August 3, 2010
Blake Dale Ratcliff asked:
Property Management includes a myriad of responsibilities. Fixating on performing every item perfectly for a small business and perhaps even more so for a big business can be overwhelming. More importantly, trying to perform all items without error or misstep is impossible. Instead, great property management is best accomplished by picking a few items and performing those items as nearly perfectly as possible while seeking productive innovation. With that in mind, the key is choosing the three items that you would like to define your company.
My short list of items to perform superbly are:
Great customer service and customer management. Outstanding accounting and financial management. Off the chart marketing and leasing.
These are broad areas that will tie the business together creating a tremendously effective organization.
Great customer service and customer management will assure high quality resident records, courteous treatment of prospects and residents, effective resident management from application to moveout and from billing to eviction if necessary.
Outstanding accounting and financial management assures accurate recording of every transaction, correct categorization of each item, effective accurate preparation of statements, strong cost management and cash controls, and the ability to provide high quality investor financial communication.
Off the chart marketing and leasing causes the manager to innovatively drive traffic to the property, to continually improve the selling to closed lease process, and to assure great follow up and communication with prospects and the market. In the end, meeting this objective will result in plenty of prospect, steady and strong leasing, and minimizing turnover.
The three items together (because of their mutually supporting requirements) will expand quality performance to effective work order management, strong capital planning processes, great capital renovation and improvement plans, satisfied customers who offer great referral traffic, and a very satisfied investor who can count on the business to provide profitability, minimzed cost, high quality services and facilities, and strong improving asset value.
As an owner or manager, you may choose different items to focus your management attention. However, if chosen correctly, the items will support one another and provide a clear vision to your investors, your employees, your contractors, and your residents. In effect, the shared common vision will lead the business to a total product that is greater than the sum of its parts. As described in the book, Good to Great, you will achieve the hedgehog effect that leads to steadily improving performance for profitability, customer satisfaction, asset protection, and cost management.
Property Management includes a myriad of responsibilities. Fixating on performing every item perfectly for a small business and perhaps even more so for a big business can be overwhelming. More importantly, trying to perform all items without error or misstep is impossible. Instead, great property management is best accomplished by picking a few items and performing those items as nearly perfectly as possible while seeking productive innovation. With that in mind, the key is choosing the three items that you would like to define your company.
My short list of items to perform superbly are:
Great customer service and customer management. Outstanding accounting and financial management. Off the chart marketing and leasing.
These are broad areas that will tie the business together creating a tremendously effective organization.
Great customer service and customer management will assure high quality resident records, courteous treatment of prospects and residents, effective resident management from application to moveout and from billing to eviction if necessary.
Outstanding accounting and financial management assures accurate recording of every transaction, correct categorization of each item, effective accurate preparation of statements, strong cost management and cash controls, and the ability to provide high quality investor financial communication.
Off the chart marketing and leasing causes the manager to innovatively drive traffic to the property, to continually improve the selling to closed lease process, and to assure great follow up and communication with prospects and the market. In the end, meeting this objective will result in plenty of prospect, steady and strong leasing, and minimizing turnover.
The three items together (because of their mutually supporting requirements) will expand quality performance to effective work order management, strong capital planning processes, great capital renovation and improvement plans, satisfied customers who offer great referral traffic, and a very satisfied investor who can count on the business to provide profitability, minimzed cost, high quality services and facilities, and strong improving asset value.
As an owner or manager, you may choose different items to focus your management attention. However, if chosen correctly, the items will support one another and provide a clear vision to your investors, your employees, your contractors, and your residents. In effect, the shared common vision will lead the business to a total product that is greater than the sum of its parts. As described in the book, Good to Great, you will achieve the hedgehog effect that leads to steadily improving performance for profitability, customer satisfaction, asset protection, and cost management.
Filed under Real Estate by on Aug 3rd, 2010. Comment. 
August 11, 2010
infinite_1 asked:
I have a piece of property in Louisiana. An oil rig is going up about 400yds from my property. How close does my property have to be in order to receive royalty payment from an active rig.
Thanks
Infinite_1
I have a piece of property in Louisiana. An oil rig is going up about 400yds from my property. How close does my property have to be in order to receive royalty payment from an active rig.
Thanks
Infinite_1
Filed under Uncategorized by on Aug 11th, 2010. 5 Comments.
Kamyar Shah asked:
Business management has resulted in evolutionary real estate property management software that allows a business owner to quickly access reports, information, history, etc. Typically, an accountant kept financial records and the property owner trusted that they were keeping track of the tedious information. Most importantly, the property owner was trusting that the accountant or management company was keeping a close eye on profits, rents being collected on time, rents that are overdue and also making sure any loans and taxes are paid on time.
Nowadays, a quick click on your real estate property management software can show you a general report of how many outstanding tenant accounts you have and what the status of their account is. For example, you may be able to sort outstanding accounts in descending order, with oldest accounts at the top. Or you could use your management software to sort outstanding accounts beginning with which tenants are still living in the rental property and which have moved out or been evicted.
Your real estate property management software should give you an option for sorting outstanding tenant accounts based on legal course of action. For example, has a notice been left at the residence? Or has the next step been taken and an eviction notice been given to the tenant? Has the tenant been taken to small claims court or are they being prosecuted?
A general search should display results that allow a property owner the opportunity to see a quick list of these references. However, from there, the real estate property management software should allow a property owner the power to zoom into, or pinpoint the focus on exactly what steps have been taken for each tenant.
For example, the real estate property management software may list the tenants in apartment B as being severely overdue. The property owner should be able to select that profile and see the details such as the date the overdue notice was left at the residence, the deadline for payment before eviction processes began, the date an eviction notice was officially given and the date when eviction occurs. In addition, the property owner should be able to see a payment history and account balance of individual accounts.
Another useful tool of management software is that a property owner or management business should be able to access a history of average rental rates. This can be useful in tracking the fluctuation of the market and in judging whether or not a new rental increase is due. If the property owner sees that it has been 5 years since rates have gone up, he or she may consider a rate increase for existing tenants and a higher rental rate for newcomers.
Typically, a property owner will set the rental fee very close to similar properties in the area. If the market will not sustain current rental fees, the rates may even be inclined to lower.
The software should also keep track of profit and loss, beginning with how much is owed against the rental property versus how much income they bring. In addition, the cost of staff, routine maintenance, lawncare, taxes, etc must be factored into making a decision about the profitability of a rental property and should factor into the going monthly rental rate.
Software will also help a property owner keep track of building maintenance schedules, which is an important practice in keeping an investment such as this in top shape.
Business management has resulted in evolutionary real estate property management software that allows a business owner to quickly access reports, information, history, etc. Typically, an accountant kept financial records and the property owner trusted that they were keeping track of the tedious information. Most importantly, the property owner was trusting that the accountant or management company was keeping a close eye on profits, rents being collected on time, rents that are overdue and also making sure any loans and taxes are paid on time.
Nowadays, a quick click on your real estate property management software can show you a general report of how many outstanding tenant accounts you have and what the status of their account is. For example, you may be able to sort outstanding accounts in descending order, with oldest accounts at the top. Or you could use your management software to sort outstanding accounts beginning with which tenants are still living in the rental property and which have moved out or been evicted.
Your real estate property management software should give you an option for sorting outstanding tenant accounts based on legal course of action. For example, has a notice been left at the residence? Or has the next step been taken and an eviction notice been given to the tenant? Has the tenant been taken to small claims court or are they being prosecuted?
A general search should display results that allow a property owner the opportunity to see a quick list of these references. However, from there, the real estate property management software should allow a property owner the power to zoom into, or pinpoint the focus on exactly what steps have been taken for each tenant.
For example, the real estate property management software may list the tenants in apartment B as being severely overdue. The property owner should be able to select that profile and see the details such as the date the overdue notice was left at the residence, the deadline for payment before eviction processes began, the date an eviction notice was officially given and the date when eviction occurs. In addition, the property owner should be able to see a payment history and account balance of individual accounts.
Another useful tool of management software is that a property owner or management business should be able to access a history of average rental rates. This can be useful in tracking the fluctuation of the market and in judging whether or not a new rental increase is due. If the property owner sees that it has been 5 years since rates have gone up, he or she may consider a rate increase for existing tenants and a higher rental rate for newcomers.
Typically, a property owner will set the rental fee very close to similar properties in the area. If the market will not sustain current rental fees, the rates may even be inclined to lower.
The software should also keep track of profit and loss, beginning with how much is owed against the rental property versus how much income they bring. In addition, the cost of staff, routine maintenance, lawncare, taxes, etc must be factored into making a decision about the profitability of a rental property and should factor into the going monthly rental rate.
Software will also help a property owner keep track of building maintenance schedules, which is an important practice in keeping an investment such as this in top shape.
Filed under Real Estate by on Aug 13th, 2010. Comment.
August 14, 2010
Helen Cox asked:
The term property management describes a liaison between the landlord and the tenant. There are many duties that are included in the property management role such as accepting rent, responding to and addressing maintenance issues, advertising vacancies for landlords, and doing credit and background checks on tenants.
Landlords employ a property management company to provide services like the ones named above and pay them a percentage of the rent that is collected each month, this percentage is usually around the 3-10% mark.
A property management company will mainly be dealing with the property maintenance of a landlord’s property. Regular property maintenance will make the property safer and will actually save you money in the long run as it will extent the life of your property. All property will require maintenance and in the case of rented property this duty will fall on the shoulder of the property management team.
Depending on the age of a property you may find more problems need to be dealt with in one property than in another. This is why it is highly important that before tenants move into a property it is checked so that any problems that are found can be sorted out in a hope to reduce the amount of problems that will occur once the property has been rented out.
There are many different forms of property maintenance that will need to be taken care of when it comes to property that is being rented out. This maintenance can range from being major problems through to minor jobs such as interior painting, plastering, carpentry skills and gardening projects.
Some of the more major problems that will need to be taken care of in the sense of maintaining a property are building repairs. The term building repairs is a broad term that covers a range of services including interior and exterior repairs such as; windows, brickwork, damp course treatments, timber wet or dry rot in which any rotten timbers would be replaced and the cause of the problem (e.g. poor ventilation, leaking roof) corrected, electrical replacement, floorboards being replaced or property renovation.
Another highly importance aspect of maintenance as part of property management is ensuring that the electrical installation of a property is safe and doing the job that it should be. Electrical installation covers a range of tasks ranging from simple work such as changing a light switch through to more complex work such as a complete house re-wiring.
Property management not only refers to the looking after of the interior of a property, it also concentrates on the taking care of the exterior of the property as well. One of the biggest examples of this is maintaining the roof of a property. Out of all the exterior problems that occur with a property it has been seen that roofing is one of the aspects that tenants request to be sorted out the most; mainly the fixing of leaks. This maintenance work should be carried out by the property management team.
The term property management describes a liaison between the landlord and the tenant. There are many duties that are included in the property management role such as accepting rent, responding to and addressing maintenance issues, advertising vacancies for landlords, and doing credit and background checks on tenants.
Landlords employ a property management company to provide services like the ones named above and pay them a percentage of the rent that is collected each month, this percentage is usually around the 3-10% mark.
A property management company will mainly be dealing with the property maintenance of a landlord’s property. Regular property maintenance will make the property safer and will actually save you money in the long run as it will extent the life of your property. All property will require maintenance and in the case of rented property this duty will fall on the shoulder of the property management team.
Depending on the age of a property you may find more problems need to be dealt with in one property than in another. This is why it is highly important that before tenants move into a property it is checked so that any problems that are found can be sorted out in a hope to reduce the amount of problems that will occur once the property has been rented out.
There are many different forms of property maintenance that will need to be taken care of when it comes to property that is being rented out. This maintenance can range from being major problems through to minor jobs such as interior painting, plastering, carpentry skills and gardening projects.
Some of the more major problems that will need to be taken care of in the sense of maintaining a property are building repairs. The term building repairs is a broad term that covers a range of services including interior and exterior repairs such as; windows, brickwork, damp course treatments, timber wet or dry rot in which any rotten timbers would be replaced and the cause of the problem (e.g. poor ventilation, leaking roof) corrected, electrical replacement, floorboards being replaced or property renovation.
Another highly importance aspect of maintenance as part of property management is ensuring that the electrical installation of a property is safe and doing the job that it should be. Electrical installation covers a range of tasks ranging from simple work such as changing a light switch through to more complex work such as a complete house re-wiring.
Property management not only refers to the looking after of the interior of a property, it also concentrates on the taking care of the exterior of the property as well. One of the biggest examples of this is maintaining the roof of a property. Out of all the exterior problems that occur with a property it has been seen that roofing is one of the aspects that tenants request to be sorted out the most; mainly the fixing of leaks. This maintenance work should be carried out by the property management team.
Filed under Real Estate by on Aug 14th, 2010. Comment.
August 15, 2010
eHow asked:
Rivet guns are available as a hand-operated, air-operated or electrically-operated tool, and they require using the right tip attachment for the type of rivets being used. Find out how to use a rivet gun with instructions from an experienced carpenter and construction specialist in thisfree video on home repair. Expert: Mark Blocker Bio: Mark Blocker is a semi-retired ASE-certified master mechanic with more than 20 years of automotive experience. Filmmaker: Daron Stetner
Filed under Howto by on Aug 15th, 2010. 25 Comments.
August 22, 2010
expertvillage asked:
Replace cracked tile floor tiles using a grout scraper, pry bar, hammer and safety glasses. Learn how to replace cracked floor tile using the home repair tips in this free video. Expert: Ryan Parker Contact: www.ParkerHomeRenovations.com Bio: Ryan Parker is the owner of Parker Home Renovations in New Braunfels, TX. Filmmaker: Todd Green
Filed under Howto by on Aug 22nd, 2010. 23 Comments.
August 23, 2010
Michael Russell asked:
Determining what your new or current home will look like after you have built or renovated it is far easier if you purchase house planning software. This software can help you develop a visual idea of your plans and see your house completed before the actual task is complete. What’s more, you can save yourself money by avoiding costly changes in the long run.
Your house plans can be easily chosen when using house planning software. In fact, some software allows you to create well over 1,000 different house designs, customized to your specifications! What’s more, your house plans can later be viewed on a screen that provides you with a three dimensional visualization of your house so you can see your plans become a reality on your home computer screen.
House planning software allows you to experiment with different colors, textures, and styles. Therefore, you won’t be wasting money every time you change your mind about a color or a style. Also, you won’t be wasting time by waiting for things to be reordered when you begin building or renovating. Rather, with house planning software, you will be able to adequately prepare your plans beforehand, down to the smallest detail.
House plan software allows you to plan your home both inside and out. You can experiment with different landscaping techniques to see how the outside of your home will look. You can also experiment with the d
Determining what your new or current home will look like after you have built or renovated it is far easier if you purchase house planning software. This software can help you develop a visual idea of your plans and see your house completed before the actual task is complete. What’s more, you can save yourself money by avoiding costly changes in the long run.
Your house plans can be easily chosen when using house planning software. In fact, some software allows you to create well over 1,000 different house designs, customized to your specifications! What’s more, your house plans can later be viewed on a screen that provides you with a three dimensional visualization of your house so you can see your plans become a reality on your home computer screen.
House planning software allows you to experiment with different colors, textures, and styles. Therefore, you won’t be wasting money every time you change your mind about a color or a style. Also, you won’t be wasting time by waiting for things to be reordered when you begin building or renovating. Rather, with house planning software, you will be able to adequately prepare your plans beforehand, down to the smallest detail.
House plan software allows you to plan your home both inside and out. You can experiment with different landscaping techniques to see how the outside of your home will look. You can also experiment with the d
Filed under Home Improvement by on Aug 23rd, 2010. Comment.
Lita C asked:
Looking in Prince William County Virginia. Does the property assessment from the county have anythinig to do with the appraisal from the bank when buying a home? I ask because I came across the county’s site that shows the value of the homes as of this past January and the assessment is significantly lower than the sale/listed price of the homes, one of them was more than double. Should I not be worried about the county’s assessment of the property?
Looking in Prince William County Virginia. Does the property assessment from the county have anythinig to do with the appraisal from the bank when buying a home? I ask because I came across the county’s site that shows the value of the homes as of this past January and the assessment is significantly lower than the sale/listed price of the homes, one of them was more than double. Should I not be worried about the county’s assessment of the property?
Filed under Renting & Real Estate by on Aug 23rd, 2010. 4 Comments.
August 25, 2010
expertvillage asked:
When fixing a leaky faucet, the first thing to do is shut off the water and check the stem and stem lock washer. Fix a leaky faucet with tips from a carpenter in thisfree video on home repairs. Expert: Oscar Moreno Contact: www.morenohomevisions.com Bio: Oscar Moreno is the owner of Moreno Custom Home Visions in Austin, Texas. Filmmaker: Todd Green
Filed under Howto by on Aug 25th, 2010. 11 Comments.