What is a Residential Property Management Software?

In the last 20 years, real estate market around the world had witnessed an incredible growth, something that was never observed before. Interestingly, only properties that were properly maintained and managed witnessed such a development. In this regard, property management becomes an extremely important aspect if you desire to gain maximum value for your residential properties. One of the best ways to accomplish your property management tasks in an effective and efficient manner is to sign up for good residential property management software.

Often, property owners find themselves surprised when they find out that residential property management is not all about collecting rents from the tenants. On the other hand, it requires a great deal of money management that includes maintaining financial records, preparing balance sheets involving income and expenditure details, and bookkeeping.

In addition, one needs to ensure that all the reports are ready for annual taxation purpose. Residential property management software provides property owners the ability to track every single aspect involved when taking care of their residential property. Mentioned in this article are some important features that must be present in any residential property management software.

Inventory - With an inventory, it is easier to keep track of every aspect related to the rental property. In this, one can clearly list out every single detail about the property including the property dimensions, type of property, information about the tenant, rent details, and even list out all the complaints received with respect to a particular property.

Furthermore, one can even create groups or segregate properties depending on the location, property values, or even based on monthly rental values. In fact, property management firms can gain maximum benefit by using residential property management software as it helps them manage multiple properties with ease.

Creating and printing reports - Report creation and record maintenance is critical when it comes to managing any residential property as it helps maintain transparency during transactions and avoids any disputes. In this regard, residential property management software currently available in the market can be of extreme help. Whether you want to review the lease agreement, prepare an eviction notice, or send a late payment notice, you can easily create any report.

Most of the software contain saved templates of forms that are commonly used by property owners or managing firms. Users can create customized documents using these templates and store them at appropriate location, thereby saving a good amount of time and energy.

Preparing balance sheets - Financial management package is another important feature provided by many residential property management software, something that is extremely necessary both for accounting and year-end taxation purpose.

Extensive data storage capacity - One major prerequisite offered by almost every management software is providing ample storage space, thereby helping users store every small amount of data including several intricate details about each property such as the carpet type, color of the wall, doors and window specifications, interior decoration details, and even about the appliances present in the home.

Many of the residential property management software have so much space that you can even upload and preserve your tenants' profile such as the name of the tenant, personal credit reports, current employer details, references from past property owners, copies of mails that you had communicated with the tenant and any other information that you might consider useful in future. In some of the software, one can even upload digital images of each and every room in the home and store them. These images would be of immense help when the property is rented out to tenants, as they can be used as evidence describing the existing condition at the time when the home was being given out on rent.

Property Management Services

When living in an established neighborhood there are certain financial and association aspects that a homeowner must manage in order to keep their homes up and running. These parts of maintaining a home can be hard to deal with alone when juggling a job and any other obligations. Property management services will gladly take on the responsibility of handling the financial and association details of your neighborhood to help take the heavy load off your chest.

Let's further examine the job responsibilities of the association aspect of property management. Association management involves the attendance of the neighborhood's routine home owner association meetings. They sit through the meetings to evaluate neighborhood suggestions for improvement as well as voice their own opinions on how to improve certain areas. Association management includes checking up on all neighborhood amenities to confirm that they are all running appropriately. If any problems are occurring throughout the neighborhood they will report them and fix them upon approval. This part of property management helps keep you aware of the behind the scenes details of your neighborhood by notifying you when board meetings are and allowing you to put in any personal suggestions.

The financial aspect of property management deals with an entirely different list of responsibilities. They work closely with the home owner's association board to create a yearly budget affordable to all. When coming together they discuss what fees are needed to keep pools, bathrooms, or tennis courts running with lights and appropriate cleaning. They also take in to consideration any fees that may be needed for future improvements, such as a pool that will need new lining in the near future. Upon deciding a reasonable fee for each resident in the neighborhood the property manager will send a letter to each occupant and take on the responsibility of collecting the fees. The financial manager can be trusted to handle the money and pay all neighborhood bills upon receiving them.

These property management services listed above are taken care of by people who make themselves available to your neighborhood at all hours of the day. They take in to consideration that problems such as broken pipes can occur in the middle of the night, leaving neighborhoods worried as to what action to take. Property management services commit to handling all aspects of your neighborhood, good or bad. They will be on the way to fixing the neighborhood's problems only minutes after being contacted.

Property Management Companies Do More Than Collect Rent

Many people have come unstuck over the past few years since the economic downturn caught everyone by surprise. People had to leave the homes that they had worked so hard to buy since the mortgage payments became too much for them. However, fast on the heels of this came the entrepreneurs who have snapped up some bargains and started a new enterprise by renting out homes to those who could not afford to buy. But this needs the help of experts who keep everyone in line. Try looking up 'property management R.I.' or 'R.I. property management' online to see which companies offer this service in the area.

With negative equity rearing its ugly head, many people found themselves in a great dilemma. Not only were their houses lower in value than the day they bought them, they were also suffering from higher mortgage payments because of the rise in interest rates. Although many struggle to keep up with this, some have inevitable fallen by the wayside and have had to give up their homes. This has had a two-pronged effect on the market in that now there are more people looking to rent, while there are more empty houses needing tenants.

Of course, those with money to spare, or those with enough credit, can buy up these under priced homes at much less than they used to be on the market for. All they have to do to make profit is wait for the property market to rise again, which it must at one point or another, and then rent out these properties to bring in a second or third income stream while they are waiting. The renters are actually paying the mortgage anyway so this is a great way to sit on a nest egg until it is ready to hatch.

By getting in the experts though, these new owners are assured of several things. One is that the prospective tenants will have to undergo some background checks to make sure that they can pay the rents that are being demanded. Another thing is that the background check will also take into consideration whether the new tenant has any outstanding debts, not good since they will probably renege on the rents after a short time, or whether they have any criminal charges outstanding in the courts.

The tenant may also have some unruly behavior patterns which may have been dealt with in the courts and it is this that the experts go looking for. No landlord wants to have tenants who come in and wreck the homes that they have tried hard to accumulate.

They also make sure that all rents and deposits are collected and kept safe so that the landlord can get them at the appropriate time. Although this sounds a rather easy thing to do, those tenants who fall behind with the rent also have a difficulty catching up with their debts. If this happens, then procedures to evict them from the home also have to be started. It is for these problems then that the expert gets paid so well.

Property Management - When to Utilize a Third Party

Many home owners are finding their homes sitting stagnate in a slow home market and are finding their options limited after relocating for work to either letting their homes sit empty or renting them out. Renting can be a great option if it is done right. The biggest fear most home owners have is renting to tenants who abuse the property, do not pay the rent and the situation ends in costly litigation. Unless the homeowner knows the potential tenant personally there is little to calm those fears. A realistic option is to use a property management company.

A property management company will screen all potential tenants, do a credit check and take care of the repairs that are a natural part of home ownership while the tenant is in place. Having a third party collect rent, enforce rules and ensure your best interest is protected is the smartest move an absentee landlord can make.

In order to find a property management company that is a good fit there are a few options available for homeowners. The first option is to consult with the real estate agent who is handling your home sale. Renting out a home that is for sale can be trickier since many tenants do not like to have potential buyers doing walk through and they face the unexpected potential of a home selling, forcing them to relocate unexpectedly. If this is your situation having your real estate agent act as the property manager can be the best solution if it is available. The agent will know your house and can make sure the potential tenants are going to be cooperative towards maintaining the home and allowing potential buyers to see it.

If your home agent does not work for a full service real estate agency and they do not handle rental management you will need to find a property management agency that you trust.

Whether you use your real estate agent or a management company you need to fully understand the services they offer, how they screen tenants, how they handle tenants who fall behind on rent or do damage and should come to a very specific agreement with you regarding how your property will be managed in your absence.

You may end up paying a portion of your mortgage even with renters in place since a soft market has also created lower rents and homes are not necessarily renting for what they would have rented for before the home mortgage crisis. However paying a portion of your mortgage is still better than paying the whole amount and leaving an empty home behind while you wait for the sale to come through.

Property Management - Pros and Cons to Hiring a Management Company

If you are looking to rent out a piece of real estate, whether it be a home or commercial lot, one option to consider is renting through a property management companies. These companies, which are typically run by licensed real estate agents, market and manage rental properties for owners who wish to maintain a measure of distance from their tenants.

The role of a property management company is to serve as a go-between for the landlord (owner) and the tenant. Often these companies will accept rent from tenants, help address maintenance concerns, and express any tenant concerns to the landlord on the tenants' behalf. The company will also help negotiate the lease on a home or commercial lot, and may market homes available for rent.

If you have ever served as the landlord for a property, then you know how valuable these services can be. Allowing someone else to screen maintenance concerns, market the piece of real estate, and draw up leases will free up much of your time to pursue other interests or homes to buy. The company also handles other unpleasant tasks that come with being a landlord, such as notifying tenants when rent increases and dealing with negligent tenants or eviction problems.

There can be some downsides to working with a property management firm as an owner. First, some of these companies do not behave responsibly toward tenants, as they have less of a vested interest in the property than you do. For instance, if your tenants are complaining of a maintenance issue, the company has the responsibility to deal with the problem. If they do not do so in a timely manner, you will have unhappy tenants, while you know nothing of the problem. If the problem is a serious one that could lead to personal injury, you could be held liable, even though the manager is the one at fault.

This is a rare problem, however, as most property management companies have your best interests in mind. After all, if the tenant becomes unhappy and leaves the home, you lose money, but so do they.

The best way to avoid any potential problems is to carefully screen the various companies you find as you look for a property management company to work with. Talk with other owners about their experiences in the industry. Choose a company that has a list of repair professionals on hand to call instantly. For instance, does the firm work with a qualified plumber, ensuring that your tenants can have their plumbing fixed quickly and efficiently when there is a problem? With the right company, you can have all of the benefits and few of the headaches, allowing you to earn income from your rental homes with little effort on your part.

Residential Property Management - How to Protect Your Real Estate Investment

A professional residential property management firm has the resources and the skill set to provide support to a property investor.  A property owner needs consistent updates of their real estate assets, whether the owner is local or a great distance from their investment purchase.  A residential property manager can provide reassurance that the property is being well maintained as well as quickly being able to intervene and confront a tenant that may be negligent with the property care.  Essentially, the residential property manager can be the eyes and ears for an investor, ultimately guarding the investment.

A property owner has the ability to establish any number of restrictions on a tenant as far as property reviews.  A consistent residential property management company will review the exterior as well as the interior of a real estate investment.  This includes a pre-rental inspection to advise the property owner of any potential rental code violations, a walk through with potential tenants and additional reviews at designated intervals such as every 90-180 days of the rental contract.  These inspections help to ensure contract compliance of the tenant and also help to mitigate any potential repair issues. A property owner is consequently more capable of being able to focus on the financing of the home care and maintenance costs.

Residential property management companies are also able to visually survey the neighborhood for additional competing rentals, area home sale prices and changes that may impact the overall value of the home.  For example, a change in road patterns that will increase traffic in the area of the rental property or the construction of a new commercial zone could change the rental charge amount significantly, as well as the long term property value. Being advised of these issues in a timely manner could be invaluable to a property owner.

For property owner's wishing to ensure their investment is optimized, contracting with a residential property management firm will help to relieve unnecessary uncertainty about real estate investments. Additionally, a property management firm can help to monitor the care of the property and intervene prior to an issue becoming more extensive. 

Property Management - The ABCs of Property Management

With record-low home prices, many homeowners are deciding to rent out their property instead of putting it up for sale. This change in strategy for the future of their home may have created an unforeseen issue...property management.

You could now face new questions. Are there laws governing rental properties? Who is responsible for any repairs? How does one go about finding responsible tenants? These are all good questions, and one that can be answered by quality property managers. Here are a few things you should consider when thinking of hiring a property management company that I'll refer to as the ABC's of property management.

Ask - When seeking a property management company, ask questions to clear up any confusion you may have about the process.

• How will they market your investment to achieve the best rental income and select qualified tenants?
• Are they current on all the landlord-tenant codes and laws?
• What procedures are in place for the collection and disbursement of monies owed?

Benefits - Consider the benefits to determine if hiring one is the right choice for you in your situation.

• Reputable companies offer "peace of mind" to the owners while protecting their investment.
• These managers serve as intermediaries to resolve any issues between owner and tenant before they become major headaches.
• They can provide credible resources for maintenance of the home to guarantee professional work of any repairs needed.

Cost - Review your finances to see if the cost of hiring a manager fits into your budget.

• Most companies charge between 8-10% of the monthly rent to cover their services depending on the extent of their involvement with your property.
• Marketing of your rental (Newspaper ads, internet, posted signs) is usually covered by this fee.
• The property manager will discuss any repairs that need to be made to the home and determine if the owner or tenant is responsible for covering those costs.

While these are just the basics when considering a property management company, this is vital information you need to familiarize yourself with to better understand the process. Before you hire someone, check to see if their services are in line with your expectations. If not, ask yourself if your expectations are too outrageous or if you need to seek a different company. Hiring a qualified property manager does not have to be a daunting task as long as you do your research ahead of time.

Lower Your Bills - 20 Ways To Conserve Energy And Save Money

Managing Energy Costs through conservation or through High-Efficiency Heating Equipment Rebate Programs discussed here can save money. With gas prices expected to soar this winter its more important than ever to change how we think and use energy. For a detailed audit, go to Lawrence Berkeley National Laboratory's Home Energy Saver.

Many Utilities are also offering energy rebate program,s to help share in the cost of an energy upgrade. Contact your local utility company and see what programs are in place for energy saving programs.

In some areas organizations have coordinated with the statewide and utility programs that provide energy efficiency programs and services. The regional market transformation organizations in the US are:

* The Northeast Energy Efficiency Partnerships . A regional nonprofit organization founded in 1996 whose mission is to promote energy efficiency in homes, buildings and industry in the Northeast through regionally coordinated programs.

A list of participating utilities with energy efficiency programs for the North East can be found here at http://www.neep.org

* Northwest Energy Efficiency Alliance (www.nwalliance.org). The Northwest Energy Efficiency Alliance is a non-profit corporation supported by electric utilities, public benefits administrators, state governments, public interest groups and energy efficiency industry representatives.

* Midwest Energy Efficiency Alliance (www.mwalliance.org). The Midwest Energy Efficiency Alliance (MEEA) is a collaborative network whose purpose is to advance energy efficiency in the Midwest in order to support sustainable economic development and environmental preservation. There are some energy efficiency incentives offered here at: http://www.mwalliance.org

* Southwestern Energy Efficiency Partnerships (www.swenergy.org). The Southwest Energy Efficiency Project (SWEEP) is promoting greater energy efficiency in a six-state region. The following link: http://www.swenergy.org provides a list of ongoing state, local, and utility policies and programs to advance energy efficiency in each of the Southwest states.

1. Purchase an efficient heating system: If you are thinking about purchasing a new heating system, look for energy star models. These are the most energy efficient models on the market.

2. Put your computer to sleep: Most computers come with the power management features turned off. Set your computer to go to sleep if you're away from your machine for 15 minutes.

3. Replace Light Bulbs: Use a compact fluorescent bulb. It uses about one-fourth the energy an incandescent uses with the same light quality and lasts 10 times as long.

4. Can't heat up faster: Your house won't warm up any faster if you raise the thermostat setting. When your heating system is on it runs at the same rate regardless of the temperature setting.

5. Keep doors closed: Shut the door each time you open the door cold air enters the house.

6. Rearrange your rooms: Sit near interior walls, exterior walls and older windows are likely to be cold and drafty. Close closets and cabinets - Closets and cabinets on outside walls can leak a great deal of cold air, so make sure the doors fit snuggly and keep them closed.

7. Caulk and weather strip: One of the quickest dollar-saving tasks you can do is to caulk, seal and weather strip where drafts are detected

8. Use ceiling fans: Use ceiling fans to increase air movement and comfort levels and save money. By changing the direction of your ceiling fan to counter-clockwise in the winter, the fan will push rising warm air back into the living space.

9. Take advantage of the sun: Open shades on the southern and eastern windows during the day. Close these shades when the sun goes down.

10. High efficiency windows: If you are planning to replace your windows, choosing Energy Star windows can reduce your heating and cooling costs by up to 15 percent.

11. Don't let heat go up the chimney: Keep it shut. Traditional fireplaces are an energy loser - it's best not to use them because they pull heated air out of the house and up the chimney. When not in use, make absolutely sure the damper is closed.

12. Turn off the pilot light: . If your heating system has a pilot light, turn it off during the summer. A pilot light typically costs $3-$5 per month to keep lit so why not turn it off when you aren't using it. Gas ranges with electronic ignition systems will use 40 percent less energy than a standing pilot system.

13. Tune up your heating system: Have your heating system tuned and inspected by a service professional. Losses from a poorly maintained system accumulate sometimes at a rate of 1-2% each year.

14. Insulate properly: Make sure that your wall and attic are properly insulated. Adding fiberglass insulation in your attic is one of the most cost effective savings measures and one that you can do yourself.

15. Seal Leaks: Leaks develop in all air ducts over time. Sealing these leaks in ducts can reduce heating costs by up to 20%. Keep filters clean, they can block heat flows.

16. Use appliances efficiently: Do only full loads when using your dishwasher and clothes washer. Use the cold water setting on your clothes washer when you can. Using cold water reduces your washer's energy use by 75 percent.

17. Lower your thermostat: Most energy experts recommend setting the thermostat to 68F or less, and several degrees cooler overnight. Make sure you lower you thermostat if you are leaving the house for any length of time.

18. Conserve with a programmable thermostat: A programmable thermostat lets you easily lower the thermostat during periods when no one is home, as well as lower the temperature overnight without having to freeze in the morning while waiting for the heat to rise. They start at $30 and can save you $100 in heating and cooling costs every year.

18. Insulate your hot water pipes: Hot water heating systems use a network of pipes to distribute heat through your house. Wrapping pipes and your hot water heater with insulation is easy to do and fairly inexpensive. Use foam or fiberglass insulation with a wall thickness of 3/4 in. for fiberglass and 1/2 in. for foam.

19. Single pane windows: Not only are they inefficient, but worn and dirty windows can be unsightly as well. Replacing them with energy-efficient windows is a major investment. 20. Insulate outlets: Electric outlets let cold air into the house. Remove the outlet covers and insert special insulation underneath. Use special insulating plugs in all outlets that are not being used.

Home Based Business - Advantages

Home based businesses are here to stay. An increasing number of men and women are opting to stay home and work. Many European countries have long since been practicing the work from home approach to cut down on travel time and office space; sharing of desk space in a shift rotation is also part of the new work culture. What about running your own home based business? Statistics indicate that there are millions of people working out of their homes and the numbers are growing.

There are many distinct advantages to be had from running a home based business and this article covers the more salient points.

One of the major advantages in working from home is the personal freedom you get. You can control your life and have the flexibility to work when you want. There is no boss to lord it over you and you get to spend time with family and friends whenever you need to. Technology has cooperated to make working from home a breeze.

Don't let too much freedom get to you, be organized and self disciplined and teach yourself time management to make a success of your home based business.

Financially you stand to benefit from working at home by saving on commuting time, gasoline and other car expenses. You also save quite a bit on food expenses, because more often than not we are too rushed to brown bag it to work. Staying home means you can have your meals at home and not have to pay for sandwiches that taste like cardboard and cost the earth! You will also make major savings on your wardrobe because you are no longer pressured into buying expensive clothes to keep up work appearances. You can wear your jeans to work everyday when you have your own home based business! Other savings include rental, utilities and other office expenses that you would have to pay for if you set up your business outside your home.

There are many tax advantages to be had when you work out of your home. The law allows you to deduct operating costs and depreciation expenses on your home which includes a percentage of your rent or mortgage payment, depreciation, property taxes, insurance, household maintenance expenses and utilities, repairs and home improvement expenses. Deduction on vehicle expenses used for business purposes for gasoline, depreciation, insurance and other costs is also permissible.

It is recommended that you consult with a professional accountant on these matters to follow the letter of the law.

Holiday and Vacation Rental Management - The Keys to Success!

How Can I Make Money from My Holiday Rental?

Owning a holiday home can be one of the most enjoyable experiences you can have. Whether it be a perfect place in the sun, or a log cabin in the Swiss Alps, having the luxury of owning your own retreat is hard to top. But aside from the obvious benefits, your holiday home can also be a fantastic long term investment and can therefore also make sound business sense. From my experience, home owners at best, and with a lot of hard work, may get their investment property to just about "wash its own face". However it's more common for an owner to see their bank account being drained just to maintain a home they only get time to spend a few weeks in each year, while the remaining time it mostly unoccupied.

So even when you have an ideal home in an ideal location it still takes a lot of hard and continuous work to transform it into an ideal holiday rental investment that not only washes its own face but makes a bit profit to boot.

Things You Shouldn't Do

It's probably best to start by making clear some of the things that contribute to not making a lot of money from your holiday rental. By avoiding certain mistakes you can give your holiday home investment the best chance to not just compete, but soar in the market place.

Don't DIY if you don't have the time to effectively manage it yourself.

It sounds obvious, but even the most well intentioned owner will set out to facilitate their own bookings only to find that it's just too much effort, especially if they have a full time job or other time-consuming commitments.

Rather than ignore the issue, a wee bit of research can result in you finding the ideal company to manage all aspects of your home rental; from marketing, enquiries and bookings to providing key-holding, cleaning and maintenance services.

Whatever services you sign up for will come at a price, but at least you could potentially find a hassle free way to get some return on your investment while also having the benefit of being able to reserve some time for your own well earned break.

Don't have it looking like a student bed sit!

Obvious, yet still a common oversight. Let's not dwell on it too much, as a rule of thumb just think 'hotel standard'.

OK it's a home not a hotel, but your marketing images should show a nice clean & tidy place to stay. Some level of 'staging' will be of obvious benefit, flowers in the vase, spirit-level for all wall hangings etc. But remember, the scene you set is pretty much what your clients will expect on arrival.

Don't offer what you can't deliver!

Again, it's fairly obvious, but then some owners do get sucked into elaborating the truth just to secure a booking. If you 'colour' the description of your holiday home, its location, situation and/or facilities and you fail to deliver in one or more areas, then you are effectively building your guests up to a hugely disappointing arrival.

Note:A common mistake owners make, which can be a genuine oversight, it to specify a maximum number of persons their rental can accommodate only for a guest to complain that they don't have a sufficient number of dining room chairs, cutlery, plates, cups, glasses or even patio furniture, including sun lounges. Make sure you max accommodation is met by adequate level of facilities.

Believe me, whatever your guests read about your holiday home or view in the images you provide, they will use all of this information to create their 'holiday vision'. In this perfect holiday vision, they will see themselves in your holiday home exactly as you have described it, and all of this could be weeks or even months before they even arrive!

Remember, a holiday is a really big deal. For most it will be a once a year event, and the vast majority of renters will have taken a lot of time evaluating all their holiday rental options before making a decision to book yours. So it is your responsibility not to let them down by providing inaccurate information.

Furthermore, for all the time and effort it takes to attract a renter to your home, you are then provided with the perfect opportunity to deliver on what they expect and hopefully get a repeat booking in the future; or even a booking based on a client recommendation, even better!

At the very least you should be able to get a glowing testimonial that you can use to persuade future holiday makers to choose your holiday home over all of the other offerings on the market, so if anything aim to over-deliver.

Don't price yourself out of the market!

Do your research. Take a look on one or more of the leading holiday rental websites/portals, and try to find homes similar to yours so you can see how they are being marketed and what their rates are.

You could also look at how full their calendars are, although this can be a bit misleading as some owners will simply fill in less popular months with bogus bookings to make their home look more popular and therefore credible.

Note: I know of at least one holiday rental marketing site that will list your home higher in their results if you regularly update your calendar. On the face of it, a good idea as it is in the best interests of a portal to provide their visitors with holiday rental results that have accurate availability information. On the other hand this can encourage owners to regularly block out their less popular dates just to maintain a higher listing.

Things You Should Do

Understand your holiday home

People who struggle to rent their holiday homes aren't necessarily always those same people who can't commit enough time toward it. NOT being clear about what you have, how prospective renters perceive what you offer or identifying more than one potential way to market your home could mean all your hard work is wasted.

This is where a simple exercise in SWOT analysis is can be useful.

SWOT stands for "Strengths Weaknesses Opportunities and Threats", and if you're not naturally a logical thinker then a SWOT will prove a useful exercise in guiding you to think in a certain way; ultimately a way that will enable you to understand where you are, where you want to be and how to get there.

To do a SWOT, simply write down the four headings, and then underneath each heading have a really good brainstorming session. The goal is to try to get as many points under each heading as you can. The more the better!

Strengths & Weaknesses - Let's not go into it too deeply, but as an example, one strength may be that your holiday rental is in a sort after area, while its weakness may be that it looks a bit run down as it hasn't had a good spring clean in some time.

As an opportunity, you may do a bit of brainstorming on your surrounding area and discover that your location is actually a popular wedding destination, or popular for golfing, diving, surfing or local history & art galleries, it could be any number of things but the point is you are identifying 'opportunities' to improve your success at renting you holiday home. One of the ways to do this is to reach those people who could potentially be interested in what you have to offer. So for this example you may decide to advertise in more specialised publications or themed websites (such as 'activity' holiday websites).

A threat can be something that is or may be in the way of you achieving success with your rental. It could be something as simple as you identifying that you don't have time to manage your enquiries adequately and by the time to get back to some people they have already booked with someone else, if this is the case then you are a potential threat to your rental's success.

Just like all the points mentioned in the "Things You Shouldn't Do" section, this SWOT is starting to look a bit obvious, but that's the beauty of it, it is a simple and effective way to get you focused. The one golden rule is to be honest as this will enable you to effectively improve your situation.

One last SWOT related note: if it all sounds a bit too drab then why not involve a couple of friends. Having a fresh perspective is always good. For example a friend will be more detached from your situation and may see issues which are obvious to them but not so obvious to you.

For example, one of the biggest pitfalls is holiday home presentation. Maybe you don't see it, but a friend could quite easily put themselves in the position of a potential renter and give you some fresh practical advice as to what they would expect and therefore how your home could be better prepared.

Understand your market

Consider every aspect of your rental and see how its facilities may be naturally suited to certain people, groups of people or people with specific interests. See what your local area has to offer. Be imaginative (not deluded) and see you what you have to offer can be used to tap into as many well defined markets as possible. E.g. is it a popular wedding destination? It is located near any golf courses?

Note:If you are looking for me to give you a good example, then try to find a holiday rental being advertised in Kissimmee, Florida that doesn't have any reference to Disney! I.e. when you have a holiday rental with an attraction as big as Disney World on its doorstep your marketing focus it a no-brainer.

Identifying one or more suitable well-defined markets will enable you to better focus your marketing efforts, and in some respects will make it easier in terms of how you prepare your marketing information and where you use it; whether it be a holiday rental marketing portal or a wedding or golf magazine.

Prepare your booking information

This can range from your booking 'Terms and Conditions' to the directions you should provide your clients so that they know how to get to your holiday home from the airport etc... With respect to your Terms & Conditions remember to be both comprehensive and clear so that your client is fully aware of the deal they are entering into. This is even more important with respect to deposits, when final payments are due and what happens if a booking is cancelled etc. Remember not to intentionally mislead your clients, it will only come back to haunt you.

Prepare your marketing

You will need large, great-looking images, even if you need to hire a photographer. Period!

You must be organised

Your organisational skills will be important for dealing with enquiries. You will be expected to reply promptly to enquiries, providing clear, accurate and relevant information.

Once a booking is confirmed, you should have pre-prepared information ready to send to your client. This will include the full address of your home, directions from the airport, important phone numbers, and any instructions for appliances etc within the home itself. Remember, it's your home, you should know enough about it and the area surrounding it to provide your clients with a bit of an introductory guide that will enable them to feel fully prepared when they arrive.

Be Pro-Active

• Have a plan and stick to it.
• Periodically review your plan and update it if you need to. Then stick to it again!
• Aim to reply to all enquiries within 1-2 hours. The quicker the better - your potential client may have submitted several enquiries to several different owners simultaneously make sure you are one of the first replies your client receives.
• If your client paid a security bond (deposit) be prompt with its return, i.e. don't wait for your client to remind you by asking whey they have not yet received it.
• Once your clients return from their holiday, ask how their holiday went and if they would provide you with a review.
• Remember, it takes a lot of effort trying to close a deal on a booking and then ensuring your client has a positive holiday experience. Now that you are building up a list of happy clients, keep in touch with them. Not every day, but if you decide to run any special rates or offers, keep your past clients in the loop. Past 'happy' clients can act as your extended sales team, and personal recommendations are simply the undisputed champion of sales & marketing. One of your clients will pitch you holiday rental to one of their friends better than you can hands-down!

My Last Bit of Advice

Always Try To Do The Right Thing At the risk of sounding a bit patronising, my biggest philosophy is "if it's done properly, you won't have to do it again" (not in the immediate future anyway). For holiday rentals, this can apply to every aspect covered in this article.

For example:

Simply get your directions 'perfect'. If you do, you will reduce the likelihood of having to answer time-consuming queries before your clients go on holiday, or phone calls late at night from clients who are lost and can't find your accommodation - it does happen!

Keep your marketing spot on, and keep it accurate. Fail to get it right, and disappointed clients will often want some sort of compensation, and even when you compensate them, remember that you are just giving them something they feel you owe them because you let them down on some level. The outcome will still be a disappointed client, who won't re-book or pass on any referrals, and you will be out of pocket. No one wins.

At the end of the day, there is only ever a finite amount of time you can commit to anything in life, including the management of a holiday rental.

You must ask yourself this. How would you like to spend your time? Do you want to spend it making wrong decisions and constantly dealing with complaints and offering compensation? Or would you prefer to make right decisions, doing things the right way, not wasting your time and therefore making daily progress. Getting it right produces a bit of a snowball effect, and you amass a great number of honest testimonials from a large number of satisfied clients who not only re-book but also pass on referrals from friends and family who may like to book also. All this will contribute to you making your holiday rental a long-term success.

Good luck!

P.S. Did you enjoy this article? Well I hope you found it really useful and that some of the advice given here will help you achieve success with your rental. Please note that your comments and input is encouraged. I look forward to hearing from you and your experiences. Kevin.

What is Company Fraud and How Do You Stop It? (Part 2 of 2)

In the first article of this series, I defined fraud, discussed how it can occur in a company, and provided some real-life examples of when and how it has occurred in the corporate world. In this - the second - article, we get down to nuts and bolts; how do you minimize fraud in YOUR company?

There are two main steps required to stop fraud in your company: Step 1 - identify your fraud risks; Step 2 - implement corporate expense management software controls to minimize those risks.

STEP 1 - Identify Your Fraud Risks

Is your company vulnerable to any of the following?

• Variances between hardcopies and computerized reports;
• Departure and return airfare on different dates but with no corresponding hotel expenses;
• Meals on weekends or in non-work locations;
• Poor descriptions and incomplete documentation such as a missing boarding pass, itinerary or receipt;
• Dates out of sequence;
• Old receipts;
• Nasty or inconsistent explanations to questions regarding claims. A common response is "how dare you question me?" ;
• Copies;
• Altered receipts;
• Credit card statements or printouts instead of receipts;
• Airline tickets:
• Employees have been known to pay for airline tickets using frequent flyer points and then claim the cost of a ticket as an expense from the company. This can be considered a fraudulent activity;
• There are numerous mechanisms employed to defraud an organization through the use of airline tickets. Organizations need to be diligent when dealing with airline ticket exchanges, refunds, partial refunds and possibility the flight being claimed was not taken (evidence of car rental, parking at the home airport, meals or other expenses in the destination are not present).
• Duplications to watch out for:
• These may not be identical amounts as in the case of partial hotel bills;
• Past due charges on mobile phone bills;
• The same expense may be reported twice in one period or in two or more periods with a different description and coding.
• Claiming personal items can also be a source of fraud against the company. These can include:
• Travel for family members;
• Retail or personal purchases;
• Excursions added on to business trips;
• Extra days in a hotel, car rental etc.;
• Gift shop, massages, etc. may be included on a hotel bill;
• Non-authorized trips.
• Organizations should also be diligent in identifying expenses being claimed that were not incurred. This is especially relevant when related to the claiming of meal expenses and meal per diem expenses;
• Inconsistencies such as taxi and rental car claims for the same portion of trip or mileage calculations that are clearly inflated;
• Overstatements may or may not be deliberate, however they include typographical errors ($34.95 reported as $3,495) and incorrect exchange rate conversions.

There are numerous other less obvious activities that fail to comply with legislative and/or company policies. Examples of these failures include improper coding, such as: hotel bills that include meals, phone, etc., that are reported as lodging; car rental which may not fall into a company authorized class; and the use of prohibited vendors.

STEP 2 - Implement Corporate Expense Management Software Controls

In order to minimize the risk of fraud in your company, your corporate expense management software controls should be designed to provide and support the 5 W's (Who, What, Where, When, and Why). They must ensure that all reasonable, authorized expenses incurred in order for a staff member to perform their job responsibilities are paid with the corporate credit card and documented with an original, valid, unaltered receipt, and they must be implemented throughout the entire organization, at all levels and in all functions.

In practice, these corporate expense management software processes, controls, and procedures are very broad. They relate to items such as approvals, authorizations, verifications, reconciliations, segregation of duties, reviews of operating performance, background investigations, and physical security. They need to be embedded in your day-to-day management and monitoring processes, and they need to also leverage available information technology.

Segregation of Duties as a Corporate Expense Management Control

Given the nature of accounts payable and the related functions, segregation of duties is a crucial consideration. Following is a partial list of duties related to accounts payable and how they should be segregated.

1. The person responsible for bank reconciliation should not:

• Handle unclaimed property reporting
• Be a signature on a bank account

The person who is check signature should not:

• Authorize invoices for payment on an account that he/she is also a signature
• Have ready access to the check stock.

A person who is responsible for the check stock should not:

• Be an authorized signature
• Handle the bank reconciliations

The person responsible for the master vendor file should not:

• Be an authorized signature
• Be able to approve invoices for payment
• Handle unclaimed property

Individuals responsible for accounts payable functions should not also be responsible for accounts receivable.

Other Corporate Expense Management Controls

Some other corporate expense management controls that are helpful in combating fraud include:

• Requiring business purchases be made on a corporate credit cards
• Monitoring transactions on the corporate credit cards
• Direct pay of corporate credit cards
• Pre-population of corporate credit card data in expense report preparation
• A good system of approvals to prevent unauthorized reimbursements
• A thorough review of an individual's expenses over a period of time
• Implementation of a PostProcurement environment (historically we have been working in a pre-procurement environment (Purchase Requisition, Order, Receipt, Remittance, 3 Way Matching, Journal, etc.) which can lead to at least 20% of transactions being disputed.)

Corporate Expense Management Software

Corporate expense management software automates the management of expense claims, significantly reducing the risk of error or fraud and comprehensively managing all purchasing data. A good corporate expense management software solution can reduce processing costs by as much as 90%, so the payback period is tangible and measurable (often less than 6 months).

When choosing a corporate expense management software solution, ensure that it can manage digital data from a range of B2B transactions including purchasing cards, travel expense cards, fleet cards, mobile phones, and Internet purchasing. Information can then be integrated into operating systems including human resources, accounts payable, general ledger, and ERP. Furthermore, make sure that it accommodates all major credit card transactions, that it is non-bank specific, and that it can operate with the world's leading ERP systems.

And finally, before choosing your corporate expense management software solution, consider the fact that technology is not the entire story in achieving corporate expense management outcomes. Cultural issues, resistance to change and corporate ownership are the greatest barriers to the growth of card programs and the realization of benefits. You must be confident that your corporate expense management software solution provider has a customer-focused consultancy based approach to client relationships of which technology is only one very important part.

Conclusion

Fraud is a significant cost to many (if not most) companies. But it doesn't have to be. By identifying your fraud risks and implementing appropriate corporate expense management controls and corporate expense management software, you can very effectively minimize your fraud risks. And with the right corporate expense management software solution, ROI within 6 months is very achievable.

Vacation Rental Homes - Pros and Cons

Planning a vacation some place? Or, may be you need to attend a convention or an event? When such things come up, the first thing you think about is a place to stay. The first thought is a hotel. Hotels are convenient and except for peak seasons, accommodation is available whenever you want it. All you need to do is visit their website or get on the phone and make your reservations.

However, staying in a hotel has its disadvantages, which is the reason why many people prefer to look for accommodation elsewhere. For one thing, hotels are very expensive. Besides, for those people who do a lot of traveling, staying in a hotel becomes a boring exercise. After a while, the food tastes the same and the rooms as well as the view begin to look alike.

That is why more and more people are turning to vacation rental homes, whether they are vacationing or visiting friends or attending events.

Pros:

The most attractive feature about staying in rental homes is the cost factor. Rental homes cost a fraction of what hotel rooms cost. So, if you travel quite a lot, then, making a booking at a rental home makes sense.

Unlike sterile hotel rooms, rental homes are homey and comfortable. So, it is natural that, in many ways, you can get more from a vacation rental home than from a branded hotel. You get spacious living areas, you can cook your own food, you can make use of ultra modern amenities, you get extra sleeping space and you get enough and more privacy. No need to fear meeting half the world when you go down for dinner or take a leisurely crawl at the pool! All this at an unbeatable price.

Vacation rental homes offer a lot of flexibility. Unlike traditional hotel rooms, you don't have to live by the clock. You can fix your own schedules and enjoy your break the way YOU want it.

Since rental homes are used by the owners themselves at least some of the time, the house is more likely to be nurtured and maintained with care and attention. You will find everything in working condition and won't have to pay extra for wonderful bonuses like a garden, yard or private swimming pool.

Thus, affordability, great value and personal attention are some of the advantages of vacation rental homes.

Cons:

Of course, vacation rental homes have some disadvantages too. For instance, unlike in a hotel, you don't have people at your beck and call. The running of affairs is not smoothly handled by someone else, and you cannot run to the manager with your complaints. If there are emergencies, you need to have the numbers of people to contact. Some amenities like internet connection may or may not work. Also, the pictures you see of the rental may be an exaggeration of the real thing.

But, these are small inconveniences when compared to the comfort and affordability of living in a home away from home.

The Property Management Contract - What You Need to Know

The Property Management Contract - Taking it Apart

The manager will be taking on significant responsibilities with the owner's real estate. It is important to look at the contract and at a minimum it must

1. Name all parties to the contract

2. The legal property address

3. Define the responsibilities of the manager and the owner

4. Enumerate all fees and commissions for leasing or real estate sales.

5. Define the term of the contract

6. Both parties must sign and date the contract

What is Agency?

"It may be referred to as the relationship between a principal and an agent whereby the principal, expressly or impliedly, authorizes the agent to work under his control and on his behalf. The agent is, thus, required to negotiate on behalf of the principal or bring him and third parties into contractual relationship."

Wikipedia

Basically you are signing off and binding the manager to act in your behalf and in your best interest regarding the management of the property.

The Take-away:

1. You should require a current license and go to search your state dept. of Real Estate to see if it is current and that there have not been any complaints or suspensions or revocations of the real estate license.

2. You should also check with your local Better Business Bureau and ask for referrals. 3. Finally, ask to see the general liability insurance policy and if the principals have errors and omissions insurance.

The length of the Contract: Often this is one or two years. Property Managers don't like a month to month contract because they need to get the tenants into the rent roll and into their system. They also need a little time to learn the property. One year should be a minimum. The Take-away: Be sure that the contract can be voided, without having to provide reason and without penalty with a written 30 day notice to terminate the arrangement. Be sure that your written termination date matches the hire date or you may have a deduction for early termination. If the hire date was on the first, terminate on the first.

Duties and Responsibilities of Managers

1. Maintenance and Inspections: In a general sense they should perform all the duties necessary to maintain and manage the property. You may specify that certain tasks or procedures remain the owners to do. Many owners like to do their own maintenance.

The Take-away: Property management companies often have their own handyman and you should be very clear about how this works. If a light bulb is out and the handyman has to travel back and forth and change the bulbs, there is likely a minimum one hour charge. It could cost you $45.00 to change a light bulb.

2. Major Repairs: you should expect that all major repairs be completed with three independent bids and receipts to back up the billing.

Take-away: To protect yourself, you should establish limits on how much can be spent without having to get your approval. If the bids all seem high, we think you should have the right to bid it out yourself. If you do, you would then be responsible for the outcome and if it was not up to code, the management firm may not want to represent you. So, for those who know what they are doing, this might be a money saving option on big jobs.

3. Inspections: The manager should be there for all city inspections and without any charge. This is part of the management of the property. Take away: you should have in writing that the company will also provide annual inspections and a written report.

4. 24 Hour emergency Service: This is part of basic management. There must be a 24 by 7 response team and there should be no extra charge for this. Its part of the basic manangement of a property.

Tenant Screening and leasing

1. Marketing and advertising the rental: The company should be familiar with the local market and be able to price the unit so that it rents reasonably fast and at the right rent. A poor rental process can cause you time on the market while all the bills still have to be paid. We have seen many companies try to hit home runs with getting the highest price only to be over zealous and cost the owner months of income.

The take-away: Ask the company how much leasing experience they have, how long a property is on the market. How to they come to their pricing strategies and how they intend to advertise, and are there any costs involved. We think that craigslist and a company website should do the job. With the exception of luxury properties, newspaper classifieds are a costly expense.

2. Tenant Screening: What are the tenant screening criteria. he company should be able to clearly offer you a set of rules. This should never be an off hand "we pick em if we like em" approach. Thats a law suit waiting to happen. We will write on fair housing, the federal government's body of law governing housing and discrimination. meanwhile there are a series of articles at our website you can read if you need to know.

Financials:

All management companies should have accounts online and always available. The bigger companies will have an accountant in the company. Thats a plus.

The company responsibilities are:

1. Track income and expenses to determine profitability

2. Rents and other fees from the property shall be deposited into a special bank account or trust as required by law and cannot become mingled with the company funds.

Issue monthly income statements

3. Negotiate rental agreements

4. Respond to tenant requests and deal with problem tenants

5. The Agent should collect the rents and other income from the property promptly

6. From the rents received the Agent should pay all operating expenses and such other expenses as requested by the Owner. This may include the payment of mortgages or taxes.

Howard Bell for yourpropertypath.com

Property Management to Your Rescue

In today's world, be it bankers, doctors, engineers or anyone for that matter own a piece of property. While some choose to live in their own property while most others choose to leave it on rent. Renting your house comes with many other added responsibilities such as collecting the rent and maintenance and this can be very time consuming. You being the owner of property will be held responsible for the proper running of all the services of the house. People generally choose to rent their property rather than to lease them.

It is basically because a lease is not renewable for a set period of time whereas in the case of rented property one can make changes in the rent value whenever wanted. Given the growing rate of inflation the general choice is renting out property. It is more rewarding and beneficial for the owner. People who have time to spare may find it comfortable to collect rent and make regular visits but for those who have jobs and their days are always full would have great difficulties. People are basically busy with their social and professional lives and to find time for such tasks can be an added stress. Those who own property in one place and live out of town will definitely find it difficult to manage. This is where property management services come to your aid. We provide the best property management services for both property buyers and property owners.

Property must be managed properly and efficiently otherwise the owner is the one who has to face the consequences. Property Management companies make it easier for you to manage your property just sitting at home. they understand the huge investment made by the owners and work hand in hand with them. Getting a proper tenant is a huge problem in itself. Property Managers help you to find a suitable tenant and make sure your property is in the right hands. They know that it is difficult to find time from your daily life and to go and check to see if your property is being maintained properly. Property Management Companies also provides services for potential property buyers. They guide you through the buying process. Many people do not have much of an idea about infrastructure and other key points required to buy a piece of property. Property Management Companies have experts who analyse the conditions and find what is suitable for you. Their services are not confined to just residential property but they also take care of your commercial property.

A good property management firm knows what their customers expect from them. In the real estate industry frauds happen all the time. Those who are aware of it generally escape but those innocent people who choose to rent out their property in a hurry without proper check on the tenant end up losing their property. If you choose expert property managers, they assure you complete security of your property.

Property Management Business

Property management refers to managing the properties of landlords. You will be working on their behalf in taking responsibility of their portfolio. It can certainly be a lucrative and rewarding career and will provide you with many benefits. In order to get yourself started, consider these simple tips.

The first thing that you need to do is to check what the legal requirements are going to be in the state in which you live. Some states might necessitate that you get a real estate license while others will require that you get a separate license in order to manage properties. Many states will offer classes that you can go on and that will keep you up-to-date with state laws regarding Property Management.

Make sure you get a dedicated phone line that you can use for your business. It is going to be very important to you to get all of the hardware sorted out and therefore you will need a phone line, a computer with an Internet connection, and a fax machine. You will also need certain pieces of software on your computer such as spreadsheet software like Windows Excel.

It is important that you talk to a lawyer. This will be to ensure that you have all of the necessary legal paperwork ready to go. That you will be signing leases and management agreements, you will be hiring repairman, you will be sorting out tenants and possibly evicting them, and you will be doing all sorts of other duties.

Of course, you will also need to get a post office address. It is important that you have a dedicated P. O. Box so that tenants and other associates are able to mail rent and other such details to you. Constantly having tenants appear at your home in order to drop off their rent is not only a hassle, but it is very unprofessional and therefore you will want to avoid this particular situation, particularly if you are dealing with some difficult tenants.

Now you will need to actually start looking around for properties that you can manage. One of the best places to look will be adverts by owners that have properties to rent. Real estate agents will also provide you with some excellent leads. Spend as much time getting touch with relevant parties to build up your management portfolio.

In addition, get a Property Management website sorted out. Not only will this be extremely helpful in allowing you to manage everything together, but it will also make you appear much more professional as well.

What Are the Benefits of Property Management Software?

As a property manager, you will be required to spend lots of time making sure that your tenants are paying their rent on time, advertising vacancies for landlords, addressing issues with regards to maintenance, organizing schedules for inspection, doing background and credit check on your tenants and doing lots of other paperwork. In addition, you will need to manage income and expenses, manage construction and development, maintenance and repair of the property or areas of it. This can be a hassle and this can be very time-consuming, especially if you are doing it manually. But with the advancement of technology, programmers came up with the idea of developing property management software to lift heavy loads from property managers. The use of this software can make things a lot easier to manage, thus making it time and cost-effective.

Property management software makes it easier for property managers to communicate with their tenants, suppliers and other stakeholders efficiently. This software also comes with an ability to manage online documents. Almost all types of property management software works for commercial properties, apartment complexes, condominium associations, home associations, mobile home parks, storage units and other rental facilities. This software makes it easier for managers to input rents and post expenses, which means you do not have to do it manually. Another great thing about this software is that they are accurate.

The key benefit of this software is that you can easily track rent arrears and make a record of all the transactions you have made for your property. This can make it easier for you to know where the income is coming from and what your expenses are. The use of this software can also make it easier for you to send letters to your tenants and/or property owners and allow landlords, property managers and tenants to view their own data online so that they can keep track of their depreciation expenses annually and in the future years to come. All property management software can be multi-user enabled, thus allowing multiple computers to make use of it all at the same time. This can make things a lot easier in case you do have a small office and you need help updating information or attending to other documents.

If you are interested in getting this software to help you manage your property, there are several factors that you have to consider. First is your budget, as the cost of this software range from $50 up to $10,000, depending on its features. When searching for property management software, make sure that you opt for the one that comes with a trial version. This is for you to be able to test the program first before purchasing it. This can also help you determine if the software you have in mind can provide you what you need. On the other hand, some software companies offer money back guarantee so you can simply return it if it is not exactly what you are looking for then you may start looking for other software that will best suit your needs.

Property Management Courses - Select to Start Your Career in Property Administration

Property management courses can be of great help to anyone, be it company proprietors, managers, employees, real estate traders starting out in the apartment building rental business or property owners. With the help of these property management courses you can turn out to be a well-trained property manager, preparing for a successful career in an industry that experiences exceptional growth.

The property courses are intended to train you the fundamental principles that you should apply to private investments and corporate property management careers, providing you comprehensive practical education in order to gain the skills required to work in the property business.

By taking property management courses you may smooth the way to a incredibly successful profession in high demand, taking into consideration that lots of Americans go on with renting instead of purchasing their own house due to the difficult mortgage market, and also the trend of luxurious assisted living facilities, transcending from nursing homes to life style retreats.

If you are setting up to become a professional property manager or launch your own company, the property management courses will train you how to assess and select investment properties, how to maximize tax advantages while you reduce expenditure and turnover, how to set up favorable rental stipulations and conditions, manage day to day operations, how to improve your property and put it to the highest and best use, and all you need to understand in order to succeed.

Property management courses cover practical administration techniques for homes, apartments, co-ops, condos, subsidized housing, office buildings, retail properties and industrial amenities, with professional strategies in marketing and publicity, referrals, using leasing agents, buying, selling and closing, understanding and negotiating leases, landlord/tenant obligations, qualifying tenants and collecting rent, planning contracts, schedules and reports, teaching you everything you need to understand about repairs, maintenance and advancements, managing utilities, power conservation, cash flow, management charges, tax records, insurance etc.

The property management courses are provided by technical and community colleges. In order to qualify for this kind of a course, a student should graduate from a high school or earn a GED. Another choice for scholars is to take a college test in order to qualify for any of the available property courses. In some states across US, you have to be licensed as a property manager. The graduates of property courses could earn a professional certification through the National Property Management Association. If a student has no management previous experience, he may qualify for the Certified Professional Property Manager or Certified Professional Property Administrator professional official recognition. There are also on line property courses available for the students that prefer the e-learning approach.

After taking property courses and learning general business practices as well as leasing laws and strategies for effectively managing commercial and residential properties, one may earn one of several professional certifications, depending on work experience.

The coursework of property courses in a certificate program calls for budgeting, advertising and purchasing strategies, focusing on residential and commercial property laws, property publicity, building compliance codes, lessee and lessor laws, accounting and other.

If you would like to begin your career in this field of activity, get informed and choose any of the property management courses that suits you best.

Property Management - Commercial Management

Property management is an ever growing need as more and more people are now opting out of buying homes due to aspects such as the increase in mortgage prices. Renting is now becoming the more popular way of gaining property. It is because of the fact that more of us are now renting property that that need for property management has grown so much. It should be noted that property management requires time, intelligence and good attention to detail as well as management qualifications.

Property management is the job of looking after the properties that people rent out. This is the same for residential and commercial property. Whatever type of property you have as long as you are renting it; you will be able to get the help of property a management team.

Property management companies have the responsibility to deal with multiple responsibilities and aspects of the management and ownership of real estate. The duties of a property management company is to negotiate and stabilise a relationship between the landlord and tenant. The duties performed by a property management company are pretty much the same if your property is a residential or commercial but here we are mainly going to be looking at commercial property. Whether your property is an office block, a retail store or a bar/restaurant the duties that a property management team will perform for you are:

o Collecting rent

o Handle your letting

o Asses potential tenants

o Administration services

o Maintenance of the property

Commercial property management is an essential aspect of the property market if you want to increase the appeal or value of your property. It will allow you to get on with your renting business while the management company gets on with the day-to-day running. The extent of the service that is provided by a property management team is as flexible as you want it to be; it can be used as much as you need it to be.

A professional commercial property management service maintains and raises the level of occupancy, which enables a steady income. This is because a property management company keeps your commercial property in good condition in order to bring in business for the landlord. Your commercial property needs good curb appeal. This is achieved through keeping the structure, landscape and parking elements of the property in a clean and welcoming condition.

Your commercial property needs to be kept in good condition in order to attract customers to use your business. You need to ensure that your property is in good condition to attract businesses to set up shop within your property.

If you have invested within the property market then you will want to ensure that you are getting the most from your investment, which is where commercial property management can help you. By keeping a well run and well maintained property you will generate interest within your business and therefore attract more custom.

If you would like more information about what a commercial property management team could do for you get in touch with an expert company today.

What To Look For in a Property Management Company

As a property management company in Lawrenceville Georgia, I'm convinced that home owners are served best if a company can meet the expectations of the owner. While an owner may have high expectations, it really is the property management company's responsibility to explain what they can and cannot provide. Below is a list of what I looked for when I was searching for a rental management company and what I found to find the best companies.

Management companies typically specialize in a specific area. Marketing is not cheap and by focusing in a small geographic area dollars can be utilized to the max. Trends change, school districts change, neighborhoods change, crime patterns change, and a management company must stay on top of the changing markets. Understanding rent cycles and new business openings are just a few reasons why choosing a management company who specializes in small geographic areas will keep your cost down and days on the market less.

Look for a company who has managed for more than 5 years. Why? This has given them enough time to go through market and rent cycles. Market cycles typically weed out less effective manages. Most businesses fail within 5 years. This way, you are assured they are not learning on your dime.

I personally prefer companies who manage between 35 and 200 properties. The smaller companies have time to devote to your property and are hungry for new business. I use to think they must not be to successful if they have been around for 5 years and only manage under 50 properties. Most of time, that's just not the case. The larger companies typically have excellent systems and resources. Once you get over that, a home owner can to far removed from the actual decision maker. I personally like dealing with smaller companies.

I also believe owners are better served by someone who owns and manages their own properties. They feel the pain when a HVAC technician is sent out to fix a problem. Especially when it was causes by a dirty filter. Who else better understands than other property owner.

Last, but not least, a specific business strategy. Does the management company specialize in apartments, homes, condos, lease purchase, rent to own, listings, buyers, high end, low end, or middle of the road price ranges? Can they tell you their strategy without you looking for an exit? Does their strategy solve your real estate needs? If not, the company will not meet your expectation you will ultimately be disappointed.

If you have a home for rent or sale, consider hiring a property management company. Figure out what you are attempting to accomplish long term and short term, and find a rental management company that has a strategy to help you accomplish your goal.

Energy Manager and Energy Management Education

Saving energy resources is the priority of national, state and local governments today. However, energy resource can't be saved and preserved only by Governments; Therefore, private sector as well as non-governmental organisations (NGOs) have also joined this movement. The result is that today each conscious organisation, irrespective of whether it is a government, private or non-governmental organisation, has formulated its organizational environmental objectives and policies- and has established environmental or energy management and conservation departments to ensure that these policies are put into place and monitored. There are few organisations which have brought their energy related policies under their CSR department. Energy managers are required to ensure that the best possible energy efficiency (and water conservation) measures are used by the organisation.

Work Environment Work places vary from person to person. This is because the managers who are employed need to work from their work place i.e. the place of their organisation. But self-employed i.e. energy management consultants have the flexibility to work either from their residence, own office or office of their clients. Usual working hour is 40 per week but flexibility in working is required.

Sample Daily Activities (In the area of buildings/properties)

These professionals inspect buildings and properties to calculate the current levels of energy and water being consumed by different buildings. Then they have to identify methods and set targets of reducing energy consumption. If the building is in construction stage, managers and/or consultants have to recommend suitable changes in the structural & other design of the building so that it would consume/require less energy compared to original structural design. For example, they may recommend introduction of new insulation measures or changes in water supply system.

Today, one of the most important priorities of governments is to replace use of solid fuel by fuels that produce less carbon dioxide emission. Energy managers have to examine the usability, efficiency and cost of using fuels obtained from renewable resources.

They, then, assist the communication department in executing publicity campaigns to encourage property occupiers as well as employees to save energy by adopting various methods suggested in the campaign. (Similarly, in case of public and non governmental organisations, energy managers assist public affairs and public relation departments in executing publicity campaign to encourage and motivate public in general to save energy, water etc by various means).

Usually, now-a-days, these managers and energy consultants are fully involved in the construction of new buildings and work closely with architects and civil & structural engineers to recommend energy saving systems at the design stage. Senior managers in this department are responsible for managing a team while working on different projects. Energy manager is also responsible for estimating costs of work/change needed, keeping it within the overall project budget.

Skills & Interests • Good oral and written communication skills. • Ability to produce clear and concise reports, covering all aspects. • Good presentation skills. • Must be able to work as a member of a team as well as a team leader. • Leadership and organisation capabilities.

Entry Requirements A degree in energy management is the most preferred educational qualification. However, an engineering degree is widely accepted. Since energy related management programs as an education program is a recent development, most of the engineers who are already working as energy managers have started pursuing this course.

Energy Management Courses Infact professional institutes, in order to help working engineers as well as fresh graduates who intend to make their career in energy and allied sectors, have launched energy management course through distance and online mode. The best aspect of distance-cum-online mode of education is that you do not have to leave your job to pursue a course such as PG Diploma in Energy Management. Moreover, course material is offered both in the form of printed books as well as online material. Now, this online material can be accessed from anywhere, anytime. Suppose you are on an official tour and you can access the study material through the website of the institute. Today, there are several institutes that offer educational programs in this specialised area.

According to EduMark, an education services company that facilitates energy management education, one of the unique initiatives in this specialised field of professional education has been taken by MIT School of Distance Education, which not only offers a PG Diploma in this field through distance/online mode but also offers the online examination facility. So, you can appear in the exam either from your office, home or from a cyber café from anywhere in the world. Therefore, such initiatives have made it easier for working professionals to do courses in this field.

Estimated salary range A fresh energy management graduate can very easily draw Rupees 30000 per month. But please note that this information is only a guide and there can be substantial difference in actual salary depending upon the qualification and company.

Future prospects & opportunities Future belongs to energy management professionals-There are unlimited potential for both-those seeking employment as well as those planning for entrepreneurial ventures. Such is the potential in this sector that venture capital and private equity funds have suddenly started investing millions of dollars even in newly promoted ventures.

In terms of employment prospects, these professionals are required in almost all areas of economic activities. To be specific, these professionals are required in these sectors-Housing, Real Estate & Construction, Infrastructure, Refinery & petrochemicals, Cement, Pharmaceuticals, Manufacturing, Automobile, Chemicals, Hospitality, Mining, Iron & Steel, Food Processing etc. among others.

Related organisations: • Ministry of New & Renewable Energy, Government of India • Bureau of Energy Efficiency http://www.bee-india.nic.in • Petroleum Conservation and Research Association (PCRA) • Indian Renewable Energy Development Agency (IREDA) • National Productivity Council • Indian Green Building Council http://www.igbc.in • The Energy Resource Institute

What should I do next?

For Energy Management Education: If you are looking for educational opportunities in energy management you can contact specialized professional institutes that offer this course. Some of the institutes offering this course are: • MIT School of Distance Education • MDI School of Energy Management • TERI, New Delhi • Jadavpur University • Devi Ahilya Vishwavidyala

For Energy Management Jobs: If you have already completed your energy management course or if you are a working energy manager, you should look for jobs at the following places: • Job supplements of National newspapers: For example, Ascent of the Times of India, Shine of The Hindustan Times • Job Portals: Few of the important portals are naukri, timesjobs, shine, monster india etc. • You should also contact placement agencies: Example ABC Executive Search, Omam Consultants, Hewitt Associates, Executive Search and Selection etc.