Buildium

MARCH 19, 2025

Understanding Rental Income The first step in getting a handle on tax accounting for rental property is understanding exactly what counts as rental income and expenses. Rental income includes all the payments you receive from tenants. Operating Expenses Operating expenses are the costs of maintaining and managing your rental property.

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Rental Property Management Rental Property Property Management Property Manager 130

Buildium

MARCH 19, 2025

This lets you view financials for all your properties in one place without having to manage separate accounts for each one. Rent Tracking and Invoicing Capabilities: Software that can automatically generate invoices for tenants, track payments, and send reminders for unpaid rent is extremely helpful.

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Rental Property Landlord Property Utilities 130

Buildium

OCTOBER 28, 2024

However, cultivating strong relationships with existing clients and encouraging them to expand can be a more cost-effective way to add doors to your portfolio—particularly in a market where more rental owners may be interested in acquiring new properties in comparison with the recent past. What Type of Property Manager Are You?

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Property Management Property Manager Management Property 246

Buildium

DECEMBER 30, 2024

Mistake #3: Setting Up Your Banking Structure Incorrectly Property managers have to be very careful when setting up their banking structure. You have to keep your money separate from your owners, and youll need a trust account to handle tenants security deposits, all of which is regulated by the state in which you operate.

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Property Management Property Manager Management Property 245

MRI Software

DECEMBER 14, 2023

Multifamily property management software has transformed property management operations. This software enables property managers to streamline daily tasks, effectively manage revenue and expenses, and enhance tenant satisfaction.

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Property Management Software Property Management Property Manager Management 52

MRI Software

FEBRUARY 11, 2025

Lease audits provide a clear understanding of tenant agreements and ensure compliance with legal and property guidelines. By conducting regular audits, you can safeguard your income and avoid costly disputes with tenants. Regular audits ensure your property runs smoothly and remains profitable.

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Lease Landlord Lease Agreement Property 52

MRI Software

AUGUST 5, 2024

Tenants today are looking for more than just a place to live. As a landlord or property manager, it’s essential that you meet these multifamily housing trends to attract and retain tenants. Integrating smart home devices and utilizing advanced residential property management software is now a standard expectation.

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Tenant Property Management Software Residential Property Property Management 64

MRI Software

FEBRUARY 5, 2025

A multifamily property is any residential building designed to house more than one household. Each unit typically has its own kitchen, bathroom, and entrance, ensuring privacy and independence for its tenants. Multifamily properties differ from single-family homes, where one household occupies the entire building.

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Property Finance Rental Income Single-Family Home 52

MRI Software

FEBRUARY 24, 2024

A tenant benefit package is a curated collection of services and amenities designed to enhance the living experience of renters. This package goes above the necessities of a rental property by offering additional perks that can impact tenant satisfaction and loyalty. The expectations of tenants are also evolving.

Tenant 52

Tenant Property Management Software Insurance Maintenance 52

MRI Software

FEBRUARY 4, 2025

Attracting quality tenants is one of the most important tasks for any property manager. It helps maintain stable occupancy rates and ensures the long-term success of your multifamily property. These strategies will help you fill vacancies quickly and foster a thriving community of long-term tenants.

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Lease Tenant Property Management Software Property Management 52

MRI Software

DECEMBER 9, 2023

Dealing with multifamily tenant complaints is an inevitable part of property management. Tenant complaints will vary widely, from noisy neighbors to burst pipes to concerns about sustainability in multifamily properties. In this blog, we outline how to deal with multifamily tenant complaints.

Tenant 52

Tenant Property Management Software Property Management Property Manager 52

MRI Software

DECEMBER 12, 2024

Tenant default is a challenge many landlords and property managers face, often causing financial stress and operational disruptions. Whether its missed rent payments or a lease violation, understanding why tenants default and how to address these issues is key to protecting your rental business. What is tenant default?

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Tenant Lease Agreement Insurance Property Management Software 52

MRI Software

SEPTEMBER 5, 2024

Effective strategies can help you attract and retain tenants, ensuring your properties stay profitable and appealing to investors. Achieving high occupancy rates is about more than just filling vacancies; it’s about creating a desirable living environment for modern tenants.

Apartment 52

Apartment Tenant Property Management Software Property Management 52

MRI Software

AUGUST 1, 2024

Improving tenant satisfaction while keeping costs down and cashflow steady can be a challenge for landlords. Introducing amenities and advanced technology in your multifamily property can help you achieve this balance effectively. It helps you provide modern, connected living spaces that meet tenant expectations.

Tenant 52

Tenant Property Management Software Apartment Landlord 52

MRI Software

FEBRUARY 18, 2024

This blog offers comprehensive guidance on how to deal with tenant noise complaints in multifamily properties. We offer strategies for managing the different types of noise complaints and showcase how multifamily property software can streamline the process. Are landlords liable for tenant noise?

Tenant 52

Tenant Lease Agreement Property Management Software Property Management 52

MRI Software

FEBRUARY 26, 2024

Effective tenant communication is an essential element of successful multifamily property management. The way you communicate can significantly impact tenant satisfaction, influence how conflicts are resolved, and play a major role in the overall management of your property.

Tenant 52

Tenant Maintenance Property Management Software Property Management 52

MRI Software

DECEMBER 8, 2024

Multifamily energy savings programs are designed to help property managers and owners lower energy bills while improving overall efficiency. These programs not only reduce expenses but also create more eco-friendly, comfortable living spaces for tenants. Whether you manage one building or many, youll find valuable insights here.

Property Management 52

Property Management Property Manager Tenant Management 52

MRI Software

AUGUST 2, 2024

Setting up an apartment complex recycling program is the first step; next, you need to educate your tenants. Educating tenants is crucial because it ensures everyone knows how to recycle correctly, reduces contamination of recycling bins, and promotes a sustainable community.

Education 52

Education Tenant Apartment Property Management 52

MRI Software

FEBRUARY 16, 2024

Securing great tenants is key to the success of any multifamily property. These are the tenants who pay their rent on time, respect property rules, get along with their neighbors, and maintain their units. They are essential to a positive community atmosphere and simplified property management.

Tenant 52

Tenant Property Management Software Lease Property Management 52

MRI Software

DECEMBER 5, 2023

High tenant turnover rates come with a host of challenges for property managers. Acquiring new tenants can be disruptive and costly, often involving strategic marketing, lead nurturing, tenant screening, and unit viewings or preparation. This makes tenant retention a top priority for multifamily property managers.

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Tenant Lease Maintenance Property Management Software 52

MRI Software

DECEMBER 13, 2023

Here are the trends you can expect to see in 2024 for multifamily housing: 1) Increasing use of PropTech One of the most significant trends in multifamily housing is the increasing adoption of Property Technology (PropTech), specifically multifamily property management software.

Property Management Software 52

Property Management Software Property Management Property Manager Apartment 52

MRI Software

DECEMBER 6, 2023

These seven tasks are ideal for property management automation, using state-of-the-art property management software that you can find at MRI Software. Lease renewals Property management software automates lease renewals by simplifying the process and reducing manual tasks.

Property Management 52

Property Management Property Manager Property Management Software Management 52

MRI Software

DECEMBER 8, 2023

Multifamily properties continue to be a popular choice among various types of multifamily renters. As a property manager, it’s essential to know what type of tenants are attracted to your property and the factors that drive their choices. Tenant screening is a proactive step in ensuring the safety of the community.

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Property Management Software Property Management Property Manager Single-Family Home 52

MRI Software

DECEMBER 17, 2024

Property management in todays fast-paced world requires innovative solutions to stay efficient and competitive. With tenants expecting seamless services and landlords juggling various responsibilities, its no surprise that smart tools are a must. Why is apartment complex management software important?

Apartment 52

Apartment Management Property Management Software Property Management 52

MRI Software

OCTOBER 17, 2023

SaaS (Software as a Service) solutions have transformed traditional property management. These SaaS property management software systems offer increased efficiency, cost-effectiveness, and data accessibility. 3) Increases scalability Scalability is one of the most common property management challenges.

Property Management 52

Property Management Property Manager Management Property Management Software 52

MRI Software

DECEMBER 15, 2024

This guide will explore key strategies and tools to help you automate property management tasks like rent collection, tenant communication, and maintenance management. What is property management automation in multifamily? AI chatbots: These answer tenant inquiries instantly and handle lead follow-ups.

Property Management 52

Property Management Property Manager Management Property 52

MRI Software

FEBRUARY 25, 2025

A well-structured asset management approach helps landlords maximize returns and ensure long-term success. Unlike single-family properties, multifamily investments provide multiple income streams but require more complex management. Landlords must focus on factors such as tenant retention, cost control, and market positioning.

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Landlord Management Property Management Software Property Management 52

MRI Software

OCTOBER 24, 2023

In residential property management, following up on leads and maximizing occupancy are crucial to the success of your multifamily community. It’s about securing reliable tenants, providing consistent value, and fostering an environment where tenants want to stay long-term.

Rental Property 52

Rental Property Residential Property Management Residential Property Management Property Management Software 52

MRI Software

AUGUST 1, 2024

Rather than being physically present, property managers leverage technology and digital tools to manage essential tasks such as rent collection, lease administration, maintenance coordination, and tenant communication. This approach allows for effective management without requiring the manager or owner to be on-site.

Property Management 52

Property Management Property Manager Management Property 52

MRI Software

SEPTEMBER 1, 2024

Multifamily renovations are a powerful tool for increasing property value, attracting quality tenants, and boosting rental income. This guide explores the most effective renovations, providing insights and practical tips to help you maximize your ROI and ensure your property remains profitable.

Apartment 52

Apartment Property Management Software Finance Rental Income 52

MRI Software

DECEMBER 12, 2023

For investors, multifamily properties offer a profitable opportunity, however, they come with a unique set of challenges. From ensuring satisfaction for multiple tenants to tracking payments to handling emergency maintenance issues, managing these types of properties requires effort and expertise.

Property Management 52

Property Management Property Manager Management Property Management Software 52

MRI Software

DECEMBER 4, 2024

Benefits of investing in the right multifamily asset management software When considering software, its important to be aware of mistakes to avoid when choosing a multifamily property management software. It will improve decision-making, increase efficiency, and enhance transparency across your portfolio.

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Management Property Management Software Property Management Property Manager 52

MRI Software

AUGUST 4, 2024

Creating a tailored community management plan for your multifamily property can make your property a desirable place to live, enhancing tenant satisfaction and boosting retention rates. In this guide, we will explore what multifamily community management entails.

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Management Property Property Management Software Maintenance 52

MRI Software

AUGUST 3, 2024

In the competitive landscape of property management, tracking the right Key Performance Indicators (KPIs) is crucial for optimizing operational efficiency and enhancing tenant satisfaction. By monitoring these KPIs, property managers can gauge the success of their objectives, projects, and team performance over time.

Property Management 52

Property Management Property Manager Management Property 52

MRI Software

AUGUST 2, 2024

This information will guide you in setting up an effective recycling program tailored to your property’s needs. Step 2: Gather information from staff and tenants Gathering information from staff and tenants helps you understand their recycling habits and needs.

Property Management 52

Property Management Property Manager Management Property 52

MRI Software

MAY 10, 2024

Economic occupancy provides insights into the property’s income efficiency by comparing actual rent collected to potential maximum rent, enabling managers to optimize rental income and lease management strategies. What is physical occupancy? What is a typical physical occupancy rate? A rate close to 93.8%

Residential Property Management 52

Residential Property Management Residential Property Management Rental Income Residential Property 52

MRI Software

DECEMBER 12, 2023

Property managers with these properties in their portfolios will need to know how to navigate the unique challenges and rewards that come with managing homes for multiple families. What is a multifamily property? Multifamily tenants can also find great value in living in multifamily homes.

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