Manage Your Property Business From Any Place, Anytime

Dealing with property and managing it without any hassle is like an impossible task. You need a combination of skills, experience, the right team and a set of right tools to provide the best service to your customers. You can manage all of these things together in an effortless way when you have the right property management software. If you want to see happy customers, then do not ignore the power of this tool.

The latest property maintenance software is an innovative software, which can help you with the process of keeping track of everything that you need to handle the property business well. It is necessary for you to implement this as soon as possible into your business so that you can give a tough competition to your competitors.

From making a comprehensive list of your properties to storing all such information safe and sound; from keeping information about your clients to prioritize work accordingly, this software can do magic to your business. This can save you a lot of time.

Compared to the old property management tools, the newer versions provide you more privacy. These are more advanced and are packed with amazing features that you will love. Hackers cannot steal any data from you as these are secured with advanced security features.

Keep track of all issues that your customers face, prioritize them according to your time table and be able to attend more client needs using the new versions. As you are able to work on your business anytime and from any place, you will begin to see positive changes in your business.

Is FREE Really FREE – The Hidden Facts

So, you’ve found a great software package to help you manage your rental properties and best of all….it’s FREE! But is it really? Can any software vendor truly afford to give away their product?

Let me tell you a secret, shhh – don’t tell anyone, businesses are in business to stay in business. If they don’t make money – guess what – they won’t be around long.

So, what is really going on? To put it bluntly – it’s a shell game. Property management software that is marketed as “free” have hidden fees that quickly add up.

(I know you’re shocked!)

A few years ago when I was in the medical software field, there was a “free” version of electronic medical records on the market. They received their funding from a foundation. They signed up thousands of practices. Then the foundation’s charity funds dried up. To adjust, they decided to run ads embedded in the software. It wasn’t long before physicians began to bail off that ship.

Recently I ran across“free” software for managing real estate properties. I knew there had to be hidden fees, so I started looking. There was a fee for each email and SMS sent, ACH, credit card, set-up and monthly phone number. On the surface, it doesn’t look too bad but considers this. They charge .25% for each online payment. If you manage 100 properties that average $1000-month rent, that’s $250 a month in online payment fees alone. That’s not counting all the other misc. fees.

Here is the problem. You sign up because you are frugal and want the best ROI. Soon you have invested hours of your time getting it up and running. At some point, you realize the true cost. Now you’re trapped!(to some degree)

Should you stay away from a software product just because it’s free? Not necessarily. Just do your due diligence and know all the hidden fees before you commit. Make sure you have a complete understanding of all costs and the software features. Then compare and pick the right one for you.

PropertyZar is a web-based Property Management Software designed for portfolios of all sizes.

To Learn More About PropertyZar, visit us at PropertyZar.com

Commercial Leases – Identifying Your Asset(s)

After the acquisition of our medical software company, we opened 2self-serve yogurt stores along with a few business partners. The first was located in Pigeon Forge and the other in Athens, Tennessee. The Athens store was chosen because there was a good-sized family restaurant which served as an anchor. During our conversations with the landlord, he was aware that we picked this location because of the anchor restaurant.

We executed a 3-year triple net lease and opened the end of January. After we signed, we learned that the restaurant was moving out effective March 1, only five weeks after we opened. They had been in the process of building their own building for some time. Even though the landlord was aware of this fact, they never said anything to us about it.

The 1^st quarter went well, but as time went on we saw the sales decline. We attributed it to the stabilization period but in the 2^nd quarter, we realized things were not improving. We shut the doors to our Athens location in August, 20 months into our lease. We still had approximately 16 months remaining on our lease.

We learned a lot during that experience and identified some mistakes in our lease that could have made a bad situation a little bit easier. The lease issues are the topic of this blog. We hope it will help you.

Prior to signing a lease, ask yourself:

What is/are the asset(s) for this location? An anchor store? Street location? Parking? Outside space (seating)?

In our situation, the anchor store was the #1 asset. Yet we did not think to have anything in the lease that protected that asset. In hindsight, these are some of the options we wish we would have included in the negotiations. Here are some options that can be modified, use independently, added to or combined based on your situation:

1. Ask the landlord about the asset. For us, it was the anchor store.
2. Add a stipulation to the lease stating that if the anchor store leaves, the landlord has a set time (3-6 months) to replace them with the same type of business.
3. If they fail to replace the anchor, you should have the option to terminate your lease or adjust your lease rate.
4. Or – If the anchor moves, your lease payment will adjust according to based on a percent of your loss of business. For example, if your business suffered a 20% decline in sales, your payment would also decrease by 20% (or some multiplier, proven by financials).
5. Or – If anchor moves, a discount is applied to your lease starting from the time the anchor left until they are replaced. (consider an accelerated discount over time).

There are several options to accomplish the objective or protecting your asset. There is no doubt, you will have more ideas than the few I listed above. The point is, put something in the lease that protects the asset which you considered while choosing this location, to begin with.

If the landlord is not willing to offer any concessions, walk away. It may not be the asset you thought it was.

In our case, I should have paid a visit to the owner of the restaurant and spent a few minutes discussing our plans to move in there, ask them how they like it etc. More than likely, he or she would have divulged that fact that they were in the process of leaving.

One other point. Don’trely on the lawyers to review your lease in hopes that they would think for you. They examine the contract from a legal perspective. They make sure the T’s are crossed and I’s are dotted. The lawyers don’t know your business, whether it’s a hair salon, restaurant, fitness center etc. ONLY you know what will be an ally to your business so it is incumbent upon you to protect your own interests.

There is so much more to consider with commercial leases. However, this was a big oversight on our part and I suspect possibly many others.For those who wish to know, we identified 3 reasons for the failed yogurt store: the price of the product (avg $5 per person), the population of the town (approx. 30k) and the loss of the anchor store.

Note: The lease wasn’t the cause our failed business however if we had taken the steps mentioned above, we could have been out of the lease much sooner.

Hopefully, this BLOG may help someone else in the future.

PropertyZar is a web-based Property Management Software designed for portfolios of all sizes.

 

Know Your Tenants – Proper Background Checks

Buying an income property is a great way to diversify your investment portfolio. Adding a real estate component to your portfolio allows you to take advantage of market growth while providing an income stream. Finding and keeping good tenants is the most important aspect of managing a rental property. Proper background checks can mean the difference between a financially successful investment and a money-pit; costly evictions, extended vacancies and property destruction can be reduced or avoided by taking the time to do a proper tenant screening at the time of application.

PropertyZar understands the importance of proper background checks, so they have teamed up with Reliable Screening which provides valuable information about potential tenants. Having a bad tenant can not only add stress to your life, but cause problems which can last for years.

Non-Payment/Slow-Payment

Income producing properties are supposed to produce income. Non-paying or slow-paying tenants do not fit that description. A proper background check can help you determine the credit worthiness of the applicant and payment history.

Property Destruction

Your income property is an investment. Tenants with good credit typically do not damage property and if damage does occur, you are more likely to be able to collect from a tenant who is not in danger of declaring bankruptcy.

Eviction

Evicting a tenant is a long and costly process. Even with the proper documentation, you might find yourself fighting to remove a tenant for months. This can be avoided by doing proper background checks.

PropertyZar has researched many of available options for their landlords and found that Reliable Screening was the best fit for their subscribers. The cost is reasonable (between $22 and $25) and typically passed on to the applicant. While this price compares to the “budget screening services” their accuracy is unparalleled. They keep costs low and pass that savings onto the landlord.

PropertyZar is more than just an online property management solution; we are your business partners. We strive to find the latest tools and technology to help you manage your investment properties and allow you to achieve your financial goals.

PropertyZar Releases Subscription-Based Property Management Software

Property Management Software for portfolios of all sizes

Cleveland, TN – PropertyZar, an affordable, full-featured web-based property management software platform, announces the release of its latest version for use by landlords and professional property managers.

PropertyZar is pleased to offer an affordable solution to landlords and property managers with portfolios of all sizes. This full-featured program simplifies all aspects of real estate property management.

Key features include:

• Online Payments
• eLeases
• Work Order management
• Communication via Email or SMS
• Portals and Apps for Owners, Tenants, and Vendors
• Property financials including CAP rates
• Full Accounting features
• Property advertising/syndication
• Schedule Appointments (showings etc.)
• Automatic Reminders for Tasks, Work Orders, Appointments and more
• Multi-Language
• Property Inspections
• Tenant Screening

PropertyZar has designed this program to help you streamline the management tasks and allow you to focus on growing your business. With the ability to handle any sized portfolio, regardless of whether you manage a single property or 10,000, PropertyZar will help you maximize profits and reduce risks.

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