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Showing posts from May, 2012

Property Managment Vs Asset Management

One of the biggest mistakes I see apartment and commercial real estate investors make is leaving their investment property in complete control of their property manager. Even the best property management companies will not look at things like the owner.

I have seen this literally cost investors thousands of dollars in lost cash flow and property value, so it is definitely a mistake you want to avoid.

In this article I want to discuss the importance of being an Asset Manager, rather than a Property Manager. First, let's define these two terms:

Asset Manager
Focus is on maximizing return and property value for the investor(s).

Property Manager
Focus is on day-to-day management activities for a property.

"Think Like a CEO..."
If you want to maximize your returns as an investor, you must think like a CEO, and not a property manager. Your focus should be continually on how to maximize the return from a property and increase value.

I see a lot of investors that lose track of this, and …

Hire a Property Manager and Save Time, Money and Frustration!

In this post, I am going to explain to you how hiring a property management can help to save the owner more than just the price of the management fee. Let's say we have a home that rents for $1600/month. As a real estate management organization our average fee locally is 6-10%. Therefore, let's use 8% of $1600 which is $128/month. For an example our company only charges a flat fee of $75 a month for monthly management, however I'll show you the way a property manager can help to save above $1200/year by using a professional in the business.

Five Concrete Ways in which a Property Management Company Can Save Time and Money for an Owner

1. The very first way a management company can save you money is by maximizing rents. These management companies comprehend rental prices and what a tenant would most likely like to pay for a particular unit in a certain area. Property managers in addition have a footing on advertising and featuring. They know all the suitable areas to market an…

E-Card Obsession ... Top 20!

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Well hello there :)

If you are on Pinterest on a daily basis like moi...
 then I am sure you are just as obsessed with these hysterical e-card pics as I am.

They literally crack me up, I find myself laughing out loud at all most all of them!

So in an effort to make everyone laugh on this holiday weekend ... I have compiled my


TOP 20

most relatable, absolutely crack your shit up, e-cards!

Drum roll please .... In no particular order ...  Enjoy :) Ha.




Hahaha what did we ever do before Pinterest?? 


I literally hate Crocs... always have, always will ... I tolerate them on the kids ONLY at the beach ha!


One word ... Hangry ha. I am totally guilty of this.

Haha this is 100% COMPLETELY me ... I seriously would do this if I didn't think I would lose business lol I hate listening to voicemails!  Hahahaha ... Patience is not something I am good with .. guilty again. 


LOL

So True!

If this were true, I would be so super skinny ha!

Ha that is just funny period.
Hahahaha I have several of those days. 

Love this …

Is Starting a Property Management Company Right For You?

This article discusses whether starting and developing a Property Management Company could be for you or not. There are some personalities that this business is suited for, and equally some that are not. I will discuss each characteristic that lends itself well towards being a Manager, and more importantly doing it as an Entrepreneur. Below are the Top5 characteristics that will help you become a successful Property Management Business Owner:

1. Attention to Financial Detail. This characteristic is perhaps the most important detail for this business. Managing properties, especially once you start growing and increasing the number of properties that you manage, requires the ability to keep track of every penny. And believe me, as you grow, there will be a lot of them.

Think about it, if you have 50 properties averaging $1,000 per month in rent, you are then collecting $50,000 every month to deposit into bank accounts. Then from that $50,000, you are paying some utilities, mortgages, then…

The Basics of Property Management

Purchasing properties for the purpose of renting them out has become a good source of income for some individuals. This article takes a look at the basics of rental management for those who are interested in entering this venture.

What is property management?

Property or rental management, as the name suggests, is the process of taking charge of real estate, be it for residential, commercial, or industrial purposes.

Managers are either the owners of the properties being offered for rental or third-party individuals who are tasked with overseeing the care and maintenance of the rental properties in behalf of the owners.

What do property managers do?

Property and rental managers are given several tasks, which can include:

• Maintenance of the property. No tenant will want to stay at a ramshackle residence or place, so it is the manager's responsibility to make sure that the properties that are being offered for rental are well-maintained.

• Getting tenants. One of the main responsibilities…

Birthday Scrapbook

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I ran across this cute idea for documenting each year of your child's life. I wish I had seen it sooner but am going to try to keep it up with Clyde and Camille as they get older. I use Picasa to edit my photos and they have an add text feature so I quickly typed right on the photo. Then I had it printed as an 8 x 10 at Walgreens and am now on the lookout for a book to store them in. It was super easy to create and fun to think of all the things that interest my 3 year old.

Significance of a Property Management Business

Property management is typically a cumbersome task that can not only eat away a major portion of your precious time, but can also burn a big hole in your pocket. By hiring a good Westminster (and surrounds) property management firm, you can protect yourself from all the intricate hassles that are associated with real- estate management. Additionally, you can also increase the value of your investment. Here are 7 more reasons to engage a reputed property management company.

Do you have time to manage your property?
To prolong the life of your acreage, you would have to regularly inspect it to find out the areas that need repair, and thereafter, you would have to initiate and supervise the rehabilitation work. If your property is closer to your residence, then, to an extent, regular visits can be managed. However, if you live far away, then you'll be tempted to keep your eyes closed due to shortage of time, and negligence can be a recipe for disaster. A good Westminster (and surrounds…

Sweet Camille loves to draw

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Camille's preschool organized a spring program last week for 4 and 5 year olds. The group sang 10 songs and many of them had sign language or Spanish incorporated. It was impressive to hear and see all that they had learned. There was also an art show afterwards in the hallways of the school. Here is Camille with her family portrait. It goes without saying that we are very proud.
Read about her other artwork here, here and here.

Property Managers Can Make or Break Your Real Estate Business!

It is extremely important to find a good property manager. Even then you should keep track of everything that is being done with your property. Remember this is a business...your business. If you aren't careful, you'll see your investment become a liability.

Although what a property manager charges is important, even more important is what you get. On average we pay 8% a month on collected rents. You may find someone that will charge you only 5%, saving you money, and in return they may destroy your business. To date, we have not found a good property manager that only charges 5%. Saving money isn't as important as hiring the right property manager that will properly take care of your investment.

Your goal is to:
• Decrease expenses - utilities, repairs, etc.
• Avoid tenant turnover.
• Raise rents to keep up with current market rent rates.

Property managers are not your business partners. They work for you! They can make recommendations but that's it. Consult them as a resou…

Spiderman Party

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I can't believe it but Clyde turned 3 last Tuesday. We planned a Spiderman party in the park. Unfortunately, threat of severe thunderstorms forced a change of venue so we hosted at our house. Side note...it never rained but of course if we had moved forward at the park we would have had the hail the weatherman predicted.

I designed this invitation in Publisher and printed on card stock to mail to our guests. We decided to include family only because Clyde's best friends are his cousins, Sammy and Winters, so I didn't need too many invites and it was easy enough to print from our home computer.

I was planning on a picnic dinner at the park so I personalized a bag for every guest. We grilled hot dogs and the adult's bags contained a bottled water, hot dog bun, pasta salad, chips, fork and Spiderman napkin. The kid's bags contained a Spiderman Tummy Tickler, chips, fork, napkin and cut strawberries.

Cupcake inspiration was found on Pinterest and I used a local baker t…

The Benefits Of Property Management

Countless landlords elect to manage investment properties by themselves but occasionally landlords require more assistance, and that's where a property management business will make sense.

Management companies work directly with potential and existing tenants, helping you save time along with marketing and advertising your current rentals, collecting rent payments, dealing with routine maintenance and repair problems, answering the different renter issues, and in many cases seeking evictions. A property management service can help you stay away from the headaches of being the property manager and concentrate on experiencing and enjoying the rewards.

Why you need to retain the services of a management company?

A management firm will primarily be dealing with the maintenance of your investment property or home. Just about all properties need routine maintenance however if you have a paying tenant you are required to solve maintenance problems immediately. Normal property maintenance he…

Queries About Property Management

The decision of allowing a third party to manage your property is not always a simple decision to make. It can be quite difficult if you are a first time investor. However there are certain benefits that come with hiring the services of a property management company. Managing your property personally can make your entire life very miserable. But hiring someone to do it for you leaves you with a lot of free time and you can use the free time to close more deals. Before hiring any property company, you should ask yourself a few things and they include the following;

Cost of the services. The cost charged will vary from one state to another. Some of the management Fort Worth companies will charge as low as 4% of the gross rent while others will charge as much as 12 %. Hence you should understand the cost before hiring a property management company. If the cost is not ideal for you and your property, then drop that company and look for another.

Properties by the company. You should ensure t…

Tips For Ensuring Quality Investment Property Management

You will have heard educators say that 'property investing' should be treated as a business and that is so true. There is one aspect of owning investment properties that needs special attention and that is the area of property management. After all the looking after a property is the process of looking after your growing wealth.

I have heard investors say, "the property was a in a real state, it was unkempt, there was damage to walls and the gardens had not been looked after at all...."

The point is that a property investor needs to ensure that even if they have contracted a property manager that they are getting reports from their property manager and are aware of what is happening at the property at all times. It would be nice to think that you could contract a property management team and sit back and relax, but the reality is not quite so real.

What I mean by that is that the investor needs to make sure that they are kept informed at all times about the state of the…

Commercial and Retail Property Managers - How to Tell If the Landlord Hates You - Part 2

Knowledge and detail

Some property managers really do not have the attention to detail and extensive knowledge that commercial and retail property management requires. This is a common problem in the industry where property managers have been sourced from residential property management with little or no training for the new commercial and retail properties they are being asked to manage.

If they do not have the required knowledge for the tasks that they undertake, they then should be trained (and fast). There is a major difference between working on residential property and then moving the same person to take over and manage commercial or retail property.

Losing the landlords trust

When the landlord is getting to the point of not returning your calls and not taking your recommendations, you have in effect lost their trust. They may tolerate your poor management style for the immediate future but it is quite likely they will move property managers soon.

The situation can be reversed, and i…

Systematize Property Management With Online Property Management Software

Online property management software makes the job of property management much easier which otherwise is a Herculean task. Online property management is used to perform all the tasks from finding tenants to collecting debts. Its provides additional features which makes it a necessity in the real estate management business. Choosing best property system from different developers is a tough task requiring good decision-making.

Must look for the following characteristics in the online property management software:

Flexibility
Property administration tool must be flexible enough to meet all the present requirements of property owner. In case of change in requirements in future property management software must be capable of meeting them easily.

Ease of use
Managers are not professional software developers and users hence the user interface provided for the property management system must be easy to use. Software must be easy to use and should have good response time.

Platform Independence
Real Es…

What Does a Commercial Property Management Company Do? (Part 1)

Have you ever wondered what a commercial property management company does? Or better yet, what they should be doing?

If you're asking either question and reading this article, then it's safe to say you probably own commercial real estate or are considering purchasing commercial investment property. The answer to this question is simple, "Whatever you want them to do". Ok, it's not that simple. Practically speaking, the range of service varies quite a bit from company to company, depending on who you speak with. However, there are some basics that are essential and necessary regardless of your reason for needing or wanting professional property management. In this article you will find the answers to what you should expect from a commercial property management company.

The basics:

Accounting Services

Reporting- Monthly accounting reports that include, a balance sheet, income & expense statement, general ledger, rent-roll, rent ledger, expense ledger and a copy of …

Life

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Life has been busy. We have been eating dinner but I haven't had a moment to sit down and type up the menu planner. I will get back in the swing of things soon. Here are some cute and funny moments from our past couple weeks....

Have to run...Camille just informed me that Clyde pooped on the floor. That is really what I have been up to the past few weeks. I would not say we have potty training mastered quite yet.

Should You Hire a Property Manager Or Not?

Using a property manager has both pros and cons. There are no hard and fast rules regarding whether you should hire one or not. You have to evaluate the answer based on your own situation. The following are some considerations to take into account before you jump to a conclusion.

Time Commitment

A lot of real estate investors have a full time job so they do not have enough time or energy to manage properties. Especially if the house is situated remotely, many investors might feel they cannot manage on their own or do not want to travel. If fact, you can manage on your own.

Cost Benefit

If you have several properties or an apartment complex in one area, using a property manager to manage all the property may be economic. The manager will be able to combine expenses and costs. For example, they can purchase maintenance materials in bulk for all the rental units. If you don't have several rental units in one area, but together with your friends' or families' rental units you do. …

Summer Must Have's/Obsessions

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Summer is basically right around the corner (June 20th to be exact!) so I figured it would be a good time to let yall in on my favorite Summer items :)

My faves ... In no particular order ....

Neutral Lip Gloss...
MAC Pretty Plush 

Obsessed with this stuff, can't live without it! It's kind of a plumper so has a little tingle, be prepared ;)
Summer Pink Nails... 

Essie"Muchi, Muchi" and then the Sparkle is Essie"A Cute Above"



A Cute Dress & Cowboy Boots :) 

One of my favorite Summer outfits ... so comfy, cute and easy! 
Non-Greasy, Smells Yummy, SPF ...

This is my absolute favorite, you won't use any other SPF after you use this one! Smells so good and isn't all greasy and nasty feeling. Plus it kind of has a shimmer which is a plus :) 

A Good Summer Playlist for the Pool/Beach ...

This is my current playlist on my phone which constantly is on repeat (With the exception of Andy Grammer, that song drives me insane but it's Ava's favorite so I tolerate…