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We were taken for a ride by a property manager we had in Toronto. His services were cheap (5% of the rent and no charge for new tenants except advertising costs). That’s real cheap, if you don’t count the fact that he was stealing rent money from us!

Before hiring him to manage our tri-plex in Toronto, I researched him a bit and learned that he was a Mom & Pop-type shop and was registered with the Better Business Bureau, but I didn’t check references or dig much deeper than that. His scam? He collected $950/month from our tenants but only told us we were getting $890!

The only reason we caught onto his scam was because we moved into the house and the tenants started paying us the rent instead of him. Imagine our surprise when the cheque was for $950, and we were expecting $890!

Looking back, we could have easily protected ourselves. Now, we want to help you prevent it. Here’s some tips:

* When ads are placed for your unit(s), get copies of the ads. Also, ask where the ads are being placed and check for the ads yourself (looking back, I had noticed an ad for our unit for $50 more than we had agreed to rent it for. I wrote him to change it, and he said he would, but now I think it was a red flag that I should have recognized).

* Ask for copies of the signed leases.

* Ask for proof of expenses incurred (always get receipts, but for larger repairs or purchases get pictures or visit the property yourself).

This may not save you completely, but had we been able to get copies of the leases or asked to see the ads, our property manager would have had a harder time stealing from us.

A huge issue for professional landlords as they grow their portfolio is staying organised, according to an experienced property investor.

Amer Siddiq, founder of property management software firm Property Portfolio Software (PPS), believes an essential step for serious landlords is to invest in property management software.

PPS’s software products are specifically designed to handle the major challenges faced by landlords.

But according to Amer, many landlords fail to ask the right questions before purchasing their software.

He said: “Becoming a serious investor brings new problems you won’t have experienced before. The answers are provided by clever landlord software solutions. The next challenge is to pick the right solution.”

Amer believes landlords should ask:

1. How long has the property management software been on the market? This might seem obvious but if the software is from a new start-up company, then it’s natural to be sceptical at first. Because the property market has boomed over the last few years, a number of different landlord software vendors have come to the market and disappeared within a couple of years.

2. How many sales have been achieved to date? Don’t be afraid to ask this vital question as it will give you a good indication as to how popular property management software solution is.

3. What kind of support is provided? The support service that sits behind the product is more important than the product itself. It will determine how successful the product is. It’s inevitable you will need to speak to someone at some point and the speed and manner in which your query is dealt with will either make you a fan or put you off totally!

Who has designed the software? Steer clear from software that has been designed by ‘computer techies’. What you want is software that has been designed by experienced landlords.

What is the refund policy? It is important that you look into any refund policy that is made available and definitely read the small print.

Who is the software recommended by? Check out testimonials and make sure the software is approved and or recognised by the two main landlords associations in the UK, National Landlords Association (NLA) and the Residential Landlords Association (RLA).

How often is the software updated? Property management software will always need to be fixed and developed on a regular basis. In the best packages the software can automatically update itself.

Rental properties in London are always in great demand to varied section of population for reasons ranging from education, new job to better opportunities in a different place. To cater to this varied need of rental apartments London, there are companies that strive to meet the gap between demand and supply of rent properties in London.

These property management companies not only help the potential renters by searching the best rental flats London but it also exceeds expectation of the landlords by providing them with a detailed background screening of the tenants  The service is known as tenant credit check and this helps the landlord to avoid future loss and associated costs involved with bad tenants.

So, to entrust one’s property on someone’s hand, it has become essential that proper scrutiny and investigation is done about the potential tenant. So, tenant referencing is the need of the hour for rental properties London and is a wonderful tool for successful property management as well.

Tenant credit check includes credit report of the tenant, employment verification information, and prior landlord testimony, history of eviction, county criminal records and even registered sex offender cases if any. The tenant screening service also provides with detailed account of how the tenant has met his past financial obligations ranging from loan amount, account balances to payment record. Besides, objective score on the creditworthiness of the prospective tenant, the landlords can also get information on bankruptcies, liens, suits, foreclosure or judgment if any against the tenants.

Each and any of this information can be requested by the landlords through separate report request or one can also go for combined package offered by most property management companies dealing with rental properties. The services are offered round the clock through a simple online request or dialing up any credible real estate management company in UK.

In this case, the property management companies need to get a signature on the dotted lines from the prospective tenant for carrying out credit check against him. This is the first step to know how good the tenant is as because he might stay away from signing it if he has some irregular record.

To the landlords, a word of caution is to first assess the credibility of these tenant credit check agencies to get authentic information so that he can take an informed decision. Again, it is not a fool-proof system as because a person who has a great credit history might miss out in paying rent. But, the idea of tenant screening is to minimize future risk by choosing best possible tenant.

The popularity of condos in the booming Guanacaste region in Costa Rica has spawned a new industry for local residents and entrepreneurs. As the tiny villages along the coast trade in their wilderness for billion dollar investments, locals are trading old jobs for marketing kits and tool belts. In the wake of the boom, property management services have been springing up to satisfy the needs of absentee property owners who want to rent their homes to tourists as vacation properties.

Since development on the $400 million Peninsula Papagayo project began in 1997, construction and real estate sales in Costa Rica’s Guanacaste region have been on a roll. According to Costa Rica’s Central Bank, big business foreign investment in real estate has nearly tripled in the past 12 months – most of it in Guanacaste. The majority of these purchases represent investments in the tourism industry with large scale hotels, developments and existing tourism businesses being snapped up by savvy entrepreneurs.

But not all investment in the tourism industry represents big business. Individuals and families attracted by the climate and natural beauty of the area are getting in on the action. Discovering that condominiums make fantastic and affordable vacation homes while providing a viable source of income, people from all over the world are buying up condos in the country. But managing a property when you are out of the country is next to impossible and leaving your vacation home unoccupied for months is downright risky. Absentee owners can return to find they’ve been robbed or even worse – that their property is being inhabited by squatters.

Many condominium projects address this problem directly by providing property management services as part of the deal at buy-in. Owners can enter their property into the project’s rental program and have their interests taken care of. Depending on what level of involvement you wish to have, property management companies will take care of everything – from security to housekeeping. For a monthly fee, you can count on your manager to be your hotelier with a complete package that includes marketing, booking, cleaning, and maintaining the property while on site security removes the risk of unexpected or uninvited guests.

Mistakes that cause profit losses are often associated with property managers that are new to the industry. This simply isn’t the case. Experienced apartment rental managers often learn what works early in their career and continue to use these concepts throughout their time in the industry. Unfortunately, they often fail to notice when their tried and true methods are no longer as profitable as they once were. They end up wondering what is going wrong when they notice their tenancy rates decrease and their turnover rates increase. Here are three issues to watch out for.
Failing To Provide Adequate Customer Service
While this error is frequently found in apartment rental owners who have underestimated the job or have spread themselves too thin, experienced property managers can make the same mistake. One of the biggest goals in this job is to hold onto the good renters as long as possible to keep that income coming in. This saves on time that would otherwise be used to screen tenants and saves money because there is no concern about having the unit sit empty or risking the loss of income with a new renter. This also helps to stabilize cash flow overall.
Taking a few extra moments right from the start to provide personal customer service goes a long way. Take time to learn the names of the renters, give them a tour of the complex and its amenities, and read the agreements with them. This demonstrates you value their support. In addition, both sides have a positive experience and each knows what to expect. Another good idea is to give new tenants a gift when they take over the unit. This can contain items such as a map of the area that includes public transit stops, coupons and contact information for takeout restaurants, and even a checklist that provides them with information for all of the things they may need to change over utilities and other items after the move. This makes the move easier for everyone and reduces the stress.
Improper Or Poor Maintenance Plans
Set up a pre-determined schedule to ensure that the property continues to run at the highest quality level possible. Property managers find that the number of afterhours calls decreases because there are less things breaking down in the evenings and weekends. The extent of the damage caused by these incidences is decreased as well because they are fixed in a timely manner and are found sooner. When you set up a maintenance plan, make sure to check with the building’s residents to see if they noticed anything that needs attention. This prevents having to make numerous trips for the same apartment rental and it looks after issues before the tenants have to complain making for a far more positive experience.
Repairs and maintenance in any building is inevitable. When setting a schedule for repairs and maintenance, be sure to stick to these goals by providing a specific date. Sharing this information with the tenants is also highly beneficial. The apartment rental can be prepared if need be and they are aware that you are making a conscious effort to keep things up to par.
Not Dealing With Late Fees And Rent Payments Adequately
Some property managers attempt to avoid situations by allowing late rent payments to continue. Some will only send a letter of request or make a quick phone call. This simply doesn’t work; it is harder for renters to hide if they have to look at their landlord directly. Renters who are rarely if ever late on their payments may have something going on, so take the time to ask questions. It could be an innocent mistake, but sometimes it may be that the tenant is dissatisfied with a situation and using this to get your attention. In this case, find out what it is and deal with the issues while working to prevent the same situation in the future.
When payments are not made on time, make sure to add on a fee as a discouragement to keep it from happening again. This will help to ensure that the apartment rental is paid for on time in the future. Property managers want to be careful here however. It needs to be large enough to be a deterrent, but not so large that it is unreasonable. Also, offer some type of incentive to promote prompt payment.
Many property managers regard these things as being a waste of time and money, but the truth is rather quite the opposite. By watching out for these three problems, you will notice the apartment rental’s occupancy rates improve dramatically. It will also improve your reputation and save time in other areas, making these solutions well worth the effort. Both new and experienced rental professionals will notice a significant increase in the returns these solutions provide.