Welcome to the ManageGo blog

Visit website

Category: Property Management

Posted on

These 4 Hidden Rental Property Costs are Guaranteed to Sneak Up on You

The potential benefits of owning a rental property are probably clear to most people: the opportunity to gain a steady and reliable income is one that’s not matched by many other investment opportunities. What might not be so clear is the potential downsides — the costs that can arise that people who aren’t careful might not be ready for.  Here are a few hidden costs property managers face — and what you can do to prepare for them.

Employees

It can take a large team to be a successful landlord, especially if you own many properties, if your properties are large, or both.  You’ll likely need at least some of the following people or groups:

  • A property management team
  • Maintenance workers
  • An attorney 
  • An accountant

Hiring all of those people will cost money, and there’s little you can do to avoid that cost.  The best thing you can do is be prepared, and to make sure you’re hiring the right people so that everyone brings value to your organization.

Maintenance

It’s unlikely that you’ll be able to go that long without something in your property needing to be fixed, and fixing it almost always comes with a cost.  It’s your responsibility to make sure that anything broken gets fixed, so this is another cost that likely can’t be avoided.  That said, you can try to minimize the amount of emergency maintenance you’ll need to perform by staying diligent about inspections and preventive maintenance, so that you can identify and address issues before they become major maintenance problems. Stay on top of inspections and maintenance by assigning, tracking, and managing the maintenance tasks at your property through property management software.

Vacancy

Unfortunately, there will likely come a time when a unit will go without a resident for at least a month, leaving you without an income from that unit.  This is never easy — after all, the plan is to receive a payment for each unit every month.  You might not be able to avoid this happening forever, but you can minimize how often it occurs by making sure your residents are happy and that your properties are places people want to live.  You might also consider setting aside some money to help keep things running smoothly in the event of unexpected vacancies.

Bad residents

You never want to see it, but everyone knows it happens occasionally — sometimes your residents don’t do their part for the property.  They might stop paying, or they may cause damage to the property.  When that happens, you may have legal recourse to recover some or all of the money, but doing so can be costly and time-consuming in itself.  It’s best to try to avoid bad residents all together by always performing a thorough screening before signing a lease.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

Where Do I Find Residents? The Best Rental Listing Sites for Property Managers

Where do you find your residents?  The number of places you can look for residents (and renters can look for places to rent) is enormous, so navigating it can be a challenge.  To help you out, here are a few suggestions for places to list your available rental units, from some of the biggest sites in the industry to some underrated ideas that are quickly growing in popularity:

Apartments.com

Apartments.com calls itself “The #1 Site for Renters,” and for good reason:  they claim to list over 1 million apartments, houses, condos, and townhomes for rent.  That’s a lot!  It’s also the main site of the Apartments.com network, which features a multitude of sites.  With so many apartments available, you can be sure many people are looking for apartments here, which means your listings will get plenty of exposure.

Zillow

Zillow is another of the industry’s biggest sites, with a huge number of rental units listed, in addition to many homes for sale.  Like Apartments.com, Zillow is part of a larger network; in the Zillow Group’s case, the network also includes Trulia and HotPads, two more very popular sites.  Posting your listings on Zillow isn’t free, but with the amount of traffic the site generates, the cost is likely worth it for most property managers.

Facebook Marketplace

The idea of posting your listings on Facebook may not be as well known as posting on Apartments.com or Zillow, but it does have its benefits.  Over 2.7 billion people log into Facebook each month, and 800 million use Facebook Marketplace regularly.  The sheer number of people on Facebook has led an increasing number of property managers to list their available units there, so it could be the perfect time to join them.

Airbnb

Airbnb is best known for very short-term rentals, but they do offer options for people looking to rent longer-term as well.  It’s not the best option if you’re looking for someone willing to sign a lease of 12 or more months, but if you’re willing to offer your units on a month-to-month basis, Airbnb is definitely worth a look.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

The Best Way to Manage Laundry at a Multifamily Property

The residents of your building most likely rely on you and your staff to keep their amenities functioning, their homes comfortable, and their lives running smoothly. Laundry is one of the essential services most residents expect in their apartment building, but sourcing, installing, and maintaining washers and dryers can add additional work to a property manager’s already hectic schedule. 

While apartment residents favor in-unit laundry equipment, it is simply not a practical option at many multifamily properties. As a result, many properties still offer community laundry rooms. Therefore, it’s a property manager’s responsibility to deliver a wonderful laundry room experience to their residents. You can take the resident experience a step further by providing them with an on-demand app-based laundry and dry cleaning service that simply involves a visit to the app store. There’s no need for your residents to leave their couch! 

The biggest convenience of offering your residents an app-based laundry service is that the entire process can be managed from their smartphone. Here’s a super quick summary of how it works: 

  • Schedule your laundry or dry cleaning pick up at your convenience
  • Stay updated on the progress of your laundry being washed and folded
  • Receive a push notification to your smartphone and an e-mail when it’s finished
  • Schedule delivery time 
  • Pick up your fresh and clean laundry from right outside your front door

See? Super easy, and just like that you can enhance the living experience of your residents! Additionally, you will be eliminating laundry room complaints, common issues, and frustrations. So, why not turn those responsibilities over to the experts? 

Stay connected with us to find out which expert we suggest you try out!

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

How to Properly Sanitize Your Rental Property During the Age of COVID

In a world where everyone has experienced the COVID-19 pandemic, many people consider cleanliness and sanitation more important than ever before.  That’s especially true when moving into a new space. As a property manager, it’s critical to make sure that each unit is properly sanitized in between one resident moving out and another moving in.  With that in mind, here are our three best tips to help with that process.

Include a section on cleaning in all of your lease agreements.

Inserting a clause about cleaning into your leases offers a couple of major advantages. One, of course, is that if the lease agreement makes residents financially liable for failing to clean, they’re more likely to take cleaning seriously.  Additionally, some residents might want to clean when they move out, but aren’t sure exactly what that entails.  Setting this out in the lease agreement will give those residents an idea of what they need to do.

Either way, having this kind of thing in the lease will usually help make sure the unit stays cleaner, giving you less to do before the next resident moves in.

Clean the floors, walls, and ceilings.

Once a resident moves out, the floors, walls, and ceilings will be the most noticeable things left in the apartment.  Make sure all of these things are cleaned thoroughly to ensure that they’re ready for the next resident.  This will generally be the biggest part of the process for you, so you may even want to hire a cleaning service to ensure it’s done exactly the right way.

Consider replacing fixtures.

If your units are furnished, it may be a good idea to think about replacing the furnishings for the new resident.  That way, you’ll be sure they’re getting a fresh start with appropriately clean furniture.

Even if your units aren’t furnished, there are some things that you might want to consider replacing.  These include things like lights and smoke detectors. Also, a move-in is a perfect occasion to change any air filters in the unit, so be sure to take care of that as well.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

The 3 Most Important Rules to Enforce at a Community Swimming Pool

Having a swimming pool at one of your properties can be a great asset.  They’re popular among residents and can provide fun for residents.  However, pools do come with some responsibility.  You need to make sure that anyone using the pool stays safe, and the best way to do that is by posting and enforcing some rules.  You probably already know some of the most important swimming pool rules (like no running and no glass), but there are others worth considering.  Here are three rules to think about posting at your pool.

No pets

Not all pools have this rule, but it may be worth putting in place.  Animals in the pool can be unsanitary, and it can be harmful to people with allergies.  Pet hair can also cause pool filters to clog and not function correctly.  Even if you love pets, it may be best to require that they stay away from the pool.

Pool capacity

Even when pools have a posted capacity, limits on the number of swimmers often go unenforced.  That could be a serious mistake; capacities are posted for a reason, and exceeding them can pose a significant safety hazard.  Having too many people swimming in close proximity can be dangerous, and it also has the potential to cause tempers to flare.  You can avoid that by posting a capacity for the pool area and making sure residents stick to it.

Limits on guests

One sensible way to reduce the number of people in the pool while still making sure as many residents as possible can use the pool is by limiting the number of non-resident guests anyone can bring to the pool.  Limits of 2 or 3 guests are relatively common and may help alleviate unwanted crowding around your pool area.

Make use of property management software with amenity management solutions to make limits easy to enforce. By reserving their spot online, both you and your residents will know your pool’s capacity limit and when it’s reached. Even better, once it’s reached, new reservations will have to wait until the next opening, ensuring this rule is followed.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

When Residents Want to Break Lease: A Guide to Early Termination for Landlords

Leases are designed to last for a specific period of time, and when they’re signed, all parties are hoping that everything goes as planned for the entire lease term.  Unfortunately, it doesn’t always happen that way.  Sometimes, a situation arises where a resident wishes to terminate the lease and leave early.  You’ll need to be prepared for these situations so you can act appropriately to be fair to the resident and follow the law while still protecting yourself and your business.  Here are some common questions you might have about early lease termination:

Do I have to let a resident break their lease?

It depends on the reason they want to leave early.  In some situations, like if the resident needs to relocate for a military or other government job, they may be allowed to leave without penalty as long as they provide you with 30 days notice.  

In other cases, you may not be required to allow the lease to be terminated, but it might be the right thing for both parties.  For example, if a resident loses their job, they may no longer have enough income to pay rent.  In a situation like that, simply allowing the resident to break the lease may be easier and less expensive for you than entering legal proceedings, as well as being better for the resident.  Use your judgment to determine whether you should allow the resident to leave early, even if it’s not required.

What if none of those situations apply?  Can I keep charging rent as per the lease terms even if the resident moves out?

In general, yes, but it can depend on laws in your area.  In most areas, you’re legally required to try to find a new resident for the unit — so you can’t just collect rent and do nothing.  As long as you’re looking for someone to fill the unit, it’s usually OK to continue charging rent, but know that there may be limits to how long that can continue (meaning that you might not be able to keep collecting rent until the end of the lease).  Once you find a new resident, of course, the former resident won’t have to continue paying.

Residents who are breaking their lease may want to help you find a new resident.  That’s usually fine for all parties, but you’ll need to make sure to carefully screen anyone they might find.  You don’t want to just trust your resident, who might be looking to just find anyone who can fill the unit and ease their financial burden, to find a good resident without any additional examination. For tips on picking the right resident, read our blog on 5 vital questions to ask.

Is there anything else I should know?

One more thing to keep in mind is that it’s usually a bad idea to keep the resident’s security deposit to help cover rent payments still owed to you after the lease is broken.  Remember, you collected the security deposit in case of damages to the unit; if you use the security deposit to put toward rent payments, you won’t have anything to take from if there are any damages.  It’s better to treat the security deposit and any remaining rent payment totally separately.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

How to Write a Rent Increase Letter

Rent increases can be one of the most sensitive topics related to property management.  After all, no resident wants their monthly rent bill to get more expensive.  Still, increases do need to happen sometimes, so how should you handle them?  Below, we’ll answer some common questions about rent increases.

If I want to increase the rent, how should I go about it?

Before you increase the rent, you should notify your residents in writing well in advance.  This message is known as a rent increase letter, and exactly how far in advance you need to send it varies by jurisdiction.  When you do send it, make sure to send one for each unit for which the rent is increasing, and make sure they include information like the date the letter is written, the date the increased rent will take effect, the new rent amount, and your contact information.

Why is a rent increase letter important?

Notifying residents of a rent increase is generally legally required, and you’ll definitely want to do so in writing.  If you don’t have documentation proving that you notified residents about increasing rent, you may end up in legal trouble.  Make sure to also retain a copy of the letter and proof that you sent it.

A rent increase letter also makes things easier for residents, because it spells out the exact amount they’ll need to pay in a form they can view at any time.  If you only tell someone about a rent increase in person or over the phone, they won’t have the details handy if they need to reference them later.

OK, so I’m legally required to notify residents about a rent increase.  Do I have any other legal responsibilities related to increasing rent?

Probably.  Again, the exact rules governing rent increases vary by jurisdiction, so you’ll need to check local laws to know for sure exactly what you can and can’t do.  Many places have rules regarding how often you can increase rent, how much you can increase it by, and how much notice you need to provide.  Rules for month-to-month leases are usually different from longer-term leases as well.  Make sure to find out from local authorities what rules apply to you.

Besides the legal requirements, is there anything else I should take into consideration before increasing rent?

Even in situations where you’re legally allowed to increase rent charges, it’s not always a good idea.  You should avoid charging more than comparable properties in your area.  If you charge a lot more than others for similar units, you’ll likely cost yourself residents, and you risk backlash.  Be careful to check rent at other nearby properties to get a sense of what’s considered reasonable.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

College Students: How to Rent to Them Successfully

Renting to college students presents a unique situation for property managers.  It’s not necessarily just like renting to anyone else.  While college students are a diverse group, most will have some things in common that are relevant for property managers to consider.  Before you sign your first lease, here are a few things to know when it comes to renting to college students.

Be prepared for high demand.

While the exact figures can vary from year to year and from school to school, almost every university will have a significant number of students who want to live off campus but still be nearby.  That’s great news for you, because it means that there will almost always be people looking to rent, especially in prime locations close to campus.  If you can use that to your advantage, it’s unlikely that any of your units will stay vacant for long.

You probably don’t need to worry as much about state-of-the-art upgrades.

You’ll still need to make sure the property is in decent condition and that any appliances are in good working order, of course, but college students are less likely to be looking for high-end amenities and finishes.  Other factors are simply far more likely to be important.  Consequently, any upgrades that are a bit pricey or inconvenient to implement don’t need to be a priority.

You should thoroughly screen all roommates.

Unfortunately, college students aren’t always the most reliable or trustworthy.  While most will be good residents, a fair few won’t — and you don’t want to be stuck with them.  That’s why it’s important that you screen every roommate who’s applying together, and not just screen some and trust that the rest will be OK. Lucky for you, we’ve already put together a list of the essential questions to ask rental applicants!

Affordability is a key concern.

Full-time students aren’t likely to earn a high income or have a lot of money to spend on their monthly rent.  For that reason, affordability is often a major factor in deciding where to live, and you’ll need to make sure that rent for your properties is set appropriately so as not to drive off potential renters.  You don’t need to keep it too low; just be sure to check out comparable properties in the area to make sure your rents are in line.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

5 Ways to Succeed as a Property Manager in 2022

Interested in becoming a property manager and want to increase your chances of success?  Already managing a property and not sure if you’re on the right track?  Growing your business and wanting to make sure you do it the right way?  Wherever you fit in, ManageGo has you covered.  Here are our top five tips for success in property management.

Always communicate effectively

Why does this come up so often?  Because it really is that important!  It’s the number one thing you can do to establish trust with your residents, stay on top of every situation, and keep things running smoothly.  Provide multiple ways for residents to reach you so they always have a channel of communication that feels right to them, and always be honest and responsive in your dealings with them.

Be adaptable

Technology has had a major impact on the property management industry, and that’s not going to change soon.  The world is a very different place than it was just a few years ago, and it’ll continue to change going forward.  Be prepared to adapt and incorporate new technologies into your business.  A top property management software like ManageGo can help a lot with this by allowing you to manage everything in one smart, forward-thinking digital platform.

Stay tidy and organized

Besides increasing productivity, staying organized offers another important benefit as well: it has a positive impact on residents and potential residents.  If you conduct business in a haphazard fashion, many people will be reluctant to deal with you.  You’ll cost yourself a lot of good residents and have an uphill battle to find residents to fill your units.  Avoid that by always presenting an orderly, well-prepared appearance.

Conduct regular inspections

Maintenance issues are one of the top causes of friction between residents and property managers, and the most important thing you can do to prevent or minimize maintenance issues is to conduct thorough property inspections on a regular basis.  You’ll be able to catch potential issues and get them repaired or corrected before they become a major problem.

Be dependable

A lot of people rely on you as a property manager: your residents, for one, and if you’re a third-party manager, the property owner does as well.  Even if you manage properties you own, potential business partners will need to be able to count on you as well.  It’s important to always be dependable and consistent so everyone you deal with will know you can be trusted.  Doing so will allow you to build a good reputation and set yourself up for long-term success.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!

Posted on

3 Ways to Communicate Better With Your Residents

It comes up time after time in discussions about how to keep things running smoothly as a property manager: communication with residents is crucial.  By communicating well, you let your residents know that you understand their concerns and are willing to do what it takes to address them.  If you’re interested in improving your communication, here are three of the most important things you can do to get started.

Show that you’re trustworthy

Many residents have a negative opinion of property managers and landlords.  When that’s the case, residents won’t think they have a good reason to communicate well with you, which makes it difficult or impossible for you to communicate well with them.  Show them that they can trust you by always doing what you say you’ll do and always being honest and forthright about anything that concerns them.

Give advance warning of any changes

Whenever anything happens on the property that will impact residents, let them know about it as soon as possible.  Provide details, like the nature of the disruption, when it’s expected to begin, and when it will conclude.  That way, residents can plan and be prepared for changes and conflict and confusion can be avoided.

Deliver good news

Don’t only reach out to your residents when you have negative information you need to share with them.  Instead, share positive developments with them from time to time as well.  Any time that life at the property will be improving, tell your residents, even if the news is small.  You’ll build a positive relationship and open up communication further.  If you don’t have any good news to share, you can try creating some — send a gift or organize a fun event to create some positive energy.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!