Should You Hire a Property Manager? (The Answer: Yes!)

hire a property manager

Over 43 million housing units are occupied by renters across the United States. What that massive number means is that property owners all across the country are either subsidizing or making a full-time living off of renting housing.

If you own or are looking to invest in property for the first time then you likely know already (or will soon find out) that there’s more to renting houses than collecting checks.

Between managing tenants, maintenance, and legalities, the hardships that circulate around property renting can be enough to deter some investors from taking the leap.

Fortunately, you can hire a property manager to take all of the difficult aspects of renting off of your plate.

There are many excellent reasons to bring on a property manager for your rental property. Below are a few of the primary ones you’ll enjoy the most!

1) You’ll Get Your Paychecks on Time

Like we said before, there’s more to renting properties than collecting paychecks. Still, collecting paychecks is probably one of the best parts.

To that end, when you hire a property manager, you can be sure that your checks will arrive on time. This is in contrast to the work you might have to manually put into getting your check from a difficult tenant if you are managing your property by yourself.

2) You’ll Get the Most Out of Your Property

Pricing is a hard thing to get right. You have to be willing to analyze comparable properties, forecast growth over a lease term, and know market demand in order to come up with a perfect number.

If all of that sounds like more trouble than its worth, you’ll want a property manager in your corner.

Property management companies are experts in particular areas. They will take their expertise and market knowledge to make sure you’re getting the highest rent possible for your unit.

3) You Won’t Have to Deal with Tenants

Most tenants are lovely people. Some can be very difficult.

In order to make sure that a rogue tenant doesn’t take over your life, you’ll want to hire a property manager.

Property managers can screen tenants when placing them in your home. They will also manage maintenance requests as well as keep tenants in check if they’re doing things they shouldn’t be doing in your home.

This can be a huge stress and time saver for you. It will help persevere the value of your house and ensure you’re always in compliance with tenant related laws.

4) You’ll Maximize Your Profitability and Time

Property managers will save you hundreds if not thousands of hours every year. You can use that time to enjoy the money you’re making off of your rental property or to find more investment opportunities.

Finally, given how property managers get you the best tenants, the highest prices, and preserve your property’s value, the percentage of your rent they charge in fees will almost certainly pay for itself.

That means you’re getting incredible value at an unbeatable price!

Wrapping Up Reasons to Hire a Property Manager

Renting properties can be an excellent way to earn income. It can also be stressful.

To make sure your experience with rental properties is positive, hire a property manager. A property manager can take all of the difficult aspects of renting off of your hands so you can stay focused on enjoying your income!

Want to learn more about how to successfully manage your property? If so, dive deeper into our eFind Agent content pool today!

5 Differences Between a Residential and a Commercial Property Manager

commercial property manager

If you’re a property manager, you probably started off in the residential market.

This is the usual route, but many property managers want to dive into the world of commercial property management. However, there are many differences between the two professions. There may even be new qualifications that you need to get, and laws to understand and follow.

So the question is, how to become a property manager for those properties? You may also want to know, what does a property manager actually do in a commercial building?

If you have questions, keep reading. This guide will explain the five differences between a residential and commercial property manager.

1. Tenancies Are Different

There are more expenses attached to a commercial building agreement, and the tenant will shoulder these. The usual expenses are the NNN or three nets. They include maintenance, insurance, and property taxes.

Furthermore, as a commercial property manager (PM) you’ll deal with fewer tenants. There’s typically only one owner per building. And you’ll be interacting with businesses, not individuals.

2. Commercial Leases Are More In-Depth

Commercial leases are often longer and more complicated than residential rental agreements. For example, they may have annual rent reviews or prices attached to a fixed index.

Often a tenant will invest in fitting out their space with custom alterations. This investment only makes sense if a business is going to be in the property long-term.

3. Differences in Building Maintenance

In a residential property, a maintenance issue can be a quick fix. A call to a contractor who interacts with the tenant and you’re done.

With commercial buildings, it’s often necessary – and required by law – to have an on-site manager.

Additionally, there should be a system where tenants and the PM can track work tasks. Tenants need to be kept updated on when the work will be done and when completion is expected.

4. Certifications Are More Important

In general, it’s easier to manage single-family homes than a large commercial property. Where becoming certified may have been optional as a residential PM, it’s more important for commercial property management.

The usual route is to become a Certified Property Manager (CPM). The designation is highly respected in the profession It’s recommended you look into getting it if you decide to make the switch to commercial properties.

5. Commercial Property Manager Responsibilities

You’ll be pleasantly surprised to hear that commercial property management carries less responsibility for you.

The tenants you’ll deal shoulder a greater responsibility than residential ones. For a residential tenant, you have to maintain a habitable residence, and there are strict laws on what that means. The law also favors tenants in case of eviction.

For a commercial property manager, the scope of responsibilities is relatively lower. The buildings are generally used during the daytime. This means no late night calls about noisy neighbors or leaking pipes.

Find a Real Estate Agent

Hopefully, you now understand if the life of a commercial property manager is right for you.

The real estate sector is one that is so wide that you need help to find the right people to work with. Contact us today to find the best agent for your property.

5 Steps To Properly Managing A Vacant Home

vacant home

Are you managing a vacant home?

Leaving a house empty for a while?

If you find yourself with the task of dealing with an empty property for the first time, it can be difficult to know what to do. However, it’s important that you take steps to protect the home against problems and ensure that it remains in great condition until it’s ready to be used again.

Below we’ll tell you the 5 most important steps to properly managing a vacant home.

1. Check Up Regularly

One of the most important things to do when you have an empty property is to get into the habit of checking up on it regularly. It’s important to routinely give it a visit and see if anything seems out of place. There could be vandalism, break-ins, or a squatter staying in your house.

If you’ll be out of town for a while you may want to get a friend to check on it for you or hire a great property manager to stop by the home on a regular basis.

2. Make Your Vacant Home Look Occupied

When you have an empty house, it’s also important that you do everything you can to make it look occupied even when it isn’t.

There are plenty of things that you can do to make it look occupied. One way is to set a light up in your home on a timer to be turned on each night. You may also consider parking a car in the driveway, or find some other way to make it less obvious that the home isn’t currently being lived in.

Additionally, don’t let mail and newspapers build up as this can be an obvious sign to people passing by that the home is vacant.

3. Put the Right Security in Place

It’s also a good idea to invest in some security measures if your home will be unoccupied for some time. Consider setting up motion sensors or surveillance. These days, it can be easy to set up a security camera and access the live feed from just about anywhere.

You may also want to get an alarm system in place. This will allow you to rest assured that your property is well taken care of and give you peace of mind. Additionally, if you already have a security company in place, it’s a good idea to let them know that the house won’t be occupied.

4. Be Prepared For Winter

In addition to keeping your home secure and safe from burglars and squatters, it’s also important to keep it safe from mother nature. Winter time can lead to some very cold temperatures and it’s important that you prepare for the worst.

Cold temperatures can cause a lot of damage to your home if not prepared properly. The cold may lead to busted pipes, flooding, or snow getting in due to gaps and crack in the doors and windows.

5. Consider Insurance Issues

If you’re managing a vacant home you should be aware that it won’t be covered by insurance for long. If your home is vacant for too long, usually over 60 days, it may no longer be eligible for homeowners insurance. After this, you won’t be protected from things such as vandalism and broken glass.

However, there may be other solutions and insurance providers vary so do your research. Make sure you contact your insurance company and find out exactly what you can expect.

Final Thoughts

Dealing with a vacant home doesn’t have to be difficult, but it will take some effort on your part. By following the steps above you’ll have the best chance of managing the empty house well and ensuring you’re doing a great job at taking care of it.

Looking for a great real estate agent? Need property management solutions? Contact us today to learn more about what eFind Agent can do for you.

5 Essential Tools for Commercial Property Management

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!

5 Property Management Tips For Entrepreneurs

property management tips

By 2019, the forecast revenue for property management in the U.S. will be about 69 million dollars. To succeed as an entrepreneur, you have to apply the right property management tips.

Unlike landlords who focus on ownership issues, managers deal with running the property. They must be responsible people and have skills in accounting and business management.

New entrepreneurs fail because they don’t know how things work in this industry. They struggle with marketing, dealing with owners and tenants, and managing their time. Others face issues in rent collection and sorting out leases with the owners.

This shouldn’t happen to you. Keep reading to learn property management tips to help you navigate this job.

Great Property Management Tips for Entrepreneurs

The competition in property management is strong because it is a lucrative business. Thus, if you are starting out, you need great property management tips and tricks to succeed.

Here are some of them:

1. Hire Responsible and Experienced Staff

Recruit a team of responsible, organized, experienced, and knowledgeable people. They should have integrity and a strong work ethic.

Pore over their histories and check if they have credible references. Hire only those who can handle the scope of the properties you want to manage.

2. Boost Your Marketing to Acquire New Clients

Improve your marketing and networking skills to attract and meet potential clients. Show them how your services differ from the competition. Show them the skills your team has for managing properties.

Take part in online conversations by building a website. Improve your social media use to connect with potential clients. Make videos and infographics to explain your company’s services to online users.

3. Fix Common Issues Affecting Properties

It’s not always the big things that affect tenants. Smaller problems such as delayed garbage disposal can make tenants very angry. Failing to fix these issues will affect the reputation of the property and your business.

As such, you should fix common issues quickly. This can include pest extermination, fixing lights, and testing the smoke detectors. Dispose garbage as soon as possible and get repair experts to fix damaged areas.

4. Make Use of Technology

Using technology solves issues with accounting, productivity, and time management. It can allow you to scan and print documents from tenants, suppliers, or maintenance teams. Moreover, you can get tools for managing the inventory on the property.

This automation gives you more time to handle other issues. It also reminds you about things you need to sort out. Plus, it will manage your finances, which is crucial to the success of your company.

5. Build Good Relationships with Support Teams

Your business will rely a lot on suppliers and maintenance teams to do their jobs well. Thus, ensure you have great relationships with them. Vet them to be sure they will show up when you have an emergency.

For example, unexpected damages may occur on the property. You will need to fix these problems before things get worse or tenants start complaining.

Learn More About Property Management

If you apply these property management tips, you’ll find everything runs smoother. That’s not to say problems won’t arise. Just that you’ll be better prepared and have a good foundation for success.

Contact us to learn more about managing properties.