Tag Archives: landlord

New User Questions

Expanding Your Business

As a property manager, you always have toooons of room to expand your business. But, the question is, how do you expand?

property management

Before anything, make sure you have a stable and organized property management business. Imagine if you have a house that doesn’t have a stable structure, do you think it’d be a good idea to expand it? Probably not. This same thing applies to business expansion. Without a stable facility, expansion isn’t in your best interest. Make sure your business is stable and that you have a good team, and good tenants.

A huge component in expanding your business lies within social media. A while back we talked about harnessing the power of social media for real estate, and as a property manager, the same tips are applicable to you. Using social media will give you followers beyond your tenants or direct business partners; it’ll let more people know what you have to offer and how they can get in on it. Maybe you can create a specific hashtag that your tenants can use to share your site across social media platforms, like Facebook, or Twitter.

Once you have maintained a strong and stable property management business, it may be time to physically expand your business by adding more properties. If you have the financial capacity to expand and have planned accordingly, look into similar properties that you can see as good investment options. Or, if you want to branch out of the property management route you’re currently taking (residential or commercial) and see what other kinds of properties would also work in your area. It’s really important to research the specific market that you’re working with and see what the needs are so that you can find a property that meets those needs.

 

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Should you be insured?

A couple of days ago we brought you some awesome tips for making your property hurricane safe, check them out here.  One of the things we touched on briefly was hurricane insurance. Hurricane insurance can come in handy if your property is located in an area where hurricanes are likely to hit, but it’s important to assess whether or not it’s right for you.

So, what exactly is hurricane insurance? 

Well, the deductible works a bit differently than it does with most other insurances. With hurricane insurance, the deductible is typically a percentage of the home’s cost (usually between 3 and 5 percent), but this will depend on your state and homeowner’s insurance policy. The state you’re in also determines the kind of coverage that you’ll get as far as hurricane insurance, because of the fact that not all states offer extensive hurricane coverage in homeowner’s insurance policies. Hurricane insurance will typically cover damage caused by wind and rain, not flooding.

Time to talk about flood insurance! Flood insurance can be useful if your property is in an area susceptible to hurricaneinsurances, and is also in a flood zone. There are different kinds of flood insurance you can get, depending on the type of property you manage. For commercial properties, look into building policies; building policies cover damage done to the structure of the building, like foundation and exterior, as well as some indoor things like paneling, air systems, and flooring. The coverage is usually up to $250,000. If you manage a personal property, a personal policy is better suited for you; a personal policy covers things like furniture, clothing, appliances, etc. Usually this covers up to $100,000.

So, now that you know a bit about the different kinds of insurance available to you, do some research and figure out what’s best for your property.

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Time of the (Hurricane) Season

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hurricaneWith hurricane season officially having started about  a week ago, it’s that time where having your property severe-storm ready is a must. As a homeowner, you have a big responsibility to make sure that your home is prepared for the upcoming severe weather; investing time and money into preparing your home can save you lots later on. Your tenant will also be happy knowing that you’re making a point to keep them safe.

Before the actual storm hits, be sure that all things that you have outdoors that have a risk of getting damaged, or flying away, are secured inside. If you have a shed, or something that can’t be picked up and moved inside, anchor it to the ground and make sure it’s locked. As far as windows or glass doors, make sure your property is protected! If shutters are too pricy, plywood is also a good way to board up any windows your home may have. You should also be sure to check your rain gutters and keep them clean so water can flow through easily and doesn’t accumulate.

If your property is in an area that usually gets hit pretty bad by hurricanes, you should definitely consider getting hurricane insurance. Just like other types of insurance there are different plans to choose from so it’s up to you to decide what kind of coverage is best for your home.

New User Questions

What are YOU doing to make sure your tenant is taken care of?

As a property manager, you have a lot of different things to deal with on a daily basis. Because of this, it’s sometimes easy to lose sight of your tenants and their homes, and they may not be being taken care of as they should be. It’s your responsibility to ensure that your tenant is receiving the proper treatment and that any issues they have are taken care of. What can you do to ensure this?

work orderWell, one of the basic things you need to do is make sure that all of their maintenance and repairs are taken care. If your tenant comes to you with something that’s your responsibility to fix, don’t wait around for the problem to get bad and then handle it; take care of things as soon as they are brought to your attention. It may seem hard to keep track of so many things that you need to take care of, but we’ve got you covered. With Tenant File, we offer an optional Work Order Form feature (check it out here) that lets you keep track of work orders that your tenants have requested.

You can also send out a newsletter to your tenants! This may seem like a lot, but it’s not difficult to do and can save you tons of time in the long run. If you plan on being out of town, mention this in the newsletter so your tenants know to come to you before you leave. If a cold front is coming and there is a risk of pipes freezing, tell your tenants what precautions they should be taking. These kinds of things make all the difference and make your tenant feel that they’re truly being taken care of.

New User Questions

On To The Next One – Prepping Your Home

Prepping your home for your new tenant!

Your tenant has officially moved out and it’s time for you to prepare your property (and yourself) to find a new one. What do you need to do as far as the prepping process?

  1. Clean! Make sure your place is all cleaned up from your last tenant so that you’ll have a fresh canvas to work on.
  2. Paint. A fresh coat of paint makes all the difference in a room. Choose a standard color, maybe a beige shade, that will make the room look bigger and brighter.
  3. Take care of the floors. Once the painting in all done, make sure the floors are spotless. If the carpet has stains, get it steamed. If your wood floor looks dull, it may be time for a wax.
  4. Take pictures! You should take pictures of the home while it’s empty so you can document the exact state that you’ll be handing it over to your tenant in. You’ll end up taking pictures again when you’re staging, but these pictures won’t show the home completely empty.
  5. Staging. Staging is a very important step! Make sure your home looks awesome so that people will want to live there. We have some great staging tips here. Once your home is staged, take pictures so you can put it on the market.
  6. Listing. Having a good listing is one the biggest things that will affect your tenant search. Mention all the big things your home has to offer (pool, new kitchen, etc.) so that you can catch people’s attention.

These are pretty standpreppingard, but if you skip a step you may not be as successful in finding a tenant as you’d like.  Good luck!

 

Administrator, New User Questions

Harnessing the Power of Social Media for Real Estate

It’s no secret that social media has come to be extremely embraced in many different facets of our lives. Because of social media, we hear news seconds after it happens, communicate with people from all over the world, and have endless ways to spread ideas. With all of this in mind, doesn’t it seem like you should be using social media to boost your real estate or property management business?

Social media is an awesome tool to get the word out about something to a lot of people at once. Social media is typically also free, so using it to your advantage has virtually no cost to you.  Another great thing about using social media is the variety and flexibility that you have available. There are all kinds of social media websites and applications, that allow you to share and spread loads of different content.

As a property manager or real estate agent, you can use social media in tons of ways. For starters, you should have social media accounts for your business and post from them regularly to generate traffic and have a follower base. If you have a property for sale osocial mediar for rent, post it on a social media site! Not only is this incredibly easy, but you also have the power to share it and have others share it as well. Maybe you’re trying to find a way to bring all your tenants together but you’re not really sure how…social media! You can create a post or event that will reach out to everyone at once.

Do some research about your target market and what the preferred form of social media is within that market, you’d be surprised at how far it’ll take you!

Administrator

A Community Within a Community

community

As a property manager, it’s your job to ensure that your residents feel happy and at home where they’re living. For a lot of people, this sense of “home” is largely based on how integrated they feel within the community. Depending on your property and residents, there are a few different ways you can foster this community feeling within your property.

If you have a property with a lot of units, and therefore a lot of residents, your residents may feel that they don’t know all the people living among them. To fix this, you can hold social events for  residents to come together. You can have different dinners and barbecues for holidays and events throughout the year. A potluck would be a great way to bring all your residents together and have them all contribute to the night, giving it a more personal feel.

Another really great way to give your property a community feel is by having communal areas for your residents. If possible, you can have a community pool and sports areas where your residents can come together in their spare time. If a lot of your residents have kids, you can have child play areas and a playground for both the parents and kids of your community to come together. For properties with a lot of college students (or even millennials!), you can make work areas where residents can study, print, or just use the computer. You can even use this communal area to hold viewing parties for a big TV premier or awards show.

If your residents feel as though they’re truly part of the community within your property, they’ll feel more at home and more comfortable living there.

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It’s all about the listing!

The listing of your property is one of the most important factors in getting people interested and drawing them in. Whether you’re a real estate agent, property manager, or just someone looking to rent out your home, you need to make sure you have a good listing that accurately represents your property.

Be sure to mention things that will draw people in, like a swimming pool or fireplace; these are things that aren’t common among all homes, so they make yours stand out. It’s also very important to use good language when writing up your listing. Writing “beautiful kitchen with granite counter tops and island perfect for entertaining” sounds significantly more appealing than just writing “granite counter tops and island in kitchen”. 

 

Be specific in your listing! Putting all the necessary information saves you the hassle of dealing with tons of phone calls from people who have to ask you things about your listing, and also makes it easier for potential tenants to know what to expect when they look at your property. Be clear about the number of rooms and bathrooms, as well as things like the square footage of your home; make sure you have the details that you know people will want to know.

Pictures are also a huge part of the listing, don’t think that because your wrote a detailed description you can omit the visuals. Make sure you have pictures that look good and “flatter” your property. The pictures shouldn’t be too edited otherwise they don’t really give an accurate image of your property and can be misleading to people once they go see it.

You want your listing to make people say “WOW! Now this is something I need to check out!”, so be sure that you this is what you’re conveying!
New User Questions

Does your tenant have a secret roommate?

When you’re going through the process of making a lease agreement with a new tenant, it’s imperative to be clear on who will be living in your property. Many times people will sign a lease without telling their new landlord that their family member or significant other will also be living with them, which can later cause problems. When writing up your lease, make it known whether or not your tenant is allowed to have roommates, and what rules they have to follow  as well as any additional financial obligations that may come up.

roommate, shared space, property management

If you’re okay with more than one person living in the property (which is typically the case), make sure you’re aware of how many people it’ll be so the lease can be based off of that. You may also want to make the lease so that all of the tenants sign it, so that you know that they’re aware of the rules and guidelines they need to follow while living in your property.

In the event that your tenant doesn’t tell you about their secret roommate, it’s up to you to reach out to them and tell them that they’re going against the terms stated in the lease, and what the next steps are to better the situation. If you’re okay with your tenants roommate, you have the opportunity to add more to the lease as well as increase the price of rent. This may seem unfair to your tenant, but it’s the best way to guarantee any problems arising in the future.