April 30, 2009
Summarizing the important links for starting your own Property Management Group.
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Property Management | Tagged: constant contact, craigslist, facebook, google, google groups, linkedin, meetup.com, mynewsletterbuilder.com, professional, professional group, property, property groups, Property Management, propertymanagementgroups.com, yahoo groups | 
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Posted by Buildium
April 27, 2009
In part I of this two part post, we presented ideas for assembling your property management group. Part II focuses on organizing, communicating with, and running your group.
Organize your group … virtually.
Speaking of utilizing online sources, you should be aware of some of the great free online group organization resources and networking tools. If you haven’t yet, be sure to take a look at MeetUp.com. This service is designed specifically for finding and organizing groups of like-minded people. Just go to MeetUp and perform a search with your zip code and keywords like property manage, real estate, landlord, or rental. The results will include other people in your area who have entered similar interests and are looking for related networking groups.
MeetUp will also allow you to see if there are any existing property management groups in your area. If not, it’s simple to start one of your own right then and there. Other locals who have expressed interest in your topic will be notified and can then join your group. From there, MeetUp provides easy-to-use meeting organization tools to notify members about upcoming events.
Google Groups and Yahoo Groups are also great resources. Both options work similarly, providing groups with an electronic meeting place to exchange and store information including everything from files to calendars. You can also post messages to provide quick updates or information for the group to see.
While all three of these group tools offer a wide variety of useful functions, MeetUp is your best bet for initially organizing a group and bringing members together. Once the group is formed, Google or Yahoo are great places to collectively store and share information, including upcoming events and agendas.
Communicate with your group.
Now that you’ve put a group together, you have to figure out how to keep them together and continue growing. Doing this requires communication. Online group tools are extremely useful, but it also pays to proactively deliver information to members’ inboxes every now and then (as opposed to passively waiting for them to log on to one of the sites mentioned above). As the group leader you’ll need to find a reliable method of keeping the group in contact, motivating them to attend meetings, and sharing information.
Just a basic email may work for your purposes. Or maybe you really want to beef up your communication efforts and get a newsletter going … particularly if your group’s main mode of communication will be electronic. If you do opt to take this route, there are some great online tools to easily create and personalize professional looking e-newsletters. Try ConstantContact.com or MyNewsletterBuilder.com. Aside from the professional edge these services provide, they also allow you to view analytics such as open rates, click-throughs, and email bounces. Be aware, though, most e-newsletter services do charge a fee after a trial period has expired, so be sure you will benefit from and use this service before signing up.
Run a successful group meeting.
While you should definitely take advantage of online tools, chances are the real group bonding will happen at face-to-face gatherings. You don’t have to hold meetings or events all the time—anywhere from once a month to once a quarter will do. However, when you do have group meetings, you want to make sure that as many people as possible actually attend. Offer attendees incentives like snacks, speakers, activities, or even a gift certificate prize (this is a great way for vendors to get their names in front of potential employers’ faces, after all).
A successful meeting will be the perfect blend of social (so that people really have the opportunity to converse and network with one another—this is when the real sharing and information exchange starts to happen) and structured. Without any structure, members may decide that their busy schedules do not allow for these meetings and attendance could drop before the group ever even gets going. Provide an agenda or even just a topic for discussion from the outset.
Make sure you remind attendees to bring business cards with them and have people sign in so that you can get email addresses for future sends and also have an idea of who attends functions and how they are referred. Doing this will help you figure out what some of your best methods for drawing members in are and will allow you to really target those more effective modes in the future.
2 Comments | Property Management | Tagged: calendar, communicate, communication, constant contact, constantcontact, contact, email, event, events, gift, gift certificate, google, group, inbox, landlord, meetup, meetup.com, mynewsletterbuilder.com, newsletter, online, online source, online tools, organize, proper management, property, property manage, real estate, rent, rental, resource, Resources, speaker, speakers, tools, yahoo | Permalink
Posted by Buildium
April 23, 2009
Property management can be a lonely job at times. And although flying solo may well be your style, there’s still something to be said for the power of collective thought. This is particularly true in a field where so many different elements come into play. Accounting, real estate, legal issues, customer service, marketing—most property managers delve into all of these areas on a regular basis. And this is precisely why a property management group can do so much for your career.
At first it may seem a bit counter-intuitive to share your business ideas (and maybe even practices) with other local property managers. After all, some of them probably represent your competition. But the truth of the matter is, more than anyone else, your fellow property managers truly understanding what your job entails; the type of issues you deal with on a frequent basis; and the best methods, resources, and people available to help you find solutions to these issues in the most efficient, cost-effective way possible.
All of this is not to say, however, that there’s necessarily an existing property management group in your area. So in this two part post are tips to help you find members for and run your group. This week focuses on putting your group together. Trust us—it’s easier than it sounds and will pay off more than you can imagine.
Put your group together.
Chances are you know of other property managers in your area. Don’t be shy—give them a call. If you’ve heard of them, chances are they have helpful information to share. You may also want to generate some word-of-mouth by telling real estate companies, vendors, and service providers who do work with other property managers in your area about your group. Real estate investment seminars and conferences (as well as other industry-related events) are a great way to reach out to multiple community members in one fell swoop.
Also, don’t forget about your online options. Post an ad on Craigslist or do a search on networking sites like LinkedIn or Facebook to identify target group members. If there are any e-newsletters or other mailing lists that you think potential group members are likely to subscribe to—look no further than your own inbox for some ideas—you can also put a posting in there.
In the next post learn to organize, communicate with, and run your newly formed property management group.
3 Comments | Property Management, Real Estate Technology | Tagged: accounting, career, craigslist, facebook, group, groups, legal, linkedin, marketing, professional, professional group, property manage, Property Management, real estate, trade, trade association, trade group | Permalink
Posted by Buildium
April 16, 2009
If you’re interested in learning more about how to advertise your property take a look at these links:
Leave a Comment » | Property Management | Tagged: advertise, advertising, advertsing on a shoestring, budget, deborah johnson, ideas, jamie edwards, management, mary ellen randall, online, online advertsing, property, property advertising, Property Management, real estate, real estate ads, shoestring, steve kennedy, web | Permalink
Posted by Buildium
April 13, 2009
In many areas—especially right now when many tenants are staying put—rental listing sites are overflowing with available units. Making yours stand out from the rest takes a little bit of effort, particularly when there are a dozen other similar units for rent within just a few blocks of your property. Scroll through any of these rental sites and it’s immediately apparent that most rental listings use a very specific formula. All you have to do is break that mold and you’ll be much closer to making sure that your listings grab the attention of potential renters.
Make your listing title count.
Set yourself apart from the pack from the get-go. Rather than using a standard listing title like $995 – 1 bd/1 ba, take advantage of the listing title as your first opportunity to appeal to potential tenants. After all, if they never click on your listing, posting it is a futile effort.
Obviously, you’ll need to keep the title short, but that doesn’t mean you can’t provide enough information to reel potential tenants in. While you’ll want to include the number of bedrooms in your listing title, it’s also a great place to showcase your unit’s amenities or unique features. Some things you may want to consider featuring in your listing title are: on-site washer and dryer, off-street parking, heat and hot water included, or any rental incentives you’re offering. Titles are also a great place to highlight distinctive unit characteristics like a fireplace, alcove, or garden.
Be as specific as possible.
There’s no reason to hold back—make sure your listing gives potential renters as much information as possible as well as a real flavor for the unit. Avoid generic adjectives like “nice” and “great” and instead use words that really help potential renters visualize the unit: spacious, bright, classic, or modern. When deciding which listings to pursue, potential tenants are more likely to take action on those listings that leave a lasting, visual impression. Carefully chosen, specific adjectives are one of the most effective ways of creating this sort of image.
Be thorough in your description.
Really take your time when it comes to writing your listing, and make sure you’re including all of the features that make your unit unique. Some of your biggest selling points may not be amenities at all but, rather, things like the fact that your building is on a quiet street or close to grocery stores and shops. But again, take your time writing these listings; sometimes it’s hard to see the most impressive or note-worthy things about a place you’re overly-familiar with.
A picture says a thousand words.
Particularly on Craigslist—which has a specific search function that eliminates listings without images from user results—you’ll want to include pictures with your rental listings. A tip about images: Some rental listings include pictures of dirty or messy apartments simply because the property manager cannot do anything about tidying up while the departing tenant is still occupying the unit. Even though potential renters understand the unit will be cleaned before it’s rented out, untidy apartments still don’t leave a great first impression, and that’s what listings are all about. To avoid such situations, always keep stock pictures of your units on-hand for use in this type of scenario.
6 Comments | Property Management | Tagged: amenities, listings, marketing, photo, pictures, property, Property Management, property marketing, property photos, real estate, rental listings, rental unit, tenants, units, writing listings | Permalink
Posted by Buildium
April 7, 2009
Once again, it’s that time of year. While filing taxes may never be your favorite task, chances are tax season will be incrementally better the more deductions you make. The good news is that there are a lot of deductions available to property owners. But the question is: Are you taking advantage of them? According to legal publisher Nolo, “Every year, millions of landords pay more taxes on their rental income than they have to … because they fail to take advantage of all the tax deductions available.”
You don’t want to miss out on any of the deductions coming your way. To make sure you’re maximizing on deductions, be in the loop about these common deductions you can (and should!) be taking full advantage of.
Interest
This is a big one and it doesn’t apply just to the interest on your mortgage—you can also count interest on credit cards (for property-related purchases only) and on loans used to make property improvements.
Repairs
Both big and small repairs are fully tax-deductible for the year in which they are incurred. This represents a double-win for property owners—you’re simultaneously maintaining or improving the value of your property and earning a deduction while you’re at it. Just be sure that the repairs are “ordinary, necessary, and reasonable in amount.”
Contractor Work
If you needed another reason to keep careful track of your expenditures, here it is. Whenever someone performs a service to your property, his wages can be counted as a tax-deductible business expenditure.
Local Travel
This can represent a significant deduction for property owners when you consider the mileage racked up in the process of showing units to potential renters, driving around to pick up supplies, and checking in on properties. According to Nolo, you’re eligible for this deduction if you drive a car, SUV, van, pick-up, or panel truck.
You can claim this deduction by either: 1) adding up the actual expenses of gasoline, vehicle upkeep, and repairs, or 2) using the standard mileage rate (55 cents per mile for 2009, 58.5 cents per mile for July 1, 2008 through December 31, 2008, and 50.5 cents per mile for January 1, 2008 through June 30, 2008).
Enhancing Efficiency
According to the Energy Policy Act of 2005, improvements to the energy efficiency of interior lighting systems, heating, cooling, ventilation, and hot water systems are eligible for tax deductions. It’s important to note, however, that certification of energy efficiency and certain qualifications must be met in order to obtain this deduction. Specific information can be found on the IRS website.
Preserving History
If you happen to own an older building, you may just be eligible for a Rehabilitation Tax Credit. This provides a credit for 10 percent of the rehabilitation cost of buildings placed in service prior to 1936.
And if all of this still sounds a bit overwhelming, remember that your accountant’s fees count as a tax deduction as well. For more information on reporting income and expenses to the IRS, be sure to check out Real Estate Tax Tips provided by the IRS.
3 Comments | Bookkeeping, Cost Saving Tips, Property Management | Tagged: april 15, april 15th, contractor, credit, deduction, deductions, efficiency, energy, energy policy act of 2005, expense, history, interest, interest expense, internal revenue service, irs, landlord, landlords, NOLO, Property Management, property tax, property taxes, re tax, re taxes, real estate, real estate tax, real estate taxes, rehabilitation, rehabilitation tax credit, repairs, revenue, tax, tax credit, tax deductions, tax tips, taxation, travel, work | Permalink
Posted by Buildium
April 6, 2009
Creating a marketing strategy for your properties takes some time and effort. Check out these links for some ideas and helpful tips on how to develop your property marketing strategy.
2 Comments | Property Management | Tagged: 4 P's, aaoa, american apartment owners association, apartment association, apartment rental, futureofrealestate.com, inman, inman news, listing, marketing, marketing plan, Property Management, property marketing, real estate, real estate listings, real estate marketing, rental, vacancies, vacancy, video marketing | Permalink
Posted by Buildium
April 1, 2009
Since we’ve spent the past few weeks discussing web technologies, it seems like a good time to switch gears and take a look at some grassroots marketing techniques. The whole concept of marketing can be intimidating. The word itself conjures up images of departments and strategies—time intensive, expensive stuff. But marketing doesn’t have to be either of these things. There are plenty of simple, low-impact, cost-effective measures you can take to get your property and business name out there. And, really, that’s what you want—to make sure that when it comes time for a potential tenant to begin looking for a new rental, your company or property’s name immediately comes to mind.
For your properties to enjoy consistent success (in other words to have low vacancy rates and command higher rents), a marketing strategy is a must. Even if you already have a website and list your available units on high-traffic rental sites such as Craig’s List, you should still consider additional marketing measures to boost your property’s visibility.
Birds of a feather.
It may be a cliché, but it’s true; birds of a feather do flock together. For you, this means that chances are your best tenants will refer other good tenants. Offering and—perhaps even more importantly—promoting incentives for tenant referrals is a good way to have people get your name out there and find quality tenants on your behalf. Offering a hundred dollar referral fee to existing tenants will likely pay for itself many times over.
Find your audience.
Figure out what local haunts your target audience is frequenting and make your presence known there. For example, if you primarily rent to college students, put fliers up and business cards out at coffee shops or bookstores near campus. If you want to target young professionals, identify the salons, restaurants, or stores they patronize and do the same there. From a renter’s end, finding the perfect unit can be as daunting as finding a needle in a haystack, so make it easy for them to locate you and remember your name and, chances are, you’ll reap the rewards.
Get in good with rental agencies.
Local rental agencies have a direct line in to potential tenants. Build relationships and stay in touch with them, whether that means an annual holiday card, agent lunches, or visits to their office. When an apartment seeker walks into their office, you want your property to be at the front of agents’ minds.
Get creative.
When it comes to marketing, little things can go a long way. Build customer loyalty and grow your business through word-of-mouth by doing things like providing new tenants with a move-in packet. Contact nearby businesses such as restaurants, gyms, and home-related service vendors to see if they’d be interested in providing coupons or small denomination gift certificates for you to include in a “welcome packet” for new tenants. You win by providing a helpful extra that will generate good word-of-mouth, and participating stores win by getting their name out there without spending big advertising dollars to get new clients through their door.
Provide good service.
Sure, this obviously falls under customer service, but don’t be fooled. The best advertisement for your business and your rentals is you. Conduct good business—return calls and emails promptly, be polite, and respond quickly to maintenance requests. Happy tenants—or even impressed potential tenants who ultimately rent elsewhere—will provide word-of-mouth and referrals that make it well worth your while.
Put in the marketing time.
No matter how busy your schedule is, you can make time for marketing. Schedule it on your calendar, just like you would any other appointment. It doesn’t have to be a lot of time, it just has to be consistent. For example, end your week with 45 minutes or so blocked off on Friday afternoon to research or contact local businesses you may be able to advertise through or form mutually beneficial relationships with.
7 Comments | Property Management | Tagged: agencies, audience, birds of a feather, brand awareness, business, crai, craigslist, creative, creativity, fee, gift certificate, happy tenants, marketing, Property Management, property marketing, referral, rental, rental agencies, rental marketing, service, strategies, strategy, technique, tenant, time, vacancy, vacancy rate | Permalink
Posted by Buildium
