Property managers keep a lot of crucial files that contain information like names, dates of birth, Social Security numbers, addresses, bank account details, and credit card information. Therefore, they have a substantial responsibility to protect this information from security breaches and hacks that can lead to fraud, identity theft, and loss of trust.

Here are a few tips in information security to prevent a tragedy like this:
 

Know Your Computers and Who Has Access

Knowing who has access to information is critical to understanding your security level, thus making it possible to make the necessary corrections ASAP.
 

Take Into Account Other Electronics

This includes flash drives, cellphones, and laptops. Don’t let employees to take any of these items home unless absolutely necessary, as these items may be lost, stolen, or accidentally damaged.
 

Keep Up-To-Date with Hacker Methods

Example: Heartbleed Bug.
 

Change Passwords Frequently

They don’t need to be incredibly strong. But change them.
 

Keep Up-To-Date with Laws Involving Credits Cards

Draw up a written policy addressing why and how the information is kept, who as access, and how long to keep it. Once you don’t need that info, permanently delete or shred it.
 

Introduce a Security Training Program for All Employees.

Focus on protecting sensitive information. Ask a representative of you alarm company, a security company, or a police officer to instruct the class.
 

Install a Security System

Keep it and your encryption system updated and a strong virus and firewall protection system on your computers.
 
And lastly, back up your files often! This is a great way to protect you, your tenants, and your clients’ personal information.
 
And for your information, The Gramm-Leach-Blliley Act, the Fair Credit Reporting Act, and the Federal Trade Commission govern the use of personal and private information for all business. The Department of Housing and Urban Development governs tenants’ rights, and each state has its own laws protecting tenants.

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As a property manager, you take on a lot of responsibilities. You must maintain your properties, renovate properties and do repairs once the current tenants leave. From listing and marketing properties available for rent, collecting rent payments, and inspecting properties, you already have a full plate. The best property managers in the industry look for practical solutions so they can wisely manage time and money. One solution that is becoming popular with property managers is to rent storage units.
 

Storing Large Machinery that Cannot Be Stored in the Office

You need to look as professional as possible. The last thing you need is a large piece of equipment sitting in the middle of your office. Not only is this dangerous in case of emergency, it also looks very unprofessional when investment property owners and potential tenants come into your office for a meeting. You need to find a place to store large equipment while it is not in use. You can rent a storage space close to your office to free up space and make yourself more presentable to clients and investment property owners.
 

Storage Units That Are Accessible 24 Hours a Day

Most reputable storage facilities keep their units accessible 24 hours a day, 7 days a week. You never know when you or any of your employees are going to need to pick up the equipment they need to clean up a property before a tenant viewing. By renting these units, you never compromise the quality of services you offer.
 

Size Matters

There are several storage units available in a wide range of different sizes. If you want to store belongings that your past tenants have left while you are repairing the property, you may want to choose a larger storage unit. If you are looking for a space to store equipment and materials, you can choose a smaller space. Make sure that you look for spaces that are secure and monitored, and keep all of your business equipment and materials offsite and accessible.

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You have an older property that you know if perfect for someone out there. How do you convince that particular person? How do you show your property off in style? Here are a few tips:
 

Target the Right Audience

You have to find people who can picture themselves living in your property (whether for the price or its characteristics) and who will find beauty in its age. If it’s an older apartment or home, young families might not be interested. The older crowd, however, might be more easily convinced.
 

Tug at their Heartstrings

People who appreciate the music, movies and stories of the olden days typically have an emotional connection with older properties. Does the property (or surrounding area) have significant history? Research! Reference the property’s qualities, its value, and yes, its charm and character. Everything vintage has experienced a distinct surge in popularity – connect your property to the recent comeback. You can also appeal to the younger crowd’s desire to be unique. Older properties are one-of-a-kind. The crown moldings, wood plaster, claw foot tub and gigantic trees in the backyard are not things found on most contemporary properties. Point out every detail.
 

Prove That Old Can Be Hip

Real estate professionals take different approaches to presenting older homes appealingly. Sometimes they use words adjectives older adults may like but words which young buyers may see as “ancient”. Try using some new, bold descriptors to market this property. Get out your thesaurus and start looking.
 

Remove Doubts

Provide a detailed record of updates, fixes, and repairs. If everything has been maintained recently, your tenants will sleep much easier knowing the property isn’t falling apart.
 
When you have an appealing, clean property with great history on your hands, marketing it well just means helping renters adjust their idea of old in their heads. Assure them that even an old property will still provide plenty of enjoyment. Older properties can still win your heart over. You just need to market them well.

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It is common knowledge that having a roommate cuts living costs in half. While this sounds like a no-brainer, a roommate can actually end up costing you more than it’s worth, unless you’re careful. Follow these guidelines when selecting your next roommate to avoid headaches later.
 

Paperwork

First, decide whether you’re going to sign the lease on your own or co-sign with your roommate(s). If you do choose to sign on your own, remember that you will be responsible for cutting the rent check to the landlord each month in full, regardless of whether or not your roommate has paid you their share.
 

Background Check

You’ll also want to know if your roommate is financially responsible and/or crazy. Don’t wait until the first of the month to find out that he actually doesn’t have enough money to cover his share. Do a background check, credit check, proof of income, and references, even if it’s a good friend.
 

Shared Expenses

Discuss all shared expenses before you sign or agree to anything to avoid any surprises later. You could also put it in the lease agreement or create your own roommate contract. Think about items like cable, cleaning supplies, and office supplies.
 

Utilities

Talk with your roommate about energy/water conservation. If they like blasting the air conditioning, you might have a problem that needs to be worked out quickly. Rooming with another person seems like an easy 50/50 split until the first utility bill comes in. This might also be something you could put in the lease agreement or roommate contract. Don’t get too specific, but include something like watching energy/water/gas conservation.
 

Shared Purchases

Rooming together is like getting married. From couches to bathmats to pots and pans, you’ll decorate your new home together. It’s a good policy to designate ownership from the outset. This is especially helpful if both of you are moving in at the same time.

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With demand for rental property increasing every year, it is becoming more challenging for tenants to find a suitable property in their price range with increasing heavy competition. As a property manager, you owe it to your property owners and your other tenants to find the very best applicants among the pool of candidates.

Here are some steps to take to pick reliable tenants:
 

Check Their References and Rental History

Look for recommendations from previous landlords. Consider how long the applicant lived in their previous apartment, whether they regularly paid their rent on time, and the condition in which they left the property. You can also check in with former and current employers.
 

Check Their Credit and Employment History

Credit reports are a good indicator of a tenant’s payment history. They will also reveal any bad debts or bankruptcies. This lets you know if the tenant is likely to keep up with rent payments.
 

Trust your Instincts and Don’t Rush

If you feel uneasy about picking a potential tenant, don’t. There is a lot of demand for properties, so it is unlikely that you will be left with an empty unit for long. Be patient. Do not feel like you need to rush to find someone.
 

Obtain the Deposit First

Different properties will require varying deposit amounts, but the usual fee is between 4-6 weeks rent payment. This needs to be placed in a separate bank account.
 

Meet Your Tenants

This can give you the most insight into an individual’s personality and behavior, so you can make accurate judgement in terms of how well you two will get along during the tenancy. Trust between both tenants and landlords is key.
 

Research the Competition

It may be a good idea to bring your property to a higher standard to avoid attracting less desirable tenants.
 

Know Your Property and Surrounding Area Well

Be prepared for any questions a tenant will ask. You must be friendly and helpful to prospective tenants as a property manager or landlord.
 
A key skill to develop as a property manager is finding good tenants. They’ll give you far fewer headaches, which means you can spend less time with headaches and more time creating a community that will make you love coming to work.

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Your property management team cannot manage their workload, tasks are piling up, and tenants are unhappy with your service. Sounds familiar?

Many property management companies are outsourcing tasks to cut costs, free up their team’s workload, and deliver more efficient service to owners and tenants. But is this really the best way to manage your business?

You may save some money, your team may have more time to focus on other tasks, and your clients may be happy with your service. But this is not a long-term solution to managing your business. You are simply dealing with the symptoms. There is a better way to gain what you are hoping to gain from outsourcing! The problem is your current strategy. Implementing better strategies is a long-term solution that not only adds value to your business, but gets rid of the need to outsource. Better strategies allow you to manage every area of your business.

Look at your company’s current strategies. Work out where improvements must be made and how to simplify tasks to achieve the level of service you want to deliver. Put your new strategies in place and start training your team. It’s important your team understands how to consistently manage your company’s strategies in order to deliver a consistent level of customer service.

Also, survey your tenants. Ask them what needs the most improvement. They may even give you some new ideas. Pay attention to their comments and take them into consideration when planning your new strategy. Check in with them after changes have been made to see if it meets their liking.

Outsourcing is a short-term fix to address the symptoms. But if you want to seize the opportunity and deal with the problem, then implementing better strategies and educating your clients is the way to go. It’s the long-term solution you need to keep you, your team, and your tenants happy.

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It is now common that some tenants are ready to buy property. Unfortunately, many tenants simply lack the confidence or know-how to move forward. With rising rental prices and rental housing shortages, it makes sense to help tenants get into their own property sooner.

Helping your tenants buy property could actually help grow your property management business because property owners might also need property managers! Not only are you helping make your tenants’ dreams come true, but you are also getting the sale. Remember that tenants also have family and friends. They can refer more clients to you.

How do you get started? Educate your tenants. Most tenants are unaware of the options available or how to even go about getting a home loan or if in fact they are even eligible for a loan. It’s worth marketing to your tenants and opening their eyes up to possibilities, or at least encouraging tenants to have that conversation with a mortgage broker who can give them the right advice to help them move forward with their plans. Doing this has many benefits in the growth of your portfolio, your brand, and your business.

Often tenants are afraid to ask the all-important questions. If you are armed with the information and tools to take to your tenants to help them get into their property sooner, this will then be a great way to build your business over time. If you give great advice and help enough people, this will also create great word-of-mouth

Talk to some industry experts about possibly holding a seminar for your tenants. And maybe take a tour of your potential investment properties on the market with your tenants. This will encourage tenants to ask questions and encourage them to learn about and therefore buy property. These ideas will bring opportunities.

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We have another blog post dedicated towards consumers! Buying a home or renting an apartment is a big decision personally and financially and it can sometimes seem like an intimidating process. Use these tips to make the right decision!
 

Educate Yourself

Do your research! Instead of relying on what others say, figure out for yourself how much you can afford. This way, you can go into the conversation with the real estate agent, landlord, property manager, mortgage lender, or seller armed with information. Having that knowledge will allow you to make better decisions and feel more confident financially.
 

Ask Questions

Some of the real estate lingo will be new to you. Even after doing your research, you may come upon some issues you don’t fully understand. Don’t be afraid to speak up. You are spending a lot of money and should feel comfortable.
 

Don’t Forget to Look at Alternatives

Just because you’ve reached a certain age or stage of life doesn’t mean buying a home is always best. Look at the alternatives if you need to. In this case, you could rent instead of buy a home. Make sure you know if you should rent or buy before you sign the mortgage agreement.
 

Know Your Credit Score

Your credit score can have a big impact on how much you will ultimately pay for your house. Mortgage lenders will use your credit score to determine how creditworthy you are, which factors into the interest rate on your mortgage loan. The greater the risk that you might not repay as agreed, the more interest they will charge, and the more you will pay in total to own the home. You may also want to pull your credit reports, on which your credit score is based, to make sure they’re accurate and up-to-date.

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Knowing which investments to make can be the deciding factor in attracting the right tenants or scarring them off. Attracting new clients and keeping the current clients is one of the biggest factors in successful property management.

According to a survey conducted by Apartment Guide, the top three most wanted property features were square footage/floor plans came in number one (76% of customers), followed by pool, fitness, and community centers (60%), appliances (54%), and the ability to pay rent online (45%) (Source). However, another survey conducted by the National Multi Housing Council (NMHC) and Kingsley Associates resulted in the top amenities being high-speed Internet access, a patio or balcony, and unit washer/dryers. These preferences are vastly different due to the geographic location of each person surveyed. But here is our basic list of what future tenants need:
 

Elbow Room

A spacious and effectively drawn out floor plan is a large plus for future renters. Increasing the square feet in your property is expensive and time consuming in most cases. However, you can create an illusion of elbow room with minor enhancements in architecture, like slightly elevating the dining area.
 

Community Spaces

Offering a community space close by to your property lets tenants host events and get to know their neighbors, building a strong community. Hosting an event in this community space can let tenants feel like they have ownership in their apartment complex.
 

Extras

These extras can include internet access or a gym. But assess your ideas. Is it feasible for you business? In some cases, maybe. Take for example internet access. For this situation, be prepared to either roll internet access into the price of rent or offer a business center with internet access, accessible to all in the apartment complex.
 

Professional Property Management

This is probably a given already, but it’s important. Knowledgeable staff who can address concerns no matter how silly they may seem. It is important to keep your tenants satisfied.

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