Tenant Representative, Office Leasing, Tenancy Advisory, Outsourcing Property, Leasing Property Management, Commercial Fitouts and Tenant Representation. Things to Consider when renting an office. Although this office space will cost a little more, but it will save you the time and hassle of doing up the office. Since the rented office is on a lease, you will have to move to another place sooner or later. So if you spend a lot of money on the furnishing or décor, you will be at a loss. Another factor to be considered while renting an office is the term of lease.
You should prefer a lease for atleast an year. One has to inform their clients about change in office location. Therefore, it is beneficial that the office leaseis for a longer period of time. Clients generally do not like to keep changing the places. Spectra eSolutions: Property Management Software: News: Articles: The Changing Role of Property Management Software.
The Changing Role of Property Management Software By Clayton B. Cracklen, Sales & Marketing Manager Spectra Computer Services Ltd. Until two or three years ago, when fee managers and owners implemented property management software, it was the organization’s accounting staff who were the major, if not exclusive users and beneficiaries of these programs. Although a significant function of the software involved reporting on operational concerns such as vacancies and lease expirations, it was the accounting staff who completed most, if not all, of the data entry as well as report generation. As a result, the primary focus of the software gravitated to managing the financial affairs of the company with secondary consideration given to meeting the needs of the other staff’s roles. How times have changed! New Windows® based property management software now focus on more then just accounting and operational issues.
Small Properties, Big Challenges. CIRE’s survey looks at the small side of property management. Investors who manage their own small properties have only three small problems: tenants, money, and time. And for professional third-party property managers who handle small properties, add landlords to that list. Those challenges cropped up most frequently in an informal survey of CCIM members who are owners/managers or third-party managers of properties under 20,000 square feet or, in the case of multifamily, fewer than 50 units.
While not comprehensive, the anecdotal, self-reported survey provides a snapshot of the landscape small-property owners and managers occupy in a still-struggling economy. The Personal Touch Tenants are a necessary evil, but property managers and owners work hard to find good ones and keep them happy so they’ll renew. Nonresidential property managers also seem to have the most difficulty with local tenants that may have limited business experience. Tracking Expenses Time on Your Side The Stats. Rents Drop, Demands on Property Managers Rise - Facilities Management Facilities Management Feature. StumbleUpon By Greg Zimmerman, Executive Editor July 2009 - Facilities Management Right now, all over the country, vast tracts of commercial office space are sitting empty.
The national average office vacancy rate has leapt to 14.7 percent, according to CB Richard Ellis, largely because leasing activity has practically screeched to a halt. Landlords are slashing rents in the hopes of luring new tenants nearly as quickly as they’re losing bankrupted tenants to default. Nationally, rents dropped an average of 2.2 percent between the fourth quarter of 2008 and the first quarter of 2009, according to Cushman Wakefield. Many experts say the market hasn’t been so dire since the real estate bust of the early 1990s, when vacancy rates approached 20 percent across the board — an all-time high.
But if this recession has had one positive effect, it’s that landlords are once again realizing the importance of top-notch property management. But that’s not the case anymore. Financial Know-how Comments. When Should a Landlord Hire a Property Management Company? One of the biggest decisions you'll make as a landlord is whether you should hire a property management company. Many landlords manage properties on their own or with the help of an employee, such as a resident manager. But sometimes landlords need more help, and that's when a property management company might make sense. If you are hiring an individual resident manager, protect your rental property and the manager by using Nolo's Residential Rental Property Manager Agreement. Property management companies can be a huge asset to your business, but they don't come cheap.
And there are other reasons why you might not want or need one. What Does a Property Management Company Do? Management companies deal directly with prospects and tenants, saving you time and worry over marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions. When Should You Hire a Property Management Company? Your time is limited. Tenant Screening. By Michael Monteiro August 20 2008 The alarm clock goes off, and itâ€™s a beautiful morningâ€¦but you donâ€™t want to get out of bed. Youâ€™re chasing a tenant for delinquent rent.
Looking back, you remember that you had a pretty good feeling about this tenant in the interview, so what happened? What information could you have gathered, or had them provide, that could have avoided this situation? A few of the best practices for tenant screening can help us: Get the Real Identification Information â€“ By far, the best ID is a state driverâ€™s license. Get Plenty of Contact Information â€“ Whether they call Mom on Motherâ€™s Day or not, you want her phone number and address. Employment & rental references â€“ Another item on your rental application is employment. Credit and background checks â€“ A credit check is the next step, as you need to know if they pay their bills, or if there is a history of bankruptcy or suits for unpaid rents. Property Management Newsletters: Are They Worth the Effort?
By Michael Monteiro March 22 2010 Newsletters are one of those aspects of property management that can swing either way. Depending upon your business and goals, newsletters can either go a long way toward improving and growing your business or, frankly, result in a relatively low payoff for a lot of effort on your part. So how do you know where you fall along the spectrum? Following are some ideas to keep in mind that will help determine whether a newsletter is a good business strategy for you and your property management business.
Newsletters offer a great medium for getting information out there in a regular and proactive manner. No: Advertising VacanciesAdvertising vacancies is one of those scenarios that is most often best handled through mediums other than newsletters. Yes: Marketing Your Property Management CompanyIf youâ€™re looking to grow your property management clients and forward your businessâ€™ reputation, newsletters can be a great resource.