Property Management – Page 4 – ManageGo – Property Management Software

April 28, 2023April 28, 2023

Managing Rental Property in a Different State? Here’s Our Advice

Long distance is tough on any relationship, we get it. But it’s even tougher when you’re dealing with a community of resident relationships instead of just your relationship with a partner.

That’s right, today we’re talking about long-distance management! That is, managing rental properties in a different state than your own. It might seem like an impossible task at first glance, but it’s actually more common than you think. So what are the benefits, and how could you possibly manage a property from afar successfully? Check out our advice!

Benefits of Managing Out-of-State

Maybe you live and work in an expensive city like New York, or maybe you’re feeling left out on the booming rental markets of the South. Whatever the case, investing in properties out of state might be the answer. Although the list of benefits is long, the two main draws to out-of-state property investments are:

1) the economic advantages and

2) the opportunity to diversify a real estate portfolio.

Many homes are simply more affordable in some cities than others, and investing in an affordable market is a great way to cash in. Plus, you’ll enjoy smaller down payments due to the lower prices. Maybe even more appealing is finding a locality where property taxes are lower, and thus your net income higher.

Economic advantages aside, buying and managing a property in a different state is a great way to diversify your real estate rental portfolio. Diversification is a fundamental way to reduce risk – an appealing draw for any investor.

How to Navigate Long-Distance Management

Research the Local Laws

Laws differ from state to state, and even city to city – point blank. If you’ve decided to take the leap into a different state, odds are you aren’t as in tune with their local laws as you are with your own. Researching these ahead of time can not only help you decide where you secure property but could also save you from any legal trouble with your residents down the line.

Take Advantage of Technology

Managing long-distance? Congratulations, tech is your new best friend! From collecting rent payments and managing the maintenance schedule to controlling amenities and even onboarding new residents, modern technology can make this easy from virtually anywhere in the world. Plus, the best of the best will provide automation tools that take care of the menial work for you, so you have more time to manage the bigger picture.

Make a Plan for Property Inspections

What, it’s 2023 and teleportation still doesn’t exist? We know, we feel robbed too, but that’s the reality we have to face! Of course, if you’re managing out of state, you’ll need to have a plan for tasks that absolutely require an on-site presence like property inspections. Maybe you’re within a reasonable distance of your out-of-state property to make the drive when needed. If not, you may need to hire someone local to perform these on-site operations for you. Whatever the case, plan ahead!

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. Plus, subscribe to our weekly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!

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April 4, 2023April 17, 2023

A Property Manager’s Guide to Successful Email Marketing (Plus 5 Email Ideas)

Whether you want to entice prospective renters to sign a lease or you’re looking to nurture the community you’ve built of current residents, email marketing is a key tool to advertise your property. But why is it so important, and where do you even start?

Why Email Marketing is Important in Property Management

The way we like to look at it is this: how do you expect potential renters to know about your property, or residents to know about what’s happening at the property, without marketing? Email marketing is both a cost-effective and productive strategy to reach these goals. Sending the right email to prospects who may have either inquired about a unit or already taken a tour reminds them to take the next step in the application process – and gets you one step closer to securing a new resident. For current residents, email marketing is an easy yet effective way to keep them up to date on property happenings and important announcements. Additionally, it helps create a sense of community – a key draw for renters to multifamily properties.

How to Get Started

The possibilities with email marketing are endless, so where should you start? First, you need people to send your emails to! You’ll want to

1. gather the address of your recipients and

2. segment them into the appropriate email lists.

For your current residents, this is easy as you probably already have their email addresses from resident onboarding – this will be your first segment. For prospects, gather emails from any unit inquiries, tours, or from CTAs on your website – this will be your second segment. If necessary, segment them even further – like by building if you manage multiple. Segmenting your email lists will be important in making sure the right people are getting the appropriate emails, to maximize your efforts.

Once you have your email lists (and of course, always be adding to them!), you’ll want to set a consistent schedule. How many emails will you send a week, what content will you share in each email, and how far in advance will you create them? Knowing this information before you get started will set you up for success between the hustle and bustle of everyday management.

The last thing you’ll want to consider is the tools to help you along the way. We recommend using an email marketing service (like these free ones!) to help you create your email lists, schedule emails in advance, and analyze your results.

5 Email Ideas to Send as a Property Manager

Now that you’re well on your way to crafting a successful email marketing strategy, it’s time to start brainstorming what emails you want to be sending. Here are 5 ideas for every property manager:

1. Weekly Property Round-Up

Think of this email as a type of weekly newsletter, breaking down everything happening at your property. Outline upcoming events, amenity updates, and important announcements, or even highlight residents (or furry friends) of the week! Get creative here while keeping it relevant to the resident experience you offer.

2. Resident Check-Ins

This type of email is a great way to get those crucial reviews and recommendations for your property, as well as gain valuable feedback to improve your services. It’s as simple as asking residents about their experience and adding a call-to-action to leave your property a review.

3. Classes & Events Announcements

Dedicate at least one email a month to outline the upcoming classes and events happening at your property (with a link to register of course). This is also a great time to remind residents of the tools they have available to them, such as a resident portal to view and book classes and events.

4. Resident Appreciation Messages

Expressing appreciation for your residents is a great way to nurture your relationships and increase your chances of great renters signing renewals. These can be short and sweet, as long as they’re genuine, they’ll go a long way!

5. Prospective Outreach

Geared toward those prospective renters, craft an email template following up with anyone who recently received a tour, or has reached out to inquire about a unit. Being proactive is important to getting those new leases signed and letting prospects know you’re here for them.

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April 4, 2023April 4, 2023

How to Handle Rent Stabilization as a Property Manager in New York City

If you’re at all familiar with the New York City rental market, you’ve probably heard the term rent stabilization thrown around. For renters, scoring a rent-stabilized apartment is the *ultimate dream* as prices throughout the five boroughs skyrocket. For property owners and managers, it’s just another regulation to be on top of. Unlike rent control, rent-stabilized apartments take up a significant portion of the market, with approximately 44% of units being classified as such.

But what does rent stabilization actually mean, how does it differ from rent control, and what are the things you need to know if you manage property that falls in this category?

What Is Rent Stabilization?

In New York City, rent stabilization refers to a type of rent regulation that protects residents from sudden increases in rent prices, as well as entitles them to lease renewals (unless they are in violation of it). This means that in units under this regulation, landlords and property managers can only increase rent prices by a percentage set annually by the NYC Rent Guidelines Board. Rent Stabilization affects any building with six or more units constructed before 1974.

Is It the Same as Rent Control?

With similar names, it’s easy to understand why one might assume rent control and rent stabilization are the same – but no, they aren’t. Rent control is essentially the “older relative” of rent stabilization, and it’s slowly being phased out as rent stabilization takes over. Rent control applies to any unit built before 1947, that has a resident that’s occupied it nonstop since 1971 (yes, you read that right). With such strict guidelines, it’s no wonder that only about 1% of NYC apartments are rent-controlled. Plus, it’s virtually impossible to secure a rent-controlled apartment without inheriting it. Once a rent-controlled unit apartment is vacated, it automatically becomes a rent-stabilized unit.

What Do I Need to Know as a Property Manager?

We covered that any building in NYC with six or more units built before 1974 is subject to rent stabilization. But does this regulation apply to anyone else? Well, it can if you’re after tax breaks. Landlords or property managers can turn new units (those built after 1974) into rent-stabilized units in return for certain tax exemptions. This incentive was put forth by the city in an effort to make affordable housing more widespread.

As mentioned earlier, residents in rent-stabilized units are entitled to lease renewals unless in violation of their lease. Any leases drafted for rent-stabilized apartments require a rent-stabilization rider to insure your residents know their rights as a tenant of a regulated unit. Check out how ManageGo’s modern leasing software makes this extra step a breeze with our NYC Rent-Stabilized Lease Renewal Template!

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Just like any other regulation, rent stabilization is a complex issue, so be sure to visit the NYC Rent Guidelines Board if you operate any rent-stabilized units to get the most up-to-date information on your rights and responsibilities.

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April 4, 2023April 4, 2023

These 5 Renovations Are Guaranteed to Increase the Value of Your Multifamily Property

Picture this: you’re on the hunt for your next apartment. You see from the listing that it’s in the perfect neighborhood, has all the amenities you’re after, and is within your budget. You’re scrolling through photos, and then – BOOM – you get to the kitchen and…

White. Appliances. Everywhere.

You might as well be in the newest Jordan Peele horror movie, with that jump scare.

Aside from the fact that outdated rental units are just plain unattractive, they’re also not helping you as a property manager attract new residents or increase your property’s value overall. Here are five renovations you can make at your multifamily property that are guaranteed to increase its value and keep your units filled.

Replace Your Floors

Speaking of outdated…let’s talk carpet. Not only does it date a space, but it’s also a turn-off for many renters due to its unsanitary stereotype. Resident preferences and style aside, hardwood floors, tile, and laminate offer increased durability – a notable benefit for property owners facing the wear and tear of renters. Plus, pets love ‘em too!

Upgrade Outdated Appliances

If there’s one thing that screams stuffy, 90s home — it’s outdated appliances. The most significant way to modernize a space and attract new renters is by updating these to stainless steel. Start small with a swap of the microwave, or go big and switch out your stoves and refrigerators. We know this can be a pricey undertaking, but rest assured that this type of renovation easily justifies an increase in your rental prices.

Improve Your HVAC Systems

Nothing’s more unpleasant than moving into a new apartment and realizing you’re stuck with a loud, clunky HVAC unit – or worse, you’re responsible for the installation of one yourself. One major upgrade you can make to your units is improving these systems. Maybe you invest in quieter, better-functioning units, or maybe you take the plunge into installing central heating and air conditioning. Either way, this will easily increase your property’s value and add significant appeal to renters.

Update Light Fixtures

For an easy but impactful upgrade, consider switching out light fixtures. It may seem like a small detail, but you’ll be surprised how much a contemporary design elevates an otherwise plain or outdated space. This works particularly well in kitchens and bathrooms but can be done throughout your entire property.

Make Accessibility Changes

An often overlooked renovation, accessibility upgrades can really increase your property value and help your vacant units appeal to an even broader market. If you’re wondering why accessibility is important at your multifamily property, or just need some ideas on accessibility changes you can make, read our dedicated article on the topic!

Whatever renovations you decide to undertake, don’t dive in without the proper management software to get you through. With ManageGo’s modern maintenance platform, you can schedule renovation tasks in advance and automatically assign them to the right team members. Make use of our custom checklists and internal communication tools to keep your renovations running smoothly – and cause as little disruption to your property as possible.

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April 4, 2023April 4, 2023

Top 4 Spring Maintenance Tasks To Do at Your Multifamily Property

The snow is melting, the days are longer, and the bees are buzzing – that’s right, spring has sprung! Like us, we bet you’re relieved that the seasonal depression has passed, but don’t get ahead of yourself. You may be a little bummed to see what condition the winter weather has left your property in – so we’re here to check in, like the good friends we are. Here are the top 4 maintenance tasks you need to do at your multifamily property this spring!

Inspect the Roof & Clear Gutters

You might not be the only one affected by the winter blues. The stress of snow and ice can cause damage to your roof, resulting in loose shingles, cracks, and even sagging. You can read all about the 5 most common roofing problems to prepare for in the spring here. Once these issues arise, your entire building’s infrastructure is compromised, so it’s important to take care of these repairs ASAP. And while you’re up there, take the extra time to clear out your gutters from debris build-up that could leave your property vulnerable to leaks.

Check Walkways for Cracks

Similar to how water can seep into your roof, freeze and cause cracks, this is also a concern in concrete sidewalks. Freezing water expanding pre-existing cracks in the winter can cause bigger damage than you might suspect. Not only is this affecting the curb appeal of your property, but it’s also leaving you liable to potential accidents from residents tripping and falling if the damage is significant enough. So get out there and take a walk around your property, checking for damage on your walkways. Fill small cracks with caulking to prevent large damage from occurring, or if the damage is significant enough, replace entire sections to avoid trouble down the line.

Tidy Up Your Landscaping

Speaking of curb appeal, spring is the perfect time to get a start on your outdoor maintenance. If you’re anything like us, you probably let your outdoor spaces go to the wolves during the winter. Now that it’s warming up, consider raking up debris like old leaves, loose branches, and anything else that may have found its way into your landscaping. Additionally, tend to your grass with some basic lawn care, plant some fresh flowers and greenery, and trim back any overgrown plant life.

Tend to A/C Units

One thing we can guarantee is that spring won’t last long. Before you know it, summer will be here, and you’ll have residents blowing up your phone with air conditioning complaints. That is – if you don’t tend to your A/C units in the springtime. Get a professional in there to service your HVAC and make sure your systems are all set for the warmer months.

Routine maintenance is a crucial part of operating a rental property and keeping residents satisfied year-round. With the right property management software, set recurring maintenance tickets dedicated to each season’s tasks, so it’s never something to think twice about. Plus, keep track of your spring maintenance to-dos and download our essential checklist below!

ManageGo’s Spring Maintenance ChecklistDownload

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March 9, 2023March 9, 2023

Marketing Is the Butter to Leasing’s Bread (PropTea Podcast Ep. #4)

You can’t have successful leasing without a proper marketing strategy – at least we think so. After all, how do you expect to fill vacancies with dependable residents if renters don’t even know you exist? On the newest episode of the PropTea Podcast, marketing expert Erica Patterson takes us through the benefits of marketing for leasing teams, effective ways to build out a strategy, and some easy marketing ideas to get you started. Here are some highlights you can’t miss!

Why is marketing so important for leasing teams?

Erica: “The question you should be asking is: why do I not consider marketing important for my leasing teams? Marketing your rental properties effectively is how you attract dependable tenants and fill your vacancies quickly…Marketing is a key, a key tool to filling your vacancies quicker…and even being able to retain the current tenants that you have.”

But I don’t have the budget for proper marketing.

Erica: “You do not need a large marketing budget. You don’t need thousands of dollars. You have an iPhone and you have ideas and that is really what you need to get started! Don’t get discouraged if you don’t have the biggest budget and if you don’t necessarily have the largest amount of tools at your hand. Just think about what you can do with what’s at your disposal right now. I like to say that marketing is 50% what you think and then 50% what you execute.”

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How do I get started building a marketing strategy?

Erica: “Number one, you want to identify your target audience. Who are they? Are they older residents? Are they younger residents? Are they students? Who is your target?

Number two, plan your messaging. What does your brand stand for? Who’s your brand trying to help? Who is your property management company geared at? What are some values that you hold that you can share with your residents?

Next, how are you going to do this? Select the platforms that you really want to aim at. Are you going to use Facebook ads? Are you going to use an apartment.com posting? Are you going to use Instagram ads? What type of platforms are you going to use when building out your strategy? If you haven’t already done so, do it now. Create a website. This is the easiest and simplest way to really gain that brand recognition and validity.

Additionally, leverage social media. When it comes to anything real estate related, social media is gonna be your best friend because it connects people – and that’s what you’re looking to do. So really leverage your social media. Take time. Build out your TikTok, build out your Instagram, build out your Pinterest.

Finally, build some social proof. You really want to say we exist, we have a strong network and we’re looking to really provide you with your next home – and that’s what building out social proof is going to do.”

For a more in-depth look at the benefits of marketing for leasing teams, as well as additional marketing ideas for your property, and of course, your monthly wellness tip, listen to the full episode above! And as always, stay tuned for next month’s episode to get your fill of expert advice on managing your properties effectively.

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March 8, 2023March 8, 2023

Desperate for More On-Time Rent Payments? You’ll Love Our Latest Software Updates

Spring is on the way and with it, we’re bringing new updates to our software! Check out what’s new in ManageGo this month:

Introducing Lvble

Say goodbye to late rent payments and hello to stable cash flow. Lvble pays rent for residents – well, sort of. Thanks to our partnership, residents can now choose Lvble as a flexible payment option. This allows them to pay rent in installments, while Lvble pays you in full by the first of every month – guaranteeing more on-time payments than ever before.

What’s New in the Admin Portal

You can now analyze data on recurring payments! It’s as easy as going to Reports > Payments to generate a report on all recurring payments.
Closing Ticket templates now support links. Add any link to your Closing Ticket messages, like a link directing residents to leave a review of their maintenance experience.

Updates to the Resident Portal

Property managers can now disable the “choose date/time” option available to residents in the Access Granted portion of a maintenance request. If disabled, residents will no longer see this option when filling out a new maintenance request – giving you more flexibility in making repairs.

More Data in the Concierge Portal

You can now enjoy our Reports tool on the Concierge platform! Generate report spreadsheets on any one of our concierge features. Plus, we allow you to create custom columns relevant to the data you need. Once you have your report subject and columns, take it a step further by filtering your report to see the exact information you’re after – no more and definitely no less.

Software Improvements & Bug Fixes

You and your residents will now receive a notification if a payment is reversed after a refund.
You’ll now see the balance of a current lease, even if a resident hasn’t been assigned to a lease on the Set RL Lease page.
Rental Application fees are now processed through DeepStack.
We’ve corrected a bug on the Admin Portal where the unit and facility count was showing incorrectly.

We hope you’ll enjoy these new improvements to our platform, and as always, don’t forget to subscribe to our newsletter to be the first to know about all new enhancements to the ManageGo experience!

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March 1, 2023March 6, 2023

Tax Season Is Here, Are You Prepared? 4 Things You Need to Do If You Manage Property

It’s that dreaded time of the year again…

Yep, tax season.

Except, it doesn’t have to be that unpleasant task you put off until the very last minute! (Don’t lie, we know you put it off). Taxes will never be fun, of course – we can’t promise you that. But they can be an easier pill to swallow with the proper preparation throughout the accounting year. So, what are some things you can do to prepare?

Keep Proper Records All Year

The most important task you can do to prepare for tax season is to maintain proper records of your finances all year round. Accurately tracking everything from expenses to earnings is a foundational step that will set you up for success when it comes time to file. Utilize a digital platform to optimize your organization and ensure the accuracy of your records. Failing to do this throughout the year will leave you scrambling at the last minute to gather the information you need, leaving you vulnerable to inaccurate reporting and auditing down the road.

Analyze Your Accounting Reports

Similarly important to keeping proper records, having access to accurate accounting reports is imperative to tax season preparation. Such reports provide a seamless view of your financial health and can provide valuable information to the tax professionals you consult. Plus, we don’t have to tell you that tax laws can be complex – accurate financial reporting will help you easily comply with local and federal laws. With the use of modern accounting software, you can view all your vital accounting records in one place; and pull important information on everything from your balance sheets to income statements, and more.

Understand Your Deductible Expenses

You’ll want to do your research and consider consulting a tax professional for this one, but it’ll save you substantial money in the long run. Find out everything you’re able to write off as a property manager, and take advantage of it! Common eligible deductions in property management include office expenses, property depreciation, insurance costs, maintenance and repairs, and utilities – but check with your own professional to see what you qualify to deduct. If you took our advice on maintaining records throughout the year, you should have a chart of accounts where you’ll be able to find each of your expenses and effortlessly pinpoint your deductions.

Know What Needs to Be Filed (and by When)

As a property manager, you’re likely working with contractors around your property for things like maintenance and repairs. Plus, you may have an in-house team to help manage your properties. In either or both cases, you’ll need to file the proper forms for everyone you’ve paid throughout the year. Again, we recommend consulting with a tax professional to understand which forms need to be filed, and by when, to avoid trouble down the road. Failing to file these documents will cost you fines, and yes, the IRS will know.

Download our Tax Season Checklist below and keep track of your tax prep all year long.

ManageGo’s Tax Season Checklist for Property ManagersDownload

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March 1, 2023March 1, 2023

Which Property Management Rental Market Is Right for You? Consider These 5

Like most other professions, “property manager” is a broad title that could mean many different things. Of course, it’s a given you’re managing property, but the market you work in can have a huge impact on your day-to-day. So what are a few of the common property management rental markets, what are their variances, and which one might be right for you?

Multifamily

Likely the market that first comes to mind, multifamily is a large residential sector especially prevalent in densely populated cities like New York and Los Angeles. Just like the name suggests, a multifamily property is any building with more than one unit meant for multiple families to inhabit. Anything from townhouses and duplexes to high-rise apartment buildings are classified as multifamily residential property.

Real estate investors love this market due to the high potential for earnings with just one investment. When managing a multifamily property, you’ll expect to be dealing with multiple residents that are either families or single renters. Since these people are literally renting their homes from you, it’s bound to be a more personal management experience, combining everything from rent collection and maintenance to concierge services.

Commercial

From office spaces and coworking buildings to retail properties, the commercial market consists of those properties where business takes place (as opposed to living). These types of renters tend to be busy people with business to get done – so being attuned and attentive to their needs is always a must. When managing a commercial property you’ll likely be most concerned with logistical operations such as rent collection and maintenance, instead of more resident-centric tasks like amenity management (though some commercial spaces do come with this responsibility, depending on the building in question).

Condo, Co-op, & HOA

The main difference between the condo, co-op, & HOA market and the multifamily market is the simple fact that the latter are renters. When managing a condo, co-op, or HOA property, you’re most likely going to be dealing with owners who chose to buy a property in a managed community. In this type of market, you can expect your daily tasks to revolve around the upkeep of common areas – such as a community pool for example – instead of units themselves. Property managers in this market will have a heavier focus on fee collections, amenity management, and community engagement.

Affordable Housing

Another residential class, the affordable housing market will be similar to the multifamily sector. These are the most price-conscious renters, for whom affordability is their main concern. Property managers managing these types of properties need to be more in tune with the local and federal laws around offering affordable housing, specifically making sure they comply with the Fair Housing Act. It’ll benefit you to be more flexible with payment methods, so be sure your systems accept every type – digital payments, cash, checks, and money orders. That way, your residents can pay in the way that’s right for them, and you’ll be more likely to get your dues on time.

Student Housing

A more niche residential market, student housing consists of properties located near colleges and universities. These are naturally younger, first-time renters, so be ready to deal with guarantors on leases. Like the affordable housing class, this is another price-conscious group where affordability will come before luxury amenities every time. (But this doesn’t mean ditching amenities altogether). College-aged renters tend to be community-driven, looking for new friends and growing social circles in this next phase of their lives. With this in mind, consider a robust classes & events plan to bring your residents together. It’s also important to know the generation you’re renting to, so be sure to study up on what this younger demographic seeks.

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March 1, 2023March 1, 2023

Should You Offer Short-Term Leases? Top Pros & Cons for Property Managers

In an increasingly connected and globalized world, housing needs are shifting. While 12 months is generally the standard lease term between renters and landlords, the number of short-term rentals is on the rise. Whether it’s a student looking for temporary accommodation, a traveler in the area for an extended period of time, or someone testing out a new neighborhood, everyone’s housing needs are unique. If you haven’t considered it until now, it may be worthwhile for you to offer short-term leases to widen your reach. But how does a short-term lease differ from a long-term lease, and what advantages and disadvantages should you be aware of?

Short-Term vs. Long-Term Leases

A short-term lease is any lease that lasts six months or less. You’ll see this most often as month-to-month leases, where a lease is renewed monthly until either the resident or landlord gives a move-out notice. Short-term leases are often used to extend existing leases, but that doesn’t mean you can’t offer them from the get-go if you deem the benefits advantageous.

Long-term leases, on the other hand, are any leases that last 12 months or longer. This is traditionally the standard lease term in most markets and what you’ll deal with most as a property manager.

Both lease types have their benefits and drawbacks, but we bet you’ve defaulted to the long-term route without considering how a short-term lease could help your business. So what are the advantages and disadvantages to consider?

Advantages of Short-Term Leases

Opportunity to Charge Higher Prices

The reality is, short-term leases are more expensive for both the renter and the property manager, so rental prices will reflect that. Although a short-term lease will cost you more upfront, you also have the opportunity to charge higher rent prices, increasing your gains in the long run. Plus, with a shorter term, you’ll have the opportunity to increase the rent amount on your units with every new signing.

Lower Commitment Requirement

Have a nightmare resident? With a short-term lease, your commitment to keeping them around is much smaller. An eviction is an expensive, complicated, and lengthy process – a process you can avoid. If you’re dealing with a short-term lease, all it takes is proper notice that the lease of a bad resident won’t be renewed after the term expires.

More Flexibility in Lease Updates

Similar to your ability to increase rent more often, you’ll also be able to update other elements of the lease quicker than you would be able to otherwise. From policies around security deposits to property rules around pets and smoking, you may find the initial terms you agreed to need modification. With a short-term lease, you can update these policies more often, offering you greater flexibility than its long-term counterpart.

Disadvantages of Short-Term Leases

Less Stable Cash Flow

With a long-term lease, you can count on a fixed income for a longer period of time – point blank. Agreeing to short-term leases with your residents creates more frequent uncertainty around whether you’ll have a filled unit generating income or a vacancy hurting your bottom line.

Cost of Resident Turnover

Getting a unit ready for a new resident is a costly process, averaging around $4,000 per turnover. From advertising and marketing to repairs and maintenance; the more often you’re replacing residents, the more often you’ll face these costs. As we mentioned earlier, this is a big reason short-term rentals are more expensive, so it’s up to you as a property manager to understand if it’s worth it from a financial standpoint.

What It Comes Down To

At the end of the day, the question is whether that flexibility and potential for higher earnings are worth the uncertainty and higher costs associated with frequent turnovers. If it is, you’ll be dealing with much more paperwork, so be sure to stay on top of it to optimize your operations.

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Welcome to the ManageGo blog

Category: Property Management

Managing Rental Property in a Different State? Here’s Our Advice

Benefits of Managing Out-of-State

How to Navigate Long-Distance Management

A Property Manager’s Guide to Successful Email Marketing (Plus 5 Email Ideas)

Why Email Marketing is Important in Property Management

How to Get Started

5 Email Ideas to Send as a Property Manager

How to Handle Rent Stabilization as a Property Manager in New York City

These 5 Renovations Are Guaranteed to Increase the Value of Your Multifamily Property

Top 4 Spring Maintenance Tasks To Do at Your Multifamily Property

Marketing Is the Butter to Leasing’s Bread (PropTea Podcast Ep. #4)

Desperate for More On-Time Rent Payments? You’ll Love Our Latest Software Updates

Tax Season Is Here, Are You Prepared? 4 Things You Need to Do If You Manage Property

Which Property Management Rental Market Is Right for You? Consider These 5

Should You Offer Short-Term Leases? Top Pros & Cons for Property Managers

Short-Term vs. Long-Term Leases

Advantages of Short-Term Leases

Disadvantages of Short-Term Leases

What It Comes Down To