Property Management

The Benefits of Hosting Property Events

Skewers of meat and a grill.Many properties will have a space that is the perfect venue for hosting events. Whether this is a community barbecue during the summer, or a property Christmas party, there are many benefits that are inherent to hosting property events. While it may be a little more of an expense, it’s often a small price to pay for the bridges that this can build between landlords and tenants. Here are some of the benefits of hosting tenant events on your property…

Build community on your property

We live in an age where we are less and less connected with the people who live around us, despite being well-connected with the rest of the world. This makes for a less enjoyable living experience for tenants. However, nothing brings people together like a summer barbecue where tenants and their kids can enjoy each other’s company. This community building experience helps create a safer environment, and one where tenants begin to trust each other. It also makes your property a much nicer environment to live in, which means you are providing a better service.

Establish trust with your tenants

One of the most important elements to managing a property is being able to create an open line of communication with tenants. If a landlord and their tenants can communicate with each other without a level of distrust, then it creates a better experience for everyone. Oftentimes, just having this line of communication open will help people manage their problems much, much better, and at less cost to you. Having these community events is a way to open this line of communication and establish trust with tenants by getting them all together and getting to know them.

Creates a better image for you

The stereotype of a property manager is a faceless entity that controls the lives of their tenants. However, this image doesn’t have to be the one that persists. By hosting community events, a landlord is opening themselves up to the community experience that they are trying to create, which builds a new image as an actual human being that tenants can interact with. It is much easier to communicate issues and problems with tenants if they can see you like how they see their peers; as just people.

Sustainable Property Management Tips

A sustainable property vector image.Becoming a green company is almost like a passage of rite in the business world of the 21st century. Even Wal-Mart has had their own green revolution, which saved millions of dollars and created a new face for a company who has frequently struggled with its public image. The property management industry is no exception, as there are several benefits of going green with your property. Being environmentally friendly is a great PR move, and is actually able to help businesses save on energy costs and taxes. Here are some tips on how to be sustainable and green in property management… (more…)

How Much Should I Spend on Housing?

Money and HousingHousing is one of the largest expenses that people fork out a month.  Whether you rent or own, your mortgage or rent can leave you strapped for cash.  You should always determine how much you can afford before you decide where you are going to live.  But how much should you be spending on housing a month?  Below are 5 things to consider when determining how much you should and can be spending on housing each month.

The 30% Rule

A general rule of thumb is to spend no more than 30% of your income on rent.  So if you are making $2,000/month you should be paying about $600 for rent.  Of course, if you only need one bedroom and you don’t mind sharing with roommates, you can spend less than that a month.  If you have a small family and you need a couple of bedrooms, you might be paying more.

Remember Other Expenses

Depending on your other debts and bills, the amount that you can afford might be less than 30% of your income.  Make sure that you factor in all of your monthly costs as you determine how much you can spend on housing each month.

Decide What is Important

Housing prices differ drastically based on factors such as space, amount of bathrooms, neighborhood, distance from the freeway, surrounding shopping centers, how close public transportation is, quality of apartment, etc.  Decide which of these factors is most important to you and which ones you are willing to sacrifice on.  For example, apartments that are a little bit further away from freeways and public transportation can be as much as $50 less than their next-to-the-freeway counterparts.  Also, ask yourself how much quality are you willing to sacrifice for cost?

Factor In Cost of Living

When you are deciding where to live based on your budget, make sure that you factor in cost of living.  Groceries and fuel will be more expensive closer to city hubs than it will be in suburban areas.  If you work downtown, is the extra 30 minute commute worth paying less on necessities every month?

Think About Utilities

When you are calculating how much you can afford on housing, make sure that you think about utilities as well.  The more space you have, the more you will have to pay to heat or cool the area.  Of course you can save on utilities by turning down the thermostat and making sure that you keep the lights off, not paying for premium cable, or internet, etc.

 

Getting Your Deposit Back

Handshake with moneyGetting back a security deposit can be a stressful experience.  It is just one more thing to worry about as you move, and some landlords are very reluctant to part with the money that is rightfully yours.  Read below for 5 tips to secure your security deposit.   (more…)

Saving Up For a Deposit

Saving MoneyMoving can be quite expensive.  You have to get enough boxes for your things, rent a truck (if necessary), hire people to help you move or enlist friends, and of course, pay a deposit and first and last month’s rent at your new place.  Trying to pay for all of the expenses can be quite difficult – especially  when you have to factor inpaying the deposit and first and last month’s rent.  If you are looking to move but are not sure that you can afford the deposit, read below for 5 tips to help you save money so that you can afford it. (more…)

Ways to Improve Resident Retention

A high rise apartment building with big windows and balconies towers over the camera.The most successful residential properties are the ones that don’t have to cycle through waves and waves of new residents every time a batch of leases is up. Indeed, one of the most important numbers to pay attention to when running a property is the rate of resident retention. Having a low retention rate means constantly needed to use resources to try to find new residents. Instead of getting stuck in that mess, it is often much more productive to simply find a way to make your residents happy enough to stay. Naturally, you will always have people who need to move after their leases are up, but it’s better if this number stays on the low side. Here’s some ideas on how to improve resident retention.

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Necessary Expenses for Landlords in Winter

A man in blue jeans and boots uses a black snow shovel to clear the snow off of a sidewalk.Winter, while bringing along wonderful things like the holidays and good spirits, can also bring about a few negative factors, such as increased expenses for landlords. While tenants can pay things like increased energy costs, there are definitely several expenses that will have to come from whoever is managing the property. Here’s a list of some of the costs that winter brings to landlords… (more…)

Buying vs. Renting a Home

There are many, many options of where to live in this world. However, one choice that you should get out of the way right at the start is whether you want to buy or rent a home. There isn’t necessarily a right answer to this question, as it almost entirely depends on the situation that you find yourself in at the time. Here are some benefits that will hopefully help narrow down your decision… (more…)

Tips for Renting Out to Students

student in apartmentIf you own rental property in a college town, chances are a large majority of your clientele is going to be college students. While this does mean that you’ll always have a steady stream of candidates for renting, it also means that you’re likely to see heavy turnover and difficulty in keeping your property occupied during the summer months. Plus, there is the added risk of heavy partying causing damage to your property. If you own rental property that sees a great deal of use by college students, here are some tips for renting to students in a way that benefits you as a landlord. (more…)

Establishing a Versatile and Durable Rental

empty apartment

Aside from keeping appliances updated, bathroom fixtures functioning properly, and perfor

ming other standard forms of maintenance, it’s important to establish a rental property that is both welcoming and versatile for incoming renters. This means accenting a rental space with small touches like window treatments and fresh paint. When adding these final touches to a rental space, it’s important to think in terms of “house” rather than “home”; you aren’t decorating a space to suit your own personal taste, and those who rent from you will want something neutral that allows them to customize their living space. Here are some fundamental guidelines that property owners tend to abide by when it comes to preparing their rentals for incoming renters. (more…)