Whether it’s a neighbor complaint or a routine lease payment question, as a property manager you face an uphill battle keeping track of the various agreements, tenants and properties that make up your real estate portfolio. But never fear, utilization of a sophisticated property management software system can help you avoid the biggest pitfalls in the administration of your leases.
Maintenance and Liability
A dynamic real estate portfolio contains properties of a variety of types, locations and ages. Unfortunately, all of these elements also equal maintenance concerns. Older properties need to be inspected for age related damage, while properties in certain geographic areas may need ice or snow removal services ordered. Property management software can keep track of the intricate details of property maintenance, giving you plenty of time for the important stuff; like negotiating that tricky dispute between Tenant A and Tenant B over who’s been hogging the non-dairy creamer in the common kitchen area.
Those Pesky Renewals
Not keeping on top of lease renewal provisions can cost a property manager big time. When it comes to renewing a lease, it’s all about the timing. Did that lease have a 60 or 30-day notice provision? Can I automatically raise the rent or did I have to alert the tenant first? With property management software, all of your renewal information is available at the click of a mouse.
Furnishings and Equipment
So you have just shown up to a final inspection of a property being vacated and your now former tenant is busy wrestling their office desk out the door. Then suddenly they are loading up the kitchen fridge. Wait, was that supposed to stay with the property? Property management software from Quarem can help you track not only your properties, but the furnishings that came with them. Know at a glance whether a unit was leased as furnished and if so, with exactly how many computers, desks, tables or other items, before your valuable extras go missing.
Are you Turning a Profit?
So you have a property and the tenant pays the rent every month, on time, without complaints. You must be making money hand over fist, right? Not so fast! Did you account for maintenance fees? Or how about the taxes, city permits or the repair job on the center’s big neon signage? With Quarem property managers can easily input regular and extra costs, then track profitability for individual units. Turns out what seems like a great money maker may actually be in line for a hefty raise in rent, or outright sale out of your portfolio.
Tenants are Liabilities (and Assets)
Anyone that has ever managed a real estate portfolio will tell you that the biggest pitfall to watch out for is your tenant. A problem tenant can create issues with long term and stable neighbor tenants. They can do damage to your valuable investment, or cost you money through collection or other actions when they don’t pay. Property management software can ease the burden of high risk tenants by allowing you to store communications, credit histories, applications and other documents that allow you to identify at a glance your potential problem users.
The best part of this list of pitfalls is how Quarem can help you avoid all of them. Contact us today to discuss the needs of your unique real estate portfolio.