Property Management Nation

Entries tagged as ‘property management’

Maximize Your Rental Unit’s Usability

August 10, 2009 · Leave a Comment

While major updates might not be an option for your rental units, there are little changes that can be made to help spruce up your spaces. The important thing to keep in mind is making updates to your unit that will be beneficial to your tenants.

One thing all renters look for when touring a unit is storage space. Here are some easy, cost-effective ways to increase the storage space in your properties and make them more attractive in the competitive rental market.

  1. Maximize your space – take advantage of high ceilings or unused walls in laundry rooms, bathrooms and closets by adding shelving. With the space defined, prospective tenants can better appreciate the usable area.
  2. Add a few perks in tight spaces - sometimes it’s the thought that counts. If your unit only has standing showers with no tubs, consider adding a metal rack to hang from the door or suction to the wall for toiletries. Or, make shelves in the kitchen and bathroom areas movable so tenants can adjust the storage space according to their needs.
  3. Outside counts as space too – if your unit is short on space and you have a deck or garage, consider adding a storage unit or locker outside. Most renters have possessions like camping gear, tire chains and other things that they’d prefer to keep outside anyway and this provides them with an easy solution.
  4. Allow improvements - obviously, you can’t have tenants building new decks onto your buildings, but it doesn’t hurt to provide suggestions and make it clear you’re okay with little additions like shelves and cubbies. Most rental agreements cover these cases outlining that all improvements must be approved by the manager, paid for by the tenant and left as part of the unit once the tenant decides to leave.

Today’s rental market it is about adding value without incurring major costs. Tenants always need storage; make it easy for them to see (or picture) the opportunities within your units.

Categories: property management
Tagged: , ,

Is a Tweet Worth a $50,000 Lawsuit?

July 29, 2009 · Leave a Comment

I am pretty sure this is not what the SEOs have in mind when they encourage property management companies to “utilize social media.”

Within the last few days, a libel suit for the ages has broken out over nothing more than…a tweet. Yes folks, 140 characters of “what are you doing” goodness has turned into a $50,000 lawsuit between a Chicago resident and the property management company she used to rent from.

Horizon Group Management is going head to head with former tenant Amanda Bonnen over a tweet she posted regarding the state of her apartment. One of Horizon’s employees recently released a statement (whose tone is ambigous) saying, “The statements are obviously false, and it’s our intention to prove that. We’re a sue first, ask questions later kind of organization.”

So here’s what we know:

  1. Horizon Group Management is already the number one example on the “Streisand Effect” Wikipedia page.
  2. Jeffrey Michael did his company no favors with the above quoted statement.
  3. The masses on the internet have, for the most part, found this to be more trouble than it’s worth for the management company and assume the company now wishes they’d kept their mouths shut and lawyers under lock and key.
  4. Amanda Bonnen, whether telling the truth or not, will surely think twice about any tweet she posts ever again (though one source says she’s already shut down her account.)
  5. The decision of this case will undoubtedly permeate the foundations of social media and networking as it make an example either out of the management company, or Bonnen herself.

Great points have been made across a number of blogs and articles about the legal aspects of libel, freedom of speech and whatnot (many are linked to within this article), but I’d like to focus on the literal absurdity of the situation.

If you read the complaint filed by the management group, you are able to read a string of Bonnen’s tweets, not many of which are particularly positive. If every company she complained about from Spirit Air to O’Hare airport to the City of Chicago, took up a suit against her, she’d be a full time defendant in the courts. And I doubt Bonnen’s twitter stream is all that different from millions of other Twitter users.

I realize Horizon’s case is based on Bonnen’s wording, that she’s directly accusing them of something they say isn’t true, but still. While I’m not condoning the use of Twitter as a place to complain or criticize, I have to wonder if it is really worth it for Horizon to go through with the suit.

If Horizon Management Group is lucky, the story will die down in a few days…but at the rate it’s spreading, that’s probably too much to hope for.

What are your thoughts property managers? Where does “clearing your name on Twitter” rank in your marketing strategy?

Categories: food for thought · property management
Tagged: , ,

Lamb in Outer Space and Other Property Management Marketing Tools

July 23, 2009 · Leave a Comment

Um, attention grabbing, isn’t it?

http://www.geekstir.com/wp-content/uploads/2009/06/wtfrealty2.jpg

(Photo found on geekstir)

The truth of the matter is, more than half of all property managers are self employed. That means you get to set your own hours, pick your own clients, take as many vacations as you want…and find all of your own business.

Some of the best property managers in the business have difficulty making a living because they are simply unable to market themselves well. Regardless of the stellar property management services you provide, if no one can find you, your business won’t take off.

So, while we may all be laughing at the photo of Brad Lamb’s head pasted onto a sheep’s body in outer space which is wearing socks, apparently, Mr. Lamb and his team are doing something right. Not only do they have an HGTV show in Canada called “Big City Broker”, but they are known as one of the most successful private real estate groups in North America.

Are you still laughing?

Yeah, I’m feeling a little sheepish too (badum ching!). Well, here are some easy things to consider when marketing yourself and your property management services to the masses.

1. Choose a niche – whether or not you’re a property management all star, it’s easier to focus your marketing effort on a specific group of people, at least to get started. Don’t worry about showing off your versatility, with success will come the opportunity to expand. Pick the type of property or area you’d like to focus in and build your way up from there.

2. Brand yourself consistently – like when choosing a niche, use a logo, brand colors, or slogan consistently. It might seem boring, but building up a presence requires making yourself familiar to your audience.

3. Use the internet – obviously, if you’re reading this post, you already have some knowledge of what the internet can do for your business, but it’s amazing how many quality managers are still only in the phone book or have only a simple landing page with their contact information. Take advantage of the web’s resources and make yourself more visible:

  • Create an interactive website that potential clients can use as a resource
  • Utilize social media; make yourself easy to find and a voice within the online community
  • Use online rental listing sites; make your potential client and renter pools as large as possible

4. Be creative – okay, so maybe don’t start with the photoshopped ad with your head pasted on a farm animal’s body, but use the same spirit and enthusiasm. Property managers with photo-business cards are ten a penny. Find a way to make yourself stand out.

5. Persevere – if you don’t see instant results, it doesn’t mean your efforts aren’t working. Give your marketing efforts time to be soaked up by the industry. Take the opportunity to network at real estate events or even through the online community you’ve recently joined.

In any case, when you’re working for yourself, you get out what you put in (like notoriety for being a lamb-astronaut in space). If you take the time to build a brand online and in person, you’ll be sure to fill up your schedule and have a successful management business.


Categories: property management
Tagged: , ,

Just Say No to eRentalApplications.com

June 8, 2009 · 11 Comments

It’s safe to say we’ve gotten to the point where the internet has become the go-to source for most things in life including information, shopping, paying bills, staying connected with friends, and entertainment.

And, once again, this increasing reliance has spawned even more ways to get ripped off.

eRentalApplications.com is a tough cookie to crumble when first you encounter it. It starts, innocently enough, on Craiglist.com. (*note: Before you chastise me, yes I understand Craigslist perhaps isn’t the best place to cite as the paragon of safety and security, but it’s not quite the red light district either so bear with me.)

The posting looks like any other; it might even have pictures and down-to-the-cent information, but it has no other contact besides the anonymous email. Upon sending an email of interest, you receive an email from a gmail account that directs you to use eRentalApplications.com prior to visiting the property. The email generally looks like this:

Hello _________
Please go to www.eRentalApplications.com to fill out a basic rental
application to check tenant history, references, and verify
employment. Your social security is NOT REQUIRED and YOUR CREDIT WILL
NOT BE PULLED at this time. After the application will be reviewed you
will be contacted to set up time to see the property. The process is
simple. Just use the following steps and within minutes your
application will be forwarded for review.
Go to www.eRentalApplications.com and follow these steps:
1.      On the homepage click on the “APPLY TODAY” button
2.      Find the property address (for which you will be applying)
3.      Fill out the application
4.      Pending approval you will be contacted regarding your application
as soon as possible
Thanks.


Upon going to the site, it requires a $14.95 charge via paypal just to submit some of your very personal information, without having even seen the property! Should you take umbrage at this and send another email asking what is so amazing about the property that it costs more than a prime movie ticket and soda just to see the inside, you will likely receive nothing back.

However,after a simple search of these same devious interwebs, I did find multiple ripoffreports, comments on Craigslist reporting it was a scam and even a post on Intelligent Designer, (a local area blog) which outlined the blogger’s experience from a property owner’s perspective. In a nutshell, the Craigslist post of his listing had been stolen, copied, advertised for$200 cheaper than his actual listing, and set to redirect to eRentalApplications.com.

The most frightening part about this scam is that only the very last part of the grift is a lie. It is usually a real posting of a real property with real photos and information. But, upon receiving the email to send in your information, the result could be turning over enough information to have your identity stolen, and your wallet $15 lighter for the privilege.

What do we learn from such despicable behavior?

1. If you’re looking for a place to rent, be wary of Craigslist postings without direct contact information.

2. Do not give away your personal information unless you are absolutely sure of where it is going and to whom it is going.

3. If you are posting a place for rent, regularly check the site you post to and keep an eye out for suspiciously similar listings.

4. If you receive an email asking you to use eRentalApplications.com, blow it a raspberry, wipe off your screen, sanitize your keyboard and delete it from your email.

Categories: property management · seattle
Tagged: ,

Renters vs. Managers: Throwdown #1

June 5, 2009 · Leave a Comment

Dear Tenant,

We know it’s been a rough few months. We know that job markets are uncertain, the stock market is teetering and life is pretty stressful. To help out, here’s your lease renewal along with an increase in your rent…wait, what!?

Yep, it’s true, some property managers are raising rents, here in the Puget Sound at least. With the economic belt-tightening nationwide, I would think that landlords would try to stay away from raising the rents of current tenants, but that just goes to show that property management is a complicated business. While winter is historically a slow time for rentals, now that the weather and the market are perking up slightly, some landlords aren’t wasting the opportunity.

Perhaps I don’t have all the facts; despite the slumped market and influx of rentals versus home sales, are costs for landlords continuing to increase? I know property managers are feeling the crunch of the economic downturn just as much as renters, and I am aware that regardless of how laid back or accommodating a landlord may be, at some time or other, the rent will have to be increased, but is now the best time to do it?

When the market is flooded with move-in specials, reduced rental rates and incentives like amenities, updates and more rooms for less money, why (aside from hassle) would a renter stay in an apartment where the rent is going up when everything around him seems to be going down?

Local property managers, help! Is this just the way of the world, a savvy market plan, or a poor business move by unknowing property managers?

Categories: property management · seattle
Tagged: ,

Fame or Infamy: Does it matter?

June 2, 2009 · Leave a Comment

Student housing has been around since young cavemen pulled their sleeping furs around the elder caveman’s fire for a nap between lessons in Mastodon clubbing and unibrow grooming, but it’s only in (subjectively) recent years that websites specifically dedicated to rating landlords and property managers have started to take hold.

Notably, near the University of Wisconsin-Madison, prior to his term ending, former Common Council member Ald. Eli Judge organized plans for a “Rate My Landlord” website (see under Solutions for Landlord Accountability) that, at last report, is due out this August. The site is proposed to be a constructive and professional arena for renters to air their complaints, and landlords or property managers to have the chance to respond or defend themselves. The article explains Judge’s goal for the website,” is two-fold: rewarding responsible landlords and protecting tenants from bad apples.”

While Landlord rating systems are nothing new ( in fact, some national sites have been around since 2003) and forums bashing evil landlords and equally snotty-nosed tenants have no doubt been around since the internet’s inception, it does not mean that their implementation lacks the potential to be effective.

Here is a short list of sites that Google spits out in the top ten search results for me:

landorslum.com

pickalandlord.com

ratemystudentrental.com

ratemylandlord.com

While many seem to be based for students and student housing, sites like landorslum.com are national and apply to anyone who has rented room to tenant.

So, what does this mean for landlords and property managers?  More and more sites are popping up online for landlords to be starred and smileyed or tarred and feathered and while there has yet to be a site so definitive as to create blood feuds between management companies over reaching Numero Uno as a top ranked manager, landlord or company, is this the way we’re headed? How much of the content of these sites is valid, and how much is just angry ranting from wounded tenants?

The sixty four thousand dollar question is: Does anyone read these reviews anyway?

Categories: Madison · property management
Tagged: , ,

Finding a Property Manager in Seattle

May 19, 2009 · Leave a Comment

Finding a property manager can be a daunting task, but professional managers are more accessible and affordable than you might think. Property managers and management companies are available for all types of properties– from single family homes and condos to business parks and lifestyle centers.

Property managers are an ideal solution for those who own investment properties but are tired of the responsibilities, and a welcome possibility for those who are interested in owning a real estate investment but don’t want to deal with the upkeep.

Professional managers handle all of the day to day time-consuming tasks like acting as the first point of contact with tenants, keeping financials up to date, and handling the administrative and maintenance tasks to keep the property up and running.

While property managers come at a price (in general, fees are up to or around 10% of the monthly rent, depending on the location and size of the property), their services often lower operating costs and maximize revenue, making the investment in professional help well worth the price.

With Seattle’s competitive market, it is easy to feel intimidated if you are just starting to explore your options, however, there are companies available for every type of need. To help get you started, here is a great list of property management companies in the city: all property management / seattle.

*Also find the list on http://www.allpropertymanagement.com/search/washington/seattle-property-management-companies.html.

Categories: property management · seattle
Tagged: ,