Myth #1: Owning rental property is passive income.
The Truth:
No, we don’t care what you heard from the TikTok real estate expert. We won’t argue that a multifamily rental property isn’t a great investment…it is! But if you think it’s as simple as collecting your monthly rent checks, think again. Consider all of the maintenance and repairs you’ll be responsible for, the time and energy required in the leasing process, and the management of concierge services like guest access, deliveries, or even amenities. Property management is a lot of work, which is why a lot of owners invest in software to streamline their operations. And yet, it still won’t be as passive as many internet gurus will have you believe.
Myth #2: Having good credit means they’ll be a good resident.
The Truth:
Having good credit is only a small piece of the entire pie that makes someone a great resident. Of course, being able to pay their rent on time is a huge consideration, but don’t stop there. Finding out information on their previous rental history (have they ever been evicted?), doing a proper background check (do they have a criminal record?), and even interviewing them about their lifestyle is key to picking the best applicant for your vacant unit. While they may be able to pay rent, they could end up being a resident that causes havoc at your property if you’re not thorough during the screening process.
Myth #3: Rental prices are firm.
The Truth:
If you’re new to property management or renting in general, you may be surprised to hear that rental prices can be negotiated. A renter’s bargaining power will vary greatly depending on external factors such as the location and time of year, but it’s good to be prepared for the possibility of a negotiation. At the end of the day, you as the property manager will have the final say, but it could be in your best interest to take up a fair offer.
Myth #4: Maintenance is always the responsibility of the property manager.
The Truth:
The truth here will come down to the lease terms you’ve set. Most property managers will take on general maintenance tasks like a broken a/c or lack of hot water, but draw the line at issues caused directly by the resident. Whatever you decide, make sure your residents are well aware of their responsibilities to avoid an uncomfortable situation down the line caused by miscommunication.
Myth #5: Residents can be evicted for any reason.
The Truth:
Of course, you don’t want to have to evict anyone, but if that time comes, it’s best you know your rights. Generally, property managers need a warranted reason, most often proof of a broken lease, to legally evict a resident. Eviction laws vary by jurisdiction, so be sure to do your due diligence before throwing a resident’s belongings on the curb.
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!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
Fostering a great relationship with your residents is vital to a thriving property management business with high rates of renewed leases. On the latest episode of the PropTea Podcast, our host Erica Patterson breaks down the four types of residents you’ll encounter as a property manager – by generation and personality type – and the best ways to connect with them for better relationships. The foundation of a great relationship starts with an understanding of who your resident is. In this context, taking a look at the generation they come from can provide great insights into what they value and prioritize when it comes to real estate.
Baby Boomers in the Rental Market
Erica: “…between ages 68 to 76…this group takes up about, I would say, 10% of the renter demographic. Some general characteristics that they have are: they’re approaching retirement, they make big financial decisions, and a lot of their significant decisions are whether or not to maintain a large home or to sell their home and get something smaller. Another viable option for them is simply to just become renters, which is entirely plausible if there aren’t enough retirement savings available for them to upkeep their own home.
Their priorities are usually living in apartments, condos, small houses, or urban areas near medical care. They prefer predictable expenses each month, amenities in the property so they don’t have to go too far for facilities, and the option of shorter leases that provide the ability to move on a whim.”
Qualities of the Gen X Renter
Erica: “…about 42 to 57, this group takes up approximately 28% of the renter demographic. They are working to build back their credit and savings, but have significant mistrust in the economy and the security of property investment…They are part of a group that has seen more demand in the rental market, which has led to higher rents and has made it harder for them to save for a down payment.
Generally, when it comes to looking for a new rental home, Gen X turns to the Internet and landlords. According to Zillow, they rely most on online tools and direct landlords or owner contracts. Additionally, 2 out of 5 Gen X renters pay attention to a yard or open house signs.
Some of their priorities include living near top-rated schools, having easy commutes to those schools and their jobs, and having properties with usable backyards. In their apartments, they prioritize space in the form of having three to four bedrooms, a basement, a loft, or a bonus room.”
What Millennial Renters Look For
Erica: “Ages 27 to 41, you’ll likely come into contact with this group the most because they take up about 56% of the renter demographic. Millennial renters are the generation most likely to use online resources, likely preferring mobile access over the desktop. Millennials also generally prefer renting to homeownership for a few reasons: management handles repairs and maintenance, there’s no long-term commitment to the unit or location, renting is more affordable, their credit isn’t good enough to buy, roommates can help pay rent, appealing amenities such as a pool, a gym, or social spaces, and they enjoy socializing in their building and apartment complexes.
They prioritize living in energy-efficient homes with smart home technology and personalized outdoor space in the form of a balcony or small yard. This group loves renovating spaces but has an appreciation for space that has character. They also prefer spaces in the form of open living areas or kitchens with an island. As someone with a kitchen island, I completely second this.”
How to Cater to Gen Z Renters
Erica: “Aged between 12 and 26, you may or may not have come in contact with the group much, as they take up about 6% of the renter demographic, but this will surely grow and it’s beneficial to learn about them early.
As of 2023 most of Gen Z are recently out of college and looking to secure their first rentals, often with roommates. Gen Z will look to the Internet to join the rental search process along with…word of mouth, good or bad. The most defining and unwavering quality of the bunch is their technology fluency.
They like to prioritize flexibility and lease length, affordability, and rent prices, and will often live with roommates to achieve this. The privacy and mobility of renting will likely mean that Gen Z, like their millennial counterparts, will prefer renting to owning and put off families until later in life.”
Now that you have a better idea of the four types of residents you’ll encounter as a property manager, it’s time to talk about the ways to nurture your relationships with them to increase retention at your property. Listen to the full episode above for this discussion, and be sure to stay tuned every month for the ultimate lowdown on all the latest trends happening now in the real estate industry – from industry leader advice to wellness tips for better work/life balance!
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!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
If there is one silver lining from the pandemic, it’s this. It sparked a surge in entrepreneurial activity in the United States, completing a 180-degree turn from a downward trajectory over the past decade.
The desire to take risks and follow dreams took center stage, surpassing the comforts of a traditional 9–5 job. Some industries were more appealing than others, as the idea of a side hustle or starting a small business took over daily conversations.
But one industry, in particular, saw a massive surge in demand, running the supply into the ground as everyone searched for homes with more space to sprawl out. A rental home in the suburbs quickly became a hot commodity.
And with that, becoming a property manager turned into a lucrative opportunity. In fact, it currently ranks as the 27th best small business idea in 2023.
But your business is only as strong as your weakest link. So if you’re tired of using multiple spreadsheets or a notebook to keep track of your properties, this article is for you.
We’ve compiled a list of the top seven property management software features that’ll help streamline your operations and take your business to new heights.
From online rent payments to maintenance request tracking, these features will make managing your properties a piece of cake (or pie, if you prefer).
Are you ready to learn more?
Let’s dive in.
1. Online rent payments
Gone are the days of waiting for physical checks to clear or manually collecting rent through the mail or a centrally stationed rent drop box.
When was the last time you went into a bank for a personal transaction? We guess it’s been a while. Online banking is as common today as sliced bread.
Residents are eager to pay rent with a credit card or checking account. Not only does this save time and reduce the chance of processing errors, but it also provides a sense of convenience for residents.
You’re also more likely to receive rent payments on time (read: fewer headaches down the line).
One of the best aspects of renting for residents is the biggest pain for property managers and landlords. If something in the unit breaks, the renter isn’t responsible for fixing it (the perk of renting vs. owning).
But that means residents need a way to contact someone who can stop by and promptly fix a broken washing machine or a clogged kitchen sink.
A good property management software should have a system for residents to submit maintenance requests and for property managers to track and assign these requests to the appropriate parties.
This feature not only improves communication between residents and property managers but also helps resolve maintenance issues quickly and efficiently.
The last thing you want is a broken pipe flooding your property without any way for your resident to report this emergency issue.
3. Lease management
Managing leases can be tedious, but with the right software, it doesn’t have to be.
Keep an eye out for property management software that has a system for creating, tracking, and renewing leases. For the cherry on top, there should be an option to digitally sign leases and send automatic lease renewal reminders.
Say goodbye to vacancies and hello to high occupancy rates when you use a property management system with a seamless leasing feature. You’ll always know what’s coming down the pipeline — no surprises.
4. Accounting and financial reporting
Managing a property is similar to running a business. The goal is to make money.
And without the proper reporting methodologies, you can quickly end up in the red without even knowing. It’s essential to have accurate financial data to help you make informed decisions about your properties and prevent fraud.
Ideally, you want to set up a one-stop shop for managing everything associated with your property. After all, why work harder when you could work smarter?
Keep an eye out for software like ManageGo that houses a full accounting solution, or easily integrates with your existing accounting software. That way, you can accept payments online, manage resident support, store your documents, send updates and notifications, and view important accounting information in one seamless application.
And sometimes, you might want to choose another way to visualize your data, like histograms vs. bar graphs, and good software (with compatible integrations) should provide you with these options.
The best property management software should also be able to generate various financial and accounting reports, such as income and expense statements, cash flow projections, and occupancy reports. With ManageGo’s new accounting solution, pull reports with the click of a button, and get all the valuable information you need in seconds.
Having these automated reports displayed in a well-designed dashboard can help you stay on top of your finances, reduce human errors, and quickly share the information with various stakeholders.
5. Rental applicant screening
Screening rental applicants is a severe bottleneck that most property managers struggle with. It’s tedious, time-consuming, and, let’s face it, boring.
But it’s an important step not to gloss over. Opening your doors to someone with a criminal record or poor credit might cause future issues.
Hone in on property management software that offers streamlined options for screening applicants, such as automated credit and background checks. Access to this information helps ensure your property’s safety, security, and current residents.
Consider a screening feature like a customer data platform to help manage new leads and nurture existing ones. It enables you to find the best possible residents to fill your vacancies, reduce future problems, and pay rent in full (and on time). That’s the recipe for success at any rental property.
If you operate a pet-friendly building, you might consider digital pet management add-ons. This way, you can access data about every pet in your building, including vaccination status and breed details to make managing humans and pets a breeze.
Clear communication is the key to any relationship (personal or professional).
Email and text message compatibility are critical for creating and sending mass communication blasts to residents, which keeps everyone in the loop and avoids misunderstandings.
Multi-channel communication also allows you to quickly address any concerns or issues, leading to a better resident-landlord relationship. Think of it like a one-stop-shop concierge service where residents can book amenities, ask questions, or report problems.
But these channels of communication shouldn’t stop with your residents. Some property management software even includes AI for marketing that allows you to craft personalized emails, ads, and letters to target new leasing prospects.
And the channel to keep an eye out for is integration with your virtual meeting or board management software to maximize the efficiency of your remote team meetings.
When it comes to running a successful business, communication should always remain a top priority.
It’s like trying to bake a cake without sugar. It might look good on the outside, but the result will taste terrible. So, if you want your property management business to be a sweet success, don’t skimp out on the communication tools that matter most to your business needs.
7. Data security
Choosing the best real estate CRM and property management software for your business comes down to a critical element: data security.
If the software lacks enhanced security protocols, you can kiss your improved operational workflow goodbye and hello to numerous lawsuits.
In today’s digital age, data security is more important than ever. It’s your responsibility to protect sensitive financial data and resident information from unauthorized access.
Look for data encryption, secure logins, and data backup features to keep sensitive information safe and ensure compliance with data protection regulations. Plus, you’ll sleep a little better at night.
Wrapping up
The right property management software features can turn your small business into a cash cow by streamlining your workflows and reducing human error.
With features like online rent payments, maintenance request tracking, and lease management, you can easily keep track of all the details across your properties in one platform.
Plus, with the ability to generate financial reports and screen rental applicants with the touch of a button (or on any mobile device), you can make data-driven decisions about the future of your properties.
Ideally, that means more money in your pocket at the end of the day and happy residents that refer to their friends and family. Don’t underestimate the power of adding good property management software to your tech stack. Unlock all of these features and more when you try a free demo of ManageGo today.
About the Author
Ryan Robinson is a blogger, podcaster, and (recovering) side project addict that teaches 500,000 monthly readers how to start a blog and grow a profitable side business at ryrob.com.
We get it, you didn’t necessarily sign up to be an accountant when you became a property manager – but that doesn’t mean you’re exempt from the responsibility. If that were the case, we could think of a lot of tasks we didn’t sign up for that we’ll just forget about!
In all seriousness, quality accounting is essential to successful property management, so it’s best you start reading up if you haven’t already. Whether you’re new to property management or just need a quick refresher on accounting best practices, here are 4 common accounting mistakes you should know about (and how to avoid them).
Miscategorizing Costs
The first step towards accurate accounting is categorizing your costs correctly. It seems simple enough, but the reality is, property management comes with a lot of different classifications, and it can be easy to miscategorize. Miscategorizing your costs can lead to confusing records and even inaccurate statements. Whatever accounting system you decide to go with, make sure there’s a chart of accounts to keep your costs as clear and organized as possible and avoid the consequences of messy classifications.
Relying on Paper Records
We covered this one in our last blog, 4 Reasons You Need to Take Your Accounting Digital as a Property Manager, but in case you missed it, relying on paper records ranks up there with our biggest no-no’s of accounting. Digitizing your accounting makes it more efficient, more secure, and more accurate – boosting your company’s value overall and saving you time and money. Plus, physical documents and records, like paper receipts, are at a much higher risk of being lost, stolen, or destroyed compared to their digital counterparts. Lucky for you, ManageGo is just about torelease our brand new accounting solution! With our modern technology and easy-to-use interface, going digital with your accounting has never made as much sense as it does now (and you can ditch those paper records for good).
Failing to Reconcile Accounts
Any proper research will tell you that reconciling your accounts is an essential step in good accounting. Reconciliation of your accounts just means that you’re comparing your internal records with external ones to ensure there are no discrepancies in your reporting. Failing to do so is detrimental to your business’s financial health; plus, you’re almost guaranteed to be slapped with a fine for it.
Neglecting to Run Reports Regularly
Financial reports are essential to sound decision-making throughout your business, and neglecting to run reports regularly is a rookie move that’s, unfortunately, a common mistake. Making use of the right accounting software to run reports simplifies this process, and makes obtaining the data you need a breeze. With ManageGo’s system, pull reports on everything from properties and receivables to vendors and payables, and of course your essential financials.
But it’s not just the fact that you need to run reports – you should also be confident that they’re accurate. After all, if your numbers don’t reflect the facts, it’s hard to make informed decisions for your business. For more on how to increase accuracy within your accounting, check out our recent blog post here.
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!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
Accounting: You know what it is and why you have to do it as a business owner, but have you given much thought to how you do it? No, we don’t mean your woeful attitude while doing it, but literally how. What systems do you use, and do your processes actually add any value to your business?
If you’re still stuck in the prehistoric times of traditional accounting, we’ve come to your rescue with our time machine to bring you to the digital age of accounting (don’t worry, you can thank us later).
What is Digital Accounting?
Digital accounting refers to the creation, storage, transfer, and management of financial information in an electronic format with the employment of technology. This method of accounting offers advantages over traditional accounting that makes the switch worthwhile for your business. Read on for the top 4 reasons you need to take your accounting digital as a property manager.
Why Should I Make the Switch?
Improves Efficiency and Productivity
Digital accounting is both more convenient and more efficient for you and your team. Having one central, online place to access, update, and manage all of your company’s financial information makes digital accounting more convenient than traditional methods. Plus, your information is accessible from anywhere you need to be. You’ll also never have to dig through binders of documents and receipts to find what you need – enhancing your company’s organization and record keeping. With this, you’ll see a boost in overall efficiency and increased productivity.
Enhances Security
Traditional accounting methods reliant on physical documents and paper records are vulnerable to being lost, stolen, or destroyed – think a clumsy staff member, bitter business partner, or even potential disasters such as fires or floods. While digitization comes with its own security issues, there are more steps you can take when you go digital to protect sensitive information. For one, employing a cloud-based accounting system will go a long way in ensuring your data is always backed up and secure.
Boosts Reporting Accuracy
Nobody’s perfect, and we’ll be the first to admit that sometimes numbers make us go a little crossed-eyed after one too many hours. The reality is, humans are prone to error, and it’s bound to happen at some point if you stick to traditional accounting. By making the switch to digital accounting, old processes are automated and your reporting accuracy will increase tenfold, giving you better control over your finances. Even better, with ManageGo’s leading accounting software, you’ll be able to pull reports on all of your finances, so you always have an accurate view of your cash flow.
Saves Time and Money
The biggest benefit of digital accounting comes down to the time and money you’ll save thanks to the automation and streamlining it offers. By investing in a digital solution, you’ll be reducing labor costs across the board, thus improving your bottom line. So, what are you waiting for? It’s about time to take your accounting digital and boost your company’s value with a modern system.
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!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
You may not have gone into thousands of dollars of college debt to be an accountant (you’re likely a property manager if you’re reading this, after all), but that doesn’t save you from needing to know the basics of accounting. It’s a fundamental aspect of any business and crucial to making sound decisions across the board, no matter your industry or expertise.
We know this sounds stressful, but don’t panic! As a jumping-off point, we’ll break down the top 16 accounting terms you’ll need to know as a property manager. Consider this article your quintessential property management accounting glossary.
Accounts Payable
Bills that are due and still need to be paid to your vendors.
Accounts Receivable
Money owed to your company that has yet to be received; usually by your residents.
Accrual Accounting
A method of accounting where income and expenses are recorded as they happen; whether or not money has been exchanged yet.
Asset
Anything your company owns that provides economic value now or in the future; often grouped by current assets (assets that can liquidate within a year) and fixed assets (also known as property, plant, and equipment).
Audit
An official examination of a company’s financial statements; usually performed by a third party.
Balance Sheet
A detailed record of a company’s total assets, liabilities, and equity at a particular point in time.
Cash Accounting
A method of accounting where income and expenses are recorded only once the money has been exchanged.
Cash Flow Statement
A record that shows the movement of cash within your business and how that affects the balance sheet; usually broken down into operating, investing, and financing activities.
Chart of Accounts
The classification of your transactions and your main reference in property management accounting; including assets, equity, expenses, income, and liabilities.
Credits
An item that reduces asset and expense accounts while increasing liability and equity accounts.
Debits
An item that increases asset and expense accounts while reducing liability and equity accounts.
Equity
The difference between your company’s assets and liabilities; or one’s financial share of the company.
Expense
Any bill paid by your company; including the cost of supplies, vendors, or any other operational cost.
Gross Income
The total earnings your company collects from doing business before any deductions.
Profit and Loss Statement
A report that shows your company’s net profit or net loss over a specified period of time by deducting expenses from gross income; also known as an Income Statement.
Knowing the basic terms associated with property management accounting is only the first step to accurate reporting for your business. For more accurate, reliable records, take your accounting digital and manage your business’ finances in one, easy-to-use place with ManageGo’s brand new accounting solution.
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!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
Those rumors you’ve heard circulating recently? We’re dropping in to let you know we have some insider information. That’s right, what you’ve heard…it’s true. No, not the rumors around Miley Cyrus’ newest single (though, we’re definitely #TeamMiley). Of course, we’re talking about our newest product launch…
Accounting!
When we thought about the one thing our property management software was missing, it always came back to accounting. After all, it’s one of the most essential aspects of any business, and an all-in-one property management software wouldn’t be complete without it.
But what makes our Accounting software stand out from the rest (besides its modern and intuitive design)? It’s the fact that you’ll enjoy zero additional fees. That’s right, you get what you pay for, and that’s that. Come to think of it, that goes for all ManageGo products.
Apart from that, here’s a quick rundown of what you can expect from our newest launch!
ManageGo’s Accounting Solution
Designed to enhance the management of all your financial information, ManageGo Accounting is the only digital accounting tool you’ll ever need for your property management company. But what can it do for you?
Seamlessly manage your financials and view balances based on your current occupancies, rental prospects, entire buildings, entities, and even rental assistance agencies. Plus, manage customer and vendor balances, and pay bills. You’ll find all bank, credit card, and loan information in one place, where you can add new items, make deposits, and print checks. A dedicated chart of accounts makes it easy to classify every transaction, reconcile accounts, transfer funds, run audits, and much more. When you’re ready to generate reports, you’ll find data for everything from properties and receivables to vendors and payables, and of course your essential financials. The best part? You can do this all from anywhere – directly on our modern online platform.
If you already use ManageGo to process payments, manage maintenance, handle leasing, or enhance your concierge, it only makes sense to take care of your accounting in the same place, for maximum convenience and efficiency. It fits seamlessly into our entire product suite, making it easy for you to streamline every task on your to-do list – in one intuitive place. If you’re not already one of ManageGo’s thousands of monthly users, request a demo today to see just what you’re missing.
No matter your business goals, ManageGo has your back. 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!
Want even more? Get your fix and follow our socials for all the latest property management tips, tricks, & trends!
As a crucial metric for property managers, your NOI should be earning more of your attention. On the latest episode of the PropTea Podcast, our host and marketing genius, Erica Patterson, takes us through what exactly NOI is, and the best ways to reach your NOI goals in property management. She’ll examine the importance of maintaining quality and how you can stay ethical while increasing profitability. And as always, we’ll share a wellness tip to get you through the month and improve your work-life balance!
What is NOI?
Erica: “NOI, or net operating income, is the profit of a real estate property after subtracting necessary operating expenses. For most real estate properties, an operating margin higher than 15% is considered good. If your property’s NOI falls under that, then we have some tactics to help you really increase your profitability without compromising your residents’ living experience.”
How Can I Increase Profitability?
Erica: “You can invest in core asset properties. You might be asking: what is a core asset property? …These are defined as high-quality, low-risk assets that offer the most stable cash flow.
Another tactic is investing in core plus properties…A core plus investment is a 20-year-old apartment building that is mostly occupied but may need some light upgrades here and there for the property will produce ample and sustainable cash flow. However, you might have to reinvest some of the cash back into the property for future maintenance such as roof repairs, your parking lot–little things around the building.
The last tactic will be to invest in a value-added property where you increase the income of the property while the total value of the property appreciates. Some examples of what this might include are raising rents to market levels, initiating or enforcing fee income policies such as pet fees and late fees, and reducing expenses.”
How to Maintain Quality
Erica: “NOI is related to the quality of your building, so you really want to keep up the quality of your building if you want to have a positive net operating income. One way you can maintain the quality is by keeping up with all maintenance around the building, which should be a given.
Secondly, regularly check engagement comments. What are people saying about your building? What are your residents saying in their community chats? …Send an email newsletter encouraging residents to share feedback on their experience with the updates that you provided in their building. Are they liking the new roofing? Are they liking the new HVAC system? Has the parking lot been easier for them to navigate? Really take account of this feedback.
Some other tips that can enhance any property are adding things that generate income such as laundry machines, rentable common areas, and amenity spaces offering Wi-Fi. Also, finding less expensive ways to maintain the property without sacrificing quality, such as sustainable technology to lower utility bills. Switching to all-electric LED lights only using solar panels and a more efficient HVAC system or tankless water heaters. These are just some small things that you can definitely try to do to make things a lot easier for you.”
Listen to the full episode above and be sure to stay tuned every month for the ultimate lowdown on all the latest trends happening now in the real estate industry–from industry leader advice to wellness tips for better work/life balance!
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!
Preventive maintenance at your multifamily property can feel like a never-ending chore with a checklist that keeps getting longer and longer…and longer. To add to it, real-time maintenance requests coming in from your residents will almost always take precedence, so it’s easy to see how preventative tasks can slip to the back burner.
The new year is officially here, and we implore you to make prioritizing preventive maintenance one of your resolutions in 2023. Putting off these tasks can cause major maintenance issues down the road, and even emergencies that could put your property and bottom line in jeopardy. Here are 5 preventive maintenance tasks you need to do every year at your multifamily property.
1. Service Your HVAC
Routinely changing your HVAC filters is imperative to both the efficiency and lifespan of the equipment, and the air quality at your property. This is a simple task that if neglected can put your HVAC systems at risk for failure, costing you much more time and money in the long run.
2. Perform Routine Pest Control
It doesn’t matter if you’ve never seen a single pest at your property (though we find that hard to believe), performing routine pest control is a must at any multifamily building. Check-in with residents to make sure they haven’t dealt with any unreported pests, and annually bring in an exterminator to inspect your property for any signs of unwanted visitors.
3. Inspect the Roof & Clean Your Gutters
Check your roof for signs of damage and be sure to clear out your gutters–both of which could result in leaks and water damage down the line if forgotten about. These are expensive repairs that affect everything from insulation to the integrity of your building’s structure, not to mention the risk of mold.
4. Test Your Smoke & Carbon Monoxide Detectors
If you do anything from this list, let it be this. Change the batteries and test your smoke and carbon monoxide detectors regularly to avoid the obvious disasters. These detectors are required by law for a reason, and neglecting this task could be a deadly and financially devastating mistake.
5. Clear Out the Water Heater
Similar to your HVAC systems, clearing out your water heater is crucial to ensuring it lasts its entire lifespan. Failing to clear this out results in debris build-up and will impact its effectiveness. I mean, do you really want a bunch of angry messages this winter when your residents suddenly find themselves without hot water?
Take the Stress Out of Maintenance
Keeping up with the never-ending list of preventive maintenance tasks can seem like a daunting responsibility. Take the stress out of it by automating the process with PropTech. The above list is a great place to start–but we all know there are about a million other preventive tasks you should be regularly taking care of. Utilize ManageGo’s maintenance checklists to organize and, let’s be real, just plain remember, everything that needs to be done. Then it’s as easy as setting recurring tickets based on how often you need each task performed.
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!
Ah, record keeping–no doubt the most exhilarating part of any property manager’s job! Cue you, pleading: “Please say sike right now.” Of course, we know recording keeping is one of the worst parts of a business owner’s job, especially in the rental business where documentation is seemingly never-ending. As overwhelming as it can be, record-keeping can truly make or break your business, so it’s crucial you do it right.
The Importance of Keeping Good Records
First and foremost, keeping good records is essential for the organization and efficiency of your operations. Think about all of the documents you handle daily in property management: files regarding lease applicants, resident information, maintenance records, vendor information, property-related paperwork, financial records, and business documentation. That’s a lot to keep track of, and failing to organize these files effectively will end up costing you time and money.
Successful record-keeping also acts as a form of risk management. Legal disputes in property management are all-too-common, and having your files in a row prepares you for whatever cases may arise. After all, there’s no such thing as being too prepared for such scenarios. As always, laws vary by state, so be sure to make a note of the requirements in your area as to which documents you’re required to keep as a property manager, and for how long.
What it all comes back to is the fact that effective record-keeping is crucial to accurate reporting, managing your finances successfully, and making business decisions. But with so many files to track, how can you optimize your success in doing so?
How to Keep Records Successfully (& Painlessly)
Digitize. Digitize. Digitize.
The secret to success in effective record-keeping is going digital. That’s right, move all of your records online. But not just to your computer desktop (I mean, who has that kind of storage?). Instead, invest in software designed specifically to track, manage, and store all of your business files.
With property management software like ManageGo, you can store all of your essential documents securely in one easy-to-access place. Organize each file seamlessly, depending on what the document relates to. Whether it’s a resident’s file, a maintenance document, or anything in-between, our software has an intuitive place for each record to live for optimal organization and efficiency.
Scan and upload all of your existing documents to the cloud, and employ our Custom Forms tool for every new document you may need. Use this tool for both internal records and external documents meant for your residents. View and edit our completely customizable templates, and collect all the information you require. With software doing the work for you, not only will you have enhanced organization, but you’ll also have a visual timeline of all your records for the most accurate up-to-date information. Sounds pretty painless, huh?
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!
