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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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Business Building Tips – 5 Ways To Start Your Home Based Business Off Right This Year

If you’re anything like me chances are good that you look forward to a new year just as much as I do. This is especially true when it comes to making sure your start your home based business off on the right foot.With each new year a renewed interest lights a spark in my entrepreneurial spirit motivating me to make it my best work at home business year ever.In this article I’m going to provide 5 tips to making sure you start your business off the right way for the new year. Stick with me and let’s make this the best year for your home based business.Successful Business Builder Tip Number 1 – Learn From Past Failures And Then Let Them GoLet’s be real for a quick second. There is nothing more devastating to the future success of your business then dwelling on mistakes you have made in the past. Even if the last 12 months represent the worst times for your business don’t despair, things can and will get better. Instead focus your efforts on identifying what mistakes you made and what you can learn from them and what you can do to prevent them from happening again.Successful Business Builder Tip Number 2 – Set Realistic and Achievable GoalsIf you start the new year off with a goal to have 5000 new downline members under you or to make a million dollars within 6 months you might not see the success you deserve. I say might because the reality is, anything can happen.However, I have found that setting realistic goals such as adding a new consultant to your team every week or every two weeks to be a much more realistic goal and easily achievable. This prevents you from setting your objectives up to high thus avoiding the feeling of failure if you don’t achieve or realize those outlandish goals.Successful Business Builder Tip Number 3 – Outline Your Blueprint For SuccessIn tip number 2 I talked about setting goals. This tip enhances and improves upon that objective and it involves developing and creating a bona fide blueprint for business success.You’ll want to identify how many hours a week you can spend working on your business, how you are going to generate leads for your downline, how you are going to generate new customers, how you intend to train your new consultants and when you plan to incorporate rest cycles into your busy business day. You will need to focus on items like this and more if you plan to make this year your best ever as a business owner.Successful Business Builder Tip Number 4 – Don’t Make Excuses For Not SucceedingHere is one main difference that I have noticed between the successful consultants in my downline and the consultants that struggle. The fact is, my most successful downline members don’t make excuses for not getting something done.Instead they follow the success blueprint they designed to grow their home based business. Additionally, when they stumble (trust me, we all stumble every now and then) they quickly regroup and refocus their energy and determination to succeed back into their job.Successful Business Builder Tip Number 5 – Celebrate The Victories No Matter How Small They May BeThis is one of my favorite motivational tools and it focuses on celebrating every victory no matter how small it may seem. This could range anywhere from generating your first sale, receiving your first $1000 check from your company or signing up your first downline member. It’s OK to get excited and celebrate these milestones as you continue your journey to creating a life changing business.