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Hiring a Commercial Property Manager or Management Company

Finding and hiring dependable management to oversee routine jobs associated with residential real estate investment property requires that you as the owner make a thorough assessment of duties, responsibilities and necessary services you will need.

Management is the point of contact with the tenants that represent your revenue. As a business investor you will want to protect your investment and be represented to your tenants as a caring owner that cares about your property.

It is especially important that a competent well qualified individual or professional management company reflect your standards as the owner as well as protects your property and your reputation. You can choose to hire larger national companies that specialize in managing commercial property, or a local property manager to live on the premises.

When hiring a company make an assessment of their capacity to oversee legal obligations to confirm if the investment is in adherence to the applicable laws of the state or country in which it is located. A manager or company must act as a mediator between renters and owners to communicate and carry out complaints, repairs and maintenance.

Professional property managers should be able to take on the important responsibilities of collecting rent, security deposits and have the ability to manage income and expenditures so that your realty business remains profitable. Not keeping accurate records can result in costly evictions and damage to your property by a disgruntled tenant.

Some investors allow the current tenants to continue to occupy the property and are notified of a change in through point of contact notices to advise them of a change in management; others may purchase an empty building and hire a manager or management company to screen potential tenants.

A property evaluation will be necessary to collect information about the current or future tenants and the operational services. An evaluation will give you a complete picture of the location, the surrounding area as well the amenities that will make your property a lucrative return on your investment

A commercial property investor with many properties to manage will want to hire a manager for one property location to supervise the day to day activities. The investor with many properties, a residential property management company with experience may be a better choice.

Residential managers can perform a variety of duties in person on behalf of the owner such as maintenance and preparing empty units for occupancy. Ongoing repairs and upkeep for units, laundry facilities, trash disposal, secure access and monitoring receive an immediate response when the manager lives on the premises.

Residential property management companies do not provide all of the same services that an on-site manager may perform. Routine tasks not performed are paying property taxes, rental property insurance, property registrations with local municipalities or government entities.

Landscaping and safety issues can be addressed by either residential managers or property management companies. Contact with outside contractors for structural repairs of damages with the owner’s authorization. Advertisements for the vacant units, screening of potential tenants, keying or changing the locks, carpet cleaning and painting are responsibilities you as the owner can leave up to the residential property manager can perform on your behalf.

Property managers can prepare monthly reports to their clients. These detailed statements should include paid expenses, deposited funds, and other money transaction.

A Problem With Your Home Based Business Systems: Application of Time Management

By now, everyone has been talking about or has talked about the importance of time management for any small business. It’s one of the integral components of successful home based business systems. But what most home based business systems lack is how to efficiently implement time management when applied to result-producing activities. You know that it’s important to organize your time, organize your activities, and try to minimize the time spent on activities to increase output. However, what I find lacking is that most people are not talking about how to apply those techniques in reference to home based business systems where you have several categories of tasks that need to be accomplished every day. Those categories are prospecting, business execution, and support.In order to create a time management action plan, you must first decide how much time you set out to devote to your home based business systems.Prospecting:When we consider prospecting in home based business systems, we need to understand that prospecting needs to be worked in two pools: customer base and distribution. Now, most people start freaking out when it comes to bringing people in to their businesses, or are up in arms on how to do it right. But isn’t that one of the basic precepts of any business? Think about it: what is the best way for you to increase your reach?Consider the basic retail business in this regard. Companies like Walmart, Target, Macy’s, or franchises like McDonald’s or Burger King all have exponentially increased their revenues by expanding their number of distribution points. The more stores in strategic geographic areas, the more customer base. When it comes to your home based business systems, the same principle applies. If you identify people that want to achieve their dreams through owning their own business, you can expand your customer base and increase sales revenues through increased distribution.Anyhow, back to the main focus. 1/2 of your day should be focused on prospecting customers and potential business owners. Business doesn’t grow if you just focus on administration and maintenance. This is especially true of home based business systems because of the fact that you don’t have the large financial budget compared to retail outlets and corporate companies, so you need to create clout and business organically. These methods can be done online and offline, in-person or utilizing social media. However, you must set out specific times in which you go and promote your business to get exposure.Some examples of how I prospect are that I join local community groups through Meetup and Chamber of Commerce. I keep a schedule of events that are posted and make time to get out and network. You can even prospect through your daily errands. If you are a stay-at-home mom, there are tons of ways to prospect. Whether it’s at the park, grocery store, picking up your kids, PTA meetings, every day that you are out in the world is another opportunity to prospect customers and potential business partners. Study up on how to start and maintain conversations and figure out approaches that will land you names to add to your list. I will write an article on this at a later time.Executing Business:A 1/4 of your remaining time should be devoted to administration and business maintenance tasks. Home based business systems all have administrative tasks that need to be completed on a timely basis. Failure to do so can result in penalties and setbacks in your business. It’s no different than the same penalties that traditional businesses suffer when failing to comply with certain regulations. For example, if a restaurant fails to renew their alcohol license or they fail a health inspection, fines are implemented. In your business, tasks can include filling out forms to maintain sales reports for safe taxable reporting, organizing your names list, and answering emails, tweets, comments, and posting new content on your funnels. The list goes on and on, so it’s key to write all your tasks down per week and organize them in to daily lists to organize your time to complete them.Supporting Your Business:This is something that I think most home based business systems lack in terms of having their business owners spend time thanking and maintaining customer loyalty. I’ve found that offering to provide your current customers with incentives to refer other customers to you is one of the primary and most effective marketing methods there is. Identify your top 5 customers and personally thank them by sending a note. Also useful is to provide a special promo incentive for them, like a tiered discount structure for the number of customers they refer to you. Just be sure that you don’t harass your customers by sending too much communication. Be smart with your business. Give them incentives to provide reviews and testimonials for the products they love that they purchase from you, so you solidify your sales materials for other potential customers.Not only do you want to support your customers, but support your team as well. Take time out to call your teammates and make sure you are providing them the support they need. Stabilize your organization and you stabilize your own income as well. Utilize contests to promote friendly competition with your team to boost sales, and set goals with your team and follow-up with them to keep them accountable.Don’t forget to keep track of your business volume and make sure that you are being rewarded for the result-producing activities you and your team are conducting.

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Top 5 Reasons To Start A Home Based Business

Starting a home based business would have never been much of a thought 10 to 20 years ago. It was the norm to just accept the fact that going to school to get your high school diploma so you could get a good job. Then it became necessary to go to college for at least four years to get a degree in your choice of major. This would allow you to do what you “love” and be able to make a good income. You would be able to set aside some of that income for your retirement. At the same time be able to support your family with a steady income from your job. Those days are gone. The economy today has even gotten many advisers to encourage individuals to not rely on their jobs for that so called financial security. In fact, you will see that more and more it is the norm to hear that your best move is to get started in a home based business if you really want to get control of your financial security.The following are the top 5 reasons to start a home based business:Job SecurityWhat is job security? Today there is no such thing. Job incomes today do not equal the cost of living. There are more families in low income status because of the rise in cost of living. Eventually there will only be two classes: low and high income. Lay off’s are more prevalent today than ever before. More companies are going to outsourcing their work rather then keep employees on the payroll. Having a home based business will not only help in alleviating some of these stresses, but it can also aid in funding your retirement and most likely replace your jobs income.Pension PlanIt used to be that companies were graded by the type of pension or retirement plan they had to offer. Again, this is something of the past. Companies are everyday cutting back on pension plans, if not eliminating them. These plans are no longer being offered with many companies. How good does that make you feel? Social Security just is not even something that this generation and future generations can rely on. This is another reason it is a smart move to start a home business.Tax BenefitsMany don’t realize it but having a home business can actually aid you with different tax benefits. I am no expert in taxes so you may want to consult your tax preparer to see how you can benefit. But a point you need to consider is that running a business from your home may open many ways where you can cut back your taxes. You may be able to deduct portions of your monthly expenses that you would normally have without a home business.Save MoneyIn starting a home based business full-time, you will be able to save money on costs that you would normally incur on having a job. These things would involve commuting, childcare, and even grocery costs. Many have been able live on a less income or have a better family life due to being home.Better Well-BeingHow many times have you come home from work stressed out because you’re not sure if this weeks paycheck is going to cover your bills? How many nights of good sleep do you lose because of your concern of being able to provide for your family? Or how many times have you had no energy to spend with your family because you just put in 60 hours of work this past week? Your health unbeknownst to many, takes a huge impact when you are overwhelmed with concerns as stated. Depression, heart disease, and many more other health ailments can rear their ugly heads up because your job and current income is at the forefront of your stress. Starting a home based business would allow you to add a side income part-time. This would maybe take away some of the fear of being laid off. This could eventually develop into a full-time home based business where you would have total control of your hours and your income. You would be able to set aside time for the things that are more important to you: your family.If you are tired of the heartache of not having enough time for your family because of your job or because you want a better life, then I encourage you to connect with me. You too can succeed in a home based business like thousands are doing today. Are you prepared to dedicate another 20 plus years to just making a measly income and not being sure if you will be able to have a retirement? If your answer is no, then connect with me and take control of your life today.