Archive for the ‘Uncategorized’ category

Top Tips to Manage Property Documents and Data

June 2nd, 2020

Managing property data can be challenging for companies. The key is to understand what the categories are and how you will collect them. Further the purpose of the information is important as well.

Property information falls in the following categories:

Requests for bids;
Bids and quotes received;
Out going correspondence and letters;
Taxes and tax related documents;
Settlement sheets, purchase contracts, and loan contracts;
Credit card account and line of credit account information;
Compliance and compliance related documents;
Resident folders, files, and communications;
Employee files;
Bills received;
Bills paid;
Other receipts;
Vendor information;
Investor information;
Company information;
Organizational information

In general, the manager should not manage or hold investor information and organizational information. This should be maintained by the secretary of the entity. This is more appropriately managed and discussed as part of investor communication. Company information and investor information must be available for tax processing and if the manager completes this, the info should be provided to complete this activity. Related to this, the property manager should have all past completed taxes, loan settlement document, purchase and settlement documents, and loan documents if the manager prepares the taxes. If the manager turns over the tax preparation information to the principal for tax preparation then, none should be maintained by the property.

Resident information should be considered confidential, kept in a locked file cabinet and behind a locked door. Resident information should be maintained as a separate folder per unit. The folder should include the initial application, the properly executed lease, copies of all late notices, copies of all policy violation notices, copies of all rate change notes, copies of any messages received, and envelopes from all mailed correspondence received. This information is the information you will need should there be a requirement for legal action at any point in time. A log of telephone conversations is an added bonus and can be valuable as well.

Employee files should include I9s, W4s, position description, performance reviews, W2s, and copies of pay stubs. This information should be kept under locked file and behind a locked door as are the resident files.

Vendor information with today’s reduced 1099 threshold should routinely include company name, contact information, main contact, and tax identification number. Invoices can be maintained separately in the bills received and bills paid folder assuming the transaction ledger or general ledger is accurate and complete.

A separate file should be maintained of active recurring or ongoing contracts and a separate file of past contracts that are not in effect.

Files should be current at the close of each operating week.

The Ins and Outs of Managing Property

March 23rd, 2020

Having a property or two is a good sign of personal economic stability. As investments, they can become financial streams. However, they can also become financial sinkholes when they are mismanaged. If you have a property that you manage on your own, you should be aware of its pros and cons.

Pros

Managing your own property gives you direct access to how it is operated. You supervise the repairs and fixes, or the changes done to it before it is offered to potential tenants. You also deal with them and decide whom to grant temporary care and ownership of your property as tenant.

When you are hands-on with your property, you become in-charge of tenant screening. With this, you have the sole discretion on who will stay on your property. It’s like building good relationship with your tenants because you personally deal with them. When problems arise, you don’t have to ask someone to deal on your behalf.

Another advantage of managing property on your own is it allows you to see the real condition of the property. You can conduct regular visits or inspections to see whether the property and its contents are well-maintained by the tenant.

Managing the property on your own will also let you directly collect rental payments. You can be confident that what is due for you will be given to you. You can avoid fears of non-remittance, a common problem encountered by property owners who authorize another person or entity to collect property rentals in their behalf.

Cons

If you are alone in the task of managing your properties, you will have a very busy schedule. Because you are in charge of all tasks relevant to its management, most of your time will be consumed. This will leave less time for your personal, family, and social lives. Sometimes, business tasks will have some conflicts to your other schedules.

All of the given tasks in property management are also tedious. There are lots of documents to read, review, prepare, and process. If you have multiple properties to manage, you sometimes have to go back and forth from one property to another.

Property management entails a lot of tasks. The advantages and disadvantages discussed herewith are for you to carefully weigh whether managing your own property fits your time and lifestyle. Otherwise, you can always find a reputable property manager who is willing to extend his professional expertise and assistance to lighten up your load.

Marketing, Promoting and Advertising Your Business

February 28th, 2020

One thing that goes without saying in today’s business world, is that regardless of the nature of your home based business, a website is an absolute MUST. Whether you have a product or service to sell, whether local or global, your business will go nowhere fast if you don’t have an online presence. If you need internet marketing help, you’ve landed on the right article. I’ll give you some home based business marketing ideas that will help you promote your business successfully.

The first step is choosing a domain name and getting it registered. You can build your own website (if you have the time) and host it yourself or you can have everything done by another company (if you have the money). Either way, you have many options and tools at your disposal that can align with your business plan and budget. Also note that you can still start your own home based business even if you don’t have a product or service to sell. There are thousands of individuals and companies that have products you can sell for them while earning a commission, called affiliate marketing.

Of the many business marketing strategies known to man, internet marketing is, hands down, the best strategy to use for promoting a home based business as it is the cheapest method and has the potential for reaching millions of people all over the globe. Driving traffic to your site through online resources is like killing two birds with one stone. You can tackle print advertising by writing articles and publishing them to directories and ezines and by submitting ads to the many available (and most of them free) classified ad sites. Online media advertising encompasses writing press releases and distributing them to press release sites. One of the biggest and most popular online advertising trends today is via social media advertising through sites such as Twitter, Facebook, and LinkedIn where you build relationships with your customers. Forums and communities are also great ways to build relationships which helps promote your home based business in the long run. Simply Google your market or industry with the word ‘forum’ or ‘community’ behind it and search for one or two that seem to be the best fit for you.

All of these methods of online advertising contribute to search engine optimization (SEO), which is to say improving your online visibility and escalating in the search engines like Google, Yahoo and Bing. Your goal is to claim the #1 spot in the organic search results (the results on the left, not the right side which are paid ads). This is where your traffic will come from. If you are 800 in the list of search results, no one is ever going to see your site because very few people have the time or patience to scroll through 800 search results. Research shows that people typically won’t even scroll past 4 or 5 search results, let alone 800.

Can you grasp the importance of internet marketing for any business? If you are new to the internet marketing phenomenon and don’t know exactly where to start, there are many great programs or systems online that walk you through every aspect of marketing your online business. A lot of these systems were created by online entrepreneurs who have spent thousands of their own dollars trying to figure it all out over the years and finally DID. Their sacrifices have made it easier for newbies to become successful at their own online home based business. If you are new to running your own home based business, I recommend you find a great system (do your research, read reviews, ask questions in forums) and start marketing your home business from there. Don’t waste the time and money that so many of us have in going it alone, without a proven system, as it will just set you back further and hinder your progress.