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Property Management Tip - Rent Collection and Arrears Management
There are several important points with rent collection to help landlords to minimise the likelihood of arrears occurring, and the amount of arrears potentially incurred.
Always check that rental payments have been made on the due date so you can initiate collection of arrears immediately
Automatic rent payments deposited directly into your rent account are preferable, and it is best to set up payments to coincide with the date of your tenants personal income payments to reduce the likelihood of missed payments
Have a zero tolerance policy to arrears and have direct and immediate contact with your tenant in the event of rent payments being missed
Arrange immediate repayment of arrears (preferably the next day) with your tenant and if repayment is not initiated as agreed start formal proceedings (e.g. issue of 10 day notice) straight away - this way if rent remains unpaid the tenancy bond is likely to cover the arrears incurred if you have to progress to eviction
Formalise agreements relating to repayment of arrears via a Tenancy Tribunal Mediation or Hearing and enforce Tribunal Orders when necessary to recover arrears
Lodge Tribunal decisions and 10 day notices with tenant databases such as Tenancy Information NZ ( TINZ ) to help protect other landlords from suffering the same problem from repeat offenders
By following the points above, you will collect rents on time more often. Rent collection is imperative to the success of a rental property. Learn from your mistakes and improve your rent collection policies as you go. By having a solid foundation to start with you will be better prepared if the time comes when a tenant stops paying.
While the information above is general knowledge, it is targeted at the New Zealand property management industry whether privately or professionally managed.
http://www.rentalmanagers.co.nz Property management Wellington. For all you property management needs, visit our website today!
Residential Property Management - The Value of Time
When an investor begins the process of residential property management, they often under estimate the amount of time involved with managing the property. Between finding tenants, completing timely and necessary property maintenance and keeping appropriate financial records, there is a great deal of time an investor unexpectedly spends managing the property. With a professional Residential Property Management company, investors can enjoy extra free time by spending surprisingly very little on the added assistance of an experienced professional.
Where the Time Goes
Property management often has the opportunity to be a major gain for an investor, but the time lost managing the investment sometimes does not pay for the profit. For example if an investor chooses to be the single point of contact for a tenant, they will find themselves answering the phone for clogged drains, for code enforcement issues from home owners associations as well as all of the contacts and work involved with finding tenants or renewing tenant contracts. All of this is easily eliminated with the help of a residential property management company.
A residential property management company has the staff, resources and skills to efficiently manage your property. Instead of the investor searching through the phone book or internet for multiple contractors to bid on a repair, the property manager already has a bank of qualified resources ready to complete the job. Designated marketing channels are already created by a residential property management firm, with leveraging opportunities and advertising expertise to help provide continuous rental contracts. Losing multiple months of rental income because of a lack of qualified rental occupants can adversely affect the overall profit of some rental properties extensively.
Hiring a property management company to assist with the day to day functions of a property investment is far less expensive than some investors may think. The typical cost of a residential property management firm is only 6-10% per month depending on the amount of services required at the rental. This is a very minimal fee compared to the time an investor would spend self-managing the entire rental property.
Mike Lautensack is the owner of Del Val Property Management LLC, a FULL service residential property management company located in Philadelphia, PA.
Mike advises real estate investors how to build wealth and financial security through hassle-free ownership of investment real estate with their "Total Property Management Program". This proven management system allows owners to enjoy the financial benefits of cash flow, tax savings, and wealth creation while it GUARANTEES you will never receive a late night emergency call, deal with a lengthy eviction proceeding or ever have to interact with an irate tenant. To inquire about our services, or get a FREE estimate, please visit http://www.delvalproperty.com/
Property Management Software - What it Does and How it Helps
Property software has become an essential tool for property managers. It can be used by everyone from renters to giant hospitality chains. Unfortunately, many managers still do not understand what it does and how it helps. In reality it can save time, money, and effort. Most importantly, it can provide an excellent return on investment or ROI. To better understand if this type of software will help you, here is an overview of what you get.
Property Management Software - What it Does and How It Helps
1. Centralization. A property manager is responsible for collected, maintaining, and interpreting a wide variety of information in order to make the right decisions. This includes dealing with rent collection, maintaining the property, tracking vacancies, and tracking income and expenses. By using property software, you can centralize all of this information, which makes it easier to track and interpret. This also has proved to be an effective tool for people and companies that hire property managers. Since all of this information is centralized, it is easy to see how effective the property manager actually is.
2. Module Utilization. Most property software has a variety of modules that will allow to do everything that you need to do. Common modules include: property/unit management, accounts payable/receivable, a general ledger, budgeting, bank deposits, work orders/job costs, past due letters/late fee processing, rent geared income, vendors, security management, custom reports, and the ability to create user-defined modules. With the ability to track and organize so much information, these modules can simplify the tasks of property management a great deal.
3. Streamlining Management Tasks. Property managers are required to maintain a variety of records such as vacancies, TCF (Total Cash Flow), and total income from rental properties. Property software allows a manager to keep track of every detail without having to calculate the values on their own. The biggest drawback to using excel-type programs is that the manager has to create on the formulas on their own, and the chance of mistakes is commonly high. The property software has been pre-programed to be able to do complex equations automatically, without the possibility of miscalculation.
Property Software In Review
What It Does - Management software is used to track a variety of variables from vacancies and work orders to income per property/unit to complete financial reviews. More importantly, all of this information is stored in a customized and centralized location that allows for automatic calculations without any additional effort on the part of the manager.
How It Helps - Property managing software provides a centralized location for managers to assess their financial situation with 100% accuracy. It allows for a streamlined method of record keeping while also providing all of the necessary calculations that are needed for financial records. It also helps store and track non-financial data such as vacancies, work orders, and records of the other necessary paperwork that must be kept. Finally, it provides managers a way to take care of everything from one location. In total, this ensures that property managers save time, money, and effort on a daily basis.
Read user reviews and ratings of the most popular property management software at http://www.propertymanagementreviews.org/software/
Property Management - How to Select a Professional
Most rental property owners at some point make the decision to turn the property management duties over to a professional property manager. This is especially true when the owner lives outside the area and simply can't service the property correctly. But other reasons, including an owner's desire to spend more time with the family or perhaps on the links, also motivate the decision.
Whatever the reason, however, logistic or personal, there are a number of realities surrounding professional property management companies worth noting.
Foremost, bear in mind that you will never find a company that will service your rental property as well as you do. This is not a dig at the professionals, but the reality is that you can't afford to pay any property manager to work your properties as you would. After all, the management company is in the business to make a profit and most likely would not find it cost effective to treat every rental property with the same intensity or compassion as the owner.
Okay, so what should you expect from the management company you hire?
Your units rented at market rents
As little vacancy as possible
Operating expenses controlled and on a budget
These three specific things are really what will give you the most bang for your buck because they each, when successful, contribute to a favorable and profitable bottom line. The cost for professional property management (typically 5 to 7 percent of gross rents if off-site only and maybe up to 10 percent with an on-site property manager included) must be factored in, naturally, but at the end of the day a good management team should make you money.
Finding a reliable company to manage your property shouldn't be difficult. You might start by asking for suggestions from a loyal real estate agent or some other rental property owners if you know any. You can also do some driving around and look for signs companies often post at properties. And of course, there is always the rental section of your local newspaper.
Once you narrow down the field and start interviewing a property manager, here are some thoughts on the type of questions you might want to ask.
What is their management fee?
Do they charge extra for showing rentals or going to court on evictions?
What are their business hours?
Who covers rental calls on the weekends?
What types of reports will they give you, and will they be mailed each month?
How do they handle slow or nonpaying tenants?
How do they set rental rates?
What do they do to market vacant units?
What dollar amount of expenses requires owner approval?
You get the idea. You want to ask the property management professional enough specific questions so you understand the philosophy of management to which the company adheres and how much effort they will devote to hands-on management. The bottom line is that you want to feel comfortable that the property manager you hire not only recognizes the profit goals you have set for your rental property, but knows that you expect them to earn your business.
About the Author
James Kobzeff is the developer of ProAPOD - leading real estate investment software solutions since 2000. Create rental property cash flow, rates of return, and profitability analysis presentations in minutes! Easy and affordable. Learn more at => www.proapod.com
How do property owners choose the property management company to handle their Tampa house rental investment? Is it based on how big the company is? Or is it because of the colorful ads they have out there?
These things are just outside appearances. And like all outer coverings, they do not last. And since you want your choice to last with you and your property, you definitely have to consider more important factors that a Tampa property management company should have.
Factor #1: Background of the company.
First and foremost, check how long the company has been handling Tampa rental properties, their performance and rating. Even if these things are important, they should not cloud your judgment regarding those property management companies in Tampa that are just new in the industry.
There are companies that are capable of providing better service even if they do not have the years and excellent rating that others have. It is best to check out as many options as possible. Do not opt for the first property management that you see or is referred to you.
Factor #2: Cost.
This would be the first thing you would consider when hiring a property manager. Fees vary from one property management company to another. The higher the fee does not mean it is the best. It would all depend on how the costs are distributed and if you think it is a fair amount to pay.
Besides the monthly retainer fee, there would be repair, maintenance, marketing and tenant eviction costs to consider. Property managers oversee these things for you. You can ask for a breakdown on how costs are distributed. Better yet, request for a regular accounting report so you will know how your fees are spent.
Being a property manager means that he or she should know how to handle people. Your chosen company should have property managers that are organized, flexible, prompt and always available to answer any questions from you or your tenants.
Communication is important in this business. Be sure that your property manager can be contacted anytime that you have requests or inquiries. This should also be the same case when you already have tenants renting your property. Your property manager should be available to attend to anything that the tenant and your property require.
Factor #4: Rental Property Commitment.
Renting the property is just the first step. The duty of the Tampa property management company does not stop there. It is just the start. From then on, the property manager would have the house to monitor, rental fees to collect and reports to update.
Property owners are updated on the status of the rental property in Tampa via the property manager. Even if you are not anywhere near your property, you would know that you are in capable hands if your property manager is committed to making your home rental business smooth sailing and profitable.
Finding the right Tampa property management for your investment will be a lot easier if you consider all these factors.
For more information or for further inquiries, visit: Tampa Property Management, Rental Property Tampa
Real Property Management specialize in the management of residential properties all over the United States, and our Tampa office is locally owned and operated and serves Hillsborough County, Pasco County, Pinellas County, and Polk County. This gives us tremendous resources at the local level to assist you with your property management needs.
Property Management Software - Protect Your Rental Property
As your rental property business grows, so does the need for a property management software system. Historically it has been the desire for more in-depth financial information that drives a property manager or landlord to abandon simple accounting software for property management software.
Today it is more important than ever for all property managers to use the same type of web based property management software as the larger asset management companies. There is more pressure to find reliable, rent paying tenants, with the possibility of an increased need for tenant debt collections, and the ever-looming threat of tenant landlord litigation.
Even with the best market outlook, the need to screen your prospective tenants is the top priority. Today's online tenant credit screening services allow you to access credit and criminal background information in minutes. With an integrated system, tenant screening information is automatically downloaded into your residential property management database. Later, you can review tenant payment history and property maintenance history and make smart decisions about lease management.
Providing tenants with online rent payment options, such as ACH or credit cards, helps to lower delinquencies and keep rental income at its optimum level. With integrated rental property management software, electronic rent payments reduce accounting errors and data entry, and trips to the bank. Automatic scheduled rent payments ensure that rent is received on time and eliminate past due balances.
With bad debt potentially on the rise, automated tenant debt collection services will also prove invaluable to property managers and landlords. The best property management softwares offer integrated access to national debt collections companies. These are the same programs that larger apartment management companies have been using for years.
Of course, some of these online property management services are available separately. Yet integrating all of these tools with one point of data entry can protect you from another, even more alarming threat-tenant landlord litigation. No matter how unjustified, the mere whisper of a lawsuit is enough to terrify any property manager. While litigation is a serious concern for real estate firms of all sizes, it can be particularly frightening for the small property management company which lacks the legal team of a regional or national real estate management firm.
Tenant credit screening services provide a valuable resource by providing a consistent, accepted process for making the best decisions. When you use quantitative tools for rejecting a tenant, you can be more confident in the leasing decisions you make. More importantly, having one database will help ensure all rental application data is captured and no mistakes are made.
What about cost? Historically cost has been a barrier to this type of software used by larger companies; today the web makes access to new online solutions much more cost effective. In many cases these online services, as well as services like internet listings and electronic rent payments, can be included in one low monthly fee. Hardware, server, upgrades, extra licenses, and other costs are eliminated as well, leading to considerable cost and time savings.
As the internet has been the great leveler across many industries, all rental property managers can now afford the property management accounting software that larger real estate management companies have been using for decades. The affordability of web based software is a trend with a positive impact on all professional property managers and owners. Property management systems no longer have to be reserved for the larger companies with deep pockets. They can be used by anyone with a computer and an internet connection who wants to protect their real estate investment.
Alison Cavano is Director of Customer Support at DIY Real Estate Solutions, developer of affordable property management software for property managers and landlords. DIY's online property management provides complete leasing and tenant management, including property maintenance requests, fully integrated accounting, credit and background screening and electronic rent payments services, along with personalized websites and resident portals. Visit the website at http://www.diyresolutions.com.
