Managing rental properties is a demanding task, and amidst the constant demands of tenant issues, maintenance requests, and property upkeep, financial management often gets overlooked. But let's face it, accounting is the backbone of your business, and good bookkeeping is the key to keeping your finances in check and ensuring your property management company thrives.So, let's dive in and uncover the top five bookkeeping mistakes that can send your finances spiraling into disarray. By understanding these pitfalls, you can steer clear of trouble and keep your business on the path to financial success.
Allow us to introduce you to Tal Kramer, the owner of Avalon Property Management in Atlanta and a distinguished figure in the property management arena. As the President-elect and Affiliate Co-Chair of the Atlanta NARPM Chapter, Tal brings a wealth of experience to the table. During a recent enlightening discussion at the NARPM National conference, he generously shared invaluable nuggets of wisdom he's acquired through years of dedicated service. Tal's insights offer a profound look into what it takes to scale a property management company. We've asked him to condense his years of wisdom into the top three nuggets, and now we're excited to pass these gems of knowledge onto you.
Property managers are constantly on the lookout for ways to gain an edge in growing their clientele. But, what's the secret to winning over new clients and retaining existing ones? The answer lies in showcasing your expertise. As a property manager, you're not just a caretaker of your clients' investments; you're their strategic partner, responsible for optimizing their returns.
This case study sheds light on how Darren Holbrook, the driving force behind One Team Realty, turned to APM Help to conquer software limitations, optimize operations, and transform his property management business into a beacon of exceptional customer service.
The Balancing Act: Rent Increases vs. Tenant Satisfaction: Achieving the delicate balance between increasing rental income and maintaining tenant satisfaction is an ongoing challenge for landlords and property managers. In today's competitive rental market, the fear of tenant turnover can make this balance even more challenging. Landlords must carefully consider the potential risks and benefits of rent increases and assess the impact on their relationships with exceptional tenants.
As a property manager, you know how crucial it is to maintain accurate and transparent accounting records. However, the complexities of property management accounting can often become overwhelming, leading to costly mistakes and sleepless nights. Fortunately, there's a solution that can alleviate these burdens and pave the way for a smoother, more successful property management business – APM Help.
In the ever-evolving world of property management, education plays a pivotal role in shaping the future of the industry. At the forefront of this movement is Peter Lohmann, the CEO of RL Property Management and a proud member of the National Association of Residential Property Managers (NARPM). His passion for knowledge sharing has been instrumental in empowering property managers worldwide. In this interview, we delve into Peter's journey of creating educational content, his vision for the industry, and a celebration of his 10 years of success in property management.
In the realm of property management, tenant turnover poses a constant challenge, affecting both financial stability and reputation. Among the various factors contributing to tenant dissatisfaction and subsequent turnover, poor maintenance coordination stands out as a prominent culprit. When maintenance issues are left unaddressed or poorly managed, tenants experience neglect and frustration in their living spaces. In this article, we will explore the top 3 reasons why poor maintenance coordination can lead to tenant turnover.
You may already know that in the property management industry, one important aspect of managing rental properties is creating a structured move-out process. In this article, we'll discuss how to properly record a move-out in Rentvine to ensure accurate accounting as well as happy owners and tenants.
Start new tenancies off on the right foot by nailing the initial move in process. If you struggle moving in tenants without challenges, then continue reading and get confident utilizing Rentvine’s move in flow.
In property management, the word "audit" has negative connotations for a reason. Accounting books are often overlooked due to immediate operational or growth demands. Given the constant influx of tasks and responsibilities, it's challenging to prioritize unseen risks. To further complicate matters, the term audit itself carries a few different meanings. Today we’ll take a closer look at property management external audits to better understand their implications, and how to remain vigilant in preparation to protect your business.
Trust accounts are used to hold money for other people until a trigger of some kind releases it. In the property management industry, these accounts hold funds for customers who are entitled to the money being held there. However, some bankers make a common mistake by opening a general business account and calling it a trust account. This article covers the terminology and regulation of trust accounts in the property management industry to ensure that property management companies and their clients are protected.
We are thrilled to announce that APM Help has received over 70 reviews on Trustpilot with a TrustScore of 4.9/5! We couldn't have done it without our amazing customers, and we wanted to take a moment to thank them for their continued support and gracious comments on our services and outstanding team members.
Our very first recurring Trust Bookkeeping client using AppFolio went live in July 2017 and since then we've brought to market additional products & services such as Daily Audits, Daily Bank Recs, Corporate Bookkeeping, After Hours Call Center, Maintenance Coordination. When we introduced these new offerings, we didn't know how to price them so we went with whatever was easy. Along the way, even our Trust Bookkeeping pricing was adjusted to account for clients of different size, location, and business (SFR, MFR, HOA, commercial, etc) and we ended up with over 60 different pricing models and a billing nightmare.
Client Spotlight: Brandon King with DK Property Management We are back with another edition in our Client Spotlight series! This month we got the chance to talk to Brandon King, the CEO of DK Property Management out of Chattanooga, Tennessee.