Category Archives: Property Management

A resource that can be used to manage residential and commercial property is referred to as property management software. It is a great tool for the purposes of multi tasking. It makes life easier with regards to the tasks of operating in the field and as a comptroller. Field managers should be able to supervise and purchase.

This resource is made for the purposes of assisting both landlords and property managers manage various facets of property management. While it is a great resource and of great value to the parties, it will never be a substitute for a property manager. It simplifies life in many ways.

One can access numerous different kinds. One should purchase a program that is specific to one’s business. If the property is of a commercial nature then it should have advanced inventory property management tools. A good example of this would be in the case of a warehouse. Concerning the hospitality industry, it should be able to manage check out and check in times. If the property were an apartment building then tenant records would need to be kept.

There are of course features to these applications that are common to all such applications. Universally required would be the ability to invoice and have rental features. In high demand are features related to the hospitality industry.

When a tenant hires an apartment, they usually have to pay rent every month. In return, they would receive rent and other stipulated services. Rental resources are usually able to manage the finances with much accuracy. Specific expenses can usually be deducted in order for the manager to see the net rental amount. Repairs, sinking funds and fire insurance are some of the costs that are usually applicable to such applications.

Some mistakenly assume that net rental income and total cash flow are the same. This is however not the case. There are certain non-cash charges that need to be added back to the net income in order to arrive at the total cash flow.

There are three facets to the total cash flow amount. Routine repairs would be part of operating services. A new feature that has been installed or the installation of a fire escape would be known as investment. The finance section of the cash flow would be used for this purpose. Net rental income can be positive while the operational cash flow is in the negative. This can cause confusion however. It may be perceived that operational expenses are not being paid when they should be paid. This is why property management software is crucial in this line of work.

Every landlord has found themselves at one point or another dealing with a bad tenant. There could be many reasons why this tenant is bad. Some of these property management reasons are; doesn’t pay rent, makes life hard for other tenants, and causes damages to the property. All these things make it hard for the landlord to keep the relationship going. Even though all states have different eviction laws, here are some tips that you will be able to use if you find yourself in that situation. It would be smart to get a hold of a lawyer in order to handle your legal issues and give you advice on your pending eviction. Since its more expensive to hire a lawyer on a case by case basis, you should build a working relationship with one so that you avoid the higher legal fees.

Evictions for Non-Payment of Rent – An eviction for non-payment involves serving a formal notice to the tenant informing them that their rent is overdue, and that he or she faces possible eviction if payment is not made on time. Pre-printed forms which fulfill all legal requirements for a notice are available for those landlords that aren’t familiar with the appropriate terms. If the rent in arrears is not paid after the legally defined period (usually a week), a landlord can then begin eviction proceedings. It’s important to remember that if a landlord accepts a partial property management payment during the eviction process, this can result in the dismissal of the eviction proceedings for non-payment of rent in most jurisdictions.

Violation of Lease Terms – If a tenant hasn’t complied with the terms of the lease they have signed, a landlord is required to provide a written warning detailing the lease clause being violated.  The property landlord must then allow the tenant time to remedy the problem so that the tenant cannot later claim either ignorance of the lease violation, or that they received no notice of the violation. A judge will generally rule in favor of the landlord if he or she is able to establish that the tenant ignored a prior notice.

Health And safety Issues – There are times when tenants may be a health risk to other tenants and even the property. In most cases, a landlord has the right to evict someone who causes health risks to other tenants and the property itself. You will need to provide them with a notice stating the violation and the time they have to correct it, or move out. If they fail to take action, you can start eviction processes. You can even start the process if the tenant corrects their problems, on the basis of health and safety concerns.

IF a tenant files for bankruptcy, such an action stays any eviction proceeding commenced by a landlord until the bankruptcy issue is resolved, or the bankruptcy court lifts the stay and allows the eviction proceeding to go forth. IN said case, the landlord is usually required to move before the court asking that the stay be lifted.

Tenant Counter-Claims – Tenants can bring counter-claims against a landlord after eviction proceedings have begun. The basis of these counter-claims may be inadequate maintenance, or violation of the lease, and the tenant may ask the court to stop eviction proceedings or a substantial decrease in the amount of rent in arrears. As a result, it’s a good practice to keep written records of complaints received from tenants about individual units or common areas that also detail steps taken by the landlord to resolve them. A landlord can then address the tenant counter-claim by demonstrating the actions taken to resolve problems reported.

Trials – you must make sure you have all your paperwork together before you go to court. You don’t want to find out that there is something missing, when its too late. Unless you are very familiar with all the rules and regulation of your states rental laws, hiring a lawyer who is up to date on this, will be a plus. This article should give you a good grasp on what exactly it is that you need to do in order to begin the eviction process on one of your tenants.