Managing your business’s money is a crucial part of owning a business. This is especially important in the maintenance of a rental property when you’ve been tasked with caring for the rent payments and repair expenses. If your property management efforts have put you on the road to bankruptcy, enrolling in receivership services might be the next step for you.
Hiring a professional property management company to take over the assets of your business can help you avoid complete financial ruin through your rental properties. If your finances have begun to plummet, our team of financial experts knows exactly what to do to keep your company from collapsing from bankruptcy. Here’s what you can expect from us as we move in to help your real estate assets.
When Do You Need Receivership?
Receivership is typically a last resort to keep a company from going bankrupt. If your property is accruing huge amounts of debt, you’re struggling to cover all your business expenses, or you can’t sell the property, it’s probably time to find a trustworthy receiver. This professional will help you get rid of any debt and manage ongoing expenses to help your business stay stable financially.
Pro Tip: Instead of using the court-appointed receivers, consider whether you can hire a property management company you already know and trust.
What Happens During Receivership?
During the receivership process, the legal receiver takes over all the financial dimensions of your property. They’ll collect rent payments from tenants, cover all expenses, balance all financial records, and more. If you’re involved in a legal proceeding, your receiver will also keep the courts updated on new developments and provide them with the necessary financial records. Ultimately, a receiver will restore your property to a financially stable place and then either give you control again or work to sell or lease your property.
Why Should You Entrust Your Business to a Receiver?
As a property owner, you already have a huge amount of money to handle and hundreds of daily expenses to pay. Why keep adding to that stress if you’re already struggling? Relying on an expert to assist your financial efforts not only takes the stress off of you, but also ensures that every dimension of your property gets the careful attention it deserves. Professional receivers know exactly how to handle your financial worries.
Take Advantage of Expert Help
You may have never wanted to use receivership services for your business. However, getting an expert’s help with your financial problems is certainly preferable to seeing your business or properties vanish. Let our team of experts help you through this rough patch and keep your finances from becoming unmanageable.
Connect with us to learn more about receivership law and start the process.
Renting a commercial property presents a different set of challenges in comparison to a residential space. Do you know how to advertise available spaces? Or, do you know how to screen potential tenants for a business space? The work may seem overwhelming if you try to handle it all yourself. Fortunately, a shopping center specialist is well-trained in this field and can provide professional help to get your space occupied and start making a profit.
How Can a Shopping Center Specialist Help?
Our team of property experts knows exactly how to handle different types of storefront properties, attract tenants, and more. With a shopping center specialist, you can expect plenty of professional input and assistance with the basics of retail property management:
- Attracting quality tenants
- Leasing services
Marketing an empty storefront property takes time, effort, knowledge, and applicable skills. Fortunately, your shopping center specialist’s job centers on these! They’ll handle your in-person and online advertising for your property and advocate to potential tenants. You won’t have to worry about hunting for renters–with the amount of excellent marketing your specialist will do, tenants will come looking for you!
2) Attracting Quality Tenants
Do you know how to vet the tenants that will inquire about your property? Even if you have a general idea, how can you distinguish between two similar renters vying for the same space? Your retail property manager will discuss this entire process with you and help you determine which candidate is a better choice for your business.
Pro Tip: Finding good tenants for your store-front property ensures proper maintenace and ownership of your property.
3) Leasing Services
Finally, property leasing involves a lot of legal complications that can make or break a deal. Worse, if you mess up, your tenant can sue you. Avoid these problems with the help of a shopping center specialist who knows exactly what to do and how to keep you in full legal compliance. Our experts will handle the complicated parts so you can reap the benefits.
Hiring a Specialist
Shopping center specialists are trained in property management with a specific emphasis on the work involved in running retail centers. With an extensive knowledge of market trends and potential tenant behavior, they’ll help you in any way you need to maintain your properties and enhance your investment.
Connect with us to learn more about what our team of experts can do for you.
As a property manager, you recognize how important it is to keep tabs on every building or multifamily property under your supervision. But the process starts long before anyone moves into your property. From the initial rental to the day a tenant moves out, take note of how to handle the entire process with this property management checklist.
Property Management Checklist
As the backbone of the rental industry, tenants want an excellent property at a good price and with a reasonable landlord. Consequently, the majority of your job as a property manager will center around attracting new tenants and keeping current renters satisfied. The process of the tenant-renter relationship will generally progress as follows:
- Attracting new tenants
- Tenant screening
- Tenant departure
1) Attracting New Tenants
Where and how do you advertise a vacant property? Hanging a “For Rent” sign in the window of an empty storefront or putting signs outside an apartment complex certainly catches a passerby’s attention, but won’t necessarily leave an impression. The vast majority of tenants begin their search online. Advertise your properties on the internet with high-quality photos of the interior and exterior of your space. A potential renter who finds your post interesting will reach out to you.
2) Tenant Screening
It’s a bad practice to rent a property to just anyone who asks. Basic screening with the use of rental applications and background checks will ensure the protection of your property. Can the interested party pay rent? Do they have a good history with previous landlords and employers? Most importantly, have they ever been evicted from previous rentals? Answering these questions will help you determine if renting to potential tenants is worthwhile.
Pro Tip: If you choose to check a potential renter’s credit history, don’t neglect to review the laws in your city and state There are often strict credit reporting guidelines that should be observed.
Once you’ve approved a tenant and they’ve moved in, it’s time to keep them happy in their new location and encourage them to stay. Keep the property maintained and appealing. More importantly, be sure to allow open communication between your management staff and the renters. If there is an issue, there should be clear expectations for the tenant and how you’ve agreed to respond. That being said, keep detailed records of every payment and agreement between you and your tenant. While you may never need it, it’s always better to have a paper trail of your communication.
4) Tenant Departure
Undoubtedly, no tenant will stay with your property forever. Store locations close or residents move. When a tenant approaches you about leaving, work with them to complete any and all necessary move-out paperwork or other lease agreements. Be sure to document the state of the property in its’ current state. Has any damage occurred beyond reasonable wear and tear? If so, your tenant should be aware if they should be held financially responsible. The sooner you know what work or cleaning needs to be done, the quicker you can finish everything and rent the space out to a new tenant.
Additionally, don’t forget to refund the tenant’s security deposit! Even deductions occurred for repairs or property maintenance, your tenant is entitled to the amount that was agreed upon. Obtain the tenant’s contact information to process their refund without any delays.
Maintaining a Good Relationship with Your Tenants
Ultimately, the burden of satisfying your tenants and encouraging them to stay rests on you as the property manager. If you demonstrate excellent communication skills and manage your properties effectively, many tenants will be happy with the services you provide and will gladly renew their leases. Keep this property management checklist close to ensure you’ve done everything you can to keep your tenants satisfied.
Connect with us to learn more about the process of managing properties and attracting prospective tenants.
At a job interview, most interviewers know what kind of questions they’ll be asking the candidate to gauge whether they’d be a good fit for the job. However, when the candidate is a company or group of people rather than an individual, things can get a little confusing. And nowhere is this more obvious than in the search for a good property management company. What kind of questions do you ask a property management company? How can you ascertain if they’re a good fit?
Interviewing a Property Management Group
As with any interview, there are several standard questions to keep in mind as you consider a property management company. While you may add a few more specific questions depending on circumstances, the core questions to ask include:
- How long have they been in business?
- Do they manage other nearby properties, or have they done so before?
- Do they outsource maintenance and emergency services?
- How will you be getting reports or bank account access?
- When will they visit your property?
- Will they be handling insurance and legal matters?
- How do they screen potential tenants?
1) How Long Have They Been in Business?
A well-established business is generally far more trustworthy and beneficial for your property than a startup. Though a property management group’s age isn’t necessarily a dealbreaker, it’s important for you to know and recognize how their years of experience (or lack thereof) will affect your property.
2) Do They Manage Other Nearby Properties, or Have They Done So Before?
A company that manages properties near your own has an established presence, likely meaning they have a good reputation in your neighborhood. Best of all, this gives you the chance to find out their management style. If they maintain a property close to yours, pay them a visit and ask the tenants a few questions. Do they seem to be doing a good job? Do you think your business vision is compatible with their management style?
3) Do They Outsource Maintenance and Emergency Services?
Sometimes, smaller property management companies will outsource maintenance work and emergency help. While there’s nothing wrong with this on its own, outsourcing such important services can end up costing more after additional fees. Make sure to ask about the vendors themselves as well. Are they trustworthy? Do they have a proven track record?
Pro Tip: You should be able to reach your property management company at any time of day or night for an emergency. Regardless of whether they outsource emergency help or not, make sure they’re still available for contact.
4) How Will You be Getting Reports or Bank Account Access?
Effective property management means you will, by necessity, regularly receive reports of about your property and tenants. How will these reports be given to you? How often will they come and how much information will they cover?
Additionally, how will they handle money and payments for maintenance? Is there a single account that each client can freely access, or will you have an account of your own?
5) When Will They Visit Your Property?
A property management company that doesn’t visit its property frequently isn’t worth much. Ask about how frequently you can expect visits from them, how long they’ll stay, and what they’ll do. It’s also important to know how close they’re located to your property. The further away they are, the farther removed they are from your property and the less likely they are to visit.
6) Will They be Handling Insurance and Legal Matters?
Insurance is absolutely essential in today’s world. Will your property managers be providing, at minimum, liability insurance and workers’ compensation? Will they keep up-to-date on their legal obligations for insurance and property management in general?
7) How Do They Screen Potential Tenants?
Finally, how does this company handle screening tenants? How rigorous and detailed are their background checks? Remember, these tenants will be occupying and using your property. It’s absolutely crucial to know that your choice of a property management company will choose trustworthy clients.
Finding the Right Property Managers
As you ask questions of a property management company during the interview process, remember the most important ones for your particular property and circumstances. What services or work could you not live without? What’s absolutely essential to a successful partnership? Don’t be afraid to ask very specific, pointed questions about what you can expect.
Connect with us to learn more about selecting a trustworthy property management company.
Hiring a new property manager is not a decision to be made lightly. Your new team member should get along well with both tenants and owners, exhibit professional behavior, and have the experience to back them up. But what else should you look for before you hire someone new? How can you be sure you’re hiring a good property manager?
Traits to Watch For
Excellent property managers will consistently demonstrate these important characteristics in their dealings with tenants, other team members, and you. See if your potential new hire regularly exhibits these traits:
- Excellent communication skills
- Previous experience
- Organization and management
- Flexibility and creativity
- Professional demeanor
1) Excellent Communication Skills
You should never be confused about anything your property manager tells you. Make sure they communicate with you clearly, cordially, and frequently. Both you and your tenants should always be in the loop regarding what’s happening at your property.
2) Previous Experience
Experience on its own isn’t an indicator of competence. However, the nature of that previous experience can give you a few clues. Call their previous employers and ask a few questions. Was the candidate good at their previous jobs? Why did they leave? Learn about your potential new hire’s background.
3) Organization and Management
Managing a property involves keeping track of multiple factors on any given day, requiring a candidate who can multitask effectively and still get everything done on time. How good is your new property manager at organizing every moving part to take care of the property? Make sure they can stay on top of all the challenges this job will throw at them.
4) Flexibility and Creativity
Even the most perfect organizational system will fail occasionally. When this happens, a successful property manager should know how to handle the situation and develop an effective solution. How good is the candidate under pressure?
Pro Tip: There’s no exact checklist for effective property management. The best way to judge a manager’s competence and creativity is to look at the results of their work.
5) Professional Demeanor
Through the entire process of effective property management, a trustworthy manager will maintain a professional attitude toward everyone. Not only does this mean residents and potential renters alike will be treated with respect and kindness, but it also means they won’t cave to pressure. A professional property manager sticks to the rules and does what’s best for the property and tenants above all else.
Selecting a Property Manager
Finding a good property manager takes time and discernment. While exact management plans and behavior will inevitably vary between candidates, a potential new hire who sticks to these key characteristics is sure to prove themselves to be an excellent choice for your property.
Contact us with any more questions about hiring a property manager and what to look for.
No property manager is perfect. From time to time, clients will have disagreements or complaints about a manager’s decisions. For a property manager, complaints are as much part of the job as anything else. Professionals should know how to handle these problems when they arise.
Common Client Grievances
Just like any other job, even negative customer feedback can help managers improve their performance and better help their clients. Clear communication between the parties will help fix the problem or clear up any misunderstandings. A few of the most common complaints directed at property managers include:
- Handling too many responsibilities
- Avoiding responsibilities
- Lack of communication
1) Handling Too Many Responsibilities
Some people are experts at multitasking, while others aren’t. Regardless of your ability to juggle multiple projects at once, most people realize that taking on too much work at one time means that no one piece of work gets the attention it needs. The same principle applies to property managers. If a facility manager is struggling to balance multiple properties, individual locations will get passed over at inopportune times. See if your manager can lighten his workload, or find a different manager who can dedicate more time to you.
2) Avoiding Responsibilities
A property manager’s apparent laziness can either be a separate problem entirely or a consequence of number one. Maybe the manager genuinely forgot about a certain problem after a long day juggling several other properties. However, some managers do neglect or forget commitments made to property owners. When this happens, make sure to remind your property manager of what you asked him to do.
3) Lack of Communication
This problem can be the fault of both parties in some cases. A client who needs to get hold of a property manager will have better luck calling during business hours than late at night, for instance. On the other hand, some property managers need a little reminding before they’ll settle into a comfortable communication routine with you.
Of course, sometimes a property manager just doesn’t communicate as much as necessary. Regardless of the reason, communication is critical to the manager-client relationship and you as the client must continue asking until you hear back.
Pro Tip: Your property manager works for you. If you feel they aren’t communicating effectively with you or treating you respectfully, ask the management company if they can recommend another manager.
Property managers may coordinate maintenance and other work for your properties, but you ultimately pay for any work they order. Make sure the manager clearly understands your budget and doesn’t continually leave you short on money. Ask them to explain every potential charge and how essential it is before you pay for a new project.
Maintaining a Professional Relationship
A professional manager ultimately wants your buildings to stay maintained and full of tenants as much as you do–after all, you both ultimately benefit from a lucrative property. Learn to address complaints quickly and try to come to a resolution that will make both parties happy.
Connect with us to learn more about effective communication and professional relations with your property manager.