Posts Tagged ‘property management’

Which Investment: Mobile Home Parks or Apartments

Tuesday, March 2nd, 2010

Which one to buy - mobile home park or apartment complex?

Having owned 5 mobile home parks and one 22 unit apartment complex, our choice is the mobile home park. The reasons are many, but I will highlight a few of the most important for you.

Land versus buildings is the key to your initial investment requirements. Of course, you pay more for apartment buildings than you do for spaces in a mobile home park. Individual properties may be the exception, but this is usually the case.

I have made a career of looking for tax breaks, even reading tax manuals as we travel down the highway in our motor home! So I know most of the angles in real estate. Did you know that permanent buildings for residential use must be depreciated over 27.5 years while land improvements are on a 15 year schedule?

Even if you put mobile home rentals in your park and have to use the 27.5 year schedule for them, your savings comes when you buy the homes. They cost much less than apartments of the same quality.

We have found repairs to be easier with mobile homes. Unlike apartments with plumbing in the walls, mobile homes have the pipes under the home. No walls have to be torn out to repair a water leak.

If you are only renting spaces, your repairs are almost non-existent!

Vacancies do not occur as often with mobile home spaces as they do with apartments. First of all, it is quite expensive to move a mobile home. If you are not giving people reasons to move, they will generally stay with you for many years. We have families who have raised their children in our park and are still there.

Apartment tenants move much more often, so for stability choose the mobile home park.

Careful screening of applicants, good management, and high quality property maintenance are the ingredients you need to have in place for either type of investment.

You can learn how to buy and run a mobile home park with MobileHomeParkClassroom.com. Cut down on the steep property management learning curve with our mobile home park management module which includes step-by-step instructions and videos to get you up and running quickly.

The Property Management Of Marketing Vacation Rentals

Sunday, January 31st, 2010

If you are going to spend money marketing your vacation rental property on vacation rental home websites, you want to be certain it is a winner. Here are 6 things you can do which will help make certain you get the most bang for the buck.

1. SET RENTAL RATES APPROPRIATELY - If you want your vacation property to rent, you should be realistic, optomistic, but not greedy! Set reasonable rental rates for your property and ensure that the rates are correct on the website(s) that show your listing. Make sure you regularly review your online listing and change your rent as the market changes. Look for comparable properties (comps) in the same location as your own. Only charge a premium if your property has some different features. Be prepared to reduce your rent on occassion as needed. In this trade, if you lose money for a week long rental, you can’t make that up!

2. CHECK E-MAIL FREQUENTLY - When using an internet vacation rental property website, remember leads from these websites are people who are typically Internet savvy and almost certainly check their e-mails often, particularly if they have requested some info from you. Moreover, be sure your phone number is listed on sites that allow you to as sometimes people choose to just call you directly, so be sure to check phone messages as well.

3. TAKE ACTION IMMEDIATELY - Vacation goers commonly see a a small number of rentals that are of interest to them and then phone those property owners. The sooner you respond, the better probability you have of winning them over. There have been times I have rented properties in the past and because it took an owner 24 hours to reply, I had already chosen another property. A timely and professional reply gives the prospect confidence that the rental home experience will follow suit.

4. YOUR LISTING SHOULD BE CORRECT AND COMPREHENSIVE - Be certain that your listing facts are kept up to date and are comprehensive. Review your online listing regularly to be certain that your contact information is up-to-date. Furthermore, be certain that it is truthful on the depiction of your property and its amenities. This will help you with repeat clients and will also keep you out of trouble with rental contracts or laws in regards to such things.

5. EXCELLENT PHOTOS OR TERRIFIC VIDEOS OR BOTH - It is factual when they say, a picture speaks a thousand words. Keep in mind, renters are considering staying at your rental based (most of the time) only on your pictures and video and your word. Remember, the more you tell, the more you sell. Here is how I look at it. If you were going to buy a used car, would you do so over the Internet without a good look at the outside/inside of the vehicle and the engine? Not exactly the same, but you get the idea. The more pictures and the prettier, the better. Be sure to have pictures of your rental amenities such as a pool, the beach, a foothill view, the lake or a golf course - these are top vacation rental sellers! If you can do videos and upload them to video sharing websites, even better!

6. IMPROVE YOUR EXPOSURE - There are loads of hot spots for vacationers throughout the world. Before we owned property, my family used to head to St. John every year, typically twice. There are thousands of vacation rental properties in the St. John, US Virgin Islands area. In areas like this, boost your exposure by getting to the top of the search engines for keyword phrases like: vacation in st john, st john vacation rentals, vacation rental in st john, and so forth. If it costs you twenty, fifty, even one hundred dollars to do so but that gets you one additional rental a year, that makes it more than worth it.

May you find this article on marketing your rental home helpful. If you need additional help with your rental property in California’s Central Valley go to fresno rental property and to look at houses for rent in California’s Central Valley, visit houses for rent fresno ca

New Homes- We All Want Them!

Tuesday, January 12th, 2010

Less new homes have been sold in the last year or so, due to home buyers finding foreclosed homes more affordable in light of the recent recession. Research in the property market has however established that buyers now prefer ‘green’ homes to luxury homes with non-green additions.

Nearly fifty percent of buyers looking at homes prefer homes with energy saving fixtures like solar panels over luxury fixtures. Thirty one percent of interviewees preferred the luxury fixtures.

The neighborhood, in which the new home is located, is also an important consideration. People prefer their new homes to be in areas with low crime rates and in close proximity to their place of work. Only 6% of respondents would be prepared to sacrifice their proximity to shopping malls, whilst 3% of people would sacrifice their proximity to public transportation, such as bus routes.

A high number of people would be prepared to sacrifice on personal comforts in order to buy new homes.

Although 81 percent of respondents are facing significant financial obstacles when purchasing their new homes, the survey predicts a positive change in the property market after the elections.

Many respondents wish to buy a new home in the next 5 years and with the recession coming to an end; it may now be time to do just that

Purchasing your own home is an incredible feeling and even better is to buy ‘off the plans’ which enables you to choose your own designs within a custom set as well as your own fixtures such as wardrobes and tiles.

New home developers hire real estate agents that are paid to represent the developer and builder. Due to the high volume of new home developments, real estate agents that sell new developments earn a lower percentage commission than for a normal sale and therefore many of them use high-pressure tactics to try and persuade you to sign the offer to purchase or sales contract. Therefore it is a wise idea to hire your own agent who will be more reasonable.

This may not be the case when you use a developer’s agent.

Some developers prefer to use their own lender to finance properties, as this allows them to be informed as to your progress on the financing. Be sure that a lender is reputable and that you feel comfortable with them.

Should you also prefer a ‘green’ home, enroll a real estate agent who knows much about green and other environmental issues to help secure the ideal green home that will suit you.

Most green homes are more compact than ‘normal’ homes, so look around and make sure that you find a green house in the right size for your family.

Green homes use solar power to generate energy and low flow toilets which save on water. Double paned windows and other building materials are manufactured from materials that are environmentally friendly and don’t have negative effects on our environment.

Go ahead and buy your new residence - it will be an investment in your future and that of your family’s.

Buying a new house is often a convenient reason for relocation. As such, prospective buyers may be interested in finding a Guelph home or a Kitchener new home.

Reviewing Relevant Issues When You Decided To Enter Real Estate Transactions

Tuesday, January 12th, 2010

When you come to a decision that you wanted to buy a home, there are many aspects that you have to consider. Checking home feature is one. You surely don’t want to end up paying for a home that needs repairs, right? And in the process of buying, you will have to face certain problems. One of those problems is ensuring the home to be in its excellent condition. Why not consider real estate transactions?

At first probably you are already convinced that you will not need a real estate agent’s help. However, think again. You will go though holding papers and if you are just alone for that, you will be taking much time than to compare if you have asked for an agents help. Maybe what fears you is the additional expense. Whoa! But that’s a misconception. That direct cost is not true. If I am wrong in saying that, then that is because you have allowed it so. Remember that in the first place, you are the boss in that transaction. His/her job will only be as to guiding you towards the step before you own the house. There will be an expense yes, but not direct one. Second reason, you are assured of the legalities. Third, you could have wide choices of home because they have listings for you to see. The search won’t anymore be a tedious one for you. And fourth reason, you paper works will lessen. All of those are the job of a real estate agent, so allow them to work in their own field.

Your question then as home buyer is how will you search for that agent?

It is a challenge to find a professional agent. You may start finding one in the right agencies. Either large or small agencies, it is the level of commitment that counts. Their individual agents are more important that their agency. Find someone you think is interested working with you. Look for his/her experiences regarding the job. Better choose someone who had already worked for two years because they are guaranteed in the field.

Try the search in online too. There can be websites who could present their agents profiles. Read for the testimonies possibly found in their profiles. You might also consider the newbie in the field. I won’t be of much risk if he/she has recorded successes in field.

Referral from your coworkers, neighbors, friends and family is an option. In that way, at least you could listen to them say about their experiences with that certain agent.

Eventually, when you start the business together with that estate agent, be aware of the many processes as inspecting various papers. Consider the opinion of your lawyer or of your consultant if you have one other than the agent.

Maintain that perspective in the home you’ve been building in your head. Do not just think of today but think about future options. Think about walk-through as you deal with financial matters. So before finally closing deal to a real estate agent, weigh all of your ideas that relates to owning the house. If it is final then behold that house and start living in the luxury of its comfort!

Purchasing the beautiful and luxurious Vancouver real estate is a convenient reason for relocation. On a similar note, you may also be interested in Vancouver travel.

Property Management Software is the Key to Efficiency

Wednesday, December 30th, 2009

A variety of software being designed today makes our lives so much better in the forms of ease, convenience, and efficiency. New technology has taken over and that is a good thing especially when it comes to property management software designed for real estate professionals who are responsible for renting and leasing commercial and residential properties. If you have not heard of this, get ready, it is packed with benefits making those who are using say their job is easier.

When you search around you will quickly discover that there are more companies than you would have guessed selling the property management software. Once you start researching how it can help you run your rental management functions efficiently you will agree has more than enough benefits.

Property management software is a high tech efficient system that is used primarily in the real estate arena. If you are still writing out checks and keying information in a spreadsheet manually and frequently taking the time to update them when payments are made or missed, this system can handle that for you along with many of your major accounting functions that take a lot of time compiling and reporting.

The property management software serves as an electronic administrative assistant, accountant, bookkeeper, and organizer. This stores all of your information, keeps it updated so when you need to access important details you can secure it with the touch computer key. Easily check to see who has paid and who has not. You can also quickly learn how many vacancies you have to fill in an instant.

If you need ideas to become efficient and save time, you will get that needed luxury with property management software. If you write checks manually, you will not have to any more with this software. Inventories, payroll functions, keeping up with invoicing, and many other accounting needs are handled.

Some of the newer software being developed can also assist you with applicant screening to make that process go smoothly and most importantly, much faster. If you have a website promoting rental properties, some of the technology can integrate with your website to make available the option to automatically populate the property or units.

You would be surprised when you discover that this technology is affordably priced. There are a variety of pricing options and easily fits into budgets. The return on investment is spotted quickly. When you shop around, look for free demos.

If you are in the Property Management and leasing or multifamily rental market, you have to take a peek at what Property Management Software has to offer to save you both time and cash.

You Can Buy For Easier Property Management Software

Sunday, December 27th, 2009

Having the job of a property manager can be tough. There are so many things that you need to keep track of that it can get overwhelming. If this sounds like you then you need to get more organized. The more organized that you are the better business you will have. The best way to get more organized is to use property management software.

There are a lot of programs that can help you. It may be hard to find the one that is right for you. In order to pick through them all and choose the right one for you the internet can be used. This is a good way to read customer reviews so that you can get good opinions from others that have tried them first.

Another thing that you should consider is the security that the programs have. The information that you will have on this software is confidential information that cannot get stolen or looked at by anyone that is not authorized. Your customers are counting on you to keep their secure information so you need to take this very serious.

Another aspect that is important to consider is that the information is able to export into your existing programs. This makes it easier to deal with the information will save a lot of time so that you do not have to input the same exact information over and over again. Consider how easy the software makes this.

Many software websites offer free trials. This is the easiest way to find out if the software will work well for you. Property management software sites will usually have all of the information that you need to make your decision but using a trial can make this decision even easier. You will be able to try the program hands on and see how easy it will be for you and for your business.

The internet actually has a lot of deals that you can take advantage of. Find some reputable websites that have good customer reviews and good prices.

There are also a lot of websites that have deals on shipping and handling. This can really save you a lot of money. It is important to find a reputable website that will not charge too much for shipping and handling. This can make it not worth purchasing on the internet if it is too much money.

Get the assistance you need with Property Management that you can use. Finding the right Property Management Software can be done online. Find your options now!

The Promote The Use Of Property Management Software

Friday, December 25th, 2009

For individuals that are in charge of ensuring the proper upkeep and management of rental assets, whether it is commercial or residential, property management software is a valuable tool. Individuals can keep up with all duties necessary such as keeping tenant files up to date. This software makes it simple.

Allowing categories to be created by type or rental, location or price is an added bonus. Complete explanations of the property and activity can be maintained as well.

Property management software permits the manager to make separate profiles of each unit within a certain property. Descriptions of the square footage, carpet color and type, interior color, information about windows and doors, molding, and appliances can be entered. Photographs can also be added. This makes it easier to have an accurate record of the units condition when tenants move in it.

Information on renters can be added into some of the software. Names, credit reports, payments, correspondence and any other relevant information can be added.

Generating reports for eviction notices or for renewing leases is a benefit. Any documents or correspondence from tenants can be scanned and saved with property management software as well.

Templates can also be created for lease agreements and commonly used letters such as late and final notices, eviction notices and general information.

Some property management software includes the interacting with bank accounts and scheduling automatic transactions. The transactions may be receiving payments and paying vendors. It is also possible to track work orders, with reminder features.

A variety of property management software is offered for those with numerous properties to keep up with. Real estate companies are known to use this software because of the volume of properties that they manage. Regardless of how many properties a person is responsible for, there is a software program that will make the job easier.

Managing properties is a difficult job for anyone be sure to select the correct software to assist the person. The administrator now needs a program to help in streamlining the business.

Remember the following when thinking about the correct software.

Pay attention to what you really need. Stay away from software that has more options than what is absolutely necessary for you. For instance, manage the property and the office with separate software. Office management software is relatively cheap and good for any size business.

Get the help you need with Property Management. Finding the best Property Management Software that will assist you in correctly handling information. Head online now and check them out!

Managing Your Rental Property: What You Need

Wednesday, December 23rd, 2009

Without a doubt, property management software has become the one and only resource for mangers to keep track of their properties. Instead of hours spent compiling paperwork from mountains of records, these programs make it easy to find everything you need. Managers can purchase this software offline and download it directly to their computer. They usually cost a few hundred dollars for a onetime fee, or you can choose to make a monthly payment instead.

Finances are the most difficult part of a property manager’s job, but this software makes it a simple task. You could spend hours looking through paperwork to figure out spreadsheets and reports, and even then you knew they could be wrong. The software enables you to create accurate reports within seconds right from your desk. Just select what you want and print it off. Some software comes with pie charts and graphs, depending on what you think you will need.

Most managers look for a program that will allow them to keep track of units that are available to be rented. This is because the manager only has to open up the program to view multiple apartments. Most of the programs will allow a manager to enter in an unlimited amount of data about each apartment and then print it off if he or she chooses to do so. This is useful for customers that want information to take with them.

However a feature that is a must have with any type of property management software is the ability to track rental payments. Many programs are now based on the internet where your tenants can send payments via the internet and the software will record when, where, who, and how much was paid. This is an indispensable feature as you can see who has paid their rent late, who hasn’t paid it at all, and who paid it early. If someone hasn’t paid their rent you can get a notice up to them without having to sort through paperwork to figure out who hasn’t paid. This will also allow you to keep tabs on delinquent accounts and if need be gives you a resource to show the court in the event of an eviction.

The software also has another tool to allow tenants to send you work orders online. Gone are the days of where tenants have to wait for you to be free from a meeting or an apartment viewing. They can simply go on the internet and fill out a maintenance report. This also allows for the software to keep track of how much you spend on maintenance reports. When tax season comes around you will be able to print off all of the reports with ease rather than having to create the reports yourself.

Every manager knows how difficult his job can be from time to time. If you are a manager or own a property you should take a little bit of time and get some property management software to make life much easier for you or your manager.

Layla Vanderbilt is the content coordinator for a leading property management software review website which connects people with the leading property management tools.

Everything About Property Management Software

Wednesday, December 23rd, 2009

When it comes to owning property there are a lot of things that a person needs to stay on top of. Having a property management software can help with this, as it is designed to help keep track of a lot of the tasks that managing property entails. There are some tips that can help you pick the right one for the situation you are in and we will look at them below.

Know what your needs are before embarking on a search for a property management software. Many people jump in without even thinking and then are disappointed as the purchase they made does not meet their requirements.

One very important thing that a lot of people want the system to have is a place that all information pertaining to a unit can be stored. By this I mean they want the specs on a dwelling such as flooring, carpeting, paint color and other details like this to be able to be tracked regularly.

Many of the systems allow for pictures to be put into the files as well which can be a big help if there are problems that are brought up down the road with a tenant. If you are bale to produce pictures that prove a situation, the tenant can have a very difficult time disputing things.

Many of these systems allow for the landlords to be able to create templates that fit the specifications that they have regarding any particular unit that they rent. Having information like this close at hand makes things a lot easier for a landlord if there are any discrepancies that occur with a tenant. They can just pull up the information firsthand.

It can also save a lot of money that would have to go out getting others to create the leases and other documents that you may need when renting your properties. Saving money is always a great thing.

Being a smart property owner does not have to be the huge challenge that many make it out to be. Using a property management software system can help make the job a lot smaller than it was before. Many people wish that they had known about these systems before. Take your time though and look for the best one that suits your personal needs as they are all different. You will be glad that you did.

With Property Management Software your job will be simple. Getting the right ways to deal with Property Management may seem illusive. But you can find all your answers today!

Tenant Information Gathering

Tuesday, December 22nd, 2009

Finally, you are in charge of the building. You can call yourself “the landlord.” First thing on your checklist is to collect your new tenant’s information; you will need to be able to contact them.

Every single time you talk to your tenants, smile. Never, ever forget to smile.

Worry not, for collecting information from tenants is quick and easy, usually. You are in charge, and you must remember this. Do not forget that you are the boss. That being said, don’t be a jerk either. Be firm, fair, and friendly. Do not forget these three Fs.

Fill your voice with confidence and stand up straight. If you lack either of these qualities, you will be stamped upon in the landlording business. Tenants will take advantage of you and treat you with no respect if they see that you are a coward. If you are a coward, then fake it.

Your tenants will like and respect you if you appear to know what you are doing. Having everything under control, or at least, appearing to have everything under control, is one of your most valuable assets. Also, remember to smile!

Asking them for their information is easy. Just ask them. That is all there is to it. Sometimes, you will have a tenant who seems very suspicious, as if he thinks you have some ulterior motive for getting his information. For these paranoid types, gently explain the reasons why you need their information. They should understand.

You can ask them if they would like to be told about a creep outside their window or a fire when asking for their cell phone numbers or work numbers.

Tell them that you need their social security numbers so that you can tell the credit agencies about their on-time payments. This helps you, too, because you will wan to check their credit. You must check their reliability. Be sure to smile, too.

If you encounter any resistance, let them know that it is for their own benefit. If they do not want to give out their phone numbers for fear of receiving harassing or telemarketing phone calls, assure them that you will take every precaution you can to keep their number from getting out. And, be sure to smile.

If you simply cannot get the information out of the tenant, then stop. Do not worry about it. There are some battles in life you should pick to fight, and this is not one of them.

Get their information from elsewhere; ask the previous landlord, check with the city, etc. You will be able to gather the rest of their information without much effort from other sources.

After you have their information, be sure you store it in a safe place. That was easy, right?

Cody Scholberg, an expert author on property management, writes for the Commercial Property Management Guide, an excellent source of rental property management material. Check out this short checklist for commercial property management.