Property Project Management

How To Become A Manager Of A Rental Building

Posted on September 11, 2011

If you are thinking about a job change and would like something that you can do with your partner, then you may consider the idea of becoming a building manager. This position normally needed in buildings that have multiple rental units such as apartments. There are many benefits to being involved in this particular role and learning something about the job will help you to determine if this is a career field you want to enter.

Every building that has rental units normally needs a manager. Typically building owners like to hire a couple so that there are two people to manage the daily tasks. One of the perks to this particular job is the free apartment rental that comes along with it.

There are different responsibilities associated with the roles. One person is typically in charge of the building cleaning and unit repairs. On a day to day basis, one person will perform their daily interior and exterior chores. This could include garbage maintenance, hallway and elevator cleaning and ensuring that the grounds and lobby are cleaned and inspected.

A box will be located close to the manager's unit. The box will hold tenant complaints and repair requests. The repairs may be urgent, or ones that can wait a few days. The manager will fix a few units a day starting with the highest priority needs. These repairs could include; leaking taps, broken screens on the windows, or appliances that are not working. Property management is in charge of many tasks around the building and rental units.

The role of the second person may be to handle the collection of rent, the administrative paperwork and the touring of available units. This person will be available to take people on tours of units that are for rent. If a person likes a unit and wants to rent it, the manager will need to have them fill out an application, where references and credit is checked.

Having units inspected and cleaned after a tenant moves out is also an important task. Collecting rent and dealing with issues of people not paying and not moving out are all jobs that are done on a daily basis. Handling the rent and documenting the information is a task the is done on a day to day basis.

When a couple decides to become managers for a building, they will get the chance to have a free unit and be in charge of all of the building's jobs. A couple will get to work together and not have to commute out to work. They will each have their own tasks and the building benefit from the efficiency of the couple.

Tagged as: administrative paperwork, leaking taps, person, tenant complaints, unit

How to Find Quality Tenants

Posted on September 5, 2011

If you are a landlord, there is a good chance that at some point you have rented to a tenant that was less than desirable. This tenant probably caused problems for you and perhaps did the same for other tenants. How do you avoid making the same mistake again in the future? Is there a way to guarantee that you find quality tenants and avoid the bad ones? Well there are indeed steps you can take to ensure that you have a much better chance of finding the right tenants. These steps can make the rental process a lot easier for you and can save you the time and money that bad tenants can cost you.

The first step to getting quality tenants is to place an ad that essentially scares away bad tenants. Make sure you let potential tenants know that you keep a quiet place and that noisy types will not be tolerated. Landlords are allowed to do credit and background checks, so mention that in the advertisement as well. Some seedy individuals will not even bother responding to your ad if they know you are going to run a background check on them. Likewise, a potential tenant that hasn't been responsible financially will have bad credit and will probably not even bother responding to your ad because of the credit check requirement. So as you can see, a well-worded ad can eliminate many bad tenants before you even start taking calls.

When people call about renting the apartment, you can take this screening step even further by letting them know that you require at least three months of stable employment that must be verified by providing pay stubs for the last three months. You can also require proof of a checking or savings account using the last three months of statements. This is also where you can state your minimum credit score requirement (if any) to rent your place. Again, these tactics are used to get responsible tenants and will scare away tenants that are not responsible.

You want to make sure potential tenants understand all of your demands before they fill out the application. This will save everybody time and aggravation. Don't be afraid to sound stern and have a no-nonsense attitude when dealing with potential tenants. Bad tenants tend to gravitate toward landlords they feel they can walk all over. Don't give off that kind of vibe. The point of these demands is to intimidate bad tenants so that they will go elsewhere.

Using the above steps will help you weed out bad tenants before even one application is filled out. They have worked for many a landlord that was sick and tired of losing valuable time and money due to bad tenants. By making your demands known from the beginning, and by making sure these demands are of the highest standards, you can ensure that you rent to only quality tenants. Decent tenants will not have any problems with your demands and will not feel intimidated at all.

Tagged as: landlord, pay stubs, quality tenants, responsible tenants, Time

Do You Need Professional Property Investment Help

Posted on August 31, 2011

Property investment and property management courses are all fine and sundry, but if you are looking to hire them just for the sake of hiring them, stop. An investment is an investment, and as far as real estate management is concerned, it will help to be sensible as the recession's after-effects are yet to blow over completely.

So what are the pointers that will help you analyze whether you can manage without a property investment firm or not? Here are some probable Q&A points to help you out.

  • Is the property within manageable reach? - If you are going to take care of your own real estate assets, the piece of land or house has to be within comfortable and manageable distance from your home. For otherwise, if you had to take flights back and forth to the place you were willing to invest in, it would not only be cumbersome, but add to the expenses (read the investment capital) as well!
  • Do you have MORE properties to manage/invest in? - If you are going to invest in multiple properties and not just the one you have at hand, it is better to employ a management firm to handle this. However, what would be even better is to enroll yourself in a property development course and learn multi-tasking with property management yourself!
  • Do you have prior experience or training on property investment? - Prior experience is a morale booster more than anything else. So if you were looking for a good real estate agent or firm, it is better to fall back on your own experience from a property management course. This is because not only will you be able to gauge the value of your properties better, you will know when and how to invest in real estate instead of relying blindly on the agents.
  • Are you comfortable with finances & taxation issues? - Financial issues such as bookkeeping, taxation records etc need to be handled with professional attention. If you make slip-ups here or are not confident enough, it will make life all the harder for you in the end. So either get a firm to do it for you, including the accounting part, or enroll in a property course and learn the tricks of the trade yourself!
  • Are you well-versed with property laws? - If you are not a resident of the state or the country for several years, you would not be well-versed with the property laws of the region. And that is why it is important to either get your skills and knowledge polished through a property course or get a lawyer to handle such subjects.

Remember, your real estate ambitions or objectives are best comprehended by you exclusively. Therefore, it is always a relief when you yourself manage your real estate assets instead of getting a firm to do the same for you. Not only do you save money, you might just end up buffing up your skills and become a professional property investor yourself!

Tagged as: course, firm, property management courses, real estate management, taxation issues