you can feel good about and on terms that you’re happy with. If they don’t, that might not be the company for you. Keep looking, though, because there are other companies available that might be a better fit for what you need.

6 Worst Property Management Jobs in the World

March 3rd, 2011

Those who manage property know it comes with its perks. Flexible hours, ever-changing scenery and handsome compensation make property management a field worth getting into. However, there are plenty of property management jobs abroad that are far less appealing. The following are some of the worst in the world.

1. Alshaya, Kuwait City, Kuwait


Photo source: wikimedia.org

Aside from being the site of operation Desert Storm and sharing a border with Iraq, Kuwait City is freaking hot. The city is filled with over 2 million people; the average yearly temperature is 91 degrees.

When a city’s winter is hotter than summer in most US cities, you know it’s a scorcher. For that reason, being the person in charge of fixing the AC is not a desirable position to keep. Although it means seeing the world and working abroad, a property management job in Kuwait City is among the world’s worst.

2. University of Alaska, Alaska, USA

Photo source: chi-athenaeum.org

The only domestic location on the list, working as a property manager at the University of Alaska has got to be worse than getting hit in the head.

Not only is it your job to fix the mini-fridge-meltdowns and clogs in the bathrooms, but it’s your job to do it while in the middle of nowhere. Anchorage has summer temperatures ranging from 55-78 F, which means that even the highs are low. The only advantage to this job is the ability to see Russia from your backyard. Oh wait…

3. Amehlo, South Africa

Photo source: premierholidays.co.uk

South Africa is like suburban Africa. Surprisingly urban and home to a large English-speaking population, South Africa would be an excellent place for an American ex-pat to work, if it weren’t for the fact that it’s still a part of regular Africa.

Africa is home to lions, jungle, and ebola. On top of that, the unemployment rate is a whopping 25%, meaning that even in the more affluent areas, there is still not a lot of splendor. Managing a property in South Africa would be just as difficult as living there.

4. Dubai C&P, Tripoli, Libya

Photo source: imfdb.org

If Back to the Future has taught us anything, it’s not to trust the Libyans.

Working in Libya means working in an unstable nation where wild gunman chase scientists who fill their bombs with pinball parts. Just because a wild-haired scientist took their plutonium, they think they have the right to shoot up the place. Fortunately, the Doc read that letter from the future, or else things could have gotten ugly.

In summary, it’s Libya. Don’t work there.

5. IS2 Staffing Services, Edmonton, Alberta

Photo source: wwp.greenwichmeantime.com

While Canada is not the worst place in the world to live,
it may be one of the worst places in the world to manage property.

Canadians are known for being polite. America’s neighbors to the north are, in general, very hospitable and soft-spoken. While this may sound like a perfect scenario, the reality is that the majority of customers won’t call in problems for fear of bothering their landlord. Before you know it, the entire building has collapsed and the property manager is the one on the hook for negligence. Fortunately, nobody there will come down too hard on you.

6. True Value Homes, Mumbai


Photo source: innoexpo.com

Formerly known as Bombay, Mumbai is the second most populous city in the world. Its 14 million residents help fuel the entire economy of India, which is why working there would only add to the confusion.

Too many cooks spoil the broth, which is why 14 million cooks should be plenty. Imagine sharing the streets with the 4,000 buses that move 5.5 million people daily. Unless your plan is to live in the basement of the property you manage, navigating Mumbai would be the biggest challenge of all.

Conclusion:

Though managing property abroad can be an easy way to see the world, not every location provides an easy breezy vacation. For those up for a unique challenge in unfamiliar territory, these 6 jobs may be perfect. For everyone else, being an ex-pat property manager in Rome or Paris is probably a better option.

6 Property Management Companies Using the iPhone QR Code Feature

February 23rd, 2011

Bar codes are a staple of life around the world. Now a new kind of scannable code, already a very big deal in Japan, is catching on, too.

The QR (Quick Response) Code is a two dimensional assemblage of shapes and spaces that stores up to 4,296 alphanumeric or 7,089 numeric characters. Printed on everything from business cards to “for lease” signs, QR codes can be decoded quickly (hence the name) by a number of different apps running on the iPhone platform.

QR codes can be used by realtors or property management companies to share information with potential customers, to add a vCard contact to a smartphone or other device, or to open and compose an email message to the company on the user’s phone.

Android apps on other phones can do this, too, but with the overwhelming popularity of Apple’s iPhone, property management firms are jumping on this particular bandwagon in big numbers. Here are six property and real estate companies using the iPhone QR Code feature.

1. ERA WILDER REALTY

WHERE THEY ARE: Seven offices in South Carolina

WHAT THEY’RE DOING: Making the QR Code part of the brand image

Photo source: common.ziffdavisinternet.com

The arrows and the yellow highlights
indicate lines and shapes used for alignment.

To increase acceptance and use of the QR Codes, ERA Wilder Realty in South Carolina is doing more than just dropping encoded listing information on signage for office leases or property sales. Management recommends that property managers and sales agents make the QR Code ubiquitous by placing it on business cards, flyers and brochures, and even the windows of their cars. Educating the public is an important part of any campaign using a new technology.

2. COLLIERS McCLOCKLIN

WHERE THEY ARE: Cities of Saskatoon and Regina in Saskatchewan, Canada

WHAT THEY’RE DOING: Building relationships with interactivity

Photo source: artanddesign.careeredublogs.com

After a slow start, Canadians are warming up to QR Codes, too.

In mid-December 2010, Colliers McClocklin became the first commercial real estate firm in Canada to add QR Codes to all of their signage, city-wide. The firm’s president, Tom McClocklin, sees the functionality as being critical to the continuing empowerment of his firm’s customers. Marketing professionals know that drawing consumers into “the process” by use of interactive technologies is a powerful relationship builder, and relationships are at the core of a successful property management firm. The passive consumer is becoming extinct.

3. CLARK REALTY CORPORATION

WHERE THEY ARE: Six offices on the Big Island of Hawaii

WHAT THEY’RE DOING: Leaving wet flyers and bad weather behind

Photo souce: clarkhawaii.com

Info on prime Hawaiian properties can be continuously updated.

Clark Realty Corporation is the largest full-service real estate firm on Hawaii’s Big Island. Over 150 agents, full-time property managers, and office staff handle all facets of real estate from sales to building/property management. Enlightened owners realize that QR Codes are another way for the firm to excel at serving its customers.

With QR functionality on employee iPhones (and a few BlackBerrys, truth be told), sudden rains or inclement weather will not result in soggy brochures or lost opportunities. The firm’s company-wide success depends on overcoming every adversity to serve its clients –and QR Codes are a big part of that.

4. THE HALSTEAD PROPERTY COMPANY

WHERE THEY ARE: Eighteen offices in New York, New Jersey, and Connecticut

WHAT THEY’RE DOING: Customizing the Code and putting it everywhere

Photo source: halstead.com

Don’t fall for that insurance scam, folks!

With headquarters at 770 Lexington Avenue, Halstead Property has 18 offices in New York, New Jersey and Connecticut and a staff of nearly 900 agents and property managers. In late 2010, Halstead Property debuted its customized QR Code technology called “H-Tags,” which are placed on sell sheets, postcards, flyers, every new listing, and even some display ads.

Photo source: halstead.com

Using QR Codes is another way of leveraging social media.

The H-Tags are also placed on every listing that is displayed in a Halstead office window, encouraging passersby to investigate properties that catch their eye. All relevant information, continuously updated and always “fresh,” is delivered to the potential customer’s mobile phone. The company website provides links for the iPhone apps, once again saving consumers time.

5. COLDWELL BANKER RESIDENTIAL BROKERAGE

WHERE THEY ARE: Twelve offices in Utah

WHAT THEY’RE DOING: Continuing the transition to mobile devices

Photo source: utahhomes.com

Coldwell Banker Residential Brokerage introduced QR Codes in Utah because the region ranks very high in tech-savviness and the iPhone is ridiculously popular. The company is rolling out the high-tech squares in home magazines, newspaper ads, and other marketing materials. Further, the firm will work with its nearly 800 agents and property professionals to encourage the Code’s use on postcards, flyers and “for sale” signs.

Scan the code and get directions to the property!

Coldwell Banker Residential Brokerage has long been a leader in deploying new mobile technologies, and in 2008 was the first full-service national brand to optimize Web pages for all mobile devices. By the beginning of 2009, listings in 28 countries were available at the company site for viewing on the iPhone and other devices. Over 200,000 people have viewed Coldwell Banker listings on their mobile devices.

6. PHOENIX REAL ESTATE GUY

WHERE HE IS: Phoenix, Arizona

WHAT HE’S DOING: Figuring out the very best use

Photo source: phoenixrealestateguy.com

It’s okay to poke a little fun.

His name is Jay Thompson. He is an agent and property manager, and writes about real estate marketing ? especially all the “latest and greatest” things that positively resonate with buzz and hype. He thinks the QR Code hype has hit “epic proportions,” as if it were the “saving grace for all things real estate.” While he understands why they are on business cards, flyers, and “for sale” signs, QR Codes have also turned up on Web pages, which Thompson notes “makes zero sense.”

Thompson agrees QR Codes are “amazing little pieces of technology,” but is wary of the “hysteria” that calls QR Code the “second coming of blogging, Twitter, and Facebook.” He sees the hype as deceptive, as if the technology makes property managers and agents rich “with no effort or work involved on their part.” Obviously, he does not speak for the industry, as adoption rates are increasing.

BOTTOM LINE

There is always a little hype, and a bit of smoke and mirrors, when any new technology arrives to offer new ways of doing things. Because the QR Codes are simple to create and distribute, there has certainly been a lot of them turning up, but this is normal with the advent of leading edge technologies. People are trying whatever they can think of, and that’s a good thing, actually, Thompson’s naysaying notwithstanding.

Every property management and real estate firm should be thinking about how this new technology can be integrated into existing strategies or connected to new ones just being created. Don’t get caught up in any hype, and don’t rely on any single thing, including QR Codes, to revolutionize your business just by “being there.” It will always take a lot of work to succeed, and QR Codes and iPhone apps are only tools in the process. Learn and adapt!

7 Worst Buildings to Manage

February 17th, 2011

Maybe you think you’ve got it tough. But few people have more responsibilities than a building manager. Nothing could be worse than having to be the manager of the buildings on this list.

1. HOTEL CALIFORNIA

ORIGIN: Song by the Eagles

CLAIM TO FAME: Such a lovely place

DOWNSIDE: You can never leave

Photo source: t2.gstatic.com

Any time of the year, you can find it here.

Yes, this is the hotel they all sing about. And you are thinking to yourself: “Being the building manager of this could be heaven!” Yes, but being the building manager of this could also be hell. You’re following this girl with a candle, who drives a Mercedes and dances with a lot of pretty boys, and you’re thinking everything is going to be fine.

Photo source: onviolence.com

Like a roach motel, they never check out.

But when night falls, you see the horrifying reality of the building: nobody ever leaves. They are prisoners, perhaps of their own devices, or perhaps of devices more sinister. Men are at the counter weeping, checking out, but unable to leave.

Some blame the effigy in the master’s chambers, stabbing it with their steely knives, but they just can’t kill the beast. It’s a hotel filled with cursed individuals who can never escape. And you’re in charge of it. Sleep tight.

2. THE MONEY PIT

ORIGIN: Movie with Tom Hanks

CLAIM TO FAME: Low price for a mansion

DOWNSIDE: Completely falling apart

Photo source: 4.bp.blogspot.com

Rule Number One: Always inspect your home with full light.

Being in charge of a mansion sounds like such fun, doesn’t it? Many people dream of living in a mansion when they grow up. Giant staircases, so many rooms, the possibilities are endless. And you know you could host all the best parties and invite all of your friends over at once.

Photo source: online.wsj.com

The BIGger they are, the harder they fall.

The downside is, building upkeep is expensive. If you have a house ten times as large as everyone else’s, it probably costs ten times as much to heat. And to maintain. And to repair.

And this particular house, of course, was sold as a scam. So now you’re in charge of a dilapidated pile of old wood, you can’t just tear it down because people are trying to live there, but nothing in the house can even support their weight, so the whole thing is a giant death-trap.

3. DANVERS STATE INSANE ASYLUM

ORIGIN: Featured in Session 9

CLAIM TO FAME: Could be nice after clean-up

DOWNSIDE: Haunted by dark spirits

Photo source: hauntednorthamerica.webs.com

Actually a color photo of a place so creepy, it’s black and white.

Danvers State Insane Asylum was one terrifying place in the movie Session 9. The toxic materials in the building combined with some restless spirits to make an absolute nightmare for the crew in charge of cleaning the place up. No question, when it comes to the Hollywood version of Danvers State Asylum, few things are creepier.

Photo source: 2.bp.blogspot.com

One of them, however, is the *actual* Danvers State Insane Asylum. Because there were, in fact, all sorts of unspeakable treatments carried out on the insane or otherwise maltreated residents of Danvers. From lobotomies to good old fashioned holes in the skull, patient treatments at Danvers had a rough reputation.

Add this to the fact that it was originally part of Salem (of Witch Trial fame), and inspired Arkham Asylum (of HP Lovecraft and Batman fame), and you begin to see how being in charge of the real building would be even worse than the fake one.

4. CARL FREDRICKSEN’S HOUSE

ORIGIN: Pixar’s movie Up

CLAIM TO FAME: Lofted by balloons

DOWNSIDE: Lofted by balloons

Photo source: 2.bp.blogspot.com

Nice Victorian model house, even if the color is tacky.

All in all, the home of Carl Fredricksen seems like a pretty decent one to be in charge of. Color scheme aside, it’s a manageable size, no history of haunting or death, well-maintained, and generally a fine house to run. As long as it’s on the ground.

Photo source: themovieness.com

“Hooray! I’m finally off the grid!”

Unfortunately, as soon as the house takes off, it becomes a nightmare to manage. First of all, most basic systems of a house, such as electricity and plumbing, rely on that house being connected to the grid. Try managing a building sometime with no water and no electricity.

Also, good luck finding the house when you show up for your monthly inspection. And don’t even get us started on how many different states you have to pay property tax in.

5. LEANING TOWER OF PISA

ORIGIN: Pisa, Italy

CLAIM TO FAME: Popular tourist photo

DOWNSIDE: Imminent destruction

Photo source: freefoto.com

Is it safe? I’m leaning towards ‘no.’

The Tower of Pisa, a.k.a. the Leaning Tower of Pisa, is perhaps Italy’s most famous landmark. It is primarily famous because tourists take all sorts of “clever” pictures of it, with the tourist in the foreground and the tower in the background. Holding up the tower, knocking down the tower, etc., etc.? Very droll, tourists, very droll.

Photo source: tunliweb.no

“Who built this Pisa junk?”

The main problem with the leaning Tower of Pisa is that it’s leaning. Disastrously. Likely to fall over at any moment. It’s like managing Abe Vigoda. Trying to get an entire building to stop falling over and be upright again would be a nightmare. What’s more, even if you had an unlimited budget, you wouldn’t want to fix the tower, otherwise people wouldn’t flock to it any more.

That’s why when they did restoration work on it at the end of the 20^th century, they only reduced the lean from five and a half degress to roughly 3.99 degrees. If you don’t fix it, it’d fall, and if you do fix it, your building loses all value. Now that’s a management conundrum.

6. BETHLEHEM INN

ORIGIN: Bible story of Bethlehem

CLAIM TO FAME: Just across from a manger

DOWNSIDE: Known for turning people away

Photo source: baazitravels.com

No Vacancy.

Even if you aren’t Christian, you’ve probably heard the story of how Mary and Joseph went to Bethlehem, and got turned away at the Inn. Well, two thousand years later, there is still an inn at Bethlehem, albeit probably not the same one. And you might think to yourself: “That seems like it would be a fun building to manage.”

Photo source: baazitravels.com

Not much better than a manger, really.

How would you like to be in charge of a building with the same name and location as one of the most infamous inns of all time? A lot of people are going to show up, take pictures of your hotel, laugh a lot, and then not stay there.

Care to make a little wager how many people think it would be hilarious to dress as Jesus and ask if there’s any room at the inn? Heaven forbid, if the Bible-loving tourists ever do take up all the rooms, you know every single person you turn away is going to compare themselves to Jesus.

7. HOGWARTS SCHOOL OF WIZARDRY

ORIGIN: Harry Potter

CLAIM TO FAME: Moving stairways

DOWNSIDE: Magical death

Photo source: blogs.coventrytelegraph.ne

Great place to live, terrible place to manage.

Ah, Hogwarts. Thanks to the popularity of Harry Potter, nearly everyone on earth is familiar with this magical school, and many have fantasized about what fun it would be to live in a land with talking pictures and moving staircases.

Well, those are called “movies” and “escalators,” but you know what we mean. You might be able to imagine yourself in charge of such a magical building, complete with turrets, hidden passages, and so forth. And all your hopes and dreams can be destroyed with two words: “Liability Insurance.”

?Photo source: t1.gstatic.com

“Accio Premium Infinitus!”

Hogwarts may be the most dangerous place imaginable to long-term residents that isn’t a prison. Building features move randomly of their own accord. Deadly creatures roam the grounds. Members of a death cult are sprinkled among the students and faculty. And if anyone dies, or is injured on the property, the building manager gets blamed.

Who didn’t trim the Whomping Willow? Who forgot to re-align the staircases? The building manager (probably that creepy looking guy with the cat) is responsible for all of this, not to mention an insurance premium so hefty that a bucket full of golden galleons wouldn’t even begin to pay it.

CONCLUSION

With so many charming but dangerous buildings in the world, the average property manager should be glad he or she has it so good. Managing any of the buildings on this list would be terrible!

6 Secrets for Picking a Great Property Management Company

February 9th, 2011

Today’s real estate market has become a little run down, like a Kmart that hasn’t been remodeled since the early ’70s. For those who bought property during boom of a few years ago, or have a vacation home you need to rent out for extra dough, a great property management company is necessary. But how does one find (and rate) a great property management company?

1. Customer Service

Photo source: trainingupdate.org

Customer service is like a tambourine being played at a Norah Jones concert, you never really notice it until it is done badly. In America, the customer is king. Except at Burger King, where the burger is king.

Photo source: t3.gstatic.com

Fast food digressions aside, you need a property management that is prompt, courteous, and eager to help prospective tenants through the rental process.

2. Quick Turnaround

Photo source: Flickr.com

Letting your building sit dormant is like flushing money down the toilet. Keep your space rented, and have new tenants lined up before the old ones are out.

Photo source: t1.gstatic.com

Being proactive is a good sign from a property management company, and I’m not talking about the acne-clearing cream.

3. Key Holding, Legal, and Licensing Details

Photo source: twisedesign.com

Necessities to keep the rental property operating legally include key holding, insurance, property tax, levies, building permits or licensing, and bank account management. Bluntly put, one of things you are paying a property management company for is to take care of the busy work.

Photo source: t1.gstatic.com

You don’t want to be mired in the dry details. One of the reasons you started purchasing additional properties is so you could start building equity while you are out on the scene, swingin’ and groovin’ (you hang out at a lot of ’60s retro joints in this scenario).

4. Repairs and Maintenance

Photo source: recessionproofchronicles.com

Ideally, your property management company will have their own repair and maintenance staff. This way, if something goes wrong, and something always goes wrong, you will have people working for you who you can call to get the job done quickly.

Photo source: t0.gstatic.com

You don’t want to be in a position with your tenants in which they are waiting for a repair and your hands are tied because the plumber or electrician you hire might get to it this week. Having an in-house company assures repairs will go smoothly.

5. Who’s the Boss? Not Tony Danza; It’s You

Photo source: imdb.com

Great property managers will never lose sight of the fact that, at the end of the day, they are servicing the property owner. You, as the property owner, should never feel like an employee being forced to pay the boss for the privilege of working there.

Photo source: t1.gstatic.com

Instead, you are the Judith Light character in the Who’s the Boss episode in which she has to remind Tony Danza, that, while his services are valuable, he still works for her (ok, that’s every episode). The bottom line is that if there is ever a time when you, as the property owner, feel as though you are working for your management company (whom you are paying by the way), then maybe it’s time to reevaluate your relationship with that company.

6. Don’t Expect Supermen

Photo source: customizethesis.com

Don’t get an over-inflated sense of entitlement and expect too much from your property management company. Property managers aren’t making a lot of money and retiring in Monte Carlo from running your properties, and the little you can do assisting them getting your place rented out will help tremendously.

Photo source: t3.gstatic.com

At the very least, meet your tenants. Screen them yourselves, if you have to. Most property managers aren’t incompetent or shady. Oftentimes, they are simply overstressed and underpaid, and you, as the property owner, including yourself in the renting process can go a long way.

CONCLUSION

A wise man once said:”Buy land, ’cause they ain’t making any more of it.” That wise man was Tony Soprano. And even though he may or may not have gotten shot in the face in the last episode of the Sopranos, those words still ring true today.

Buying property is one of the best investments a person can make in any economy. Just make sure, if it is a rental property, that you have a great management company help you to get the most out of your investment.

Commercial Property Management is Important

February 7th, 2011

With all of the talk that’s been going on regarding the housing market, people have forgotten that real estate is not just houses. There’s also commercial property. If you’re interested in investment property but you don’t want to have houses that people can trash when they rent them, you might be a good candidate to start buying up commercial options in your area. You can rent these out for now and sell them later when the market is better. It’s similar to what you’d do with houses, but commercial property generally commands higher rents and a business is less likely to do damage to your building. Businesses often have insurance that will protect you if your building does get damaged, too, so they can be safer to rent to.

Regardless of the safety factor, you probably don’t want the hassle of actually managing the properties – especially if you’re buying up a lot of them or you have some that aren’t in the city and state where you’re living. If that’s the case for you, there are property management companies that can help you. For a fee, a company like this will take care of your commercial property and deal with the renter and any issues that may arise. Some people don’t want to pay the fee, but you may actually make more money in the long run, since you don’t have the hassle of keeping it rented and other issues.

It frees you up to focus on other pursuits, and it also helps you determine whether you want to continue to buy up commercial properties and have a company manage them or whether you’d prefer to stop where you are. Depending on how many properties you have to manage, you may find that a company to handle them is your best choice.

5 Secret Perks of Property Management

February 3rd, 2011

Real estate investments present a tremendous opportunity for profit, but only for those with the time and money required to get involved. Since most investors have the money, but few have the time, working as a property manager can be a simple way to help the rich get richer, while making a living. The following are perks for property managers.

1. All of the Reward, Without Risks

photo credit: rentballoon.com

It is so simple; pretty much anyone can figure it out.

Investing in real estate can be a risky endeavor. Since neighborhoods and property values frequently change, there is no guarantee of a return on investments. Working as a property manager adds stability to an otherwise unstable industry. Because property managers are paid for work, and not for the value of the land, their paycheck is unaffected by long-term property value outlooks.


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While the owners of the investment properties must be constantly evaluating whether or not they should sell their land, or hold out for a few more years, property managers can enjoy the freedom of not paying attention to any of that, and just cash a monthly check.

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2. All of the Experience, Without Risks

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These suckers had to buy the house to learn about it.

Not only is real estate a risky investment, but also a confusing one. So much of real estate success is dependent upon luck or experience, that if you don?t have any of the first, it will be impossible to get any of the second. Working as a property manager is a great way to be immersed and involved in the real estate scene, without having to worry about losing your shirt.

People who are interested in learning about real estate, with the intention of one day investing, will receive no better training than by working as a property manager. This experience will educate them as to the dos and don’ts of real estate, without requiring a fortune to be laid on the line.

3. Non-Traditional Work Hours

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You can work at night.

Property managers are essentially always on-call. Their hours fluctuate, ranging from incredibly busy 11-hour day to had to shovel at 9 AM, and then drank wine all day. This non-traditional schedule is in-and?of-itself the biggest perk and drawback of the job.


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While property managers are slaves to the unexpected, they also reap the rewards of time off when things run smoothly. For those looking for steady work that allows them freedom to participate in Wednesday afternoon softball league, property management is the perfect profession.

4. Independent Work

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This is the company handbook.

Another perk of being a property manager is the unstructured nature of the job. While a majority of Americans have to deal with supervisors, property managers most often deal with tenants, which makes for a less repetitive work environment.

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This desk is not your problem.

With tasks and problems that change daily, as well as surroundings that could vary from hour-to-hour, property managers are forced to be an independent breed. For those who hate the stagnant feeling of working in an office, and who also happen to be excellent with a pipe wrench and electrical tape, working as a property manager provides unparalleled freedom and independence.

5. Paid Relative to Workload

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You will not make this much money.

Perhaps the biggest perk of working as a property manager is that the pay is relative to workload, meaning the less lazy the manager, the more bank they make. Property managers often charge percentages of the monthly rent (somewhere between 6-10%) as their fee for building upkeep, tenant management, and vacancy avoidance.

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Because of this, the more buildings a property manager can handle, the more money they stand to make. Property managers are therefore extremely motivated to get work done quickly and efficiently. Though this job would be less than ideal for those who aren’t self-motivated, it is perfect for those who like to get paid more when they work more.

Conclusion:

Although working as a property manager is not ideal for everyone, there are many people who make an excellent and enjoyable living doing so. Anyone who is exceptionally handy, good with people, and not afraid of non-traditional aspects of a career, is able to enjoy these perks in no time at all.