Accepting online payments provides tenants with an easy and reliable way to pay their rent and other bills. This method of payment saves time, improves tenant satisfaction, enhances efficiency, and reduces costs. If your tenants aren’t paying online, they should be. Accepting online payments makes a property manager look more professional and improves the relationship with tenants. This effective tool can empower you to be better organized making you a trustworthy and reliable landlord. Additionally, providing the convenience of online payments shows that you value your tenants. Getting set u ..read more

Bookkeeping is rarely cited as a favorite activity but it is a necessity for every business. A reliable and accurate record of transactions is an indispensable tool for strategic decision making and essential for tax purposes. Keeping ledgers organized can be problematic but we have eight tips to keep you on track. 1. Set Up Separate Bank Accounts If you’re a landlord it will be much more difficult for you to stay organized if you attempt to operate your business from your personal bank account. Setting up a separate checking and savings account will prevent your business income and expenses ..read more

Managing properties is a tough business. There is a lot to keep track of and much to be done if we are to keep tenants and owners content. Landlords and property managers have increasingly been searching for technologies that can make the job easier. Some technologies appeal to tenants making it easier to attract and retain them. These may be upgrades that tenants are willing to pay for justifying higher rents. Other technologies streamline operations making your business run more smoothly while reducing costs. There are many different types of tech that landlords can use and some have a bett ..read more

The most valuable asset a landlord can have are quality tenants. These people follow the rules and pay their bills on time without leaving damage and disruption in their wake. Every property manager should make it their priority to retain these tenants. It’s worth going the extra mile for good tenants and to give them a reason to sign the lease for another year. Devising strategies to keep tenants happy should be an integral part of your business model. Here are some ideas to keep your best tenants coming back for more. 1. Invest In Desirable Amenities Investing in the right amenities is a sm ..read more

Move-out inspections are an important part of property management. It is an opportunity for the landlord to do a walk through of the rental property at the time that the tenant is vacating the premises. It’s a chance to identify any illegal alterations and assess damage beyond regular wear and tear. If problems are discovered the tenant may be liable for them and the landlord has a chance to recover the cost of repairs. In most cases a portion of the security deposit is used to cover these costs. It’s important that the landlord makes no comments as to the return of the security deposit until ..read more

Global economists are raising concerns of a financial downturn and forecasts are showing the growing risk of a coming stagnation. As a result businesses have begun looking for cost saving initiatives to tighten their belts and prepare for leaner times. With mounting uncertainties continuing into the foreseeable future, reducing expenses is sure to be an area of concern for decision makers. Cost saving initiatives refer to any actions that may be undertaken in an effort to reduce the price of conducting business. It’s simple enough to simply reduce costs but the key is to cut spending without ..read more

Business professionals know the importance of measuring an investment’s profitability and a good metric to use is the return on investment. The ROI is used to assess how well your investment dollars are working towards your business goals. It is an important metric and a good tool for real estate investors to assess the performance of each property within their portfolio. The ROI is calculated by dividing the net income that a property has generated by the initial cost of the investment, then multiplied by 100. For most investors this means that you add up all the rents collected, subtract al ..read more

The biggest question for investors is which property will be the most profitable. Different property types come with different rents but profitability isn’t as simple as the amount a landlord can charge per square foot or invested dollar. The issues each property presents can translate into expenses or loss of revenue and these will affect profitability. The most profitable type of property comes down to what kind of landlord an investor wants to be and what resources and finances they have available. The ideal property for an investor with a handful of properties and limited support staff wo ..read more

Commercial properties, their landlords, and their tenants have unique requirements. It’s important for the commercial property lease agreement to be clear and specific. This will help prevent confusion as well as subsequent disagreement. While some aspects of a commercial property lease agreement may resemble its residential counterpart, there are some key differences and considerations to be made. Keep reading for our top 10 points that every commercial property lease agreement should include. 1. Parties To The Lease It is important to name the landlord and tenant at the very beginning of th ..read more

The cold winter months can wreak havoc on your properties. Water may find its way into the smallest cracks and with the cold weather it will freeze and expand, potentially causing damage as it pushes everything out of its way. Ice can build up on top of structures crushing them or pulling things apart with the weight of hanging icicles. Winter is no friend to man made structures. As the weather improves and spring arrives it’s a good time to visit your properties and see how well they have fared over the winter months. Pay extra attention to the areas which are most vulnerable to winter woes ..read more