What is a landlord’s responsibility in terms of maintenance?

Paying for the maintenance services and coordinating with the property management company if there are major repairs.

Who is responsible for the maintenance of rental property in short-term rentals?

The property management company is still responsible, but they will have more responsibilities including housekeeping and coordinating with maintenance staff. The cost of these services is also higher.

Are there cases when property management companies and landlords split responsibilities?

For the most part, the property management company handles the entire process. However, landlords can split the responsibility if they want more control.

Why is the maintenance of rental property important?

Landlords are legally required to maintain property and keep them habitable. Maintained properties also keep and attract tenants.

What are the costs of tenant turnover?

Here are all of the costs that come with tenant turnovers: administration costs, cleaning costs, repair costs, advertising costs, property showing costs, tenant screening costs, vacancy costs, and court costs.

What are some property management service trends for 2022?

Here are the property management service trends owners and renters should know about: more owners to invest in rental property, more preference for virtual tours, a bigger need for property management software, a higher demand for legal services, and expected immediate action on maintenance requests.

How to calculate ROI for rental properties?

To calculate for ROI, divide the annual rental income with the total cost of the property. Multiply that number by 100.

What are five questions you would ask the landlord about your preferred property?

Five of the most important questions to ask are: 'How much is the rent and what is included?', 'How do I pay rent and when is it due?', 'What happens if I miss the rent due date?', 'Is the security deposit refundable?', and 'Is renters insurance necessary?'.

What should I ask my landlord?

Part of sensible house hunting, though, is knowing what to ask when renting an apartment or house. You can’t blindly enter a deal without knowing rent details, lease terms, and any applicable policies. Doing that will only invite disputes down the road. Ask about rent details (how much, when it is due, what is included, etc.) as well as security deposits and renters insurance. Find out how long the lease duration is, how much notice is needed before moving out and accessing the property (for landlords), and how emergency maintenance is handled. Ask about various policies, including pet policies, guest policies, subletting policies, renewal policies, and early termination clauses, too.

Renter Priorities: What’s On Top Of A Tenant’s List?

Posted on 2023/12/12 by admin

Renter priorities have changed over the last few years. Landlords and property owners need to stay up-to-date with the changing trends to stay competitive. What are the top renter priorities nowadays? Here’s what you need to know.

Top Renter Priorities

The common priorities of renters included apartment features, community amenities, rental rates, and lease terms. However, as the new normal set in, renter priorities have started to shift. Here are the top renter priorities and tenant rental behaviors landlords should consider.

1. High-Speed Wi-Fi

Remote work has affected rental prices significantly in the new normal — and it’s no surprise why. That’s because renter priorities have shifted in the last few years. Now more than ever, tenants work from home several days a week. More and more people are not expecting their remote work setup to change.

Hence, tenants want high-speed Wi-Fi connectivity at home. Some may also prioritize Wi-Fi accessibility and speed in common areas. Landlords and property owners need to pay attention to this as they can help attract new renters.

2. Shared Workspaces

Apart from staying connected, people prefer to be more mobile than stationary. Hence, people want shared workspaces within apartments and communities. This is in line with the current trend of remote work being a big part of the new normal.

3. Electric Vehicle Accommodation

While not a lot of renters drive a fully electric vehicle, many are planning to purchase one the next time around. Many renters also consider the option and plan to purchase or lease an EV in the next two years.

As a result, landlords may need to provide more electric vehicle charging stations in the future. Landlords should also think about the quality and accessibility of their charging stations. They may also need to rework the logistics of their parking spaces to accommodate this new trend.

4. Prime City Centers

Even though remote work has changed renter priorities, tenants still want to live in prime city centers. This is because renters still want their workplaces to be in commutable distance. After all, not everyone works from home full-time. Many have hybrid setups wherein they work from home only a few days a week. This is why rental values have still increased in many big cities.

5. Online Tools

Renters have been embracing digital experiences more and more lately. Hence, it’s unsurprising that many rely more on online tools to find their next rental unit. Landlords and property owners should make sure to prioritize marketing their homes online to reach their target audience. They may also need to provide more information online to make the hunt more convenient.

In addition, landlords may even want to provide digital tours. Many renters say they may even consider signing a lease based only on digital information and virtual tours.

6. Outdoor Spaces

While city centers are still sought, renters want more accessible outdoor spaces. This is because many remote workers still want a change of scenery and fresh air. They may be unable to do that while being cooped up in their rooms. However, if their immediate neighborhood can provide that, it’s a big plus.

Hence, landlords may want to provide more communal gardens and green areas. Property owners may consider providing bigger windows or more ventilation if the property is a skyscraper or tall building.

7. Aesthetics

The rise of social media has played a big role in the rental landscape. Moreover, more connected generations (millennials and Gen-Z) have grown older and are looking to rent properties. As a result, landlords need to pay attention to the aesthetics of their rental homes and communities. After all, renters nowadays want to share pictures of their every experience, including how they live at home.

8. Pet-Friendly Homes

Renters love their pets and don’t want to part with them at all costs. Hence, providing a pet-friendly rental unit may give landlords an edge over other homes. This may lead to more property damage, but landlords who allow pets in rental properties may gain more in the long run.

9. Price

Price will always be a big part of renter priorities. It’s one of the biggest reasons why renters leave and seek out a different rental home. Landlords will want to do their research on local rental rates and offer a competitive price to find tenants.

10. Neighborhood

The more people work from home, the more a good neighborhood matters to them. Renters want a safe city with decent noise levels and good neighbors. Landlords may need to factor this in to keep their current tenants and find new ones.

11. Amenities

An apartment or community’s amenities might be low on the priority list, but they’re still a factor people consider. That’s because renters still want access to good amenities, especially if they’re important to day-to-day living. For example, providing on-site laundry or a fitness studio might be helpful.

12. Large Living Space

Besides seeking lower rent, many renters also move out to look for a larger living space. Staying in a small home can be sustainable only for so long. People will eventually want to move somewhere with more room, especially if they want to settle down or start a family.

13. Good Management

Tenants may often butt heads with the property management company during disagreements. Even if an apartment’s amenities and features are superb, they might not be worth dealing with an awful management company. Thus, landlords should hire the right property manager and prioritize customer service.

Renter Priorities: An Important Consideration

Property owners and landlords need to consider these shifting trends in renter priorities. If they don’t, it could mean a lot of monetary loss down the road. Landlords who don’t stay competitive might not even be able to find tenants at all.

Staying on top of industry trends and making changes can be hard. Landlords struggling to do this alone may want to seek professional help. Look through our online directory today to find a trustworthy property management company!

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Who Handles The Maintenance Of A Rental Property?

Posted on 2023/05/242023/09/14 by admin

Who should handle the maintenance of rental property? Is it the rental property management company or the property owner? Here’s what you should know about who takes the responsibility and to what extent.

Who Is Responsible for Maintenance of a Rental Property?

Generally, the rental property management company is responsible for the maintenance of a rental property. It’s their responsibility to receive maintenance requests and evaluate them. Moreover, they’re in charge of scheduling the repair in a timely manner.

Rental property management companies usually station staff on-site to maintain the property. Doing this helps them address these issues as they arise.

What Are the Property Management Company’s Responsibilities?

A property management company can handle a lot of things related to maintenance. What are their responsibilities?

Maintaining Standard Fixtures

A management company will help landlords maintain everyday household fixtures. This includes general things like replacing bulbs or installing locks. It can also extend to larger services like general landscaping, pest control, fixing fire damage, and removing snow. Most companies also fix piping, plumbing, and electrical issues.

Coordinating With Tenants

Property management companies are also in charge of receiving requests from renters. Moreover, they’re responsible for evaluating each request and getting to the root of the problem.

Tenants can usually submit a request through the management company’s online form. They can also do so manually through a physical form at the company’s office. Once the job is scheduled, the property management company is also responsible for coordinating with the tenant. They may instruct the tenant to be present during the service or vacate the premises for a certain period.

Handling the Repair or Hiring Contractors

Some property management companies have an in-house maintenance team that can help with basic services. They can handle small repairs like fixing broken toilets or switching out lightbulbs. However, other property management companies don’t handle the repairs themselves. Instead, they will coordinate with independent contractors to finish each job.

Many companies will have a list of contractors to contact. Meanwhile, others will search for contractors only when the need arises. If you have preferences when it comes to contractors, you can contact your property management company.

Afterward, you’re free to tell them any prohibitions if you previously disliked a specific contractor’s work. Likewise, you can tell them to work with certain contractors you’ve had a good experience with.

What Is the Landlord’s Responsibility for Maintenance?

While property management companies are usually responsible for maintenance, there are limitations to what they can handle. Moreover, landlords have specific areas of responsibility they have to keep in mind.

Payment

Repairs and maintenance cost money. While property management companies handle the requests and scheduling, repair payments fall under the landlord’s jurisdiction.

Every property management company will handle payments differently. Some will charge a fixed monthly fee to cover maintenance costs. Meanwhile, others initially shoulder the cost and bill property owners at the end of the month.

Others even require landlords to provide a reserve fund for repairs and maintenance expenses. Once dried up, the landlords are responsible for replenishing the fund. Regardless of how they bill you, property management companies may charge you extra for larger repairs. They may also charge extra for their services.

Major Repairs

Property management companies can usually handle most of the work related to maintenance and repairs. Owners and landlords rarely have to lift a finger. However, sometimes there are exceptions when a property needs major repairs. In these instances, management companies will call you to tell you about the necessary repairs.

Doing this lets them keep you updated on your rental property. It also lets you know what to expect when the bill comes after the repair. In addition, this gives you the opportunity to step in. You may then coordinate with the property management company more closely to handle the job.

Short-Term vs. Long-Term Rentals

Property management companies are still responsible for maintaining short-term or vacation rentals. However, maintaining these properties differs slightly from maintaining long-term rental properties.

Management companies have more responsibilities when maintaining short-term rentals. Unlike long-term rentals, they aren’t limited to handling occasional requests. Instead, they’ll need to coordinate with cleaning and maintenance staff more often. This is to ensure that short-term rentals are prepared for each visitor.

In addition, these management companies will charge higher for their services. This is because the turnover costs are much higher for short-term properties. They require more housekeeping and will likely suffer from more wear and tear. Plus, guests come and go more often, increasing their workload.

Finally, payment schemes for maintenance will differ for short-term rentals. That’s because most property management companies charge a commission instead of a monthly fee.

Are There Cases When They Split Responsibilities?

For the most part, property management companies can handle the entire maintenance process. This allows property owners who want a hands-off approach to sit back and relax. On the other hand, you can split the responsibilities if you want a bit more control. However, you’ll have to come to an agreement with your management company beforehand.

Why Is Rental Property Maintenance Important?

Whether you’re working with a rental property manager or not, landlords should prioritize the maintenance of a rental property. That’s because landlords and property owners are legally required to provide habitable living conditions to their tenants. Otherwise, tenants can take action and sue landlords for neglecting maintenance and repairs. Some tenants may even refuse to pay rent until the landlord resolves the issue.

Apart from avoiding legal consequences, landlords should maintain their properties to keep current tenants. After all, people can easily move out of your rental property if it’s falling apart. Keeping your property well-maintained is also likely to attract more tenants in the future.

Stress-Free Property Maintenance

Property owners that work with property management companies don’t need to stress over repairs. The management company can usually handle everything related to the maintenance of a rental property. Through them, you can sit back and enjoy earning passive income without exerting too much effort.

Looking for a reliable property management company is tough. If you’re unsure where to start, try our comprehensive online directory to find one near you!

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Tenant Turnover Cost: It’s Costlier Than You Think

Posted on 2022/10/26 by admin

Landlords cycle through tenants — that’s just how it goes. But, with every transition, there are some expenses involved. How much does tenant turnover cost?

Tenant Turnover Cost: Everything That Goes Into It

Tenant turnover is the period of time between the end of an old tenant’s lease term and the start of a new tenant’s lease term. There are many associated expenses that landlords encounter during this gap. These expenses can vary depending on a few factors, including the condition of the property, the age of the property, and the demand for rental properties in the area. Though, the average cost of tenant turnover is around $1,750 per month.

Here are all of the costs that come with tenant turnovers.

1. Administration

The turnover process involves a lot of administrative work. And with that comes administrative costs. These include fees associated with processing paperwork, hiring vendors for cleaning and repairs, bank fees, and tenant screenings. For landlords that employ property management companies, this also includes the property management fee.

2. Cleaning

Cleaning is essential if you want to attract tenants. Showing prospects around a dirty place sends them a signal that the landlord doesn’t care enough to keep the property clean. It also encourages tenants to look after the property with the same level of care.

While cleaning is something you can do yourself, it’s best left in the hands of professionals. This is especially true if you manage multiple properties. Have the carpet washed, debris thrown out, the exterior pressure washed, and the lawn mowed. Make sure not to miss any corners and crevices.

3. Repairs

Nobody wants to live in a decrepit apartment or house. As such, you should inspect the rental home for any signs of damage and have them repaired before putting it back on the market. This is also the perfect time to do some upgrades if time and budget permit.

Don’t forget to conduct a move-out inspection with your old tenant. This way, if they left your property worse for wear, you can use their security deposit to cover some of the repairs. Of course, ideally, you would have no need for repairs at all. Repairs, particularly major ones, can extend the amount of time your property is left unoccupied, driving your lost income expense higher.

4. Advertising

Another essential tenant turnover cost is advertising. Unless you already have a new tenant lined up to take over, you will need to market your rental to potential tenants. Keep in mind that there are some platforms that allow you to post rental ads for free. However, many others do charge a small fee. Apart from the online route, other advertising options include flyers, newspaper ads, and printed signs.

5. Property Showings

It is normal for prospects to want to see the property in person before making a decision. Sometimes, you will only need to show it once or twice. Other times, though, you can rack up a pretty high number of showings. Whatever the case, showings do take time. And, if you don’t live nearby, they also come with travel costs.

6. Tenant Screening

It is important to screen your tenants before you sign the lease. In addition to a filled-out application form, you will also need to review various reports. These include credit reports, criminal background reports, and eviction reports. This way, you can confirm that the prospective tenant has a good rental history and can cover rent.

All of these reports, though, cost money. And, if you don’t charge an application fee, you will have to pay for them out of pocket. As such, it is advisable to collect an application fee so you can keep turnover costs low.

7. Vacancy

Vacant units don’t earn rental income. And the longer a unit remains vacant, the higher your lost income expense will be. This cost is particularly heavy on landlords who are still paying a mortgage and are using their rental income to cover it.

Vacancy rates can vary depending on your location, the time of year, and the property itself. Nice properties located in major cities or areas are more likely to get tenanted sooner. Wintertime is also pretty dead in terms of demand. Fortunately, there are some things you can do to boost your chances of finding a quality tenant.

8. Court Costs (Sometimes)

This is a tenant turnover cost that landlords often overlook. It’s not something you want to think about, but evictions do happen. Sometimes, they are even necessary. If you need to evict a tenant, there are certain legal fees and court costs that you will incur. Disgruntled tenants may also intentionally damage your property in retaliation, leading to higher repair costs.

The Tenant Turnover Process

In normal circumstances, the turnover process usually begins 1 to 2 months prior to the end of the lease term. At this point, landlords will send a notice to the tenant letting them know of the contract’s impending expiry. The tenant generally has two options: renew the lease or move out. If the tenant wants to move out, most lease agreements require them to provide a certain length of notice.

Once you receive their move-out notice, start looking for tenants immediately. Advertise your property online or using traditional methods. Then comes the move-out inspection. Make sure to thoroughly examine every inch of the property to identify if there are any damages the tenant left behind. The security deposit may cover the cost of repairs.

After your old tenant has moved out, hire someone to clean the property. This is also when you would need to do any maintenance or repair work (if necessary). After that, you will need to do property showings, process applications, and screen tenants. The end goal is to find a quality tenant and have them sign a lease with you.

Causes of Tenant Turnover

A high tenant turnover rate can be alarming, so much so that it can prompt you to change a lot of things about your property. But, before you drastically lower rent or completely redo your perfectly fine flooring, take a pause. There are some reasons for tenant turnover that are simply out of your control.

These include the following:

Expiry. Tenants move all the time. This can be due to a number of reasons, such as a new job or to be closer to family. As such, once their lease expires, they will simply choose not to renew.
Early Termination. A tenant may want to move out and end the lease early. When this happens, you will need to begin the turnover process.
Eviction. This usually happens when a tenant violates a major term in your agreement. For instance, a tenant might begin taking part in illegal acts, sublet the apartment without consent, or stop paying rent.

How to Minimize Tenant Turnover

Because turnovers can be expensive, landlords actively seek ways to reduce their turnover rate. This, in turn, will keep the tenant turnover cost low. Obviously, the best way to minimize turnover is to enhance tenant retention. If you keep the same tenant for a long time, you can avoid incurring the costs associated with turnover.

One of the best ways to do this is to maintain a great relationship with your tenant. Communication goes a long way. When a tenant has a concern, make sure to listen. Acknowledge them and then try your best to address their concern.

Tenants are also far less likely to move if you keep rent at a fair price. Rent increases are normal, but you shouldn’t raise rent an exorbitant amount. Keep it at a fair market value.

Finally, make sure to keep your property well-maintained. A property that looks great and functions well can make a huge impact on fostering a positive landlord-tenant relationship.

More Than a Budget Issue

The tenant turnover cost is something that every landlord worries about whenever a renter moves out. Thankfully, you can keep costs fairly low by getting ahead of maintenance and repairs, attracting quality tenants, and charging an application fee. Some landlords, of course, are more troubled by the amount of work involved in the turnover process. This is where a property management company can help.

Look for a property management company you can trust. Start with our comprehensive online directory to find one near you!

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Property Management Service Trends For 2022

Posted on 2022/05/27 by admin

As with many markets, the property management industry is set to experience some trends this year. Understanding these property management service trends would prove beneficial to both rental property owners and tenants.

Interesting Property Management Service Trends for the Year 2022

The COVID-19 pandemic certainly threw a wrench in everyone’s plans. But, it also affected the rental market in the United States. As per the 2022 Property Management Industry Report, the previous year saw an increase in the number of renters living in single-family homes. While this is partly due to rising housing prices, there is no denying the role the pandemic played.

Interestingly, some trends concerning single-family property management services emerged in the last couple of years. And, given the way the market is going, it is likely that these trends will continue this year, too. Here are the property management service trends owners and renters should know about.

1. More Owners to Invest in Rental Property

Surprisingly, many single-family rental owners are not landlords by choice. Some of them only came into property ownership through inheritance, while others were caught in different circumstances. Now, though, rental property ownership has turned into an attractive investment. Individuals and institutional investors alike are turning to the industry as a viable way to make money.

With the number of rental property owners increasing, the demand for property managers will spike with it. These owners want experienced professionals who know the local landscape like the back of their hands. They also want capable managers who can juggle a myriad of duties, such as collecting rent, answering tenant concerns, and maintaining the property.

In addition to this, property managers who can produce market-focused and comparative reports will be of high value. Rental property owners want to know how their investments perform in contrast to the larger market outside of the local scene. Such reports will give owners a better understanding of their assets and may encourage them to branch out.

2. More Preference for Virtual Tours

The COVID-19 pandemic saw both strangers and close friends alike keeping a safe distance from one another. As the illness could easily spread, business establishments either imposed occupancy limits or required social distancing. Some even halted operations entirely.

In the world of rentals, in-person property showings became less and less common. It no longer made sense, from a health standpoint, to show empty apartments and single-family homes to hordes of potential tenants. This created a safety issue not only for the property manager but also for the renters shopping around.

Pretty soon, virtual tours became the new normal. Virtual tours give potential renters an opportunity to view empty rentals without risking their health. But, even before the pandemic, virtual tours were already gaining traction. This is unsurprising considering how convenient they are. Sure, it takes some extra work, but virtual tours can save a lot of time and money for both parties in the long run.

3. A Bigger Need for Property Management Software

The pandemic might not have birthed the use of property management software, but it certainly played a role in popularizing them. People needed to communicate without meeting and use tools that supported remote management. Property managers turned to owner portals to keep in touch with tenants and their needs. This also allowed for a more streamlined approach to fielding requests.

Digital tools also opened the door to more timely reporting. It is now easier to track turnover rates, vacancy periods, and delinquencies. With such data available at the press of a button, property managers can focus their energy on making a difference.

On the side of renters, digital property management tools are a sign of modernization. The old, traditional ways no longer work for the new generation. Everything has to take place online without having to go through multiple channels to get things done.

4. A Higher Demand for Legal Services

One of the things most landlords can’t do on their own handles legal matters. In 2021, the CDC issued an eviction moratorium in high-transmission areas, which put many rental property owners in a bind. But, even with the moratorium lifted, there are still plenty of orders and laws that owners have to deal with.

A few states have been considering good cause eviction laws, which would limit the reasons a landlord could evict a tenant. And then there are rent control laws that can be hard to navigate.

Most landlords don’t have a background in law to handle these things alone. And the demand for property managers will likely increase as a result. After all, it is a part of a property manager’s job description to know the law and keep properties compliant.

Moreover, this knowledge could help owners make smarter decisions. They can advise owners on which markets are more attractive, such as those with fewer restrictions. This will give owners a higher chance of turning a significant profit.

5. Expected Immediate Action on Maintenance Requests

The COVID-19 pandemic forced much of the world to stay at home. As tenants spent more time confined in their homes, maintenance issues became increasingly apparent. It was no longer bearable to deal with a leaky faucet because they would have to hear the water drip all day long.

One trend that came out of this is the expectation of tenants for immediate action. Once they submit a request or complaint, they expect their landlord to get the job done at the soonest. Tenants also notice the problems of their residence more, leading to more frequent requests. Plus, there is a higher need for communication, as requests can’t go unanswered for a long period of time.

Not all landlords have the time or patience to deal with such requests. As such, property managers will step in. The big challenge, though, comes as issues with the supply chain remain unfixed. Due to a shortage of labor and materials, property managers and rental markets will face a slowdown.

The Future of Property Management

The property management service trends for 2022 affect both owners and renters alike. It is possible that these trends could continue and carry over to the following year as well. Should that be the case, familiarization with these trends will give you an edge in the rental market.

Landlords who are looking for a property manager or management company can start with Rental Choice. Our online directory allows you to search for property management professionals in your area.

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Property Manager Job Description: What Does A Property Manager Do?

Posted on 2022/03/15 by admin

Property management is no easy feat, which is why many turn to professionals. But, what exactly are property managers responsible for? Keep on reading to understand the property manager job description.

Property Manager Job Description: What Is a Property Manager?

A property manager is a person or company responsible for the day-to-day operations of a real estate property. Real estate property can take many forms, including but not limited to apartment units or buildings, condo units or buildings, single-family rental homes, and commercial properties. Property owners typically hire property managers when they are unable to or uninterested in tending to their own property.

What Do Property Managers Do?

Property managers cover a lot of ground. They essentially take the place of the landlord, acting and communicating on their behalf. Of course, not all property managers or management companies offer the same services. As such, property owners must determine their needs and seek a property manager that can meet them.

What does a property manager do? In general, the following fall under the scope of property manager duties:

Setting rental rates
Collecting rent and other fees from tenants
Preparing and managing budgets
Preparing financial reports and presenting them to the property owner
Marketing vacant units
Showing the property to potential tenants
Overseeing the application process
Screening and interviewing tenants
Preparing lease agreements and ensuring they are in compliance with Fair Housing laws
Enforcing lease agreements
Maintaining the property
Inspecting the property on a routine basis as well as at move-in and move-out
Hiring vendors to perform maintenance, repairs, and other services
Paying property expenses, including property taxes, insurance premiums, and mortgages
Communicating with tenants and tending to their complaints or concerns
Resolving disputes among tenants
Reporting on occupancy and vacancy rates
Staying on top of leases and reporting which ones are due to expire
Terminating or renewing leases
Processing evictions

How Much Does a Property Manager Cost?

Property managers and management companies offer their services in exchange for a fee. This fee can vary from one manager or company to another. There are also multiple factors that can affect property management fees, such as:

Size of the Rental Property. Larger properties tend to command a higher fee because there is more work involved.
Location of the Rental Property. Properties located in more affluent neighborhoods typically charge a higher rent, which equates to a higher property management fee.
Type of Rental Property. The type of property — be it residential, commercial, or industrial — can impact the price of the fee as well.
Age of the Rental Property. Older properties usually require more maintenance and repairs. Thus, they might fetch a higher price in terms of property management.
Nature of Services Needed. Property owners that only outsource a few services, such as rent collection and tenant acquisition, tend to pay a smaller fee compared to those who need full-service property management.

When it comes to the monthly management fee, property managers or companies usually charge in one of two ways: a flat fee or a percentage of rent.

A flat fee is exactly how it sounds. With this setup, property managers charge a flat dollar amount every month. In contrast, some property managers charge a percentage of rent. On average, property managers charge between 8% and 10% of the gross monthly rent. So, for a property with a gross monthly rent of $5,000, the rate would be between $400 and $500.

Additionally, many property managers and companies charge other fees on top of their monthly management fees. This can include but is not limited to an initial setup fee, a tenant placement fee, a vacancy fee, an early termination fee, and an eviction fee.

How to Find a Good Property Manager

A bad property manager can drive your rental into the ground and ruin your finances. Now that you know the property manager job description, it is time to learn how to find a good one.

1. Property Manager Certification and Requirements

Some states require property managers to go through certain certifications and to carry a real estate license. As such, it is always smart to check for their licenses and certifications. Include this in your initial request for proposal or ask about their credentials during the interview process. You should also make sure the property manager or company you hire has enough experience in the field. Don’t be their guinea pig.

2. Reviews and References

Reputation is something you should also consider when hiring a property manager or company. To check this, make sure to look for reviews of the manager or company online. You can also ask the company or manager for references you can contact personally. Ask their references about the quality of services they deliver and how the manager responds to crises. It is also a good idea to inquire about the character and personality of the manager.

3. Intangible Qualities

Experience and expertise can be defined by paper credentials and the number of years they have been working in the industry. But, there are certain intangible qualities you should look for in a manager, too.

A property manager should have good organizational, communication, and time management skills. They should also understand accounting and financial management as well as be proficient in various tools such as Microsoft Office and property management software. Beyond that, a good property manager should be approachable but remain professional at all times.

4. Price Range

For a lot of property owners and landlords, price is a top consideration when it comes to professional property management. A property manager can have all the credentials and qualities you’re looking for. But, if you can’t afford them, the conversation is moot. As such, you should inquire about their property management fees early on.

Property Manager Job Description Explained

Property managers provide valuable services to landlords and property owners. They perform important tasks that are necessary to keep the rental property functioning like a well-oiled machine. As a property owner, if you lack the time or expertise for property management, or if you are just uninterested in hands-on management, you will greatly benefit from hiring a professional property manager.

Finding a good property manager or management company, though, is often easier said than done. Simplify your search by using our online directory. So, what are you waiting for? Start browsing for the best property managers or management companies in your area today!

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Property Manager vs Facility Manager: Who Is Responsible for What?

Posted on 2020/11/062022/01/20 by admin

Quite like every traditional organizational structure, there are numerous managers outside the business world that are responsible for handling a diverse list of tasks. Their title may be used interchangeably, but their expertise and scope of duties are very different. For instance, you aren’t going to communicate with your sales manager to deal with your finances and vice versa. The same can be said for the dilemma: property manager vs facility manager.

Despite the similarities in their title, there is a huge difference between the two. By finding out who is in charge of what duties, you can delegate tasks accordingly to ensure that your goals are in-sync with your operations.

What Is a Property Manager Responsible For?

The duties of property managers are limited to the building itself and the common duties that may be related to it. This includes being answerable to the landlord or the building’s owner, overseeing their reinvestments in the building, coordinating maintenance, and, of course, collecting rent.

With that said, it is important to mention here that property managers can also be described as a liaison. You see, they not only manage the building but also make sure that the tenants in the building and the landlord/building owner are on the same page.

For instance, if the landlord plans on remodeling the building, it is the property manager’s responsibility to oversee their reinvestment while coordinating the renovation team and building tenants.

The best property managers in the industry strive to keep the peace between building owners and stakeholders while making sure the needs of all parties are being met. And that’s why hiring a property manager can make your life easier.

What Is a Facilities Manager Responsible For?

Facility managers, on the other hand, prioritize the needs of people and processes as opposed to rental management and property investment goals. You see, these managers are more concerned with coordinating operations and maximizing space to make the most efficient use of the rental property.

Common duties of facility managers will include overseeing events, coordinating movers, arranging furniture or other building materials, etc. Also, the only similarity between property managers and facility managers is that they are both answerable to the landlord or the building owner.

The main difference between the two, however, is that facility managers oversee the needs of tenants while handling all the correspondence with property managers or the building owner themselves.

For instance, if the building owner plans on hiring more staff without expanding a building’s square footage, facility managers will start strategizing how to maximize the worker’s office space.

Who Is Responsible? Common Scenarios

To better illustrate the difference between property managers vs facility managers, here are a few examples from our daily lives and subsequently, who you’d contact in each case.

1. For Water Damage in the Apartment

Since this is a problem for the building, it is the responsibility of the property manager to make sure the water damage is fixed. As soon as they are notified, they will start asking for bids from contractors and will handle the problem in a timely manner.

2. Your Business Needs to Shift Floors

Since this scenario deals with a lot of people and their belongings, it is the responsibility of the facility manager to oversee every move and make sure everyone progresses with synergy.

3. Not Enough Parking Space

Again, this is an issue you should take up with your property manager since they are responsible for figuring out where additional cars should be parked. This could either mean the implementation of an entirely separate parking system or enlarging the existing parking spaces. Some property managers think that a parking space is one of the most important things for investment properties.

Final Words

There are very few instances where both of these building management processes overlap, but whenever this happens, either function is very clear about its role. For instance, if a light has broken down, then you could ask the facilities manager to coordinate with a maintenance team. However, if the light keeps breaking down due to short circuits, it is time to contact your property manager.

In a nutshell, property managers ensure that the building is functional, accommodating, and safe, whereas facilities managers are responsible for handling issues that affect operations or tenants/workers.

Get in touch with us today if you have any questions or want to maximize your rental property!

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How Do You Calculate Rental Income?

Posted on 2020/08/202020/10/29 by admin

Buying a rental property is one of the best real estate investments you can make. Before pulling the trigger, though, it’s important to do a thorough analysis of the property. You need to calculate rental income to determine whether the investment will become profitable. Here’s how you can find out the potential rental property income.

How to Calculate Rental Income: Importance of Positive Cash Flow

A lot of people consider investing in rental properties as the path to attaining financial freedom. While this is true to some extent, first-time investors must be aware of the true costs of property investment.

A high rental income does not necessarily mean large profits. You also need to think about expenses that may affect your cash flow each month. Only after considering these factors will you be able to determine whether you can achieve a good rental property return on investment (ROI).

What Is Cash Flow?

Cash flow is the difference between your rental income and property expenses. When investing in rental properties, you want to choose one that has a good or positive cash flow. That means that there is more money coming in than out.

The higher the cash flow, the better the rental property ROI. On the other hand, negative cash flow means that you will lose money on the property. There will be no profits.

Apart from earning larger profits, positive cash flow has other benefits. You can put more money in your reserve account for emergency repairs and other unexpected expenses.

You can also use the money to upgrade your rental property. These upgrades will increase your property value and allow you to collect more rent from tenants. Keep in mind, being able to save money can be what will keep your real estate investment afloat during tough economic times.

3 Easy Steps to Calculate Rental Income

Calculating rental income may seem complicated, but it’s a fairly straightforward process. It will take some effort since you have to obtain figures related to the rental property.

However, this is a worthwhile endeavor as it will give you a realistic view of whether a rental property is profitable or not. Here are five easy steps to follow to calculate rental income.

1. Determine Gross Income of Rental Property

With a residential investment property, gross income is typically the rent you collect from tenants each month. This will also include late fees, pet fees, and other related charges. If there are paid amenities such as a laundromat, include the income generated, as well.

2. Calculate All Expenses Related to the Property

In this step, itemize all the expenses made related to the rental property. This may include:

mortgage payments
maintenance expenses (repairs and replacements)
utility bills (water, electric, gas, trash, and so on)
HOA management or property management fees
vacancy rate (10% of rental income)
insurance
property or real estate taxes
marketing and advertising costs
miscellaneous fees

3. Obtain Cash Flow for Rental Property

Deduct property expenses from the gross income to obtain your cash flow or rental income. To calculate rental income yield, multiply rental income by 12 months.

Sample Calculations for Rental Income

Gross Income
$3,000
Property Expenses
Vacancy Rate (10%)	$300
Maintenance and Repairs	$300
HOA/Property Management Fees (10%)	$300
Utility Expenses	$200
Property Taxes	$250
Property Insurance	$150
TOTAL EXPENSES	$1,500
Monthly Rental Income
$3,000 – $1,500 = $1,500
Rental Income Yield (Annual Rental Income)
$1,500 x 12 = $18,000

How to Calculate ROI on Rental Properties

After you calculate rental income, make sure to calculate for rental property ROI as well. This will help you determine if purchasing a rental property will provide a good return or not. You only need to follow two steps for calculating a rental property’s ROI.

Divide annual rental income with the total cost of the property.
Multiply that number by 100.

So, if a $200,000 rental property has a rental income yield of $18,000, the ROI would be 9%

What is a Good ROI?

A good ROI will depend on your personal financial goals. Some property owners are happy with somewhere between 4-10% while others may want a return that is between 8-15%.

Regardless, any property that is under your ideal ROI would not be worth investing in. Anything exceeding your ideal ROI is a good investment deal.

Other Ways to Calculate for Rental Income

If you do not want to follow the above-mentioned steps for calculating rental income, here are a couple of alternatives:

Use a Rental Property Calculator

If you don’t want to crunch numbers manually, use a rental property calculator to determine rental income. You just need to input all the numbers and the calculator will provide you with a detailed breakdown of rental income, property expenses, and ROI.

Use the One Percent Rule

If you cannot obtain actual figures for a potential property, you can use the one percent rule of rental real estate to determine cash flow. Simply put, a property’s rental rate should be at least 1% of the total property value.

For a $200,000 property, rental income should at least be $2,000. The higher the rental income, the better. This is to ensure that rent collected each month will be equal or greater than your mortgage payments. Earning profit is still ideal but with this rule, you can at least guarantee that you will break even.

Keep in mind, though, that this is just a simple measurement tool that will help you identify potential investment properties. If you are seriously considering a property, it is still best to conduct a thorough analysis.

Are There Tax Deductions for Property Owners?

It’s important to include taxable income from rental properties on your annual returns. Taxable income refers to your total gross rental income. As per the Internal Revenue Service (IRS), advance rent must also be reported under gross income. For instance, if a tenant pays first and last month’s rent, the entire amount should be listed on your tax return.

Security deposits that will be returned to tenants do not have to be reported. However, if the property owner claims either a part or the entire security deposit as a form of payment, you should also report the amount.

Property owners can also make tax deductions on their annual returns. Generally, expenses related to managing or maintaining your rental property are considered deductible. Here is a list of deductible expenses:

mortgage interest
real estate tax
property expenses
maintenance and repairs
depreciation

Calculate Rental Income to Find Profitable Rental Properties

Investing in a rental property is a major financial decision. That’s why it’s important to do a thorough financial analysis. You must calculate rental income to see whether your desired rental property is profitable or not. For property investment to be successful, it’s important to have a good ROI. Not only can this lead to financial freedom, but it can also allow you to expand your real estate portfolio over time.

If you have additional questions or need further guidance on this matter, feel free to browse our online directory of property management companies. Search by city, state, or zip code to find the best company for your needs.

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15 Key Questions To Ask A Landlord Before Renting

Posted on 2020/07/152020/10/29 by admin

Any responsible renter knows that you should not enter a lease agreement with your landlord without knowing all the pertinent information. Before renting an apartment or house, there are some crucial questions you must ask a landlord first.

Important Questions to Ask a Landlord When Searching for a Home to Rent

There are an estimated 43 million rental properties in the United States alone, and that number seems to increase with each passing year. That means the options for renters are growing, and there are more prospects to consider. Part of sensible house hunting, though, is knowing what to ask when renting an apartment or house. You can’t blindly enter a deal without knowing rent details, lease terms, and any applicable policies. Doing that will only invite disputes down the road.

Here are the most critical questions to ask before renting an apartment or house:

1. How much is the rent and what is included in it?

Although listings usually show how much you expect to pay in rent, a lot of things could change in between posting the ad and signing the lease.

Make sure to ask how much the rent is and what is included. Does it cover utilities? If so, which ones? What about parking? It is imperative to get specific here so that you know exactly what you are paying for. Other than that, ask if there are any rent increases, incremental or otherwise.

2. How do I pay rent and when is it due?

Apart from the rent amount, it is equally important to ask about the method of payment and the deadline. Some landlords only accept cash or check while others make rent payments convenient with direct debit or even Venmo. Also, ask a landlord if there is a grace period for late payments, which will allow you some breathing room when you are strapped for cash.

3. What happens if I miss the rent due date?

Let’s face it — there may be times when you miss the deadline for rent and even go beyond the grace period. As such, one of the most important questions to ask when renting an apartment is, “Are there any penalties for late payments?” Most landlords will let you off with a warning the first time around and then impose a late fee or fine for subsequent occurrences.

4. Is the security deposit refundable?

Security deposits are generally refundable, though there are some cases when a landlord can keep a portion of your entire deposit. This usually happens if you break the terms of your lease or cause damages to the property.

5. Is renters insurance necessary?

Another question to ask a landlord is whether or not renters insurance is required. This type of insurance covers the cost of your belongings in the event of theft or damages arising from peril.

It can also offer liability coverage in case you cause damage to the property or injury to a person. Renters insurance is an out-of-pocket expense, so if you prefer not to pay for insurance, make sure your landlord does not require it.

6. How long is the lease duration?

Most leases run for 12 months, but there are some landlords who operate using a 6-month or 18-month lease duration. The apartment or house you ultimately rent should have a lease term you are comfortable with. After all, if you do not intend to stay for 18 months, there is no point in signing an agreement that binds you for that long.

7. How much notice is required before moving out?

One of the most critical questions to ask before signing a lease has to do with notice periods. Namely, how much notice your landlord requires before you vacate the premises. Your lease agreement will typically outline this information, which can range from a month to three months. Make sure to check with your landlord before renting so that you avoid breaking the lease terms when you decide to move out.

8. How much notice do you give before entering my unit?

Landlords must respect their tenant’s privacy, as outlined in the Landlord-Tenant Law. However, there will be times when your landlord must enter your unit for maintenance or repair purposes. Your landlord will need to provide you with notice before they access the property. Make sure to ask how much notice will be given (usually 24 hours) so that you can make the necessary arrangements ahead of time.

9. How do you handle emergency maintenance?

Maintenance is a common point of contention between landlords and tenants, especially when it comes to emergencies. Make sure to ask what constitutes an emergency and find out what sort of maintenance your landlord provides. You must also learn the process for making maintenance requests, which is usually covered in the lease agreement as well.

10. What is your pet policy?

Pets are family, and you may not want to live in an apartment or house that does not allow them. Ask a landlord if they allow pets in the first place. If they do, ask about any restrictions they may impose, such as limiting the size, breed, and number of pets.

11. What is your policy on guests?

Not all landlords have the same policy when it comes to guests. As such, it is one of the most essential questions to ask when renting a house or apartment. Find out if there is an occupancy limit and whether or not it applies to overnight guests. Ask your landlord what counts as an extended stay.

12. Can I sublet the unit?

You may have an upcoming trip or long-term out-of-town assignment for work. Either way, you will be gone for many months and don’t want to waste money paying rent for a unit you won’t use for a while. In this case, you may want to sublet your unit, though it will depend on your landlord’s subletting policies.

13. Can I renew my lease when it expires?

Most rental property owners will want to renew a quality tenant’s lease. As long as you fit the bill, your landlord will welcome a lease renewal with open arms.

However, if your landlord plans to sell the property after your lease expires, renewal is no longer an option. That means you will need to pack up and restart the house hunting process all over again. If you don’t want to do that, then make sure to ask if renewal is even possible at the end of the term.

14. Can I end the lease early? What happens if I do?

Early lease termination is something you may have to go through, so see to it that your landlord allows it. Most agreements will include a clause indicating the consequences of premature termination. Regardless, it is paramount that you ask a landlord whether early lease termination is possible and what penalties you will face when you break the lease.

There is usually a fee involved, but the amount varies from landlord to landlord. That said, you must stay away from landlords who don’t allow you to break your lease for any reason.

15. Would you live here?

Perhaps the most revealing question of all, asking this will determine whether or not the property is even worth your time. When you ask a landlord this question, remember to study their reaction. You can tell a lot about a property by the way the landlord responds. If they hesitate, wince, or avoid eye contact, there is a good chance the property comes with underlying issues.

Get the Answers in Writing

It is vital for any renter to ask a landlord these questions prior to signing a lease. The search for a place to live can be long and tiring. You can make the process a lot easier by coming in prepared with a set of questions. You may have some non-negotiable terms, such as permitting pets on the premises, and asking the right questions will allow you to narrow down your options.

Though, keep in mind that it is not enough to ask questions. You may get the answers you want through a verbal discussion only to get betrayed down the line. Make sure to get these answers in writing and review your lease thoroughly before signing.

Landlords can make the tenant selection and screening process faster and easier by partnering with a property management company. Look for the best ones using Rental Choice.

What Are The Legal Liabilities Of Property Managers

Posted on 2020/04/082022/01/26 by admin

Property managers face a ton of issues on a day-to-day basis, not just from tenants but also from property owners. Some of these issues can get property managers in legal trouble. But, what exactly are the legal liabilities of property managers?

Be Wary of the Legal Liabilities of Property Managers

Property managers are responsible for managing a high valued asset for their clients. As such, being a property manager is a considerable responsibility. Property owners typically enter into detailed contracts with property managers. These contracts specify what exactly the property manager is liable to avoid potential legal liabilities with tenants.

Even if a clear contract is drafted, there are still issues that property managers need to be prepared for. Especially in the event that a dispute arises with the property owner. To have a clear understanding of the potential legal liabilities of property managers, it is highly recommended to review the information below:

1. Crimes at the Property

Depending on the exact wording of the contract, the property manager may be liable for damages related to crimes committed at the property. Property managers must have a clear strategy to protect the property and keep it in the best possible condition.

If you are a property manager, make sure to carefully look over your contract. This way, you can ascertain what exact preparations you must take to provide the property with the most protection possible.

2. Environmental Hazards

Environmental hazards are a common legal liability of property managers. Mold, lead, or pests are some examples of environmental hazards that property managers can be liable for. It is important for property managers to regularly inspect these issues.

Such growths are quite serious and can cause harm to the tenants leasing the property. Property management companies can be found liable for mold, lead, or pest issues if it can be demonstrated that they should have known the risk and the requirement to make repairs.

3. Tenant Injuries

If a tenant is injured from something that a property manager should have known to repair, then the property management company can be liable for the tenant’s injuries. It is important for property management companies to regularly conduct industry-standard inspections.

This way, they can show proof that they have been living up to their required responsibilities under the contract. This will also help shield them from liability if a negligence claim should arise from an injured tenant.

4. Actions from Tenant’s Animals

If a tenant has an animal, the property management company must clear it with the property owner first. They must also make sure that the animal is not a threat to the neighborhood.

If a property management company, for example, has knowledge that the tenant purchased a Pitbull and that Pitbull is aggressive, the property management company must ask the tenant to remove the Pitbull from the property.

Should the property management company do nothing and the Pitbull attacks a neighbor, the property management company has the potential to be liable for injuries that the neighbor sustained.

5. Defective Construction

Property managers must also be wary of construction. A property management company must supervise renovations or constructions on the property intently. If the construction was defective under the company’s supervision, they can be held liable for the damages. Property management companies have to be extra careful to make sure they are selecting reputable licensed contractors with extensive experience.

Beyond choosing a qualified contractor, property management companies have to constantly inspect whether any project has defective construction. If there are any, the company must request renovations to keep tenants safe. If the property management company fails at these responsibilities, they could face liability resulting from any injuries that occur on the property.

6. Tenant’s Actions

Property management companies can also be liable for actions committed by tenants. For instance, if a tenant has been cyber-stalking a neighbor, property managers must take the neighbor’s complaint seriously. If the property management company ignores the complaint and then an assault occurs as a result, the company can be held liable for not removing the tenant promptly.

Property management companies are responsible for finding qualified tenants for the properties that they manage. These tenants need to not only have the ability to pay, but they must also not disrupt the community.

Furthermore, these tenants must follow all local laws. If the property management company does not follow these strict guidelines, they may face additional penalties for not following an essential part of their property management contract.

How Can Your Property Management Company Shield Itself from Liability?

There is only so much that they can do to shield themselves from liability. That reality may be harsh, but it is nonetheless true. There are always new threats emerging in the real estate sector that may not have been anticipated in property management contracts.

That said, there are many protections that property management companies can provide themselves. By following their part of the property management contract seriously, they can protect both their tenants and themselves.

Another golden rule for property management companies is to provide quality service to their tenants. It is quite common for disputes to arise when property management companies are not holding up their end of the agreement and the tenants suffer as a result.

Property management companies should also review their contracts with their clients each year to ensure that there have been no fundamental legislation changes that could impact their liability in their contract. If they are able to think with this mindset, then it will be possible to shield their property management company from as many potential legal liabilities as possible.

Take These Legal Liabilities for Property Managers Seriously

It is important to know the legal liabilities of property managers. After all, awareness is the first step in protecting your entity from litigation. Everyone knows lawsuits bring forth many headaches. They eat up your time and money, not to mention give your company a bad reputation even if you end up winning the case.

Follow your contract agreement religiously and make sure to inspect the property regularly. By doing so, you can shield yourself and others from unwanted damages.

If your property management company is looking for a partner in advertising, don’t hesitate to give us a call today. Your satisfaction is our guarantee.

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Digital Property Management: Which Services Should You Digitize?

Posted on 2020/03/122022/01/26 by melissa

Back in the day, property management companies had to do things the old-fashioned way. Digital property management, though, is the new norm in this industry. Whether you are looking for a property management company or are one, there are some services you must digitize.

Understanding Digital Property Management

Real estate investors often find it difficult to manage multiple rental properties. By hiring a third-party property management company, they can save a great deal of time and effort. Property management companies can facilitate the needs of their tenants.

It is important to research potential property management companies carefully in order to find the best possible fit for you. There are many benefits to having a property management company.

In addition to managing the day-to-day operations of your properties, they have comprehensive digital service offerings. When looking for the ideal property management property, look for one that digitizes the following:

1. Resident Fee Payments

keyword with big pay key | digital property management

Even if you have a small number of properties, it is wise to have your residents pay for their rent electronically. The property management company that you will hire should have systems in place to facilitate the digital payment of fees.

The reason for this is that having digital fee payment systems will encourage your tenants to make their rental payments on time. This, in turn, will improve the cash flow of your rental investment property business.

Many times, property management companies will be able to have an email or text message reminder system in place to further help in collecting required fees from your tenants. When choosing the right property management company for your investment properties, be sure to look at how they are collecting payments. From this, you can determine whether they are an ideal choice for you.

2. Maintenance Requests

Depending on how many rental properties you have, there will be maintenance requests that will occur frequently. If you do not have a third party to manage those requests, it can be easy to fall behind and have your tenants frustrated with you as a landlord. The best way to mitigate this risk is to have a property management company with digital services in place.

Digital real estate management allows tenants to make their requests rapidly and without interrupting their daily lives. If your tenants feel that you are not properly managing the rental property, they will have the incentive to move sooner or even bring legal action if the maintenance issues violate local building codes.

By choosing a property management company with digital systems, you can shield yourself from many potential liabilities in the future.

3. Emergency Contact

emergency contacts | two men talking | digital property management

In addition to traditional maintenance requests, there will also be times when emergencies happen at any of your rental properties. These emergencies can become even more complicated if your rental property is located in a different state or city that is far from where you reside.

With a digital property manager, it will be much easier for tenants to report emergencies. The property management company can then handle those issues quickly. If emergency issues are not reported right when they occur, more damages that could have been avoided might occur.

4. Prospective Tenant Screening Processes

Another role of many property management companies is to assist property owners in finding qualified tenants for their properties. It is best to work with a property management company that has established practices on how to screen tenants. This way, you can ensure they are making sufficient income to be able to afford the rent of your property.

By failing to screen tenants, you could end up with ones who cannot pay their rent. This can then lead to complicated eviction procedures. It is usually best to work with a property management company that has digital tenant screening processes with forms to fill out online.

Your property will likely have more qualified applicants if the application process is simple and easy to complete. Digital property management is a great strategy for rental income generation.

5. Marketing to Potential Tenants

two men talking | digital property management

Property owners find it hard to market their properties to qualified tenants who are interested in signing a lease. Marketing to potential clients is an expensive and exhausting process. Therefore, it is wise to work with a property management company with existing digital services.

In addition to reducing overall costs, digital property management companies have experience in various aspects of digital marketing. This includes social media, SEO, and professional websites that can attract more prospective tenants. By having digitalized marketing services, a property management company can fill your vacant properties quicker with less hassle.

6. Progress Tracking App

Recently, many property management companies have designed apps to enable their clients to see the status of various repair projects at their investment properties.

Having an app tracking the status of multiple work orders is effective for a number of reasons. For one, it informs the real estate investor how much the various repair services will cost. It also lets them know whether the repair request was handled quickly.

With an app, a property owner can know how the management company is using repair funds. This allows for maximum potential profit for their investment property.

An app also boasts convenience for property owners. They can access up-to-date information remotely as they are traveling or conducting other business. When interviewing potential management companies, ask them about their extra offerings.

An app or software program with a comprehensive dashboard and up-to-date information is a definite plus. It offers substantial value that will absolutely benefit property owners, ensuring they are well-informed and have realistic expectations of their profit margins.

The app should also contain all related contracts and leases for easy viewing. Above all else, with an app, you can ensure that repairs are taking place according to the law.

If you believe your community can benefit from digital property management, give us a call and we’ll be glad to discuss it with you.