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 | 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 | Dec 3, 2018 | Property Management
Many successful real estate investors rely on property management companies to manage their investments. However, not all companies are created equal. Hiring a bad property manager can actually hurt an investor’s profit. With that said, here are some qualities that separate the good companies from the bad companies.
Works on the Property Owners’ Behalf
A good property management company puts their own self-interests aside and makes decisions based on the property owners’ needs. For investment properties, owners’ want to either generate passive incomes or watch their properties increase in value. A good company will protect the investment by immediately dealing with repair and maintenance issues. A quality management firm will recommend modifications and upgrades that will increase property values, and it will provide thorough tenant screening to guarantee timely rent payments.
Collecting Rent
This is the biggest problem many investors face when they maintain their properties on their own. A good property management company can eliminate the hassle of trying to collect rent from tenants who are constantly late. The company will work to maintain consistent monthly cash flows and start the eviction process for those tenants who do not pay rent.
Vacancy Rates
Vacant units equal lost money. Quality property management companies work hard to prevent properties from sitting empty for too long. Shorter vacancy cycles are the catalyst to passive income, and good companies will identify why a property has units sitting vacant. Whether it is repairing or renovating a property or determining the best rental rates for that particular market, a reputable management company will make recommendations that are proven to shorten vacancy rates.
Marketing
A good property management company can market a property effectively. Successful managers understand their rental markets and know how to target specific renters. Therefore, they know where to advertise and what to say when they do place an ad. Good companies also understand the power of the internet and the digital age. An effective marketing strategy must consist of an online presence, and quality property managers know how, when and where to execute a digital strategy.
A quality company also assists property owners with taxes, insurance and any other financial issues that can hurt an investor’s bottom line. More freedom, less stress and more time are what a good management company delivers to its clients.
Peter Bubel+ by | Nov 20, 2018 | Property Management
Investing in real estate is one of the best ways to build wealth over a long period of time. Many people have had great success buying a real estate property and renting it out over time. Renting out a property has several financial advantages for the owner. Not only does the real estate property produce monthly income, but it also appreciates in value over time. With all of the changes happening in the real estate market, now is a great time to invest.
One of the most important aspects of owning a rental property is property management. Hiring a property management company is a vital part of having success. Here are some of the biggest benefits of hiring a property management company.
Less Hassle
Perhaps the best benefit of hiring help is that it saves time and reduces hassle as an investor. Answering calls during the middle of the night is never fun. Instead of dealing with these issues, you can hire a property management company to do the dirty work.
As an investor, it is important to think about ways to save time whenever possible. For a low cost, you can avoid a lot of the major issues of renting. Always make sure to conduct thorough research before hiring a property manager.
Maintenance
Another vital part of owning a rental property is regular maintenance. Regular maintenance is a vital part of keeping the home in great working condition. There are few homeowners who spend enough time in this area. Finding a problem early in the process is a great way to save money in the future.
Many of the most expensive systems within a home run more efficiently when regular maintenance is completed. A property management company can help you throughout this process when you hire their services.
Finding Tenants
Finding tenants is one of the biggest issues that many homeowners have when renting a property. Finding quality tenants is never easy. However, many property management companies have a lot of experience in this area. When you hire a tenant yourself, you have to spend many hours finding someone to live in the home. Not only that, but you have to conduct a background check on potential tenants.
This is all work that a property management company can perform for you. As a real estate investor, managing your time is as important as managing your money.
Peter Bubel+ by | Jul 20, 2018 | Blog, Peter Bubel, Property Management
Reports show that the property management software market is likely to reach approximately 2 billion after the projection period. North America is going to be the rapidly developing area for the market, with Europe and the Asia Pacific following respectively. The residential sector will provide prominent opportunities to the application. It will facilitate government initiatives and infrastructure development across the globe. The following contribute to the massive software growth.
The worldwide infrastructure developments are leading to demand real-time property information access. Rising cost of production has resulted in the increased construction of multi-dwelling units (MDU). Property owners and managers usage of the centralized system to collect and store investment details have also contributed to the software expansion. They can save time and access features easily.
The property software can be segmented into various components depending on the users, region, and application. The cloud-based app is going to dominate the platform due to the increase in penetration of numerous technologies worldwide. Virtual tools allow for easy database access, efficient properties management, and data content authenticity and consistency. These features have led to the high demand of the management application.
Homeowners invest in the property management software market for asset management operations like tenant management and maintenance. Residential properties need the application for properties administration, tenant replacement, and maintenance and repairs. The residential infrastructure developments like multi-family units and affordable housing contributed to the market share growth in 2018. The commercial sector is also projected to expand significantly between 2018 and 2026. Businesses focus on improving their operations and reducing expenses across systems also leads to the development of property management software market.
The steady adoption of the solutions across the area made North America have a significant market share for the software. The continuous increase of its use across company operations is going to supplement its expansion. Also, the rising demand for the management application in Europe, Middle East, Africa, and Asia Pacifier is expected to expand due to the increased MDU units and software adoption.
Market intelligence firms provide business information services and reports. The experienced team of researchers, analysts, and consultant use various techniques to obtain and analyze details. They continuously update and revise data for the property management software market to reflect latest information and trends.
Peter Bubel+ by | Jul 7, 2018 | Blog, Peter Bubel, Property Management
The property industry is among the ever-growing sectors. It is diverse with major real-estate companies with assets across the world and landowners renting properties. Running a property portfolio is a complex task.
Property managers should monitor and maintain their material goods to a given standard. Landlords ought to adhere to legal provisions when operating and controlling their properties. Property monitoring applications have simplified the real estate management process. Check out the best 2018 property management software.
Appfolio is a real-time management solution that provides cloud tools to property managers, residential, and commercial. It attracts renters and clients and helps property professionals manage financial data and assets. Users can maintain a track, get business metrics, and interact with vendors, renters, and owners. Owner portals provide access to statements and reports.
Buidium offers a plethora of business operations, leasing tools, property management, and accounting. The app is ideal when dealing with numerous properties. Users can maintain finances and requests as they market the goods online. The platform has portals for property owners, residents, and stakeholders to communicate. It covers student housing, residential properties, and community associations.
Rent Manager is a flexible management platform. It comes with integrated accounting, asset management database, contact management, work ordering tools, and marketing solutions. Real-estate professionals can manage and resolve issues as they monitor their finances. Rent Manager is mobile friendly, and realtors can accept payments, enter orders, take pictures, and organize service inspections from any location.
Re-Leased is useful when leasing commercial and residential properties, office units, and co-working spaces. It operates as a central hub and, users can view and delegate tasks, as they manage properties. The software allows one to get reminders on crucial tasks to resolve service issues. You can also communicate with landowners and tenants through text messages and email as you work.
Qube Global Software delivers tech solutions to managers and investors. It is appropriate for a range of property businesses like residential, commercial, and student properties. The application has features like invoicing and billing, tax management, tenant and landlord database, late fee calculation, and insurance management.
The named apps are perfect for any real estate company. However, a property manager should pick software that matches their needs. Compare the price of the applications from various dealers to get an affordable platform.
