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Despite shifting market conditions, the property management industry continues to grow at a stellar rate. According to Buildiums 2025 Property Management Industry Report , 82% of the management companies we surveyed experienced portfolio growth within the last two years. Here are the top six trends weve identified for this year.
As the property management industry continues to evolve, so does the technology that supports it. One prime example of this change is the increasing variety of property management leasing software that promises to speed up the leasing process and reduce your workload in the process. Youll never miss a deadline again.
But then you see the word “co-applicant” on the form, and you’re wondering… what is a co-applicant? Main Takeaways What is a co-applicant? Having a co-applicant can boost approval odds shared income and stronger credit can help secure a rental, but missing payments affects both applicants.
The application fee for apartment can seem unfair, especially when it catches you by surprise. What Are Apartment Application Fees? An apartment application fee is a one-time payment you make when applying to rent a place. What Do Application Fees Cover? So, whats the actual cost of an application fee here?
Property managers are under pressure to do more with lessfrom labor shortages to rising costs. What Is AI in Property Management? In property management, these abilities are used to optimize workflows that would otherwise take longer. If you automate too much, you could end up losing business.
Tracking payments, handling lease agreements, responding to tenant inquiries, and staying on top of maintenance requests often leads to a never-ending cycle. Rental leasing software can transform the way landlords manage their businesses, making tasks easier and faster to complete. Landlords can review and approve them in real-time.
The importance of a thorough and accurate rental application cannot be overstated. As a careful landlord, you want to know as much as possible about anyone seeking to rent your property in order to avoid renting to the wrong person. A Comprehensive Application to Rent is available on the AAOA web site at no charge to all members.
Tenant screening is a crucial part of effective property management. It ensures that qualified, responsible renters are placed in rental properties, fostering positive, long-term tenancies. Proper screening helps reduce late payments, property damage, and renter turnover, leading to smoother operations and greater peace of mind.
Managing rental properties comes with plenty of moving partscollecting rent, handling maintenance requests, keeping up with leases, and tracking finances, to name a few. Weve outlined key features that can help independent landlords become more organized and tackle property management tasks more efficiently.
Handling a noise complaint is one of the biggest challenges for property managers. Excessive noise can disrupt the peace in rental properties, whether it is loud music, barking dogs, or noisy late-night gatherings. Property managers must ensure that the lease specifies designated quiet hours based on local noise ordinances.
Application fraud detection in property management is always a priority, but its an even bigger issue given that so many interactions occur now online. And given that property managers spend an average of $7,500 per eviction, it can be costly to not take every measure to prevent rental fraud.
Because of their capacity to improve an investors cash flow, generate multiple streams of income and boost their net operating income (NOI), multifamily properties are a popular type of real estate investment. Are you taking that big step and purchasing your first multifamily property? Get started by viewing .
Ray Hespen, who is a frequent flier on The Property Management Show, joined us again to discuss maintenance metrics and how measurement improves resident satisfaction and owner NOI. He was investigating what it would look like if property managers looked at maintenance from a data-driven standpoint. Its a super-high trust game.
AI in Property Management: Separating Hype from Reality Artificial Intelligence (AI) is revolutionizing various industries, and the property management business is no exception. However, amidst the excitement, it’s crucial for property managers to distinguish between what’s merely hype and what genuinely delivers value.
Do you lose new leases and renewals when renters present sales objections? It could be a complaint about price or amenities, or even mere hesitancy to renew a lease. The ability to handle sales objections can make or break your property management business. Will anyone else be on the lease?
In the residential leasing world, May through September are known as leasing season—with July and August typically seeing the most volume. To make the most of leasing season, property managers, leasing teams, and marketing managers need to be ready for increased demand and commit resources to encourage lease renewals.
From Chaos to Clarity: How to Create a Remote Team Playbook for Your Property Management Business In todays evolving industry, property management companies are increasingly shifting to remote teams to improve efficiency and tap into a wider talent pool. Define your: Company vision What makes your property management company unique?
Main Takeaways The Move-In Affordability Plan in Philadelphia aims to ease financial burdens by capping application fees at $20, allowing security deposits to be paid in four monthly installments, and eliminating redundant fees for multiple applications. What is the Move-In Affordability Plan? That can add up to thousands of dollars.
In the previous editions of our property management software buying guide, we covered the basics of how to compare property managers, from key features software should have to assessing pricing models and customer reviews. We also explored specific considerations for multifamily property management software.
The importance of a thorough and accurate rental application cannot be overstated. As a careful landlord, you want to know as much as possible about anyone seeking to rent your property in order to avoid renting to the wrong person. A Comprehensive Application to Rent is available on the AAOA web site at no charge to all members.
The property management industry is evolving, mostly propelled by technological advancement. Indeed, AI-based technology is transforming every facet of rental property management. Continue reading to uncover the key technologies revolutionizing rental property management and defining the industry’s future.
Virtual apartment tours have become an indispensable tool for leasing agents, offering a digital walkthrough of properties that allows prospective residents to explore layouts, amenities, and the overall atmosphere from anywhere. Virtual apartment tours focus on showcasing the property to attract interest and engage residents.
If you have questions about RentCafe websites or how to stand up a great new website for your property management business, stick around. These websites make it easy for them to market their company and properties to potential renters and investors. We offer two types of marketing websites: corporate sites and property sites.
But before you sign that lease, its good to know what youre really getting intofrom the average rent in Northern Virginia to the hidden fees and seasonal trends that affect pricing. or securing a longer lease while staying mindful of fees like parking and utilities. Factors like proximity to Washington, D.C.,
As a landlord, attracting reliable tenants is one of the most important aspects of managing your rental property. Effective marketing helps your property stand out and secure tenants who will take care of it and stay long-term. In this guide, well cover the most effective strategies for marketing residential rental properties.
Landlords and property managers use them to decide who gets approved, but what exactly are they looking for? As one of the most experienced rental property management in Baltimore , we can tell you for sure that background checks are a big deal for landlords. This way, they can rest assured you’ll do the same for their property.
Have you ever wondered how to quickly assess whether a tenant can afford your rental property? The rent-to-income ratio is a simple, yet powerful, tool that helps landlords gauge financial stability before signing a lease. As experienced property managers in Washington, D.C., Read on to learn more and make informed decisions.
Landlords and property managers in Philadelphia often use eviction histories to help determine if they should approve rental applications. Consider Short-Term Apartments (Month-to-Month Leases) Renting a short-term apartment can be a solution for how to rent with an eviction on your record. When exactly is rent due?
In the previous editions of our property management software buying guide, weve talked about comparing software using high-level criteria such as price and features. But different property types come with their own host of challengesand theres specific tools that can help with each. All these factors add complexity to the job.
Experienced property management companies in Baltimore and elsewhere offer this as an option when tenants move in/out midway through the month. With it, if a tenant vacates a property before the end of the month, they only have to pay for the days they were there, and vice versa. Is prorated rent applicable for short-term leases?
At McKee Properties, we know the challenges rental seekers face and want to help you secure the property you love. First Impressions Matter Understand the Market for Bay Park Rentals Bay Parks real estate market is renowned for offering both exceptional homes and top-tier property management.
When preparing a property for rent, you handle key tasks like painting, cleaning carpets, making minor repairs, and ensuring that plumbing, electrical, and HVAC systems are safe. Managing a rental property can be rewarding, but dealing with residents’ questions and details can be overwhelming. Decide how you prefer to collect rent.
The signing of a rental lease agreement represents an expectation of trust between a landlord and a tenant. Just as you are placing your faith in a new tenant to pay their rent on time and respect your property, they are placing their trust in you that you will keep them safe while providing them with a habitable home.
A lease renewal is the process of establishing a new rental agreement with the current tenants. If the landlord or property manager is happy with the tenants and the tenants are happy with the home, it makes sense to re-up and keep the relationship going. What If You Don’t Want to Renew a Tenant’s Lease? Congratulations!
As the new year begins, property management professionals have the opportunity to reflect on foundational practices that ensure both compliance and operational excellence. For property management companies of all sizes, the creation of a basic fair housing policy is non-negotiable.
Table of contents Will owners pay to lease recreational HOA amenities? Booking an amenity vs leasing an amenity: Is there a difference? Will owners pay to lease recreational HOA amenities? Booking an amenity vs leasing an amenity: Is there a difference? Whats in it for the HOA? The short answer is yes.
A stronger credit score can lead to better financial opportunities, including easier approval for loans and rental applications. Key Requirements for Landlords Under AB 2747, Landlords must provide Tenants with written information about Rent Reporting at lease signing and at least once per year. Explains the benefits of Rent Reporting.
Multifamily applicant fraud is becoming a widespread challenge for the industry as fraudsters become more inventive, according to the State of Applicant Fraud Report from Snappt , an AI document-fraud-detection company for multifamily property managers.
Property management automation can be a difference-maker when it comes to saving timebut thats just the beginning. Lets take a closer look at what automation can do for your property management business. Online Portals and Apps Todays tenants are embracing technology more than ever and property managers can use that to their advantage.
With demand surging for Coronado apartment rentals and homes, securing your dream rental property can feel like a daunting task. Standing out among other applicants is essential, and with the righ t strategy, you can position yourself as the ideal tenant for property owners. Step-by-Step Guide to a Winning Rental Application 1.
Before our property management company in Washington, D.C. When landlords see that you are dependable in other ways, they might consider your application anyway. Landlords might be more willing to accept your application if you share the rent with someone whose score is higher. What Is a Credit Score?
As a property management company, we understand that things come up. Whether your family is growing or you must relocate for work , you may have to break your lease early. While this is not ideal for landlords or property managers, you can do a few things to make the process easier. Generally speaking, yes.
Technology has fundamentally reshaped the way property managers and their staff interact with residents. With new advancements in artificial intelligence (AI), many tools that properties use for payments and resident communication are being upgraded.
Unfortunately, you may face penalties for breaking a lease. As such, weve mapped out what those consequences entail, how to possibly reduce them, and instances when you can break a lease without a penalty altogether. What Are the Penalties for Breaking a Lease? Read below for more information.
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