Your management team has a huge impact on the success of your community. Everything from resident retention to overall happiness with the community are all affected by your management, and how residents respond to management and their management style.
Renter turnover and new vacancies are very costly. Between finding new occupants, vacant rentals, and taking a risk on a new renter, the costs can quickly stack up. When a reliable renter informs you they are not going to renew their lease, you need to take some steps to see if you can keep them. Here is what to do to ensure you’ve done your best to reduce these costs.
During the winter months, the risk of slipping and falling outdoors is higher than in the warmer months. Between the snow and ice and the harsh winter winds blowing debris, there are increased dangers for anyone walking outside. If a renter or their guest falls on your property, you will be financially liable for any injuries. So it is really important to mitigate these risks and reduce the chance of falls. Here are some tips to help reduce the risk on your property.
With tax season quickly approaching, you are probably reviewing your finances for the past year. If you find that your profit margins are low because your operational costs are high, there are some ways you can scale back while still offering great service. Here are some simple ways to reduce your property management expenses.
Winter is the worst time to find new renters. Most people prefer moving during the summer months when the weather is nice. However, during this slow season, there are some things you can do to help fill your vacant apartments. Here are five tips for beating the winter rental slump:
Over the last decade, social media has become one of the most powerful tools in the world. From connecting with friends to playing games to promoting a business, social media has a huge range of uses. That's why it's surprising that so few apartment complex managers use it to help with their property.
Property management is a big job, and one of the biggest aspects of it is simply making sure that your rate of resident retention is as high as possible. Sure, you may be able to rent out a space that becomes vacant, but the reality is that doing so requires additional steps, energy, and resources that you wouldn't have to spend if the existing resident just stayed in their home.
While most property managers spend their time dealing with a wide range of issues - things like marketing, lease agreements, maintenance, and so on - sometimes things that we all try to avoid will happen
Property owners and managers have to focus their attention on a lot of different things. And with so many responsibilities and considerations, it's easy to forget or overlook something from time to time. One thing that those who are trying to sell a home pay attention to that can be carried over into the world of managing apartment complexes is that of curb appeal.
Managing apartment complexes is hard work and something that takes considerable effort from anyone involved. For many, the primary focus when it comes to convincing a potential resident to rent or lease an apartment is on the overall attractiveness of said apartment.
Owning a rental property can be a great way to build long-term wealth and short-term cash flow. While there are clear advantages that come with owning a rental property, there are downsides and risks as well. One negative situation that can arise is...
Owning and managing a building of any kind can be difficult and involve a lot of work. But what many don't fully appreciate is that a single issue could sometimes be enough to drag down an owner's finances in a huge way. A perfect example of this? A property liability lawsuit.
Apartments are one of the more complex types of property management challenges that exist today. The reasons are numerous, but one of the key difficulties is in attracting new residents. This is especially true today, where attracting a resident is a competitive process.
The modern world has changed the face of almost everything. And while owning an apartment complex is still somewhat of a straightforward endeavor, the reality is that managing that complex isn't always as easy as some think. From legal considerations to marketing to maintaining satisfaction of your residents, there's a lot to focus on.
If you are looking to increase occupancy and resident retention, appealing to millennials is a great business strategy. However, since they are typically long-term renters with no plans to buy in the future, millennials have very different needs and values than previous generations. Simply posting a for rent ad with a list of apartment features is not going to appeal to them. Instead, you have to specifically target them if you want to attract them.
Property ownership can be rewarding if you know what you're doing.Your hard work and investment are worthless without tenants filling your vacancies and making you money. How do you get and keep satisfied tenants at your property? By...
Property management isn't as easy as some people think it is. There's a lot that goes into it, from actually finding residents to drafting fair leasing agreements to marketing to resident retention. At the heart of most processes is good customer service, but it's also important that you have a strong relationship with your employees as well.
It's no big secret that spreading the word about your property is a major part of making sure that you attract the residents that you need and that you build a better reputation in the area. But while things like television and print ads have been instrumental in getting the word out about a property, what about the internet?
Property owners have a lot of responsibilities, and paying attention to the tiny details is sometimes just as important as handling the major ones. Outsourcing your property management needs to companies like Occupancy Solutions, LLC can help you reduce stress and hassles while still keeping your residents happy.
When you're in charge of an apartment or other property, you have a lot of responsibilities and numerous things to manage. The primary focus for most will be attracting residents, keeping them happy, and ensuring that the property is in top shape. And while marketing can make it easier to draw in new residents, one thing that you need to do is create a property that they won't want to leave.