Category: Uncategorized

By Megan Eales Monroe

Source: Appfolio

When a hurricane is forecast, it’s smart to prepare your rental units, even if you don’t think you’ll get the worst of the storm. By doing so, you’ll not only protect your owner’s investment in the property, but you can also help to keep residents and their personal belongings safe, earning their goodwill and cooperation.

If your property is located in an area where hurricanes occur, here are a few ways to protect your property during hurricane season, and tips on what to do if a storm hits.

Year-Round Prevention

A little prevention can go a long way toward avoiding some storm-related damage at your rental properties.

First off, review your property’s insurance coverage. Often, basic property insurance will not suffice for storm damage. Does the property have flood insurance? This covers flood damage that often accompanies hurricanes. What about hurricane insurance? If so, does it require certain parameters to kick in (i.e., winds over 100 mph)? If you or your owners aren’t satisfied with the property’s insurance coverage, the time to update it is long before hurricane season.

Additionally, you should encourage your residents to get their own coverage if they don’t already have it — you may even want to require it. The property’s insurance policy won’t cover their personal belongings in the event of a natural disaster.

With an all-in-one property management solution like AppFolio, you can easily have new residents submit proof of insurance, or even purchase their own renters insurance policy during the leasing process or from within their online portal.

Preparing for an Approaching Storm

During hurricane season, be on the lookout for storm updates from NOAA or the National Hurricane Center.

If a storm is on the horizon, take action quickly to protect the property. Do the work yourself or hire a professional who can prepare your rental before hurricane season for intense wind and rain. To prevent glass from breaking, board up the windows. Bring in patio furniture, which could fly through the air and cause property damage.

If you manage single-family homes, reinforce the roof using hurricane straps, which help secure the roof to the walls of the home. Also, reinforce bolts on all of the exterior doors. Cleaning out the gutters allows them to function properly, draining water away from the structure. With these measures in place, you may be able to avoid or reduce flooding through prevention.

Speak with your renters about their plans to get through the storm. Tell them what you’ve done to protect the rental from hurricane damage, and point them in the direction of helpful preparedness resources, like this info from Ready.gov or FEMA.  Find out whether they plan to shelter in place or evacuate, and encourage them to follow all evacuation orders and cooperate with authorities.

What to Do After a Storm

As you survey your rental property after a storm, take pictures of everything — before you complete any repairs or clean-up. Documentation of storm-related damage is key to proving your insurance claim. Call your insurance company as soon as possible. Find out what your policy covers and whether there’s anything that needs to happen before you make repairs (i.e., an adjuster must visit). Property managers and owners all over the region will be calling their insurers, so it’s important to get in the queue early.

Work with your renters to coordinate access to the apartment or house so you can survey the damage. If your residents have renters’ insurance, encourage them to take photos of damaged belongings so they can submit claims to their insurance provider.

As soon as you have documented the damage, there are some actions that should be taken immediately to protect your property against further damage. If the storm broke windows, remove the shards of broken glass and board up the window.

Look for evidence of mold – i.e. discoloration, a musty smell, and visible mold spots – within one day of flooding. Mold can cause severe damage to your property and residents’ personal health if it isn’t treated. If you see signs of mold, take pictures and notify your insurance company. Work together to determine whether you should throw away moldy items or wait for the adjuster to visit your rental.

As you interact with residents in the days and weeks following a storm, keep in mind that natural disasters can be traumatic for everyone. It’s important to stay communicative with your residents throughout the entire situation and listen to their needs. By offering support wherever possible, you will find it easier to gain their cooperation with any post-storm maintenance and repairs.

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By Guy Lyman

Source: Property Management Insider

A learning management system such as EasyLMS can revolutionize the acquisition of new knowledge and skills at your property management company, making your staff a continually improving asset. As your first line of learning, an LMS is loaded with industry, software and company-specific knowledge for everyone from your maintenance tech to leasing staff to property manager.

Through EasyLMS, there are many ways to leverage online courses and social channels to accelerate learning even further. With in-person training gradually giving way to online trainingand certification, and teams often geographically dispersed, it’s more important than ever to complement your LMS with learning activities that leverage the Internet and its opportunities for social engagement.

Here are five suggestions to put the “social” back into learning.

1.  Set up learning groups

When users support one another in their learning, everyone learns more. That’s why you see study groups in graduate schools, for example (think of the famous hotel cram session in “The Paper Chase”). You can manage study groups based on peers, roles or regions, adding competitions to spice up the interaction. The Activity Feed in EasyLMS can act as a social network, allowing the ability to “like” and comment back and forth. Leaders can jump in to encourage learners and add their expertise.

2. Enable learning circles

Related to learning groups are “learning circles,” where the participants choose others to follow online in order to see what they are learning, how they are progressing and how they compare on the Activity Feed on a day-to-day basis. By viewing themselves in relation to their peers, employees gain motivation to excel.

3. Foster mentorships

For all but a few top people in your company, there’s someone in a higher position whose knowledge can be critical to their acquisition of new skills. By formalizing a mentorship program you can deepen these relationships, leveraging the Internet as the conduit for interaction. These can take the form of one-on-one relationships between an entry-level employee and a senior employee, or group mentoring. Points of discussion can include education related to multifamily as well as soft skills.

4. Start a reading circle

Choose books related to your company’s core values or rental housing industry issues and initiate a reading circle to discuss it online. You can select a new book on a quarterly or semi-annual basis, for example. This not only imparts new knowledge, it also builds team solidarity. Award participation badges through your LMS online to increase interest.

5. Hold new-hire roundtables

You might consider hosting interactive online sessions for new hires at 30, 60 and 90 days. These sessions allow them to bring up areas of confusion or challenge and share hands-on solutions with one another and with managers. Subjects can include common software issues, internal policies, real estate industry matters, property issues such as compliance or customer service, and more. New hires feel much better knowing they’re not the only ones struggling in one area or another. By using online meeting technology, you can ensure all employees have a seat at the table.

Together, your LMS and the Internet represent a remarkably powerful duo for motivating and delivering knowledge to your people in all sorts of creative, engaging ways. Start with this list and take a few minutes to think of ways you could be utilizing social engagement to complement the property management training you’re already enabling!

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By Ryan Pineda

Source: Forbes

One of my favorite ways to invest in real estate is through short-term rentals (STR). Websites like Airbnb, HomeAway and VRBO are gaining market share each year as people become more familiar with the process. We’re still in the beginning stages of this type of investing. If you are an early adopter, there is a huge opportunity to maximize your ROI.

Before we can understand when and why STRs are a great way to invest, we need to first acknowledge that there are some downsides to consider. One big issue is that cities and counties around the U.S. are still trying to figure out how to regulate it. I’m in Las Vegas, Nevada, where short-term rentals are extremely regulated, and obtaining a license to lease them out is almost impossible at this point. The big reason here is the hotels run the city, and officials want people staying on the strip, spending money. Ordinances have passed that make it harder for people to host STRs.

Because of that, I don’t have any STRs here in Las Vegas. You don’t want to be in a constant battle with the city. It’s much better to go where there aren’t as many regulations to fight against. You want to find a market whose economy is dependent on STRs. For example, all of the STRs I own are in Big Bear, California where hotels are scarcer, so STRs are necessary to fit all the tourists coming in. I love that market, and there are many others just like it throughout the U.S.

Assuming you find a market that fits your criteria, this type of investing can offer huge benefits:

1. Higher Returns

In the right market, the returns on short-term rentals are much higher than long-term rentals. One of my properties grosses $4,000 a month on average. If it were available for long-term rental, it would earn $1,500 per month. With STRs there comes more management work and fees, but even taking that into consideration, the net is usually going to be higher than if you rented the unit long-term.

Again, every market is different. So it is possible that your market would have similar rental returns on both short- and long-term. But, you probably wouldn’t be investing in that market in this way. I suggest networking and talking to people in your market who have STRs to see how they’re doing to get a feel for the climate.

2. Personal Use

My favorite part about STRs is that you, the owner, can also use them whenever you want to have fun, check on your properties and look for new potential units. If they were being rented long-term, you wouldn’t have the ability to use them.

It’s a great way to have a second home that earns you income every month. The only “problem” is when they are booked so much that you have to schedule your own visit far in advance. It’s a great problem to have as an investor.

3. Diversified Risk

I believe STRs are less risky because your tenants are diversified. With a traditional long-term rental, if your tenant stops paying rent, you have a big problem on your hands. You won’t be getting any monthly income until you can evict them. If they cause any damage, you’re going to be out even more money.

With an STR, you don’t have to worry about evicting a tenant. You have many different tenants every month generating income, so you don’t run the risk of going months without receiving a check. Also, if a tenant does cause damage, some STR rental sites have insurance coverage for the damages the tenants cause. From my experience, instances of major damage from short-term renters are few and far between. It’s typically small things like a broken dish or lamp.

If you’re ready to get started on your STR portfolio, these are the top three traits to look for when picking a market:

1. Location: Is it located somewhere you can easily manage? Would you like to vacation there yourself? Can you build a team there?

2. ROI: How much are properties in that market selling for? How much are they renting for on short- and long-term basis?

3. Legislation: Is the market STR friendly? Is there any upcoming legislation that could change the dynamic and put your investment at risk?

Clearly, I’m a big believer in STRs. I think they will continue to gain even more market share as time goes on. There will be more regulations as it becomes a bigger business, but the early adopters can cash in on some great opportunities.

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Source: Property Ware

RealWorld 2019, to be held July 21-23 in Orlando, is where single family property management businesses come together. Owners and operators get advice, insights and hands-on experience to chart a path for the future.

The first time Real Property Management Tidewater CEO Brandon Reed attended RealWorld, he quickly experienced the industry’s camaraderie.

“It was really eye-opening to sit down with other property managers,” he said on a recent Propertyware webcast. “I was under the impression that it was this cut-throat business, nobody was going to share anything. What I learned was that we’re all in it together. You come back just feeling, ‘wow!’ and inspired.”

While offering an overview of the rental housing industry and technical expertise on Propertyware, RealWorld has a network-friendly setting that enables property managers and owners to share and discover.

Insights from top industry executives

In the single family track at RealWorld, a number of Propertyware customers will share their successes and provide recommendations on how to better manage day-to-day operations from accounting to leasing and marketing.

Organizers anticipate that the single family general session on July 22 will be a must-see. It will set the stage for a full lineup of informational opportunities designed to help operators position themselves to grow their businesses over the next several years.  CEO’s and industry experts will frankly discuss the latest single family rental market trends and their strategies and models for growth.

“This is a huge opportunity to learn,” Kaplan said. “It’s about networking, fine-tuning skills from a training perspective, getting help with your business and learning about trends in the market.”

Some key takeaways of the general session include how operators are using the software to add new revenue streams and drive success in property management.

Educational sessions to support business goals

Following the general session, attendees will have access to a full suite of sessions offering a holistic view of single family operations. These are designed for everyone from hands-on property managers to owners and investors. Propertyware Industry Principal Barbara Kaplan expects this year’s, “Maintain Your Worth – Generate Revenue and Value in Both Hot and Softening Real Estate Markets,” to draw big crowds.

In “Unlock Business Success Using Workflows, APIs and Partners,” a customer panel will offer valuable insights on using Propertyware’s new two-way API to automate internal and external systems and extending property management services to achieve goals.

Discussions will include topics like understanding the benefits of third-party integrations and discovering revenue opportunities from referral partnerships using the software.

Driving business using automated processes through customizations

RealWorld will also feature “Quick Tips to Hit Your Targets Using Propertyware Customizations and Reports.” The fast-paced session has quick tips to help Propertyware users automate processes through customizations and reports to drive business success. Users can learn how to use custom fields and reports to track anything.

“Attending RealWorld is going to help you grow your business,” Kaplan said.

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Source: Property Ware

We know that proper tenant screening is critical in property management. But it doesn’t have to be as intimidating as it might sound, especially since most applicants apply online. A property manager who can screen as quickly and easily as a prospect can submit a rental application is likely to get better tenants while reducing the risk of default and bad debt.

Enhanced Propertyware Tenant Screening allows staff to automatically screen every application for a rental property in real-time and provides property managers a comprehensive screening report that’s easy to read.

But it’s no ordinary solution. Using new technology, Propertyware Tenant Screening can be customized to fit screening preferences and separate a good tenant from a high-risk one, while staying in compliance with federal housing rules and regulations. The easy-to-use platform combines advanced technology with the features and capabilities you need most to move your business forward.

Customize screening criteria and cut wait time

Property managers can decide − and rank − which search criteria is most aligned with the portfolio’s business goals to maintain complete control of decision making. Reports are both thorough and easy to read, and instant criminal record searches are at your fingertips. The configurable setup wizard allows for criteria adjustment, and even variation, between portfolios, buildings and units. Instant criminal records searches minimize or eliminate the wait time for status updates.

The overall recommendation score from 0-10 uses an intelligent scoring algorithm that leverages your criteria, similar tenant profiles screened and the combined applicant score to help you minimize delinquency risk. Now, you can make decisions based on the combined scores for all applicants and guarantors on the property – not just an individual score.

Generate easy-to-read reports

With Propertyware, you get a detailed, actionable report with a simple thumbs-up or thumbs-down. Together with a score based on your chosen criteria, not just a pass/fail, this promotes quicker, more informed renting decisions and generates them in seconds.The entire process is done through an integrated solution with no extra work outside the system required.

Add guarantors

When guarantors are needed to approve an application, advanced capabilities provide the right solutions. Guarantor override features allow you to add guarantors based on specified criteria. Also, different screening criteria for applicants and guarantors can be set up.

Offer support

Available online and around the clock, the online portal helps ensure that renters can quickly get the help they need. Propertyware’s Renter Relations team works directly with renters to resolve credit, civil and criminal misinformation.

Manage credit vendors

Propertyware works behind multiple credit bureau support, which allows an automatic fallback order for credit vendors, ensuring credit responses are always available.

Access enhanced rental history

Expanded rental payment history from RentBureau complements RealPage’s current industry-leading rental history database, contributing to better informed screening outcomes.

Easily add applicants

Applicants can be added and removed for a quick, simple and seamless process.

Propertyware Tenant Screening services provide a comprehensive and easy-to-read report, ultimately driving occupancy, mitigating risk and lowering end-of-lease costs.

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By Rick Grossmann

Source: Entrepreneur

Franchise agreements contain language that materially affects the franchisee’s rights. This language is often identified by its legal title or name, or is described in sufficient legalese to cause the reader’s eyes to glaze over. Here are six terms that any franchisee — or indeed any person entering into a contract — should understand.

1. Choice of law

This covenant identifies the law that will govern the interpretation of a contract. In franchising, the franchisor will choose the law of the state in which it is located. This has several advantages, not the least of which is that the franchisor will be familiar with the common law and statutory law in a way that the franchisee from another state may not. Another advantage to the franchisor is that it may preclude the franchisee’s attempt to choose the law of the state in which the franchisee is located, which in turn may serve to deny the franchisee certain rights not available under the law of the franchisor’s chosen state. In franchising, this covenant is usually not negotiable; this may be different with general commercial contracts.

2. Fair market value

In many commercial contracts, the value of a good or service is sometimes measured by its “fair market value.” Generally, this means that the price will be based upon the value that a reasonable person who is under no duress or obligation would pay for an item, good or service that is being sold by a seller who is under no duress or obligation. In franchising, this term is often used to define the price that the franchisor will pay for the franchisee’s trade fixtures, furniture and equipment at the end of the franchise relationship. As the franchisor is purchasing used items for which there may be no ready market, it is usual that the offer will be for a very low price. This may be different in a commercial contract for goods or services that are in high demand.

3. Force majeure

Though this term may have many meanings, ultimately it identifies events the occurence of which will temporarily excuse the otherwise timely performance of a party under the contract. Sometimes called an “act of God” covenant, one often sees the following definition: “Performance of a party under this contract will be excused for the period of delay if such delay or hindrance is caused by reason of strikes, lock-outs, labor troubles, inability to procure materials, failure of power, restrictive governmental laws or regulations, riots, insurrection, war or other causes beyond the reasonable control of the party.”

4. Forum selection

The “forum” being selected is the locale in which any litigation or arbitration would be held in the event of a disagreement between the parties. In the franchise world, virtually all franchisors select their locale as the forum in which any problem is to be litigated or arbitrated. This could result in the franchisee being “home-towned,” which is legal parlance meaning that the franchisee and his or her witnesses would be disadvantaged by having to travel to the franchisor’s home state and by having to hire local counsel. This probably would not be negotiable in a franchise agreement but should be nonetheless be reviewed and discussed.

5. Implied covenant of good faith and fair dealing

In almost all states, each contract is governed by an unwritten but implied general assumption that each party under the contract will act in good faith in the performance of the contract and will fairly deal with the other party. In franchising, many courts have interpreted this to mean that the franchisor will use good faith when it has the option to exercise its discretion. For instance, absent language to the contrary, a franchisee who asks permission to transfer his or her franchise rights to a new person can assume that the franchisor will exercise its right to vet the prospect using commercially reasonable criteria. The phrase “absent language to the contrary” is highlighted because in most franchise agreements, the franchisor will have a list of conditions that must be first met by the prospective franchisee prior to being approved. In turn, this list may contain requirements that may make it more difficult for the prospect to agree. For instance, the franchise agreement may require the new franchisee to sign the then-current franchise agreement the terms of which are materially different from those found in the current franchisee’s version and which may be less acceptable to the prospect. Though this may be “unfair,” it would most likely not be grounds for claim of breach of this implied covenant. 

6. Indemnification

This covenant is often found in commercial contracts general and in franchise agreements specifically. It means that one party (usually the franchisee) agrees that it will pay the other party’s (usually the franchisor) losses when the franchisee’s actions cause the loss. For instance, if a franchisee fails to clean up a spill which in turn causes a customer to injure herself, the injured party will often name not only the franchisee as a defendant in the lawsuit, but will also name the franchisor. If the injured party wins a judgment against both defendants — and given that the franchisor had nothing to do with the franchisee’s day-to-day operations — the franchisee will “indemnify” the franchisor by agreeing to pay all of its losses including any damage award, attorney’s fees and costs.

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By Marian White

Source: Moved

Preparing to rent out your property to a new tenant? Before handing over the keys, we strongly recommend providing them with a move-in move-out checklist. This important document will be used prior to the tenant moving in and upon the tenant moving out in order to assess any and all damage – including both pre-existing damage and new damage. The cost of repairing pre-existing damage, or damage that existed prior to the tenant moving in, will not be the responsibility of the new tenant. However, damage that occurred while the tenant lived at the property may need to be covered by the tenant. In this case, the landlord typically deducts the cost of repairs from the tenant’s security deposit. The move-in move-out checklist ensures that this process is handled smoothly and fairly. For a look at what is typically included in a move-in move-out checklist, keep reading.

Why is having a move-in move-out checklist important for landlords and tenants?

Move-in and move-out checklists are important because they protect both the landlord and the tenant by a) informing the landlord what (if anything) is newly damaged and in need of repair, and b) preventing the tenant from having to pay for pre-existing damage.

What happens if a landlord finds new damage to their property?

If damage to the property occurs while the lessee is living at the property, they may be responsible for covering repair costs. Typically, once the lease has ended, the home has been carefully inspected, and the move-in move-out checklist has been completed, the landlord will provide the tenant with an itemized list of deductions (if any) from their initial security deposit. Without proof of damage from a move-in move-out checklist, a tenant may be able to dispute the deductions. However, landlords who have a move-in move-out checklist in place should be able to prove that damage was caused after the tenant moved in.

How do you make a move-in move-out checklist?

First, start at the top of the inspection document with spaces for the tenant’s full name, the property’s address, the move-in date and the move-out date. We recommend making a note about when the first and last inspection dates took place as well as who inspected the property.

Once you’ve completed the top portion of the checklist, it’s time to begin the actual checklist below. In column one, include headings for all rooms inside the property. For example: Living Room, Dining Room, Kitchen, Bedroom #1, etc. Below each heading make a subheading for specific features such as floors, doors, light fixtures, walls and appliances. In column two, you will want to create a space for an inspector to fill out notes about the feature’s condition when the tenant arrived. Column three should be a space to describe the condition once they departed. In column four, landlords should be able to make notes about repair costs. At the bottom of the checklist, there should be a designated place for both landlords and tenants to date and write their signatures. Landlords should make several copies of the checklist, giving at least one copy to the tenants.

What rooms and features should be included in a move-in move-out checklist?

Examples of what rooms and features to include in this checklist include:

Living Room

• Walls
• Floors
• Ceilings
• Windows and Window Treatments
• Lighting
• Doors and Locks
• Fireplace and mantel
• Smoke Detector
• Electrical Outlets
• Radiators
• Other

Dining Room

• Walls
• Floors
• Ceilings
• Windows and Window Treatments
• Lighting
• Doors and Locks
• Electrical Outlets
• Radiators
• Other 

Kitchen

• Walls
• Floors
• Ceilings
• Windows and Window Treatments
• Lighting
• Doors and Locks
• Smoke Detector
• Electrical Outlets
• Radiators
• Refrigerator
• Oven and Stovetop
• Dishwasher
• Sink and Faucet
• Garbage Disposal
• Cabinets
• Countertops
• Exhaust fan
• Pantry
• Other

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By Laura Mueller

Source: Moving

If you have ever bought or sold a house, you know that closing gifts are a common courtesy provided by realtors. It’s a way for your realtor to thank you for your business and congratulate you on your new transition. The best closing gifts tend to be ones that are both thoughtful and practical, and which can be used as you settle in to your new home.

Less common, but still always appreciated, are closing gifts from clients to their realtors. It’s not generally expected that you will provide a closing gift to your realtor, since, after all, you are a paying customer. But if you really enjoyed your time working together and you know that your realtor went above and beyond for you, there’s no harm in showing a bit of extra gratitude with a gift.

Whether you’re on the client end or the realtor end of a real estate transaction, it can be difficult to decide what you want to give as a gift. Fortunately, we’ve done the research for you. Here are some of the best closing gifts both to and from realtors.

Best closing gifts from realtors

Realtors love to get creative when it comes to their closing gifts. Especially if they’ve built up a good relationship with their client, they want to give a gift that shows some thoughtfulness and care, and that the client can actually use in their new home—even if that just means displaying it for everyone to see.

One thing to think about when giving a closing gift to a client is whether or not you should use it as an advertising opportunity. Some realtors put their name and face on a closing gift in the hopes that it might catch the eye of another potential buyer or seller. In general though, it’s usually better to keep the closing gift more personal, and use other gifts and marketing materials throughout the year to keep your name top of mind.

That being said, here are six great closing gifts to consider giving to your clients once their deal is done.

A gift card to a home improvement store. It sounds impersonal, but there’s actually something very considerate about contributing to the inevitable home improvement costs that come with moving in to a new home. The entire process of buying or selling a home is quite costly, and clients appreciate any help they can get to ease the financial sting. Combine it with another small trinket of appreciation, such as a nice bottle of wine or a pretty serving dish.

Custom décor. Thanks to sites like Etsy it’s never been easier to commission custom made items and décor. If you give yourself enough time to plan and order, a handmade sign, throw pillow, print, or other decorative item with your client’s last name and the date of their closing (if they’re buyers) is sure to delight.

A welcome mat. Welcome your clients to their new home—as well as everyone else who comes to visit—with a welcome mat. You can personalize the mat to include their name, or just get one that you think will fit their style. Be sure to consider the size of the entry space before making the purchase so that you can be sure to get a mat with the right dimensions. If you do want to go the personalization route, you can find plenty of affordable design options here.

A framed map of their town. Even if your clients are planning to stay in the same town they were already in, a framed map is a beautiful way to commemorate their new home and its place in the world. Craft & Oak is a company that specializes in custom prints and maps, and a good place to execute your design.

Smart technology. Help your client turn their new home into a smart home with a fun and practical gadget they can get real utility out of. A smart doorbell, thermostat, or vacuum, or a virtual home assistant like the Amazon Echo or Google Home, packs a big “wow” factor and will certainly get a lot of use.

A consultation with an interior design service. It can be incredibly overwhelming to look at an empty home and try to figure out how you’re going to arrange the space. Help your client out by gifting them a consultation with an interior design service. Here are five online interior design companies that you might want to consider purchasing a package from.

Best closing gifts to realtors

If you’re a buyer or seller who’s interested in showing your gratitude to your real estate agent with a closing gift, you might be feeling a bit overwhelmed by your options. After all, it’s not like your realtor has a big life event like a home sale or purchase that you can base your gift around. But there are still a lot of good potential realtor gifts our there to choose from. Here are six of them.

A gift certificate to a nice restaurant. A good way to say “thank you” is to treat your realtor to a nice meal. Choose a restaurant that you know is convenient for your realtor (in the same town as their office is a good way to know for sure). You don’t have to completely splurge on the amount, but it should cover at least one meal and one drink. If you’re not sure what kind of food they like, a gift card to a local coffee shop would also work great.

An engraved business card case. Realtors are always handing out their business cards, so give a gift that not only helps them stay organized but also ups their style factor. You can order a custom engraved business card case online at a site like Things Remembered.

A box of artisanal chocolates. Who doesn’t get excited over a box of delicious chocolates? If you have a local candy shop that you love, pick up one from there. Otherwise, you can order one from a place like Harry & David or Godiva.

A travel French press. If you know your agent can’t do without their caffeine, consider getting them a travel French press (Bodum has a great one). This way, they can always have a cup of fresh brewed coffee or tea on the go, and won’t have to make frequent stops to get their energy fix.

A portable phone charger. Realtors are always on the move, and like all of us, their phone battery doesn’t always last as long as they need it to. A portable phone charger will help them ensure they can be available at all times, and is super easy to toss in their bag whenever they’re heading out of the office.

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By Sheila Eugenio

Source: Entrepreneur

Real estate has been a volatile market over the last decade, leaving many people wary of investing in residential and commercial properties. As a result, would-be investors are looking at the market differently and using new strategies to achieve success.

Technology has been a major factor in that shift, empowering investors to research their options remotely, compare and contrast different investment strategies through online tools and ultimately make transactions with limited professional help. Here are three trends that are helping to bring new investors to the space.

1. Data-driven investing.

As big data becomes more useful for the public, the real estate industry has been looking for ways to gather and present information that will help drive purchasing behavior. Bill Lyons is the founder and CEO of Revestor, a real estate search engine that provides data to help evaluate investment properties. “In the past, real estate investors needed access to the MLS, rental income data, expenses like HOA fees, occupancy rate, insurance, taxes, mortgage calculators and the sale price of homes sold nearby,” Lyons explains. “Then they would have needed to input all of those numbers into a spreadsheet to analyze the potential value of a property. Now you can do all of that with a few simple steps online.”

While data has been a hot consumer trend in other industries, real estate has been slow to catch on. In most industries, big data adds immense value, increases revenue and pushes the industry forward. In the case of real estate, however, professionals have less motivation to make big data available to the public because it infringes on their expert knowledge and value to the consumer.

But that is likely more perception than reality. Data-driven investing shouldn’t replace real estate professionals — it should help them become more specialized. “It allows investors to quickly analyze investments from a buy-and-hold perspective, utilizing a long-term rental or short-term rental strategy, or from a fix-and-flip perspective,” Lyons says. “Realtors can then market these investments to their existing databases and new prospective clients.”

Realtors empowered by a more comprehensive set of data can spend less time researching and more time selling.

2. Short-term rentals bringing new investors to the table.

As apps such as Airbnb and VRBO continue to grow in popularity, more and more people are looking to invest in short-term rental properties. Some experts are critical of short-term rental properties as investments because they operate differently than traditional holdings. Akira Mori, a Tokyo-based real estate expert, offers a different point of view. “In my experience, in the real estate business, past success stories are generally not applicable to new situations,” Mori says. “We must continually reinvent ourselves, responding to changing times with innovative new business models.”

Millennials are a group of potential investors that have begun to reinvent the real estate market. They are hesitant to purchase real estate because of the market fluctuations they lived through while they were young. But millennials are avid users of services such as Airbnb and consequently are drawn to investing in the same way. Since they are the generation that has driven the growth of the short-term rental market online, they have experiential knowledge of the industry.

A study from NAH revealed that 48 percent of millennials want to buy a home in the near future, but 53 percent of them would struggle with financing due to student debt. If provided with the data on potential returns, millennials may be willing to invest in a short-term rental property more than a traditional home.

3. Untapped potential.

The success of residential-driven applications demonstrates how much the industry can grow if it leverages technology to open up the market to new consumers. A report from the Federal Reserve shows that real estate is by far the largest asset for the United States, coming in at $40 trillion. There is enormous potential for entrepreneurs to create financial freedom by tapping into that market.

The key is leveraging technology in such a way that helps them consider all the factors involved so they can avoid purchasing a property that does not turn a profit. Additionally, the industry needs to continue to drive technological innovation by opening up the same kind of information and access for commercial investment properties.

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By Mark Abell

Source: Entrepreneur

In a rising interest rate environment, the cost of capital is edging higher for all small businesses, but especially those who need to purchase property. As a result, U.S. entrepreneurs are returning to banks in large numbers seeking to finance real estate projects.

In many respects the current business climate is perfect for an uptick in small business lending. Business optimism has reached its highest since July 2007, according to the Wells Fargo/Gallup Small Business Index, with a reading of 100 in February, up from 80 in November and 33 points higher than a year ago. Business owners are taking advantage of a better financial situation, enjoying increasing revenue, stronger cash flow and improving access to credit. Since the 2008 financial crisis, small business owners have relied heavily on loans with adjustable interest rates. After all, interest rates were near zero for almost a decade. Now that’s changing. The U.S. Federal Reserve in March increased interest rates for the third time since the financial crisis. While the Fed’s benchmark rate remains at a very low level, below 1 percent, the average interest rate on a 30-year mortgage has risen a half a percentage point higher over the last year, as has the U.S. Prime Rate, the benchmark rate for many small business loans.

Small business owners seeking to finance real estatemortgage loans, ranging from as little as $150,000 to as much as $20 million, have three basic choices.

Conventional commercial mortgages

The cheapest financing option available to small businesses are conventional mortgages. Banks will consider a conventional mortgage for a well-established firm with a predictable revenue stream. Business owners will need a down payment of at least 20 percent for a general use building, such as an office or warehouse building. For specialized-use building, such as a bowling alley or a hotel facility, banks prefer deposits of 30 percent. Startups without profits and firms less than two years old will generally not qualify for conventional loans.

These loans typically have terms of three to 10 years with payments based on a 20- or 25-year amortization and carry interest rates (today these are generally in the mid-4 to mid-5 percent range for most borrowers) that are fixed on the shorter term loans, but adjust after five years on the longer term loans. At the end of their term, these loans typically need to be refinanced into a new loan, which means you have the added costs of new appraisals, environmental reports and loan fees each time they refinance.

The 7(a) loan program

The Small Business Administration’s most popular loan has dominated lending while interest rates have been near zero. These flexible loans typically have an interest rate of up to Wall Street Journal Prime Rate plus 2.75 percent. Today that’s equal to 6.75 percent.

Borrowers can prepay the loans up to 25 percent each year for the first three years without penalty; and after that they can prepay as fast as they want without penalty. The interest rates on these loans often adjust quarterly, so rates will rise with each Fed move. On the other hand, monthly payments are kept lower because these loans have a term of up to 25-years. Businesses can put down a deposit of as little as 10 percent, although loans that exceed 85 percent of the property’s value may require additional collateral.

These loans are especially helpful for younger companies and rapidly growing companies that have cash constraints, but they have the added advantage of never needing to be refinanced and provide low-cost prepayment options for firms that want the option to repay early.

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By Rick Grossmann

Source: Entrepreneur

Recently, I have had several clients ask for some real estate tips and strategies, so I joined forces with my Franchise Bible co-author, Michael Katz, to develop a series of helpful articles. Katz is a franchise, business and real estate attorney and has been working with landlords and tenants for over three decades. This article covers the basics of square footage and triple net.

If you want to open a brick-and-mortar location, negotiating a real estate lease will be an integral part of your startup checklist. Like so many contracts, there are no “form” or “standard” leases, and a landlord can fashion any contract that it wishes. All of the leases, however, contain legal terms that are incomprehensible to the entrepreneur. The definition of a square foot is just one such term.

A square foot

Easy, right? A square foot (often shortened to “sf”) is a unit of measurement that describes a square that is 12 inches on each of its four sides. So, when is a square foot not a square foot? When it is a “Rentable Square Foot” or a “Usable Square Foot”. The Building Owners and Managers Association International (BOMA) is a recognized leader in all things having to do with building measurements and provides us with insight. Thus, a tenant’s Usable Square Footage is the actual amount of square footage of the premises leased. In turn, this is measured from wall to wall and includes closets, bathrooms located exclusively within the space, columns and other support structures (even though you cannot use such square footage), storage space and the like.

The Rentable Square Footage of the tenant’s premises is defined as the Usable Square Footage plus a portion of the common area. That portion of the common area associated with the premises is calculated by multiplying such Usable Square Footage by a fraction the numerator of which is the usable square footage of the premises and the denominator of which is the total usable square footage of all of the spaces available for lease. For instance, if the usable square footage of the common area is 300 sf (consisting of, for instance, a common hallway and waiting area) while the tenant’s premises is 300 sf and the total project is 1,200 sf of Usable Square Footage, the tenant’s obligation is determined by the following calculation: Tenant’s proportionate share of the common area = 300 x 300/1200 or 75 sf. That means that the tenant’s Rentable Square Footage (sometimes identified as “rsf”) will be 375. Thus, the commercial lease may require the tenant to pay rent on 375 sf instead of just 300 sf.

‘Triple net’ or ‘NNN’ leases

While some landlords use the Rentable Square Foot method as the measurement of choice for calculating the tenant’s rent, other leases use the Usable Square Footage of the space as the basis for calculating the “base rent” and then assess “additional rent” based upon the landlord’s costs to operate the entire project. These costs are often segregated into 3 categories (the “Triple” in Triple Net and the identity of each “N” in NNN):

1. Taxes assessed on the entire project
2. Insurance purchased by the landlord to protect the entire project (exclusive, however, of the interior spaces of each space, which is separately insured by each tenant)
3. Expenses to maintain the entire project (usually called out as “common area maintenance” or “CAM” expense).

A tenant’s share of the NNN costs, expressed as a percentage, is determined using the same formula as was used to figure out the Tenant’s Rentable Square Footage. Using the example from the previous paragraph: The tenant’s proportionate share of all of the NNN costs = 300/1200 or 25 percent; then, if the landlord’s yearly real estate taxes are $500, if insurance premiums are $250 per year and if the yearly cost to maintain the common area is $400, the tenant’s additional rent will be: 25 percent x ($500 + $250 + 400) or $287.50 which figure is added to the base rent.

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By Christopher Berkompas

Source: Manage My Property

A big part of a property manager’s responsibility is to oversee the ongoing maintenance of the properties they manage. This includes things like getting bids, making recommendations to owners, overseeing the work, and resolving complaints when services are not performed properly.

They typically are well connected with licensed, bonded and insured contractors who have been vetted for good pricing and work that is up to code. This built in network of contractors is one of the significant advantages of working with a property management company. Landlords who choose to self-manage may go through multiple contractors before they find one who shows up on time, does quality work and charges a fair price.

The formation of a preventative maintenance program is also one of the other significant a management firm can provide. This will insure that repair needs are addressed earl y on while they are small, and inexpensive, rather than neglecting repair needs and waiting till they become larger more costly issues.

Working with the right property management company can be a strategic move for many landlords. Keep reading for a list of questions for property management companies about how they perform maintenance and repairs.

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By Jordan Muela

Source: Manage My Property

No landlord ever wants to land a bad tenant, but regretfully all screening processes were not created equally. Applicants put their best foot forward and the more they have to hide the greater lengths they will go to hide facts that would eliminate them from consideration.

The screening process can vary widely from company to company so its important to find out just how much protection the company is going to provide you from what later turn out to be bad tenants. It only takes one eviction to drive home just how important this aspect of the management companies duties really is. In addition to the questions below, ask for a copy of the rental application they use to find out if its a generic document or custom tailored.

Get an idea of how much protection the management companies you interview will provide you with their screening process by asking the following questions:

Will they “hold” a property for a tenant, and take it off the market before a lease is signed? If so, do they charge a fee?

There should absolutely be a fee so that you are protected in the event that things fall through.

What systems do they have in place to protect against rental scams? Have they ever been duped by one?

Scams are becoming more widespread and more advanced. It’s not just Nigerian scammers, but local scammers who will copy your ad, break into your home, and show the unit so they can collect a “security deposit” and run. We’re not joking, either.

What methods do they use to screen tenants?

The more comprehensive the better. Former landlords should be contacted, income and employment should be verified, credit report run, application information verified for authenticity, personal references contacted, public notice (bankruptcy, eviction) search run, etc. There are so many tricks of the trade in this area and each manager will have their own time-tested methods. If they use a third party for tenant screening find out who and why they use them instead of doing it in house.

Which tenant qualifications are most important to them? Will they consider a tenant who meets their qualification is some areas but not in others?

Ideally, you want them bringing in people who are serious about their job or schooling. Remember that the less someone has to lose in life (money, family, career, reputation, personal pride), the less you can expect from them as a tenant. The eviction rate and tenant turnover rate on the properties they manage is a good indicator of how well they screen tenants.

Do they provide you with tenant information so you can approve or deny each tenant?

This may sound like a good idea but in reality it’s not. Tenant screening is what property management companies do, it’s what they should be experts at, and it’s what you are paying them for. If you don’t trust them to perform this CRITICAL function then you should not consider hiring them. When owners get involved in the screening process the possibility of discrimination (well intended or not) goes up significantly. Fair housing violations lead to lawsuits that can cost thousands. This is a significant liability both for you and the management company.

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By Jordan Muela

Source: Manage My Property

While every investors situation is different, there are certain scenarios and factors that typically pre-dispose owners one way or the other. The following questions are designed to help you determine if you should consider hiring a property manager.

1. How far do you live from your rental property and how frequently can you visit the property on a regular basis?

If you are close you may be able to make the regular visits required for maintenance, inspections, collections, etc., otherwise the further you live the higher your travel time and expenses will be. The larger the distance the more temptation there is to not keep a close eye on things, and that can be a recipe for disaster. You should plan making monthly scheduled visits and there is always the potential for a middle of the night emergency call that requires your immediate attention. In the long run, is this feasible for you?

2. How do you deal with stress? Do you consider yourself to be a tolerant person?

This is a tough one. We all like to think of ourselves as level-headed and even-keeled, but at the end of the day it takes a special kind of person to deal with the ups and downs of property management. Behind the seemingly simple task of collecting rent every month lie a number of unpredictable problems can push people to their limits. Ask yourself how you would react in the unfortunate event that tenants:

• Get in fights with other tenants or neighbors
• Have domestic disputes
• Conduct illegal business in the dwelling
• Carry on all night parties and revelry
• Try to sneak extra people or animals into the home
• Decide to sue you
• Trash the property
• Incite the wrath of the HOA because of repeated deed restriction violations
• Refuse to pay rent because they are a “professional tenant” and know how to work the legal system for the maximum amount of free housing at the owners expense?

3. Are you currently overwhelmed with your property(s)?

Managing rental properties can become quickly overwhelming, even for experienced investors. There is always something going on that requires attention and it takes very little time for things to get out of hand. Hiring a property manager can provide an opportunity to regain control and restore stability to both your properties and possibly life in general.

4. How many rental properties or units do you have?

As your portfolio grows so do the management challenges, and it becomes easier for things to fall through the cracks. Investors with large portfolios stand to reap significant benefit by leveraging the efficiencies a property manager can provide. Size can also constrain investors’ ability to consider purchasing new properties if they’re already maxed out managing their current holdings.

5. How much experience do you have with maintenance and repairs?

If you can’t do it yourself, do you know who to call? Finding reliable handymen and contractors can take a while and in the mean time you may unknowingly hire people that are unethical, uninsured, do poor quality work, over charge etc. Maintenance and repairs are a significant component of land lording and if you question your ability to ensure the work is done well and in a timely manner, you might want to consider hiring a property management company.

6. How quickly are you able to get your unit rented?

Advertising, fielding calls, and showing the unit can take a considerable amount of time, but are critical tasks as vacancies will quickly eat into your profit margins. If you question whether you have the skills or the time to make this happen, OR if you have historically had an unacceptably high vacancy rate, you may want to consider hiring a property management company.

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By Tim Blackwell

Source: Property Management Insider

With the arrival of a new generation of renters, marketing strategies typically change in multifamily housing and other businesses. Millennials have made more impact in the apartment industry by transforming leasing and amenity preferences than any other generation. And Gen Z, the next wave coming into focus, isn’t just following suit.

One thing both are doing, however, is sending a stern message to Corporate America about what they expect in the future. It may be a sobering moment for many companies who think they can go about business as usual.

Millennials and Gen Z are both about positive impact in the broader world and attuned to how businesses behave ethically. No secret there. But in Deloitte’s latest Millennial Survey released in May, both are showing less loyalty and confidence in business.

Younger generations skeptical of business motivations

The seventh annual survey, which asked nearly 10,500 millennials in 36 countries and 1,850 Gen Z-ers in six countries about their views on business, revealed the younger demographics are more skeptical of companies’ motivations and whether they are committed to the greater good.

Less than half of millennials now feel businesses behave ethically compared to 65 percent a year ago and fewer believe business leaders are committed to helping improve society (47 percent vs 62 percent).

“As highlighted over the past six years, millennials—and now Gen Z—are acutely attuned to business’ wider role in society, and overwhelmingly feel that business success should be measured beyond financial performance,” the survey said. “They believe business’ priorities should be job creation, innovation, enhancing employees’ lives and careers, and making a positive impact on society and the environment.”

While they recognize that profits are necessary, millennials and Gen Z believe businesses should focus more on other things than the bottom line. Unlike previous generations of workers just glad to have a job, today’s younger workers are choosier and need positive reasons to be loyal to their employers, according to the survey.

But, while they want businesses to help them with career development and prepare for Industry 4.0 changes, neither envision hanging around too long. The survey notes that 61 percent of Gen Z expects to leave a job within two years, compared to 43 percent of Millennials. Only 12 percent of Gen Z feels like staying beyond five years, compared to 28 percent of Millennials.

For Gen Z, financial rewards/benefits and a positive workplace culture trump all other reasons to work. Also, each generation is a proponent of the Gig Economy, the segment that takes on short-term contract or freelance work in addition to full-time employment. Of millennials who are in senior management, 70 percent favor taking on such work as an alternative to working full time.

Deloitte says that “attracting millennial and Gen Z respondents begins with financial rewards and workplace culture; it is enhanced when businesses and their senior management are diverse, and when the workplace offers higher degrees of flexibility. Those less than satisfied with their pay and work flexibility are increasingly attracted to the gig economy.”

Companies that are able to balance social concerns with profitability and be more generous to employees and the community will attract and retain the cream of the crop.

Millennials, Gen Z paying attention to multifamily social practices

Certainly, that speaks volumes for the future of leasing apartments, especially now that Gen Z has arrived and is signing leases for the first time.

“Really, this generation is paying attention to everything socially that we are doing,” said Edr Vice President Kim Grisvard as a recent student housing conference. “It’s about giving back or contributing, the whole fitness, wellness thing and also about being eco-friendly.”

Citing a number of surveys and industry data, Grisvard offered multifamily and student housing an introduction to the generation.

Naturally, digital presence is a big factor with Gen Z, as many rely on connectivity and spend a chunk of their day on social media.

“Forty percent prefer to have high-speed internet over a working bathroom,” Grisvard said with a laugh.

The generation is heavy into volunteering for worthy causes and giving to charities, and strongly motivated by winning something. Donating money to earn some swag, she said, is cool.

Gen Z is all about being social and apartments that provide physical and cyber gathering spots will make an impact for leisure or worthwhile causes.

“They want to come together as a community,” she said. “This is the Etsy Generation.”

Apartments can make an impact on corporate social responsibility

Jen Piccotti, chief operator officer of ManagInc, says apartments can have an impact on overall corporate social responsibility by making sure employees and residents know what they care about and talking about it.

She noted that multifamily rose to the occasion when natural disasters impacted Texas, California and Oregon in the past couple of years yet didn’t really say much about it.

“We’ve had hurricanes, flooding, and in Northern California and Oregon we had horrible wildfires, and who came in to help?” she said. “A lot of people, and big part was our industry. We volunteered, brought supplies, yet we don’t talk about it that much. We should. People want to know. They want to see if you’re a match.”

She added that 84.2 percent of multifamily companies surveyed by ManagInc recently had company-organized community service events. Just the sort of thing that Gen Z relishes.

Tools like portals can be an invitation for younger renters

In addition to instilling strong corporate social responsibility, utilizing multifamily tools like community portals can help property managers attract younger renters to their properties.

In recent years, online resident portals have transformed where residents interact with each other and apartment staff. They build a sense of community by providing a place to socialize and connect with their neighbors, says Jennifer Torigoe, Industry Principal Consumer Solutions at RealPage.

“Gen Z renters expect to have the ability to connect with their community and their neighbors, and they expect that experience to be mobile and user-friendly,” she said. “Providing a feature-rich, immersive, mobile experience is a must for this generation.”

Things are changing with resident expectations, notes Grisvard. That happens when one generation moves on and another arrives. Make no bones about it, she says, Gen Z is here.

And now it’s up to multifamily companies and others listen to what the generation is saying. If not, they may be missing out.

By Tim Blackwell

Source: Property Management Insider

Technology is helping offset time and sky-high costs in today’s building processes, bureaucracy notwithstanding. It may not be the complete salvation of the modern-day building, but Bruns and the Weitz Co. see it easing some of the pain.

New technology, pre-manufacturing maximizing productivity

The industry is embarking on fresh techniques that require less brute strength and more technical power.

While automation and pre-manufacturing are already in the pipeline, Bruns and Weitz — one of the U.S.’s oldest construction firms specializing in commercial, industrial and heavy industrial projects — believe that construction will continue conforming to the latest advances as developers seek to build projects on time and under budget.

The company is using robots and drones to maximize productivity on job sites and help planners think through construction processes before the first load of lumber is delivered.

A few years ago in Omaha, NE, robots laid out a project and saved $100,000 in setup costs. On another project, they helped determine the precise amount of rebar (30,000 pieces) needed for concrete work on a building, and did so to near perfection. Only three of the pieces delivered to the site didn’t fit, a 0.0001 percent spoilage rate.

Better planning through technology was a big reason the 3,400-bed Park West student housing project at Texas A&M University in College Station, Texas, finished a week ahead of schedule.

“We took all the pre-development risk out of it,” Bruns said. “We funded all the schematic design — $1.8 million worth — for the opportunity to be involved in this project and get an above-market feel when all was said and done. It turned out to be a great project, a truly monumental accomplishment.”

Modular building reducing time at the job site

At a factory in Cincinnati, modular bathrooms were built and shipped to a flagship hotel project in Des Moines, Iowa. Bruns said the decision to pre-fabricate saved “17 weeks of chaos on the job site.”

Cranes hoisted finished modules, complete with tile and grout, onto the flat surface of the structure with ease. Because of their design, the bathrooms fit snugly against the surface of the rest of the apartment, with no transition from the carpet to the bathroom floor.

The modules were made of strong, lightweight composite material and metal studs so they could be shipped safely and minimize spoilage. All were installed about two weeks sooner than if crews had built them onsite.

Building the bathrooms in a factory offered some subtle assembly efficiencies that workers couldn’t gain otherwise, like applying thinner grout lines when setting tile.

“The grout joints on the tile are half the size of a normal installation,” Bruns said. “That means it doesn’t take as much work to clean it. Quality improves. The schedule was dramatically impacted.”

Overall, the company cut costs 7.5 percent.

The Weitz Co. also is leveraging technical know-how to stay on top of jobs, from planning to the final coat of paint. Drones are being used to better assess job sites before work starts and inspect structures as they are being built and after completion. The technology allows inspectors to see parts of high-rises that would normally be too dangerous for workers to access unless they used heavy equipment.

“We’re using drones to help us understand how productive we are, to see places we couldn’t see before,” Bruns said. “We’re seeing what the detail looks like way up high on new projects, those brand new student housing projects that everybody’s excited about.”

Along the way, end-of-construction punch lists are being redefined. In the past, nobody had a list that included scrutinizing a high-rise building’s façade well beyond the first few floors with as much specificity as possible today, Bruns said.

Pre-manufacturing could help ease labor issues

Bruns said building some components in advance could solve a chunk of the construction industry’s manpower issues, although some believe it’s not a perfect process. Among the reasons are that modules could be assembled incorrectly or take too long to build offsite or be damaged in shipment.

One architect at the conference said mold was found in some modules that sat outside too long at the site before being installed in one high-rise. The problem put the project behind schedule.

Others think the old-school way of assembling buildings is just faster and does not compromise control at the job site.

But Bruns said the industry may have to rely on pre-fabrication like it or not, especially if labor shortages persist.

It’s no secret that fewer workers are choosing construction as a career. Coupled with rising retirements, an already depleted labor force is just getting thinner.

“My prediction is that there’s going to be no choice,” Bruns said. “Manpower is going to continue to be scarce while the demand is going to continue to be there. The trades people are retiring at a rate that is absolutely alarming. Finding a mason right now in this country is a real challenge; in fact, we’re considering multiple masons on just about every project of scale because if somebody stumbles you have to be there to pick it up.”

Technology creating greater transparency in construction

The true impact of how technology is improving construction ultimately is in the bottom line and keeping it in check while minimizing cost overruns. Honing in on labor issues and on precise processes not impacted as much by spoilage and waste offers better transparency in pricing.

Bruns says the Weitz Co. already has greater pricing transparency and that this will become the norm with all construction companies when building commercial and residential establishments. Sort of like buying an everyday item off the grocer’s shelf.

“You know what it costs to buy, you know you like it and you know it does the job,” he said. “In the future, buying our services will be much more straightforward.”

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By Aimee Miller

Source: AppFolio

Savvy property managers use mobile technology to attract residents and build stronger relationships. It’s not just about first-time connections with prospects. Mobile tech advancements make it possible to engage prospective residents at virtually every touch point of the leasing experience – even after the move-in date comes and goes.

If you want to leverage mobile technology at maximum levels, start with the basics.

Build an infrastructure that supports diverse users – including compatibility with multiple operating systems and devices like tablets, smart phones, laptop computers and iPad technology. To get this part right, you’ll need to choose property management software and web host providers who deploy the newest technology and engage in ongoing upgrades to support all types of users and their digital machines.

Improved connectivity increases engagement and increased engagement leads to higher conversion rates.

Start the conversation with residents on the move. Texting leads about an open-house event or current rent specials while they’re in their cars or dining out is a great way to drive traffic to your property. Mobile ads, coupons and invites are popular marketing tools.

Continue the conversation with mobile leasing applications. Add online lease signing features that help you close the deal faster with almost immediate application review and approval policies.

Create memorable first impressions with video. Augmenting text content with video and audio is gaining popularity – and Google looks favorably on video added to blogs, FB posts and social media exchanges. To move up the index, consider posting vacancy snapshots and virtual property tours on your website.

With apps like Instagram’s Hyperlapse that let you create fun, informative video you’ll be able to show residents what’s great about your property. Pique curiosity or build credibility, the choice is yours. Whether you want to showcase new additions to your portfolio or document a day in the life of your community, sharable content expands your marketing reach.

Fostering relationship building by increasing workflow efficiency.Integrating mobile apps for annual inspections keeps maintenance staff organized and frees up office personnel to devote more face time to onsite property tours and other engagement activities.

Combine texting and portals. Market your property as a technology rich community. Make rent payment simple and available and you’ll most likely see a drop in late payments. Text reminders, supported by mobile access to online resident portals, encourage residents to make their rent payments promptly.

Text can also help you follow up with past applicants and wait-list clients when vacancies hit available status. Here’s why:

• Text is more popular than voice calls.
• 9 out of 10 text recipients read the message within 3 minutes.
• Almost 100% of text messages are read – only 1% are ignored or deleted unopened.

Improve customer experience with behind the scenes mobile technology.Perhaps the best strategy for attracting high caliber residents to your property is addressing what goes on behind the scenes.

Whether you’re using mobile apps that improve time management or incorporating a BYOD policy to keep your staff connected, give your team the technology tools they need to outshine the competition.

Mobile technology reduces costs, improves communication and enables increased productivity. A solid marketing plan and a well-oiled property management machine will naturally attract – and retain – more qualified residents. Have you had a good or bad experience with mobile technology on your property? Tell us about it in the comment section below.

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Source: iProperty

Finding the perfect property for you is a difficult process and even if you find it, it can still be difficult to tell. In order to ensure that you make a property purchase that you won’t later regret, follow the below tips.

View several properties

Although you might think it’s love at first sight as soon as you step foot in your first property, there’s no harm in checking out what the rest of the market has to offer. Attend a few open houses in the local area to get a real feel for the neighbourhood you could be living in.

By doing this, you’ll also be able to develop a strong grasp of the features you want your new home to have. Until you see them in a property, you might not realise how useful they’ll be.

Get professional help

Homebuyers – those making their first purchase in particular – definitely shouldn’t hesitate when it comes to asking for advice. Get in touch with local estate agents and mortgage brokers and find out what they have to say about the local area.

Ask them any questions you may have, as it’s far easier to get professional advice at the start of your home buying journey than once you’ve already begun.

Be aware that compromises may be necessary

Depending on how well the market is performing, you might need to accept that the type of property you’re after simply isn’t available in your ideal neighbourhood. Draw up a list of the key features your property needs to have and work around this. It’ll give you a much clearer picture of which properties meet your needs.

Don’t skip building and pest inspections

Once you’ve found a house you’re interested in, it’s understandable that you might want to rush through the process and move in as soon as possible. Remember, however, that skipping any building and pest inspections isn’t a good plan, as it can cost you a lot of money down the line.

Don’t buy a house for its furnishings

Although a fully-furnished house is appealing, you’ve got to look past the furniture and decor. Although it might look nice, there might be other properties without furniture that suit your needs better. Focus on the property itself and leave furniture and decor for later.

Don’t get overly emotionally attached

At the end of the day, any property purchase is a business decision. Getting overly emotionally attached to a property can cloud your judgement and lead to you spending much more than you can afford. It can also lead to disappointment if your offer isn’t accepted and the property goes to someone else.

Jumping into the real estate world is a tried-and-true pathway to wealth. That pathway, although tested, isn’t for the faint of heart — there are many bumps along the way. Before you start buying, take some useful beginner’s advice from the insiders who have been there and done that.

Check out the tips below to learn about some common real estate myths you need to know before you get into the game.

Tip 1: It’s all about the timing.

Dollar signs are directly linked to the calendar when it comes to real estate. Thanks to seasonal fluctuations, the listing date could increase sellers’ profits — or give buyers a serious discount.

Tip 2: Video made the real estate star.

The online shopping phenomenon has also touched the world of real estate — and over 80 percent of all new home buyers find their new abode online, according to Ben Salem of Ben Salem Properties in Beverly Hills, Calif. His advice? Put that GoPro to good use and give prospective buyers a walk-through of their new, soon-to-be home.

Tip 3: Be wary of home improvements.

Do your homework and learn which home improvements add value to your home, because not all of them do. Be sure to focus on projects that will maximize the return on your investment — think a fresh coat of paint or a new garage door versus a massive undertaking, pricing you out of your real estate market.

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By Kami Zargari

Source: Forbes

It’s true, whether we’re talking about the technology industry, the medical industry or the real estate industry, what Steve Jobs is believed to have once said: “If you really look closely, most overnight successes took a long time.”

Achieving success in property management often takes time — years of experience tempered by discipline, attention to detail and an unwavering commitment to withstanding responsibility and pressure.

Knowing how to juggle the manifold duties of property management is one of the great secrets to success. Understanding the value of communication and how best to liaise with both colleagues and clients is another skill that every property manager must master. And staying enthusiastic and knowing how to stimulate interest in your clients are absolute musts for sealing the deal.

Knowing the secrets to success of the best property managers is not enough; you need to actually possess these skills.

Building The Right Skillset

Constructing any skill set is not enough. The skills you refine and sharpen must be tailored to the profession.

As a property manager, you are exposed to a daily onslaught of real estate tasks. You need to deal with colleagues, tenants, owners, maintenance personnel, prospective clients — the list goes on.