Keeping your communication going with owners is an essential part of property management. You will constantly need to know how they're doing with the properties, vacancies, rent rates, emergencies, compliance, turnover, you name it. But how can you get that information without being bothered by constant messaging or calls? How do you ensure you won't spend too much time responding to mundane requests and questions? You need to be prepared with a plan to relay it to the owners. The following tips will give you a hand in this:

Organise Property Management Communications

Before you do anything else, you should take stock of the types of information you are communicating with owners. This means quarterly earnings, vacancy rates, maintenance requests, tenant surveys, etc. You should review everything you wrote down and parse that into different categories. Consider which bits of information are more critical and which ones may wait. Which needs to have more time set aside, and which ones can be solved quickly? Determine the best way to get that information across to your property owners. Examples can be seen with general housekeeping and any upcoming events wrapped up in a monthly newsletter. At the same time, the annual and quarterly meetings are more effective for reviewing vacancies, turnover rates, earnings and other financial details. Most urgent matters should be handled by phone call.

Understand How and When Owners Want to Communicate

When you're on board with a new client, you may have already had the best methods of communication set up beforehand. Your email templates are good to go, quarterly meetings are planned, text alerts are ready if needed, et cetera. None of that will mean anything if the owner isn't in the habit of checking for any of that, or prefers to avoid text messaging, so all your best plans will be useless in such cases.

Naturally, there is no way you can fine-tune your communications to the needs of every person, but you can make small accommodations to the owners' needs. For example, you can give them the option to opt out of newsletters that don't convey the essential information. You can hold semi-annual meetings for people who can't make it there every three months, et cetera. You should remember that while you have a property management communications plan, things may change, so you may need to make changes to said plan.

Setting Expectations and Boundaries

Setting your expectations and boundaries is essential to keeping your communications focused and free of redundancies.

In starting a meeting with the new owners, you should go over communications policies in greater detail. Let them know how and when you will communicate with them so they can expect emails, calls and meetings alongside text messages from you.

Set up a schedule for face-to-face meetings and give the owners access to your video conferencing software. They should also have your phone number and email address so that you won't end up in their blocked call list or spam folder.

Let them know how and when you plan on getting in touch. Give them the names of employees who would handle specific billing, maintenance, and more questions. Whatever communication channels you choose and agree upon with your property owners, you should ensure it's all in writing and the owners have a copy. If you use a portal, upload the communications guidelines and agreements there so they can access them at all times.

Make sure you and your team are consistent with communications. Moving away from an agreed-upon plan will cause confusion and lack of efficiency, making things more complicated.

©MLM Property Management

Block management involves the managing of blocks of flats with individual properties under the ownership of leaseholders. A company or individual manages the properties of the block.

This involves taking care of maintenance, looking after the communal parts of the building, taking care of service charge collection and more. Managers have legal responsibilities to handle as well as maintenance.

Portfolio landlords are looking for new ways to use their knowledge, all so extra income can be earned, so managing properties is becoming more popular. The following points will help you understand the laws covering block management and obligations if you’re a manager:

Knowing the Lease Terms

Oftentimes, individual flats in a block may have very different lease terms. As the manager, you will need to figure out what each owner is allowed to do, and what you must do for them. This is one of your first responsibilities as a block manager.

Lease Terms Enforcement

If any of your leaseholders breaches the terms of their lease, such as making unauthorized changes to the property, as well as possibly sub-letting through a company like Airbnb, you will have to address the issue.

Handling Insurance

In each case, the owners’ service charge should include the contribution to the building’s insurance for the entire block. You will need to inform the insurer about the state of a few things, specifically:

The number of owner-occupied flats
The number of rented-out flats
The kinds of tenants living on the premises

These simple questions will help you get the right insurance coverage for your specific situation.

Health and Safety Inspections

As the building manager, it will be your responsibility to ensure the site is always in compliance with health and safety regulations. You will also need to follow maintenance work only carried out by approved contractors.

Fire Safety

You will be responsible for risk assessment and you need to cover all the fire safety measures your building needs for communal areas. This includes alarms, extinguishers, fire doors and more. The best way to get this done is to have a visit from a professional fire safety representative. This will give you the assessment and the exact specifications of what needs to be changed.

Routine Inspections of the Premises

You have to schedule regular inspections of all communal areas, both inside and outside your building. This is necessary to ensure the building is in good condition and that nobody violates the terms of their leases.

Keeping Records

The more detailed, the better. It will be your responsibility to keep those records regarding work done on the building, inspections, payments made and so forth.

Accounting Responsibilities

The block manager is also responsible for collecting service charges, ground rent, budgeting your management account, resource allocation and more. Ensuring the accounts are prepared for your shareholders of the block falls under this point. Management companies benefit from appointed accountants in this case.

Section 20 Notice

This is something that needs to be carried with certain building works, with the cost of each individual leaseholder being no more than £250. There is a consultation procedure in three steps that the manager needs to follow in such cases. If this isn’t done properly, you as the manager will be liable for the cost of the works, over £250 per leaseholder, so keep that in mind.

Keep Up to Date with the Law

You need to ensure you know about any changes in legislation and amendments to the existing laws that may affect the block and your management work, so don’t underestimate that.

© MLM Property Management

If you own an investment property, you know that you can gain a lot of financial benefits. However, you have to be prepared to manage the said investment well, or you risk a financial loss instead. This is the main reason why many landlords prefer to put this task in the hands of professional property managers. If you are a landlord and you are still contemplating whether to do it, you only need to consider the following reasons for such a move: 

• Tenant screening – one of the major duties of property managers is to provide tenant screening. This means that they ensure the landlord gets a vetted tenant, who is much less risky than a tenant who they know nothing about. The company the property manager works for will follow an established process for vetting new tenants, assessing all risk factors involved. All of this ensures the tenants that end up in the property stay for longer and increase the landlord’s profit. Because the property manager will get important information like proof of income, references and credit history, the landlord can count on reliable tenants for their property. 
  
  
• Good understanding of property management laws – every property owner and tenant needs to be educated about various housing and safety laws. And sometimes the landlord is simply no expert on the matter. This is where the property manager comes in. They can share their knowledge on the matter and make sure that everyone understands their duties and responsibilities. 
  
  
• Dealing with maintenance and repairs – one of the major aspects of rented properties lies with the maintenance and repairs needs of the tenants. A landlord needs to be on top of any regular maintenance work, and also ensure that any emergency repairs are carried out promptly. No tenant will like it if they have no access to hot water for example. This is something that a property manager will address. They will deal with the maintenance process by working with trusted contractors. If there is a need for emergency repairs, they will be quick to respond. What is more, they will do a regular checkup on tenants and the property, to ensure any small issues are addressed before they have had a chance to turn into a major problem. 
  
  
• Routine inspections – it is important for property managers to do routine inspections of a property. The goal is to have a thorough move-out and move-in inspection process, which ensures the property is ready. More importantly, the property manager will see to it that any problems are addressed, saving the need for the landlord to get into a discussion with the tenant and avoiding conflict. 
  
  
• Evictions – if tenants break the tenancy agreement they sign, or don’t pay up their rent, the property manager will address any eviction issues. They will guide the landlord and the tenant on the legalities involved in this move. 
  
  
• Saving time – a landlord will need to deal with a lot of other work and sometimes they will have no time to deal with tenants, repairs and everything that is involved in managing a property. That is why it is very useful for them to rely on a good property manager. The latter can deal with any such tasks, leaving the landlord more time to deal with their work. Saving time means saving money! 
  
  

When it comes to getting help for their investment property, landlords can always rely on the assistance of property managers. Getting these services means saving a ton of time and effort, all the while ensuring many benefits for both the landlord and the tenant. 

© MLM Property Management

Let’s see  how  Loan Manager in QuickBooks works. Any loan needs a fixed monthly payment, and this includes the monthly compounded interest at a fixed rate, the monthly principal installments, the decreased interest portion and the increased principal portion that grows with each installment payment throughout the Loan.

Now, we know the Loan is issued at a fixed interest rate and with every installment reduces the principal amount of the outstanding loan, the interest paid of the fixed amount of installment payment is also lower.

The Loan Manager calculates the amortization schedule and keeps track of current due installment as well as the outstanding loan balance. Therefore, anyone using QuickBooks does not have to calculate the correct allocation of interest & the principal reduction in every monthly payment. Moreover, you do not have to track every payment to the amortization schedule.