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/

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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/

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