What does your Property Management Dashboard look like?
Tuesday, February 23
Most PM’s that I have worked with over the years have been on the smaller side, typically under 500 units. A trend that I have witnessed in almost ALL of these PM's is a lack of knowledge and or understanding of their numbers.Like any industry, Property Management does have key metrics that we al...
How to grow your Rent Roll
Saturday, January 30
How do I grow my Property Management firm?Growing a property management firm can be very difficult for most people. Their always seems to hit a wall, usually around the 300-500 unit range. I think there are many reasons why most PM’s top out around these numbers.Here are 2 reasons that I have act...
Home is Home
Thursday, January 28
During the past 2 days, I've been touring some properties that have been taken over from the bank. The deffered maintenance in them was overwhelming, the owners had clearly giving up on the property.It just so happened that we used to manage some of the properties and knew the previous owners ver...
The Accidental Landlord
Monday, January 25
I'm a landlord? How did this happen?Inheritance?Partner bailed?Divorce/separation?It does not really matter how you got here, your now a landlord!Here are 3 things you need to know as a new landlord1. Understand this is a BUSINESSYour now a landlord. This means that you've just taking something o...
RED FLAGS .....
Sunday, January 24
This is an actual proforma from a property I'm reviewing.At first, I thought I was seeing things or there must have been a typo. When the heating costs of your apartment building is eating up close to 50% of your income, there is a HUGE problem. One of 2 things are happening:1. Your rents are way...
Rent Increases and Mindset
Saturday, January 23
If you want to protect the value of your rental property, you have to raise your rents every year.We have just experienced the worst 3 years in our market in over 3 decades. Those who implemented yearly increases have been able to preserve the value of their properties and are in much better posi...