Posted by: Kenji, on 3/11/13, in Property Management Tips

Property management is not an easy job, considering that they have to keep track of thousands of details regarding tenants, rooms, inspections, and utilities just to name a few. Because of this, we thought we’d reach out and ask some of the best and brightest in the property management to give us their best career advice.

This is what they had to say:

“Property management companies should focus on developing their employees into great teams. They should set high expectations with their employees and demand accountability. They should strive to hire people smarter than themselves and always provide a great working environment. The real key is getting the right people, in the right job positions, doing the right things.”

–Mike Levy, Author of 50 Interviews: Successful Property Managers

---

“My best advice for owners is: enable your managers and leasing agents to give great customer service and go the extra mile for your residents by having sufficient maintenance and office staff in order to be able to make repairs quickly. The resident experience as it relates to maintenance requests and customer service is such an important factor in resident retention. In the long run, keeping residents happy saves you lots of money. Also, you’ve got to have a great web site that not only represents your community well in terms of design, but effectively captures contact info for leads.

My best advice for on-site staff is to just remember that residents are people too. Of course, you have to be careful in terms of fair housing and you can’t have favorites or best friends from among your residents, but you can be attentive, kind and understanding in your interactions with them. Encourage yourself and your staff to treat residents with respect and consideration. This goes a long way in terms of the reputation of your community both on-line and in person.”

–Crystal Hadidan, Client Creative Director, Resident360

---

“I have worked with clients ranging from the first time landlord, to the seasoned investor. In both my personal and my business life, I believe in always trying to give back. My client’s needs are always on my mind, and of the upmost importance. If I had to choose 1 piece of advice to give, putting client’s first would be it.”

–Ian Joseph, Managing Broker, Miller Laine Property Management

---

“I think the best advice that I could give to someone just starting out in this business is to join NARPM®. I say this not because I sit on the National board but because I believe that the education and the networking within NARPM® can’t be beat. I have been in Property Management since 1991 and a member of NARPM® since 1997.

Since becoming a member I have been able to complete all my continuing education requirements for my real estate license. I have had many opportunities to talk and gain valuable information from Property Managers across the country. NARPM® has provided me with the opportunity to grow our company, as well as gain the knowledge that is needed to be a leader in our industry. Property management is a constantly changing industry. You have to wear different hats depending on whom and what you are talking to and about. To be a at the top of your game in this industry knowledge is power and that’s what I get from being a member of ‘The National Association of Residential Property Managers’”

–Leanne Ghiglione, VP of Operations, Dave Poletti & Associates

---

“If you are a new entrant to the property management field, work for the most highly regarded professionals who will teach you the most. The best way to enhance your career is to have the best mentor and to work for the best companies possible. Finding these companies takes research and patience. Just taking the first job that comes along may not be the best career path in the long run, however, you have to demonstrate your worth to the best people as well. The best people look for the best people, because they can.”

–Linda Day Harrison, Founder, theBrokerList

---

“Call people back. I am a stickler for communication. It is essential to running a successful business. With my busy calendar, if I can call everyone back, I expect the same from my staff. Communication will make or break your business.”

–John R. Bradford, III, MBA, MPM®, RMP®, Broker & Firm Owner, Park Avenue Properties

---

“I would have to say that the most important advice I would give any person or persons attempting to either perfect what they have or to start out fresh would be to seek education in their field of expertise. Surround and associate yourself with your successful peers. Just as one would not ask for advice on jewels from a baker, we should only seek knowledge and advice from those who do this for a living and succeed. Always be open minded enough to know that you do not always know. Never stop learning.”

–Rob Ferrier, President, First Class Management

---

“To excel in the property management business, one must be the Ultimate Jack-of-All-Trades: accountant, lawyer, broker, handyman, psychologist, janitor, sales man, web designer, photographer, trusted confidant, copy writer, financial advisor, and 24-custormer call center.”

–Trevor Henson PMP, Corporate Officer, First Light Property Management

---

“Take advantage and embrace any provided training from your company and be of the mindset that you also need to self-educate. Education makes you thirsty for more. Do not feel out paced by social media and the speed that things are shifting but do self pace your routine with the goal of ultimate self empowerment. Be present. Be prepared. Be profound.”

–Jonathan Saar, VP of Marketing, The Training Factor

---

“Embrace technology, respond well to change, and adapt and innovate. The property management industry is growing and evolving. What are you doing everyday to leave your mark or build a legacy?”

–Brenton Hayden, CEO and Founder, Renter’s Warehouse

---

“Learn to do your job, whatever it is: leasing, administrative, maintenance, and do it with joy. If you hate your job, it will show and you never want your Residents to see that. We’re in the relationship business, so build trust, maintain integrity, and have a sense of humor. Educate yourself in this field. Finally, embrace a mentor if you are as lucky as I am, to have a fantastic one!”

–Mindy Sharp, Senior Community Manager, McKinley Inc. (LinkedIn Profile)

---

“The best career advice I can give is to remember that all NOI is local so your onsite team must know more about the community and market than anyone else in the company. That said, your onsite team must also be trusted to make the decisions about how to operate the community. If you don’t trust your team, replace them with people you do trust – otherwise, just move to the community and run it yourself!”

–Doug Chasick, The Apartment Doctor

---

“My best advice? Communication is key. Learn to listen more and talk less. If a client is upset, just hear them out first. Once they feel they have been heard, then a resolution is much easier to achieve.”

–Jennifer Stoops, Regional Sales Manager, Park Avenue Properties

---

“When I first got started in this business, a wise man told me that the two golden rules of property management are:

1. Get the property in rentable condition.
2. Price it right.

If we do these two things, we have a very good chance of being successful. If we don’t do these things, we will certainly fail.

It seems simple and obvious, but people get it wrong all the time.”

–Duke Dodson, Owner, Dodson Property Management

---

“This is a tough industry so the best advice I can give to someone new to property management is to associate yourself with an organization of your peers who will be a resource and support system for you. NARPM has been this for me and has played an integral part in my career and success as a property manager. I would also encourage everyone to be a student of their industry, become and expert and resource and never stop learning and looking for ways to improve.”

–Danny Harlow, VP of Operations, Park Place Property Management

---

“Get a good staff of people who believe in the company culture. Have a good software program that you can rely on to be consistent and responsive. Treat your owners honestly and your tenants fairly. Know the expectations of your clients and exceed them — set the bar high. This will make your tenants and owners “ambassadors” of your business. Word of mouth is the best advertising you can get.

We believe that we can help everyone … and we do what we can for clients and customers. If we can’t help them, we plug them into other resources (or PM’s) who may be able to help.

Always look for new systems, or technology, to grow your business and allow your business to grow.”

–Jorgette Krsulic, Property Manager, Colorado Casa

---

“Before deciding your career decide what you want to do with your life. Select a career that makes you happy every day and also in line with your life goal. If you cannot work in your chosen field right away work part time and do not lose sight of your goals. That is what I did.”

–Mohamed Sulthar RMP, President, Sulthar Properties

---

“You’ve got to follow your passion. Real estate takes a leap of faith starting out because you are starting a job that provides no salary and no guarantees. You have to use the passion to fuel you to jump right in and hit the ground running. Try to find a successful property manager in your local marketplace and see if they would be willing to mentor you. You would be surprised at how much some people are willing to help out. It may even lead to a job!.”

–Dustin McClure, Property Manager, McClure Property Management

---

“To be successful in this business several things must come together. Obviously having owners who care and value what you do– day in a day out, sets the culture for an organization. Location always matters however being the best at what you do matters even more! The goal is to have associates that will ‘slay dragons’ for you, and who always go the extra mile. If you show me a broken property, I will show you a broken staff every time. The key is putting the right people in the right positions as excellence always follows that! Leadership by example is what raises the bar and my definition of a great leader is ‘someone who will take you to a place you could not take yourself’.

This is the greatest business in the whole wide world as anyone with the right smarts, the right attitude, in the right organization can get ahead!”

–Joy Anzalone, Chief Operating Officer, Burton Carol Managment

---

Do you have advice you’d like to add to the list? Feel free to submit it below and we’ll add it, as well as announce your contribution on Twitter!

Posted by: Kenji, on 2/11/13, in Property Management Tips

Photo by visual.dichotomy

Property managers face a burdened workload, constant interruptions, a deluge of information, staff and tenant issues – in short, there is way too much to do and not enough time to accomplish it.

According to the National Association of Professional Organizers, we waste an average of 40% of the workday. Not for lack of trying; it’s because of bad organizing skills to cope with the ever-increasing workloads and demands.

One of the biggest challenges for property managers is to complete all tasks efficiently and accurately. Given the number of interruptions you get during the day, completing a fraction of must-do tasks is remarkable. Furthermore, regaining your attentiveness after a distraction takes a few minutes.

How many times are you distracted each day? Maybe it’s about 10 times a day? Multiply the amount of time lost by 10, and you can see why the quality and quantity of work can suffer.

On any given business day, property managers act on a number of issues:

• Negotiating leases with existing tenants
• Negotiations with prospective tenants seeking to occupy vacant space
• Addressing maintenance issues
• On-going discussions with current tenants regarding occupancy issues in their existing lease
• Chasing payments for outstanding arrears
• Inspecting properties to ensure compliance
• Reviewing lease documentation for critical dates
• Completing reports to property owners involving property upkeep and lease management,
• Reviewing vendor contracts and negotiating quotes
• Performing capital improvements, income and expenditure analysis
• Marketing and networking

As you can see, a jam-packed schedule that’s bursting at the seams has the potential for disaster. And in the midst of all your activities, you move from one task to another without completing any of the priority issues.

The key to efficiency is planning. When you have a plan written down you avoid the distractions.

Where Does My Time Go?

Simple changes to your work habits and mindset will get you on track. Here are some ideas to help:

1. Build each workday around a simple plan that allows you to complete priority tasks first thing in the morning. Mornings are when we have the momentum for decision making, so focus this time to developing your schedule.
2. Break down your daily time-consuming tasks into smaller increments and try to complete a task before moving on to the next.
3. Devote mid-mornings to reviewing your emails and returning telephone calls. Of course, every email and telephone call has the potential to derail your daily plan. Handle high priority problems immediately and when possible, delegate work.
4. Afternoons should be reserved for activities out of the office. This includes meetings with vendors, landlords, tenants, and property inspections.
5. At the end of every day, review your schedule to see how much you accomplished and if any tasks requires follow-up or re-scheduling.

Simplicity and time management is the key to an effective workday. Yes you will encounter days when this plan will not be achievable due to some unintended event; however for every hour you devote to planning, you’ll save 3 to 4 hours from poorly managed tasks, so it definitely pays off handsomely to stick to a schedule.

Posted by: Kenji, on 1/21/13, in Property Management Tips

Owning a property can be a lot of work, but the good news is that there are lots of apps for your phone or tablet that can help you manage your properties much more easily. Here are 5 apps that will make the a property manager’s job a whole lot easier:

This web-based app will allow you to organize all of the information on your tenants easily, and it will allow you to post vacancy advertisements on sites like Craigslist, personal websites, and blogs with the click of a button. It’s one of the best apps to use if you want to market your building, and you can connect your building’s tenants to the app in order to make it easier for them to pay rent online. You can migrate the data from most other rent management programs and apps, and there is even training provided by the app provider on how to use the app as efficiently and completely as possible.

Check out Appfolio

For landlords who want to improve the appearance of their properties, this interior design application can be very handy. You will find that this application will give you access to more than 100,000 pictures of homes and their interior decor, with myriad ideas for every room of the house. You can search through the pictures easily, and the app comes loaded with ideas that you can use to make the interior of your apartments or condos as beautiful as possible!

Check out Houzz

This app will allow you to keep track of all of the items that are present in your properties, enabling you to keep a close eye on what belongs to you. No doubt you are providing furniture for some of the apartments or condos, and you have probably purchased a wide range of sports supplies for your tennis courts, basketball courts, and swimming pool. With this app, you can keep track of everything that you are offering your tenants, making it easier for you to restock on items that you are running low on – as well as ensuring that your tenants don’t take items that don’t belong to them
when they move out.

Check out my Inventory Manager

This is considered one of the best property management apps for iDevices, and it has been recently upgraded to add a number of new features – including support for international currency, a better organization system, and even a tool to generate 1099-MISC reports. It will make managing your properties a whole lot easier, and the fact that it can sync with your iCloud storage means that you’ll never lose your information no matter what happens to your phone.

Check out Rent Tracker

PayByGroup is a group payments tool that can be used for roommates or other multi-tenant scenarios. It gives property managers clear visibility into who is paying what and the contact information of everyone involved so they can market to them in the future. It also saves them time and hassle with collections and accounting by avoiding the need to deal with multiple parties, handle partial payments, and do all the follow ups.  While the property managers that PayByGroup works with are primarily in the vacation rental market, it has a lot of overlap with residential real estate in general.

Check out PayByGroup

Happy Inspector is a property inspection app that bring the pen and paper property inspection checklist to the iPad. With features like the automatic inspection generator, easy import functionality, and much more, this  app helps reduce the time spent on property inspections by 75%.

Check out Happy Inspector

Posted by: Kenji, on 1/9/13, in Industry Predictions

We like to keep an eye out for new and innovative technologies, so we thought we’d check up on what futurologists have been talking about lately with regards to how technology may redefine the modern dwelling. After a bit of digging, we found five technologies that we believe are poised to revolutionize the way we live.

Biometrics

The NEC Contactless Hybrid Finger Scanner

Although fingerprint scanners and facial recognition technology is readily available today, most apartments still use conventional locks. We’re guessing, however,  that this technology will become affordable to the point that many apartment buildings built from 2015 onward will start to employ these technologies. By 2040, Biometric authentication technology will likely replace all conventional locks and keys for all buildings in ind. Apartment doors will lock automatically after you leave the room so there’s no need to worry about whether you actually locked or not.

The “Reputation Economy”

Endorsements on LinkedIn

Sites like LinkedIn and Klout have already made some inroads into what people are beginning to be called the “Reputation Economy.” On LinkedIn, for example, we can solicit our colleagues and clients for them to endorse us for certain skills and on Klout we get a score for how influential we are among friends and colleagues. At the moment these reputation tracking systems are primitive and can be easily gamed. It’s only a matter of time, however, before we have apps and devices keeping score of how well we do our jobs. Life will become gamified, and the points will matter. An app like Happy Inspector, for example, may keep track of how diligent property managers are about doing inspections and award them with points that may be aggregated on a site like LinkedIn.  Of course, not everyone has to participate in this reputation game, but it may become a necessity for marketing oneself in the future.

Arcologies

Illustration from TechNYou

This development is probably the most far-fetched, but efforts are already being made to create cities within buildings like the Crystal Island in Moscow and the Shimizu Pyramid in Tokyo. Essentially these buildings are mini-cities within superstructures that take care of every need and will house from 100,000 to 750,000 people. These mega-structures, also known as arcologies, will be designed with self-sufficiency in mind. This means that it’ll produce all its own food, energy, and will be able to recycle or safely dispose of all its own waste. Considering how many residential units one of these superstructures may have, it will certainly keep property inspectors busy.

Seasteading

Image from seasteading.org

Advances in seasteading may make it possible for people to live on the high seas. Why build cities on the water instead of dry land? The main purpose would probably be to avoid regulations and laws imposed by any country by virtue of it being in international waters. This will probably mean that Sin City will probably no longer be Las Vegas, but somewhere in off the coast.

Utility Fog

Tiny floating microscopic robots like those picture above may be able to assemble themselves into anything. (Image Source: stimulacra.net)

Futurists are predicting that by 2040 it’s very possible nanotechnology will advance to the point where a cloud of microscopic robots could assemble themselves into pretty much any form the user required of them: from appliances, to electronics to furniture–perhaps even clothes. Perhaps Ikea should start getting into the robotics business?

Anything we left out? Let us know in the comments!

Posted by: Kenji, on 12/21/12, in Tips For Renters

While services like PadMapper, Lovely and Craigslist have made searching for an apartment a lot easier than it has been in the past, one has to remember that these services are all about getting you to sign a lease without having to tell you some of the drawbacks about renting one of their rooms.

Since we work with a lot of property managers and property inspectors, we thought we’d share some of the important apartment hunting hacks that you should know before you sign.

Here they are:

1. Check Cell Reception.

Photo by Andy Arthur

If you’re like me, you probably don’t have a land line, meaning that the only way for people to reach you is through a cell phone. Be sure to take your phone out and see how many bars you have, especially in the rooms where you expect to spend the most time. If you’re at two bars or lower, it might be a good idea to move on.

2. Determine your Walk Score.

For city dwellers, chances are you probably won’t be driving much. This means you’ll be walking pretty much anywhere. Instead of going through a list of questions about the nearest restaurants, schools and parks, you can enter the address on Walk Score before even going there to see if you’ll like the neighborhood.

3. Check out the neighborhood at different times of day.

Photo by Alex Cheek

While it may seem like a quiet neighborhood during the day you probably wouldn’t notice that there were five nightclubs just across the street…until you hear all the drunk people howling outside your window just before you go to sleep on a Saturday night. A neighborhood can be very different at different times of day. It’s good to be aware of that fact.

4. Ask about bedbugs.

Apartment managers are legally obligated to mention whether or not an apartment has had a bedbug problem in the past. If there has been a problem, it’s probably best to steer clear. Even if there hasn’t been a reported case of bedbugs in the building, be sure to set a bedbug trap in the room before you move in. That way, you can get the room treated before the bugs find convenient hiding places in all the furniture you bring in.

5. Check apartment reviews.

Do a Google search with the name of the apartment building and the keyword “reviews.” Be sure to take these reviews with a grain of salt because a lot of people who leave negative reviews have an axe to grind. If there seems to be a trend towards negative reviews, however, you may want to look elsewhere.

6. Run the water, AC and heaters.

Photo by Geoffrey Fairchild

There’s nothing more unsatisfying than taking showers under a small trickling stream every day. Be sure to run the showers to ensure there’s sufficient heat and water pressure.

Along those same lines, be sure to check whether the air conditioner and heater are in good working order. It won’t be pleasant to find out they don’t work when you most need them!

7. Ask the apartment manager how long they’ve been in the business.

Photo by Elliot Brown

This is a a good way to find how experienced the property manager is. The more experienced they are the more likely they’ll be able to take care of emergencies. Also, they probably have already established relationships with plumbers, electricians and other service providers whose help may  be needed.

8. Understand how utilities are billed.

Photo by redjar

Some apartment buildings will bill power usage individually while others will pay a set amount each month.  If power usage goes over that set amount they will bill based on the number of tenants in a particular unit. In the former case, it’ll behoove you to conserve power while in the latter case it won’t matter as much.

9. Where are the electrical sockets?

Photo by Zawesome

Are there electrical sockets in the areas where  you plan to put your lamp, your bed, your desk, etc? Make sure the layout is to your satisfaction so you don’t have to string an extension cord along your wall.

10. Take photos and make an inventory of the state of the apartment.

Photo by crayolarabbit

While the property managers who use Happy Inspector are the good guys, unfortunately there are a few unscrupulous managers out there that give everyone a bad name. These are the folks who will point out the cracks in the tiles that have always existed and use them as an excuse to withhold your deposit. Before moving in, be sure to take pictures of the state of the place. If you really want to go overboard, you may even want to print out the pictures and send them by registered mail to both yourself and the apartment manager. The photos that you send to yourself should stay unopened and be available should you need it.

11. Check for cockroaches.

Photo by Andreanna Moya

If there are cockroaches, chances are you won’t actually see one until days after you move in,  so make sure you do some preliminary detective work. First of all, check apartment reviews for any mentions of infestations. Second, check drawers and cabinets for cockroach feces–they should look like small piles of coffee grounds. Finally, check above cabinets and under sinks for roach traps that may have been left by a previous occupant.

12. Was the apartment built on top of an Indian burial ground?

You really don’t want to find that your apartment is haunted by angry ancestral spirits before you move in.  Also, exorcists are pretty expensive so make sure that you check historical records to so that you won’t be inconvenienced by surprise hauntings.

Any other apartment hunting hacks we didn’t mention? Add them in the comments below.