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commercial property management

5 Essential Tools for Commercial Property Management

For every house you see in your neighborhood, chances are 34.9 percent are renter-occupied. The reason is likely due to the fact that millennials are coming of age in an era where renting is more popular than owning.

For property managers, this noticeable supply and demand gives a substantial boost to business.

However, with this major income increase comes the need to manage properties more efficiently. Keeping an organized system can only add to your businesses success, so make sure to get ahead of the game with the right software for your needs.

Whether you’re planning on hiring a property manager or looking to take your commercial property management expertise to the next level, we’ve got some great programs for you to explore!

Top Five Commercial Property Management Tools

We’ve created the best of the best to help you get your business on track and streamline your record-keeping habits. Check out the top five programs below!

5. RealPage Commercial Property Management

The RealPage Commercial Property Management program is a dream come true for property managers. Created for small to medium-sized property management businesses, the user-friendly software has the ability to grow alongside your commercial business. Not only does it keep track of your assets, it creates reports for all stakeholders involved.

Among the many features to choose from are:

  • Checklists
  • Templates
  • Built-in data recovery system
  • Standardized leases
  • Portfolio management
  • Seven types of report options

Commercial property management industry professionals agree that this program is top-notch in function and ease of use.

4. Rentec Direct

For landlords with under 10 properties to manage, Rentec Direct is the ideal choice because it is one of the easiest programs to use. Another great thing about the program is the Basic plan is free.

Property managers can also screen applicants to weed out any potentially problematic tenants.

More features Rentec offers are:

  • Income tracking
  • Report generating
  • Streamlined record management system
  • Multiple tab integration
  • Criminal background check

The ease and user-friendly component of this program are sure to win you over.

3. Appfolio Property Manager

Appfolio is the ideal system for owners and real estate agents who prefer a quick and easy program to manage. Reports can be created with ease with the simple yet sleek template creation. More features that earn rave reviews are:

  • Mobile-friendly design
  • Ease of use
  • Owner portal
  • Ability to create an additional website with rental listings
  • Great customer support

This is a great program for property managers who prefer a more simple approach to property management.

2. Buildium Property Management

Buildium is one of the most popular programs on the market today. Used by property managers around the world, it is best known for its multi-use functions. Some of the most popular features that make this program top-notch are:

  • Business expense management
  • Leasing
  • Payment processing
  • Tax filing ability
  • Resident portal for repair and rent payment

Another great feature of this program is the ability for property managers to design their own property rental website with available listings.

1. Planon Real Estate Management

This program is ideal for large property management companies who want the option to go global. The best thing about Planon Real Estate Management is the way it allows room for growth within the program. It also recognizes how important financial efficiency is with the planning features.

A few more things that make Planon ideal are:

  • Transaction management
  • Cost forecasting
  • Spreadsheet integration
  • Easy dashboard management

If you need a program with advanced data structuring, then this is the best choice for you.

Make Commercial Property Management a Breeze

Now that you’ve got the five best five software tools at your fingertips, consider taking the next steps to finding the perfect real estate agent.

For all of your real estate needs, contact us and let us know how we can help!

unpaid rent

How to Deal with Late or Unpaid Rent

Is a tenant’s unpaid rent leaving a hole in your finances? Here’s what you can do to avoid making costly mistakes.

If your tenants are late, or not paying rent at all, it can be a sticky situation. It takes a lot of time and money to get them out.

You, too, can have the satisfaction of actually doing something about the rent that’s gone unpaid.

The following information will help you decide what actions to take.

Consistent Rules For Unpaid Rent

It’s important to be consistent when dealing with a tenant who isn’t paying rent.

Although state laws vary, there are two things a landlord can do when a tenant doesn’t pay rent: chase them for payment or eviction.

It’s your decision what to do with your tenants. Make sure you’re consistent with your rules.

Deliver the rent bill on the day it is due. Your tenants should know the rent is due by the due date.

If a tenant is late with a payment, be sure to be consistent with adding late fees. If you give a tenant an inch, you never know when they’ll take a mile. If you’re not consistent with late fees, the likelihood of your tenants not paying you increases.

You need to hold your tenants accountable for their rent payment consistently. The next step is an important part of that process.

Meet With Your Tenant(s) In Person

It’s important to meet with your tenants in person to discuss the unpaid rent. You have to hold your tenants accountable in some way. Face-to-face interactions are more impactful than writing letters.

When meeting with your tenants to discuss unpaid rent, always be respectful and polite. You don’t want the situation to be more negative than it has to be.

This meeting with your tenant will hold them accountable for their unpaid rent. Your tenant will tell you the situation of their lack of payment. They might’ve lost their job or had a medical emergency.

In this in-person meeting, you’ll also discuss late fees. This is a good opportunity to serve a Notice of Non-Payment of Rent. Make sure you’re clear with your tenants about everything.

If you’re clear, eviction will not be a surprise.

Eviction

The eviction process doesn’t start until you file a notice. It can also experience delays. You need time to carry out a proper eviction.

Send out eviction notices immediately. Do not accept any excuses from your tenant(s). The eviction process takes time, so the sooner you start it, the better off you’ll be as a landlord.

Waiting to start the eviction process is a mistake. If you accept partial payments, it might restart your eviction and you’ll have to go through the whole ordeal again.

The quicker you get non-paying tenants out, the quicker you can get paying tenants or be able to sell your home.

Don’t bother with a “constructive eviction.” That’s when you turn the utilities off on a non-paying tenant to get them to leave. This is illegal in every state and doing this will have negative repercussions.

Remember: You Are The Landlord

It is your responsibility to hold your tenants accountable for unpaid rent. After all, it’s your money!

Only you know what actions are best to take in your situation.

Contact an expert to learn more about rent, eviction, and all that jazz. You won’t regret it.

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