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Posts Tagged ‘Property Management’

Residents becoming renters in Kansas City

February 11th, 2012

According to the Kansas City Star, residents in the city’s metropolitan area are increasingly choosing to rent, rather than own homes.

Rents have risen and construction of new rental units is up, the news source reports, to meet the desires of a population who are largely renters by choice. One renter noted it made no sense to buy since he was uncertain how many years he would stay in the city.

One area brokerage manager stated that the long-term commitment a mortgage may require is a major factor, also citing efforts by rental managers and owners to offer higher-quality properties with more amenities, better appliances and furnishings, or other perks.

Another expert told the source that the current single-family housing market has caused people to rethink homeownership, and many have decided they do not want to pursue it. While he said the housing market will likely recover in time, this attitude shift may be an opportunity for investors willing to rent a home to give residents the best of both worlds, allowing them to live in a single-family property without being tied to it long-term.

Safeguarding a vacant property

February 10th, 2012

Property managers or owners with a temporarily vacant property might be wise to take steps so that it does not appear obviously empty, which in turn can discourage unwanted guests.

MainStreet notes that it is possible to reduce the risk of vandalism and theft with fairly simple steps. They will not eliminate the chance completely, but safety can be improved and cleanliness can be maintained.

Keeping the property in good condition tends to give the impression it is occupied, or at least visited frequently. As a result, people who do not want to be found are less likely to stay there. Since this makes the property more appealing to potential renters, this effort will not be wasted either way.

Put lights on timers will also help deter undesirable guests, helping to make the home look occupied.?Also consider using the blinds. According to the source, one method is to leave bottom blinds closed, so no one can see in, while higher blinds remain open. This may give the impression that the home is occupied, but residents are upstairs.

Beyond that, owners and managers should be careful how much information they make easily accessible through advertising.

Report: Fewer tenants renewing leases

February 7th, 2012

Property managers may want to step up their efforts to retain tenants, given the results of a recent survey.

Research by Kingsley Associates indicates that the number of renters choosing to renew their leases dropped to a three-year low in the fourth quarter of 2011, though analysts suggest tenant satisfaction with current rental properties was stable during the period.

“As renters themselves recover, there are indications that more of them are renting by choice,” said Kingsley Associates principal John Falco. “They aren’t unhappy – just choosy.”

Tenant satisfaction dropped only 0.1 percent from the previous quarter, according to researchers, and has been stable for three consecutive periods now. This suggests that owners and property management companies are not driving tenants away.

According to the report, 32 percent of surveyed renters had incomes of at least $75,000, higher than the 30.7 percent with incomes of less than $40,000. This result reportedly represents a deviation from recent years.

The number of renters 55 or more years old also increased to 13.4 percent from 12.6 percent in the period ending in the second quarter. The number of residents who live alone grew more than 2 percentage points, reaching 45.9 percent of those surveyed.

Tenants’ finances may be stretched by rent growth

February 7th, 2012

Multifamily Executive reports that data from sources (including rental data firms MPF Research and RealFacts) suggests rental managers may need to stop increasing rents soon.

Property management companies and rental owners increased rents an average of 2.3 and 4.7 percent during 2010 and 2011, MFE notes, but the Bureau of Labor Statistics only reported 2 percent growth in wages year-over-year during the third quarter of last year.

This suggests rents may significantly outpace wage growth, analysts say, threatening to price residents out of their units. Data from RealFacts suggests this may be happening in some markets already, according to MFE, with one executive reporting that more tenants are moving out due to rent increases than in the past.

While rents did drop in some areas during the fourth quarter of 2011, however, the source notes that it is traditionally a slow quarter and may not be representative of a meaningful trend.

MPF Research’s Greg Willett noted that eventually, rent increases may cause tenants to feel they can no longer afford a property. Analysts question when that point will be reached, according to the source, although some signs indicate that wages may rise moe quickly this year than in 2011.

Renter residents flock to Long Island City

February 4th, 2012

Multi-Housing News reports that Long Island City has attracted enough residents in the past six or seven months to decrease the area apartment vacancy rate from 3.5 to 2 percent, according to a report from brokerage and marketing firm Modern Spaces.

Many of the new residents are first-timers, according to the report. Modern Spaces president Eric Benaim told the source that residents weer likely drawn by the variety of cultural attractions and restaurants, noting that the neighborhood hosts many galleries and museums.

The report suggests that the location is also good for many commuters, suggesting short travel times to get to work from the area are an appealing characteristic for the neighborhood’s new renters.

Additional rental properties are planned to open in the near future, while a number of businesses have opened in recent years to meet residents’ needs. Similarly commuter-friendly areas may be strong investment opportunities, especially with the help of property management companies in operating a rental residence.

Overall, the report indicates 2011 was a good year for the area, partly due to the rising rents in other parts of the city.

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!

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.

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.


Photo source: road2freedom.ws

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.

Photo source: rentballoon.com

2. All of the Experience, Without Risks

Photo credit: texasrealestateclassesonline.org

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

Photo credit: i.ehow.co.uk

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.


Photo source: Flickr.com

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

Photo source: reiq.com.au

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.

Photo source: Flickr.com

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

Photo source: news-libraries.mit.edu

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.

Photo source: mytwoandahalfcents.com

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.