PropertyZar – New Release – New Heights

While all our previous BLOGs have been on topics that apply to every property manager or landlord, today’s BLOG is going to be about the latest release of PropertyZar and software business in general. The entire PropertyZar team has worked tirelessly on designing a new user interface, new features, bug fixes and overall better user experience. I want this BLOG to showcase their work and to provide an electronic form of a ‘pat on the back’.

From The Beginning

Our goal was to provide all the features of the most powerful online property management software to portfolios of all sizes. That means the property owner who manages 10 units can afford to have all the tools available as the professional property management companies have.

Early Releases

As with any new release, subscription-based software companies are always faced with the challenge of providing a minimum viable product (MVP) and what should be included in the MVP. If you are an astute reader of business, you will understand that every software company has dealt with this. From the early days of Facebook to Apple to Microsoft. It goes beyond software companies. Look at Uber, Amazon, BiggerPockets and Cisco.

What Makes The Difference?

Companies who continue to forge forward despite challenges and obstacles.Online software companies who have a vision and will not faint in that mission to fulfil its vision. There is a plethora of challenges that face MVPs. When Facebook first started, they were inundated with issues from hardware to software. Facebook was unavailable many times as the issues were addressed. For the success of Facebook, this is a testimony to the whole Facebook team as well as to the end users. The end users were understanding enough to realize what Facebook was out to accomplish and allowed them to work through their challenges.

PropertyZar’s Sources

While our founders our in the subscription-based software sector, they are also active real estate investors. From rehabs, to new development, new construction as well as the buy and holds. We bring our experience together with many other sources to provide the best property management software. We are active members of NARPM, National Real Estate Investor, BiggerPockets and active listeners in real estate podcasts such as Morris invest, Jake & Gino (Wheelbarrow profits) and Fourandhalf.

PropertyZar’sLatest

PropertyZar continues to add features that will improve the lives of property management companies and property owners. Our team has been adding features that our customers have been asking for. We continue to identify additional ways to improve the UX and add additional features. Our company has been in the software business for 15 years and just like our other software applications, we have never stopped adding features and improving the overall product and user experience.

New Features include

• Email Templates
• Email Signatures
• Tooltips throughout to aid the user
• Updated grids with improved filtering/sorting of records
• Progressive Rent Increases (for longer term leases)
• Incompatible browser warning
• Late rent reminders
• And many more

New Features Coming Soon:

• Interfacing with DotLoop for e-documents
• Salesforce integration for CRMs
• 1099s
• Electronically reading in banks statements for automatic reconciliation
• Deposits directly into owner bank accounts (currently tied to Subscriber bank account)
• Section 8 reporting
• And a whole lot more………

Here’s a 2 page sample of before and after

Old Dashboard

New Dashboard

Old Accounting Home

New Accounting Home

About PropertyZar

PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com

Content is originally posted at https://www.propertyzar.com/propertyzar-new-release-new-heights/

Welcoming New Tenants

Moving to a new place is both exciting and tiresome. For some, it’s a big relief to finally find a new home and be part of a new community. How property managers and landlords reach out to new tenants during this transition will set the tone for future relationships.

Here are some ideas to engage with your new tenants, after they have been approved and before they move in.

Welcome Letter

Send a welcome letter or email to your new tenant. The letter should include:

A Warm Introduction – Include information that you deem important based on your property, community and facilities.

Identify the next steps–things like setting up utilities, cable, internet,forwarding address etc. Provide company, contact emails, website links and phone numbers to assist the new tenant. Remember, they may not know the utility providers in that area.

Tenant Tools – if you are using a property management software, more than likely you have a tenant mobile app. Include this feature in your initial letter. Let them know the tools available to them as well as how the tool can be used (online payments, submitting work orders etc.)

Summarize Costs – include a summary of potential move in costs. Utility deposits, parking fees, pet fees, storage fees etc. This reminds the tenant of these fees that were covered during the application process.

Provide a Moving Checklist

This will help them navigate the process and remember important tasks.

After the Welcome Letter

After you send the welcome letter, schedule a brief walk through of the property and facilities. This could be schedule at the same time when they are onsite with you for other reasons (ex: signing the lease). Items to review:

• Introduction to your property management company staff
• Office Hours
• After Hour support procedures
• Maintenance Requests
• Due Dates
• Tenant mobile app
• Social Media access (community event calendar, newsletters and general information)

Welcome Gifts

Everyone likes gifts. Gifts put a smile on your face, not so much for the gift itself but for the thoughtfulness is represents.

Here are some gift ideas

• Any marketing items for your property management company (water bottles, coffee cups, key chains, tote bag)
• Subscription to Netflix or similar
• A bottle of wine (you may want to confirm that they drink wine)
• Gift basket with a variety of items

The renewal rate for tenants is approx. 59% higher if they were satisfied during the move in process. This is based on a study by Kinglsey Associates.

So, treat your new tenants like the new customers they are. In turn, you will build better and stronger relationships.

About PropertyZar

PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com

Content is originally posted at https://www.propertyzar.com/welcoming-new-tenants/

How To Retain Tenants

Let’s face it. Obtaining tenants can be expensive and time consuming. Consider the marketing expense, time to process applications, run background screening, verify information, the time it takes to ‘show’ your properties etc., the TAC (tenant acquisition cost) can be high.What’s worst is many property managers or landlords don’t even know what their TAC is.

So, with all the time, effort and cost in obtaining a tenant, how do you keep your tenants? Do you have a documented retention policy?

For sake of this BLOG, I’ve defined 2 groups of ideas (customer service and amenities) that retention policies fall into.

Customer Service

This group can both directly cause satisfaction or cause dissatisfaction. If a property manager’s customer service is done poorly, they will cause a tenant to be dissatisfied with that property management company. Suppose a tenant tries getting a hold of the property manager and it takes 2 or 3 days before the manager responds. This would cause dissatisfaction especially if it happens more than once.

On the other hand, if the property manager uses a web-based property management software that manages communications and your response is quick and timely, the tenant will have a satisfactory opinion when it comes to response time.

What about work orders? When a tenant submits a work order, does the property manager respond quickly? Do they complete the work order in a timely manner based on the nature of the issue?

Responsesare broken down into multiple segments:

• Initial response, acknowledgment of request
• Progress of the request. (maybe one-time response or over a course of days before job is completed)
• Final resolution response

The manager or landlord may response quickly by letting the tenant know they received the request. However, if the manager then fails to follow up with the tenant on progress or final resolution, then the entire response is considered a failure and will lead to tenant dissatisfaction.

Customer service involves several areas:

• Communication (initial reply on a timelybasis)
• Genuine caring for the tenants needs
• Listening to the tenant
• Responding to work orders (includes starting and finishing issues)
• Providing tenant with information or assistance in: (moving companies, utilities, mail forwarding, turning on of services, review of property etc.)

Does your customer service provide a competitive advantage over other property management companies?

Amenities

A few years back, online payments for tenants was a service that wasn’t widely available. So, if the property owner or manager provided this service for tenants to pay online, that would have been an amenity that gave the manager or landlord an advantage over the competition. Today, most online property management software applications include this service. If the property manager doesn’t offer this service, tenants are more likely to be dissatisfied.

What about the ability for a tenant to submit a work request at their convenience? Having a way for a tenant to submit work orders electronically as well as uploading pictures of issues leads to a higher tenant satisfaction rate.

Other amenities include:

• Mobile apps for tenants (convenience)
• Community friendships (events, social gatherings etc.)
• Property maintenance (curb appeal, lakes, walking trails, biking)
• Play grounds, dog parks, car wash facilities
• Internet
• Security (cameras, gates)

Friendships are important. If the property manager can help create and nature friendships in the community, tenants are more satisfied and are less likely to leave.

Amenities will vary from neighborhood to neighborhood and from types of properties. So, compare your amenities to others in your same category. What may be an amenity in a class C property would be a minimum requirement for a class A.

About PropertyZar

PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com

Content is originally posted at https://www.propertyzar.com/how-to-retain-tenants/

Should Property Managers Be Available Via SMS Messages?

We all know that one of the challenges facing property managers is communications with tenants and owners. According to a CNN poll, a person between 18-29 years if age averages 88 text messages a day. SMS messages have hit main stream.

The best online property management software will include the ability to communicate via email or SMS.

SMS Availability

Whether you are a professional property manager or a property owner/landlord, you need to make sure you are accessible via SMS texts for many reasons. More often, emergencies are now sent via text messages than any other means. Many tenant mobile apps include the ability for the tenant to easily send the property manager a SMS message.

With a web-based property management software, the manager’s mobile phone is not seen by the tenant so you shouldn’t be too concerned with receiving SMS messages.

Better Communications with Tenants & Owners

When your tenants and property owners know that they can text you easily, it builds better relationships and trust between everyone. Most tenants and owners have the courtesy to consider the time of day to send a message. Unless there is a fire, flood etc., you probably will not ever receive a text in the midnight hours.

SMS History

The best online property management software will log each SMS message. This provides a history that can be referenced in the future. It also ensures accountability between all individuals.

About PropertyZar

PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com

Content is originally posted at https://www.propertyzar.com/should-property-managers-be-available-via-sms-messages/

Some of the Toughest Challenges Property Managers Deal With

Property managers have a lot to deal with. It’s not an easy job. Old challenges remain while new challenges arise due to new regulations and social media.

Here are some challenges that we have identified

Managing Time

With all the responsibilities that property management companies and landlords face, time management skill is a must. Along with this skill, a good online property management software is essential. Why? Because a property management app does so much to take the mundane tasks and automate them, reducing the managers work load and thus providing more time. In addition, a web-based property management software allows property managers to work from anywhere 24/7. This ability alone greatly increases productivity.

Criminal Tenants

Meth labs, drug dealing, and other criminal activity present a big problem for property managers and property owners. From police presence, quarantine for meth labs and heavy foot traffic, there is nothing in these scenarios that is good for your business. Using property management software will offer the ability to screen your tenants. This is not a guarantee but it is a start that so many managers fail to do.

Communications

This may not seem like a big issue, but it is often the largest complaint of manager, tenants and property owners. The best online property management software will include communication features. These features typically include email and SMS communications as well as logging all communications. The logs provide a history and accountability. Not to mention the ease of communicating. Tenants and property owners can communicate with the property manager via the mobile apps and managers can communicate through the online property management software 24/7.

Availability

Setting expectations for your availability from the beginning is critical. To keep your sanity, you need to set hours that you will respond to emails and take phone calls (outside of an emergency). It’s not mentally healthy to be on call 24/7. Set these expectations from the git go will male for better relationships.

Complaints

With the advent of social media, more and more people are taking to post reviews. The better documentation and communication will reduce complaints to some degree. For example, if you communicate and put in writing everything, may result in fewer misunderstandings. However, you are not going to please everyone. You need to understand that online complaints are inevitable. It’s more of how you respond to these complaints that will make all the difference. So be sure to respond to all complaints and be professional in every response.

Selecting the Right Property Owner

Some property owners are difficult to work with. (shocked?)

Interview owners as you would an employee or tenant. Get a feel for their personality, temperament and expectations. Just like dealing with tenants, a good web based property management software will allow you to

Make sure they will be a good fit for your company. The headaches of dealing with a bad owner is not worth the hassle.

Sometimes it’s good to not accept a property owner.

About PropertyZar

PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com

Content is originally posted at https://www.propertyzar.com/some-of-the-toughest-challenges-property-managers-deal-with/

What To Do With The Security Deposit?

Most states have rules regarding handling security deposits. Some states prevent allowing the security deposit to be used as the last rent. You should not mix security deposits and rent monies. Commercial property management software will have the ability to keep deposits separate from all other monies. Best property management software will allow you to create separate bank accounts so that deposits can be kept separate from the main operating account.

Property managers should never agree to apply the security deposit to the last month’s rent. For one reason, what happens if the tenant damages the property? Property managers that use a property management app will typically conduct a ‘move out’ inspection. If there is damage that costs money to fix, you may be out of luck if you did not collect the last month rent.

Legally, there are laws/rules that dictate how you handle the disbursement of the tenant’s security deposit.

It will also make it a bit more complicated for your CPA when it comes to taxes. Bottom line keep it separate and simple. The best property management software will make it extremely easy for you to have separate accounts to handle the 2 types of income. If the tenant has any understanding of the laws and they find you are not abiding by them, the tenant can take legal action if there is any dispute.

Use property management app to keep separate accounts. Stick with the lease and don’t deviate. After the final move out inspection, then return the deposit in a timely manner, per the lease agreement. If tenant must pay any damages, best property management software will allow you to create invoices and credits and then apply the deposit to the invoice for any damages.

About PropertyZar

PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com

Content is originally posted at https://www.propertyzar.com/what-to-do-with-the-security-deposit/

Understanding Rules For Support Animals

More and more, there seems to be an increase in the use of support animals. Support and companion animals are getting a lot of attention recently and as such, property managers need to make sure you understand the laws governing emotional and support animals and how they pertain to you.

Definition of Companion or Support Animals

The definition of Companion or emotional support animals are defined in the HUD’s guidelines, “Service Animals and Assistance Animals for People with Disabilities in Housing and HUD-Funded Programs.”

What is the difference between service and companion animals?

Service animals are typically animals that aid individuals with physical disabilities. (such as vision impairments). Companion animals assist an individual who has a mental or psychological disability and us there to provide emotional support in order to help alleviate the symptoms of that mental disability.

Service and Companion animals are not required to have any specific training and reliable verification of the disability need for a companion animal suffices. According to the law, property managers cannot charge any extra pet fees or restrict the animal based on type, size or breed. Property managers and owners also cannot prohibit the animal from living with the tenant whether there is a “no pet” policy or not.

Understanding the HUD Guidelines

Property managers should understand the HUD guidelines. Inevitably, property owners or managers will face this situation with tenants.

Lawyers are receiving a lot of calls from property managers and owners about their legal action regarding service animals. If a tenant provides verification of the disability and the need for such an animal, there is not much a property owner can do to prevent it.

It is important to ask the tenant what type of service the animal provides, If the animal only provides companionship (and no other medical services), the property manager can be denied, and/or any pet related fees can be enforced.”

Separate Pet Policies

Property Managers and Landlords should have separate pet policies and rules in place for “pets” and “service animals”. Since some rules won’t apply to both, a separate policy is advised. Some pet rules may not permit a pet in a community room or the pool area but a tenant with a service animal would need to be allowed to bring the animal with them.

What happens if tenants don’t follow the rules?

Property managers have the right to act against tenants who violate the policies and rules that you have in place. Property managers should take extra care in any action taken. Think CYA! For example, warning letters that recognize the animal as a service animal, should remind the tenant that they are still required to follow the policy rules. Such letters should be mailed, and hand delivered instead of serving as a legal notice. The property manager can include that if the problem persists, the animal may be removed.

One exception could be that if an animal has attacked a person on the property. In that case, the animal may need to be removed immediately in order to avoid potential liability issues.

Another rule that is often violated is when the tenant doesn’t keep the animal on a leash or doesn’t pick up after it.

Service animals are usually not the problem. Most of the time it’s the animal’s owner.

Onsite Property Inspections

For those property managers who use a property inspection application, be sure to include inspecting items specific to the service animals. The property inspector should make complete notes on the condition of the property (including interior) as it relates to the animal. For example, are there claw marks on doors, carpeting showing signs of chewing etc. Property inspection software should also provide the ability to take photos of each area of concern. All these notes and images may save you down the road should an issue arise. Keep in mind, when you do the “move in” inspection, take pictures of the condition of the interior as it stands in good condition. Don’t just wait until damage to take pictures. You need to include pictures on the condition of the property before the tenant moved in with a service animal. Many online lease management software solutions come with a property inspection application for onsite inspections.

About PropertyZar

PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com

Content is originally posted at https://www.propertyzar.com/understanding-rules-for-support-animals/

Get Cell Phone for Property Showings

Part of a property managers’ job duties is showing available properties to would be tenants. What a big waste of time is, is driving across town for a showing only to find the other parties are ‘no-shows’.

When you set up the appointment for the property showing, be sure to get the mobile phones of all attendees. Also, be sure to set reminders for the showings. A good Property Management Software will have the ability to create appointments for showingsand set multiple reminders for all attendees.

If your showing is a few days out, you should create a reminder by email and SMS for maybe 24 hours before. Then another reminder for 1 hour before the appointment time. Let’s face it, people are busy. Reminders are a good thing.

The reminders should include the attendees mobile phone as well as an email address. Furthermore, the reminders should include the property address. If an applicant is running late, they can easily tap the provided mobile number in the SMS reminder to call you and tell you they are running late.

If the applicant is lost (maybe moving in from out of town), they could quickly tap the address included in the reminder in the SMS to google map it and find their way in life once again.

Reminders create accountability for applicants as well as the property manager.

Too many times, people will schedule a showing of one of your properties but then reconsider.

Sometimes emergencies change their plans, or they are no longer interested in your property. Sometimes they just forget to call you and cancel. Either way, if you have their mobile number, you can follow-up with them to confirm their arrival if they are late. More importantly is that it reduces the amount of time youwaste waiting around if they are not going to show.

About PropertyZar

PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com

 

Content is originally posted at https://www.propertyzar.com/get-cell-phone-for-property-showings/

Requirements for Accessibility Compliance

The Fair Housing Act of 1968 and Americans with Disabilities Act of 1990is a bit complicated for multi-family properties. If the laws are not followed, you could be faced with hefty fines.

The FHA requires property owners to provide reasonable accommodations for individuals with disabilities to use their properties. According to the FHA, ADA and Rehabilitation Act of 1973 definition, accommodations range beyond having wheelchair-accessible entrances or sidewalks and van-accessible parking spaces.

According to the FHA, Sect: 504 of the Rehabilitation Act of 1973, a disability includes“a physical or mental impairment which substantially limits one or more major life activity”. There are approx. 1 out of every 5 adults that have a disability based on their definition. The most common disability was mobility limitation. This is defined as serious walking issues or climbing stairs. Other disabilities include mental concentration, memory and vision.

You may be surprised to know that most properties are out of compliance with the FHA accessibility laws. In most cases, this is not an intentional act but more of a lack of complete understanding of the law. For example, light switches may be too high, parking spaces, height of the mailbox and certain door handles may cause a property to be out of compliance.

What does this mean for you if you are out of compliance?

First, you need to be aware of the law and whether you are in compliance or not. You may not get a call from a federal agency but if your tenants are aware of the laws and have an issue with your property, they could quickly submit a complaint or notify the authorities.

What about ‘Emotional Support Animals?

There is a difference between emotional support animals and service animals under the ADA. A service animal is not a pet and therefore is exempt from pet deposits or any other pet-related fees. In addition, the dogs’ breed and size cannot have any restrictions. Also, you cannot ask about a person’s disability.

Penalties for Violations

You should take these laws seriously and have a full understanding of what they mean and how they apply to you.

There are approx. 53 million Americans with disabilities, so chances are you will have some as tenants. If you are found to be in violation of the ADA, civil fines can be put to $75k. The DOJ has a dedicated website page on how to file a complaint for violating ADA laws. Any tenant (with knowledge) can access and easily file complaints.

The ADA and FHA

The ADA began in 1990 and was setup to require “equal opportunity” for people with disabilities. The FHA was created to make discrimination in private and public housing illegal based on race, color, sex or national origin.  Since 1998, amendments were added to include disabilities.

ADA usually applies to public areas and not specific to properties. However, all the common areas on the property must comply with the ADA rules.

About PropertyZar

PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com

Content is originally posted at https://www.propertyzar.com/requirements-for-accessibility-compliance/

The Best ROI Amenities for Property Rentals

While some amenities seem to be a little over the top, there are those amenities that provide a decent ROI and have since grown into best standards among property owners.

As property owners and managers, what amenities should you add? It’s best to consider the upfront costs versus the value it brings in. Some amenities may flop but others may succeed above your expectations.

What are some of the top amenities that other property owners recommend?
Fitness

• Fitness centers are pretty much a must-have
• Fitness related amenities were among the highest ranked in terms of % of residents that are willing to pay more for such amenities.

Interior

• Units with washer and dryerssee a higher return as well as those properties with high-end appliances and hardwood floors
• A recent study found that residents would pay approx. $75more or hardwood floors, $50 for a balcony and $30 more for properties with granite countertops.

WhichAmenities IncreaseYour Bottom Line

• Pet friendly
• Fitness & Wellness centers
• Swimming pools

For Some Properties, Consider Amenities such as

• Business Centers
• Outdoor Common Landscaping Areas
• Package Services
• Moving Concierges
• Nail Salons

 

Measuring an Amenity’s ROI

This is basically simple to do. Calculate your total costs of the amenities and then calculate how much each specific amenity has resulted in higher income.
Service based amenities are a bit harder to calculate and will require a different way to measure the ROI. It’s not as black and white likeamenities such as granite counter tops.

Not All Amenities Are Right For Your Property

Of course, you need to know a little about your renters to help decide on the ROI for any particular amenity. Adding granite counter tops in class d properties will not yield the same ROI as putting them in class A properties. In some case, you may lose money for some amenities. You need to understand your tenants’ behaviors before deciding which ones to add.

Amenities cover a wide range of tenant wishes and lifestyles.The bottom line is you should carefully consider your tenants, properties and do your due diligence into each amenity before taking the plug.

About PropertyZar

PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com

 

Content is originally posted at https://www.propertyzar.com/the-best-roi-amenities-for-property-rentals/