Peter Bubel+ by | Jul 10, 2019 | Blog, Peter Bubel, Property, Property Management
It isn’t easy managing a property. It requires constant work to responsibly organize the many things happening. It takes time, dedication, and diligence.
Technology has made this much easier than it used to be. Software can streamline a lot of the work by taking tasks off a property manager’s plate. Things like collecting payments, scheduling, tracking analytics for your business, messaging with your guests, website management, and accounting can all be made much simpler by the use of property management softwares.
Keeping In Touch With Your Guests
You need an automated system to make it easy to send your guests essential messages.
Try Guesty for a messaging automation system. You can customize your automated messages so they will be consistent with your branding voice. You can set up messages to be sent out after specific triggers, like a cancellation.
Channel Managers
The first property management software to look at is a channel manager. A good channel manager will make it easy to manage not only every channel you currently use, but any that you plan to possibly use in the future. Changing later is expensive so it’s important to take a moment to consider what you might want to use later.
The manager should have plenty of analytics so you don’t need to install something else to keep track of how your business is performing.
It’s also important that it integrates with other software you use.
The last thing is still essential, which is that it should perform automation for you. A quality channel manager will send automated booking confirmations and perform other tasks that aren’t necessary for you to perform yourself but are still essential for your business.
For a dedicated channel manager, check out yieldPlanet, which has over 400 channels. You can also consider Cloudbeds, which has an excellent channel manager but is a more advanced system that also has a booking engine and payment processing.
A Booking Calendar
You need a calendar app that makes the whole process simple. It doesn’t need to be flashy; it needs to be smooth and beautifully designed in its simplicity. If you use services like Airbnb or Booking.com, then the calendar needs to integrate with those services.
BedBooking is an excellent option for a calendar app that will make this simple for you.
Peter Bubel+ by | Jul 3, 2019 | Uncategorized
Licensed real estate property management firms obtain significant benefits by seeking the optional CRMC® designation. This acronym stands for “Certified Residential Management Company.” (This designation, not to be confused with Certified Regulatory Compliance Manager in the financial services field, remains available to companies which adhere to National Association of Residential Property Managers best practices.) It indicates the firm has undergone an intensive six-step process to enhance and automate property management in a systematic way. Only the most elite sector of the realty property management marketplace obtains this coveted title.
Financial Benefits
The process of undergoing challenging peer review forces realty management firms to closely assess their business models. With the assistance of their mentor, managers seek to find ways to create more robust administrative processes. They also endeavor to automate services when feasible. This type of careful analysis yields significant rewards over the long term. Many property managers maintain their firms benefit enormously as a result.
Some areas which undergo review include human resources, customer relationship management, and information technology, including both hardware and software. This type of systems analysis offers enduring benefits. It addresses a common complaint within the property management industry: managers overwhelmingly express concern their employees may not always adhere to the most efficient standardized management processes.
A Comprehensive Peer Review Process
In order to become a CRMC® realty firm, a company must scrutinize and evaluate every aspect of its operations. A mentor assists in this comprehensive process. The business requires a Master Property Manager (MPM®) as a staff member in order to apply for the program. The realty property management firm must also establish that it has managed at least 500 residential units for a period of at least one year.
The Certification Committee then selects an auditor from the NARPM to conduct a comprehensive audit of the firm within three years of the application. Firms which gain this approval re-certify ever three years in order to keep the CRMC® designation current through renewal. Maintaining this high standard helps ensure a property management company remains on the cutting edge of the industry in terms of its use of technology!
Peter Bubel+ by | May 3, 2019 | Property Management
Just like every other industry, customer service in the real estate and property management sector is crucial to an investor’s ability to succeed. Property managers should be well aware of good customer service practices in real estate. Meeting customers’ expectations and surpassing them is a good incentive that boosts their confidence in you. Here are some of the ways to help impress real estate customers.
24-hour customer service
In case your real estate business is well established, the volume of customers who may need your services may be exponentially high. As a property manager, you may get customers requiring common services such as looking for properties as well as other tenant inquiries such as the need to attend to a quick maintenance repair work. Your availability at all times of the day is crucial in helping ensure customer satisfaction. You may, therefore, need to hire a 24-hour customer desk so that calls to your phone do not go unanswered.
Express patience during a property viewing
Before investing in a particular property through purchasing or renting, customers normally need to exercise due diligence by investing as much time as possible in reviewing them. As a property manager, you should endeavor to express patience and offer interested customers the valuable time they need. You may have, therefore, to walk the customer through all the properties available for them to make an informed decision. Showing the customer all the properties’ features and explaining to them some additional information can help satisfy them.
Request and work on reviews
You should occasionally request customers, whom you have previously served, a chance to offer you some honest reviews. The reviews should offer you an overview of how well you have performed as far as serving your customers is concerned. In cases of negative reviews, you should endeavor to implement the necessary adjustments in your customer service and property management practices.
Use multiple platforms
Not all customers will have the time and convenience to visit your offices or give you a phone call. To optimize on your customer service initiatives in terms of being able to reach out to more customers, you should endeavor to implement more platforms for customer services such as websites and social media platforms like Facebook, Twitter, Instagram, and WhatsApp.
Peter Bubel+ by | Apr 20, 2019 | Peter Bubel, Property, Restaurants
As a property developer, there is a lot to put into consideration. The entire process of developing a property takes immense attention to detail. It’s easy to make mistakes at the beginning that can lead to not making a profit off the property. In order to be successful, it’s important to avoid these early mistakes as a property developer:
The Wrong Location
When finding the right property, location is everything. The location is one of the main deciders of whether a property will be successful or not. One of the first mistakes a property developer can make is choosing the wrong location. Finding a property in an up and coming neighborhood is harder than it looks. The location must be near schools, by public transit, close to nice parks and main roads. Even though a developer can find a cheaper property, a buyer is not going to pay top dollar if it is not a nice place to live. Avoid this mistake by researching neighborhoods and be certain it can offer what buyers are looking for.
Being Too Cheap
Saving money on a property doesn’t always mean a bigger profit. If a property developer is too cheap during development, the property will lose its quality. Even though there are cheap versions of upgraded flooring, cabinets, and tiles, it’s better to opt for quality over price. When pricing is the developers biggest concern, there are still cost-effective ways to improve the property. This can be rendering the house, upgrading the driveway, and focusing on landscaping. These small details will give the property greater value and appeal more to the buyer.
Spending Too Much
There is the perfect middle ground between being too cheap and spending too much money. While the quality of the property is extremely important, some first-time property developers make the mistake of spending too much. Property developers shouldn’t over-design or specify when creating a property. It’s possible to have nice upgrades without going overboard on lavish appliances. To make a profit and stay on budget, skip the marble countertops or crystal taps. Spending too much is just as bad as being too cheap. It’s important o find the right balance.
Choosing the Wrong Builder
A property developer is only as good as its builder. The profitability and quality of the property depends on how good the builder is. Many early property developers will make the mistake of choosing the wrong builder. It’s important for them to interview different builders and find someone with enough experience. The right builder will have at least ten years of consent business, many references, and have signed a fixed price contract. This way the property developer won’t get ripped off.
Peter Bubel+ by | Jan 19, 2019 | Blog
Commercial real estate sector has significantly been impacted by the current trends in digital transformation. Business models and traditional decision-making models have now been replaced with new and efficient innovations. Modern real estate management is incorporated with the sole purpose of lowering costs and enhancing the relationship between owners and the tenants. Some of the trends that will continue to change the sector have been listed below.
- Machine Learning
Big data is the new trend in the world today. Any industry will be relying on data to make critical decisions that will enable it to optimize on the available resources. Realtors will be utilizing machine learning to dig through the data and determine opportunities in the market trends and building performance that organizations can use. The real estate industry is expected to rely heavily on machine learning rather than a manual collection of data.
- Augmented Reality
A considerable number of property management issues are expected to be solved through augmented reality. Computer-generated images will be helping HVAC technicians to address some of the problems that cannot be physically located. Three-dimensional models and visual information will also be significant in adding interactions in commercial and residential properties.
- Localized Energy Sources
Use of localized renewable energy sources of energy is expected to increase in the coming years, which is expected to reduce carbon dioxide emissions. Builders and other individuals investing in the real estate sector will be forced to build houses that have bigger windows to allow natural light and reduce the need for lighting during the day. It is also expected that the real estate sector will be producing its renewable energy with the sole aim of making it a producer rather than a consumer.
- Blockchain Technology
Blockchain technology is expected to help the real estate sector by allowing for more fluid and secure transactions. Investors will get an opportunity to interact with one another without the need for real estate brokers and other intermediaries. This means that the speed at which transactions will be completed will be higher while both administration and transactions costs will be reduced.
The next few years will see an acceleration in the adoption of these technologies with the aim of making the real estate sector one of the best industries around the world. Competitive real estate companies will be looking to take advantage of these trends to enhance operations in their business.
