June 10, 2010
So you get it — you might need to reconsider the power of the images you include in your rental listings. A little extra time spent on capturing more marketable photos of your property could translate into significantly higher rents and lower vacancy rates. Here are some links to give you some great additional information.
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Property Management, Property investment, Real Estate Technology | Tagged: Property Management, property management software, real estate, marketing, images, Lising | 
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Posted by Buildium
June 7, 2010
Previously, we’ve spent some time on this blog stressing the importance of writing thoughtful, effective rental listings. But no matter how much time you put into writing a great listing, 
if you don’t also include an image of your rental unit it may all be for naught. Did you know that many rental sites allow users to search listings according to whether or not an image is provided? In other words, on sites like Craigslist, a potential renter may never even see your listing at all if an image isn’t provided.
Aside from potentially increasing your unit’s searchability, images also provide yet another way for your property to stand out from the rest. There are lots of comparable one-bedroom/one-bath apartments out there–but for renters, these statistics are only half of the story. Remember, they’re looking for a place to call home and, many times, the things that make a place feel like home are intangibles. Providing images allows renters to get a feel for your unit, to see if it seems like their style, and to begin to form an emotional attachment to it before the in-person viewing even occurs. Which, it goes without saying, provides you with a significant leg up on the competition.
With this in mind, following are a few simple tips for taking listing images that will really get the job done.
Tip #1: Show Your Best Side
If you’ve done some research on Craigslist, you’ve probably seen some good examples of “don’ts” when it comes to rental images. Yes, they’re an important part of your listing but, no, that doesn’t mean anything goes as long as a picture is attached.
You don’t have to get crazy and stage your unit prior to snapping a few shots, but you should make sure that it’s nice and tidy. Of course potential renters know that it will be cleaned prior to their potential move-in, but you only have a few seconds to capture their attention.
Don’t false advertise through imagery, but do put your best foot forward. If you’re missing that huge window by shooting from the left side of the bedroom, then make sure to shoot from the right so that tenants get to see all the great little aspects of your unit.
Tip #2: Don’t Just Shoot the Obvious
One of the great things about online rental listings is that you don’t have the same image limitations you would in a newspaper. In other words, you can include as many pictures as it takes to give potential tenants a good idea of what your apartment looks like. Of course you should include an image of all the rooms in the unit (or at least the major ones, such as kitchen, living room, bedroom, and bathroom), but also include anything else that may win tenants over. For instance, is the exterior of the house completely charming? Then definitely show a picture. Great city view from the apartment’s balcony? Click it and put it online. Does everyone compliment the garden in your property’s backyard? Give potential tenants a gander.
Remember, images are essentially a marketing tool for your property and when it comes to marketing, you always want to be strategic.
Tip #3: Use a Current Picture
It may be tempting to save a little time by using those pictures you already have on-hand of the same unit a couple years ago, but we advise against it. Things change over time in ways you may not even think about. Plus, the last thing you want to do is false advertise—this is your first chance to make a good impression on tenants. Modern digital cameras allow for an easy shooting process, so invest the ten or fifteen minutes it will take to capture listing images every time a unit comes up for rent.
Tip #4: Image Resolution
Now that you’ve put all of this effort into taking great images, make sure viewers can easily see them. At a minimum, high-resolution 1024 x 768 images are recommended for pictures that are large enough to easily view and do not appear grainy.
Remember, little touches can go a long way. And when it comes to including images in your rental listings, it’s one of those things that may just make a potential tenant choose your unit over one of your competitor’s.
3 Comments | Property Management, Real Estate Technology | Tagged: Property Management, property management software, real estate, marketing, pictures, online property management software, images | Permalink
Posted by Buildium
June 3, 2010
We know, we know…you’re busy. But, nonetheless, if you haven’t already harnessed the power of online customer reviews, it’s critical that you do so. Here are some time-saving links to the most useful pages for your property management business.
- Still not sure how Yelp can help differentiate your property management business from your competitors’? Here’s an example.
- Don’t take our word for it–Time Magazine agrees that Yelp is an essential site.
- Check out this video for a quick tour of what Angie’s List can do for your business.
- Ok, ok … you’re finally sold on Angie’s List. Good news! A membership is less expensive than you might think.
Leave a Comment » | Cost Saving Tips, Property Management, Real Estate Technology | Tagged: Property Management, property management software, real estate, yelp, angie's list, customer reviews | Permalink
Posted by Buildium
June 1, 2010
Sure, your mom always told you that it isn’t nice to judge. But the truth of the matter is that in the professional world, we’re all judged. Don’t fret, though—being judged can actually be
a good thing.
In this day and age customer service reviews move at the speed of light—or at least at the speed of the average internet connection. As if you need any more reason to improve customer service, here’s another one: Good customer service may very well work as a powerful PR and marketing tool for your business.
Online sites like Yelp and Angie’s List are quickly becoming some of the go-to-sources upon which the public bases its selection of service providers. On these open forums past customers rate and review your business, allowing potential customers to see how you rank against your competitors. Here’s how you can make the jury of public opinion work on your behalf.
Yelp
Since its inception in 2004, Yelp has grown exponentially — the site now gets up to 31 million visits per month (as of March 2010). In other words, Yelp reviews are serious business. Over the course of the past few years, Yelp has come to be regarded as a reliable, accurate source for business and service referals. Don’t underestimate the power of Yelp reviews or their importance to the success of your business.
While you can’t control content on Yelp, you can encourage happy customers to rate and review your business. It’s also important that you monitor your Yelp business page. If you see an unhappy customer post a review, turn it into a positive. Contact that person to address their issue and improve their experience with your company. Many Yelpers are quite conscientious about updating and editing reviews to document such resolutions. Also remember that Yelp’s rating system works on averages. In other words, if one or two disgruntled customers give you an unfair low rating, rest assured that more even-keeled ratings will average this out.
Business owners can get in on the Yelp scene too. Special business accounts can be set up for free. Once this account is initiated, you can post things like special offers and discounts to Yelpers, which will appear under your business listing. From here you can also update basic business information, track traffic to your Yelp business page, interact with reviewers, and receive notifications when your business is reviewed.
Angie’s List
In business since 1995, Angie’s List is a bit more targeted than Yelp. You won’t find listings for things like restaurants and shops here—it’s limited to service providers and is especially targeted to homeowners and home repair issues. More than one million consumers actually pay a subscription fee to join Angie’s List and, for that fee, they rely on the customer-generated reports and reviews provided by the web site. Along with ratings (which appear as a “grade”) and reviews, customers also receive information on service providers’ prices, professionalism, and timeliness.
Business owners can click here to add their company information to the Angie’s List directory. This free account will also allow you to monitor and respond to your customer reports. As with Yelp, property managers can offer Angie’s List members discounts and special offers, but cannot affect their own business’ rating. On the Angie’s List Company Connect page you can actually find a link to a form specifically designed for business owners to distribute to customers so that you can encourage satisfied customers to share their experience.
Customer review sites like Angie’s List and Yelp can be your best friend. Not only do they spread the good word about your business, but they also provide your property management company with a very visible online presence, word-of-mouth referrals, potentially good marketing, and that extra little nudge to keep your customer service as satisfactory as possible.
5 Comments | Property Management, Real Estate Technology, Tenant's Perspective | Tagged: Property Management, business, service, software, contractors, homeowners, yelp, angie's list, customer service, online property management, service providers | Permalink
Posted by Buildium
May 20, 2010
When it comes to keeping the books for your properties and your property management company, we could all use some help–especially those of us without a strong accounting background. Here are some additional resources to help further your understanding of accounting procedures and make keeping your properties’ books a breeze.
- ProfitStars and Heartland Payment Systems have partnered with Buildium to allow property managers to convert paper checks into electronic deposits from the convenience of their home or office. This eliminates trips to the bank and retains employees on-site to deal with customers.
- Your accounting questions have likely already been answered at AccountingCoach.com. Feel free to suggest a question to receive free, easy to understand answers to your toughest accounting questions.
1 Comment | Bookkeeping, Property Management, Real Estate Technology | Tagged: Property Management, real estate, tenant, accounting, Bookkeeping, technology, CPA, Acounting software, accounting books, depreciation, payments | Permalink
Posted by Buildium
May 17, 2010
Not all property managers are accounting experts, but accurate and organized 
accounting systems are nonetheless a crucial part of effective property management. Luckily for those of us that don’t have a significant background in accounting, there are many helpful tools available to aid property managers in effectively handling their accounting practices.
Software
One of the most critical accounting tasks a property manager faces is the struggle to keep different properties’ finances separate from one another. This means that funds allocated for property A are kept separate from funds for properties B, C, and D and from funds meant specifically for the property management company itself.
The second biggest accounting concern for property managers is maintaining consistently up-to-date accounting records. With money constantly flowing in and out of each properties’ accounts, it’s essential to remain on top of payments received and made. Property managers must be able to quickly and efficiently respond to property owners’ inquiries regarding payments or bills.
Accounting software allows property managers to easily update payments made and received. It also allows you to see all accounts for your various properties. Property management accounting software also allows complete and organized records to be pulled at a moment’s notice, whether you need to review them yourself or want to send them out for a property owner’s review. Be sure to check out Buildium’s property accounting software, specifically tailored for property managers.
Books
In addition to having a software-based accounting system, it’s also helpful to have a basic understanding of property management accounting practices and procedures. Understanding how, why, and when financial transactions occur makes the accounting process a more intuitive one. We recommend some of the following books (beginning with our own, of course):
Professional CPA Services
Finally, remember that it’s always okay to ask for help. Particularly around tax time, you want to make sure that you are taking advantage of all the tax deductions available for property owners, whether the owner is you or your employer.
While accounting is not your primary function as a property manager, it is certainly one of your most important. Using property management software with accounting capabilities, educating yourself about basic accounting principles, and not being afraid to ask a professional for help when necessary will all contribute to greater efficiency in handling the accounting procedures necessary to run your property management business.
3 Comments | Bookkeeping, Property Management, Real Estate Technology | Tagged: Property Management, property management software, real estate, landlord, trust accounting, accounting, hoa, apartment, property manager, Buildium, software, books, accounting solftware, online property management, CPA | Permalink
Posted by Buildium
May 3, 2010
Time is of the essence in the property management business. Let’s face it, there are just never 
enough hours in the day to get everything accomplished. So, for many, the notion of taking time out for training and other sorts of continued education (whether it be about real estate rules and regulations or maintenance tasks) seems like a nice idea, but also completely unrealistic.
When considering such matters, though, it’s important to apply a bit of foresight to the decision-making process. Following are just a few examples of common property management scenarios where spending time up front might just save you a whole lot of time (and sometimes money) in the long-run.
Computer and Software Training
Incorporating financial and record-keeping software into your property management program can save you a ton of time in the long run, whittling formerly drawn-out tasks such as rent collection, payment recording, and maintenance tracking down to just a few clicks of the mouse. But installing new property management software and learning how to navigate it can be a daunting prospect. Taking time to learn the ins and outs of navigating office software that automates tasks and keeps electronic records is always time well spent. You’ll literally save yourself hundreds of hours down the line.
Learning Basic DIY Tasks
Having a stable of good repairmen to call when the need arises is crucial to keeping your tenants happy. And, certainly, you should always call in the experts when it comes to major or complex repairs. But the truth of the matter is, there are just some things you can do on your own. And, in some cases, it’s quicker and cheaper to take care of minor glitches and quick-fixes on your own. Consider investing your time in learning some basic DIY tricks of the trade so that when small repairs come up you can take care of your tenants quickly and inexpensively.
Organizing Your Office
No one works well in a cluttered environment. And even if you think you do, chances are you’ll save yourself a whole lot of time in the long run if you know exactly where to locate a file or document when you’re looking for it. Investing a bit of time into office organization is one of those things a lot of us think about, but few of us rarely do. Setting aside a half-day every quarter to really get things organized will make everything run smoother in the long-run. And the truth is, most of us are more likely to keep things organized once they’re already tidy. The more diligent you are about organizing on a regular basis, the smoother everything will run and the less you’ll actually have to do once that next organization day rolls around.
Ultimately, think of your time as an investment. Just as you sometimes have to spend a little money to increase the value of your property, sometimes you have to spend a little time to increase the value of your business.
2 Comments | Property Management, Real Estate Technology | Tagged: apartment, diy, do it yourself, estate, inexpensive, investment, management, manager, money, multifamily, office, organization, organize, property, property management software, property manager, quick, real, real estate, repair, repairs, resident, saving, software, tenant, time, tips, training, value | Permalink
Posted by Buildium
June 22, 2009
For obvious reasons, most landlords dread evicting tenants. But for as stressful as evictions can be, there are a number of things you can do to
increase your chances of a positive outcome. Following are some tips to keep in mind should you find yourself in a position where evicting a tenant becomes necessary.
1. Have Sufficient Reason
First and foremost, it’s absolutely imperative to ensure that the law recognizes your reasons for eviction as valid (be sure to check your specific state and local laws before beginning any eviction). Despite the fact that it’s your property, tenants have rights too and any deviation from what is required by law may ultimately result in a lot of legal grief. Generally, valid reasons for eviction include continuous lack of payment (eviction does not usually result from a single month’s missed rent), the end of a lease term, or a broken lease clause.
2. Know Your Eviction Time Lines
Although you may be tempted, it’s never okay to move a tenant’s belongings out of his apartment without serving the eviction through proper channels, all of which require a certain time frame that will be dictated by state or local law. Also, make sure that the grace period included in your rental agreement (the time the tenant is given to pay you in full) has passed.
But once you’ve carefully ensured that you are following the proper procedures, do make sure that you stick to the time lines imposed on the tenant in question. Mike Brewer of the M Brewer Group explains that in the course of overseeing thousands of multi-family units in various parts of the country over the past 15 years, he has seen many landlords trip up by “not following through with the consequences put in place. For example, you agree to accept a promise to pay from a resident and when they fail to follow through, you make another arrangement … or worse, you do nothing. Given the length of time it takes to get through the eviction process, it is best to apply consequences in a timely fashion.”
3. Be Prepared for Court Proceedings
Many eviction cases end up in court, so be sure that you are prepared. It’s important that you have all the background documentation necessary to prove the validity of your case. Remember, although your property is under question, the eviction process involves the removal of someone from their home so courts are sometimes sympathetic with the tenant.
4. Record Keeping Pays Off
Unfortunately, it’s often impossible to predict when things are going to go sour with a tenant—if it were, evictions wouldn’t be necessary in the first place. Keeping meticulous records for all of your tenants by using property management software or a similar organizational tool is the best way to guarantee that if you do find yourself in a legal battle, your case will stand up in court. Recording payments, complaints, and maintenance and repairs made to all units ensures that you will be able to make your case. Brewer says, “The biggest hurdle I have seen time and time again is failure on the manager’s part to have the necessary paperwork in place. It sounds cliché but it’s true: dotting your Is and crossing your Ts during the move-in process is paramount when it comes to evicting a resident.”
5. Keep Your Cool
This may sound like a peripheral point, but remaining calm and rational during the eviction process is critical. This is a legal matter and any emotional outbursts or actions may come back to haunt you down the line. If you feel that you are unable to do this, communicate with your tenant only through writing or through a third party. Brewer advises, “Many times our innate sense is to treat people we are evicting with a ting of selfish satisfaction. I think the main thing to keep in mind is that you are dealing with an emotionally-loaded situation and to the extent that you can preserve one’s dignity, you come out ahead.”
Of course, the best way to deal with evictions is to do everything in your power to make sure they never happen in the first place. Says Brewer, “Education at move-in is everything. I hesitate to overuse the term emotionally loaded but, at the same time, move-in day is laced with just that. We displace a lot of information on our new residents and eviction is usually not one of the topics. What I would suggest is to include some dialog along the lines of, ‘If you find yourself having a tough time paying rent, come and talk to us early about your options.’”
3 Comments | Property Management, Real Estate Technology | Tagged: agreement, apartment, apartment rental, brewer, case, clause, court, education, evict, eviction, eviction court, landlord, law, lease, lease clause, lease term, legal, m brewer, m brewer group, management, mbrewer, mbrewer group, michael brewer, mike brewer, mike brewer group, missed rent, multi-family, multifamily, multifamily housing, property, Property Management, property management software, real estate, real estate court, reason, record keeping, records, rent, rental eviction, resident, state, state law, tenant, tenant eviction, term, timeline, tips | 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
