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Asset Management 101
Asset management is the method that a company uses to track
fixed assets. It is the process of controlling assets throughout
their lifecycle - from procurement, through daily operations,
and finally disposal. Factory equipment, desks,...
Effective Risk Management
Risk is embedded in every opportunity a business faces. And poor risk management can result in large financial costs, or even failure. Risk points can emerge anywhere: small scale project delays, the misguided actions of an employee, or a fire in an...
ERM Not Just For the "Big Guys" Anymore, Small Business Rights Management, A Reality
Small Business Rights Management (SBRM) is a term which reflects
the shift ERM (Enterprise Rights Management) technology has
taken as awareness of industry compliance issues and protection
of original works has evolved and become implicit...
Property Management: The Good, the Bad, and the Ugly
Property Management: The Good, the Bad, and the Ugly Being a landlord is not all it’s cracked up to be. Think carefully of all the responsibilities that follow the purchase of an investment property for rental use. Screen your clients, run credit...
Understanding Data Management and Data Security
Companies today have so much data that flows in and out of the
office that they need an effective system in place to manage all
this data in a way that makes sense and from which all employees
benefit. Data management is becoming more and more...
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Property Management: The Good, the Bad, and the Ugly
Property Management: The Good, the Bad, and the Ugly
Being a landlord is not all it’s cracked up to be. Think carefully of all the responsibilities that follow the purchase of an investment property for rental use. Screen your clients, run credit checks and, if you are both landlord and owner of the property, learn to deal with problems objectively, fairly and legally. Many clients will try to talk their way out of serious issues like late rent payments. Some will even present a dramatic sob story – be sure to stand firm and take care of your property the best way you know how. Any renter can and should be held accountable for rent they have agreed to pay. Tenants can be like children and will give you gray hairs. You may have to start coloring twice a month!
Make Sure You Have Time For DIY
Do-it-yourself (DIY) property management can be difficult if you have a career and a family. The responsibility of the landlord position can be incredibly time consuming. As the owner or manager of the property you will receive all tenant phone calls to report items that need to be fixed or complaints that need to be mentioned. Tenants can be very high maintenance. Be prepared for them to call often and for minor reasons. Also, take the time to complete quarterly checks every three months. Especially if you are a DIY property manager/owner, keeping an eye on the condition of the property is essential to maintaining your investment.
Ask Questions And Read The Fine Print
To find a property manager you must know what questions to ask. Write a list of the reasons you want to hire a property manager and be clear about what you will expect from the person or business that represents you. When you hire a property manager read the property management agreement thoroughly. Many property management agreements renew annually, unless you cancel the agreement sixty days in advance. Most property managers continue their management while tenants they have procured are still living on the property. The management agreement will hold in place until the tenant vacates regardless, of your desire to terminate the current relationship. Always, be fully aware of what kind of commitment you are making in these
agreements.
Don’t Let Management Companies Take Advantage Of You
If you decide to work with a property management company educate yourself about possible hidden fees that may be added to take advantage of less knowledgeable property owners. Extra fees like charges for acquiring work or cleaning estimates, procurement fees for finding new tenants and commission fees added to tenant sales are just a few examples of things to look for. Commission charges that are added to tenant sales are negotiable within the property management agreement. These types of concealed charges are typical in agreements created by larger companies that have a property management division. In general, the cost to hire a property management company should be a percentage of the monthly rent.
Tips To make Your Property Management Search More Successful
Always research and read your property management agreement from beginning to end. Don’t sign anything until you feel comfortable. Take all the time you need to make a decision. Research and compare property managers. Ask them about their marketing strategy for the property. Find out how long the manager has been licensed and how many properties they have worked with. Ask for and contact references. The best property managers are found by referral through a trusted friend or business colleague.
Living By Example
As a property manager I try to exemplify the highest qualities in the business. I charge a percentage of the rent for my fee and promise not to add any hidden fees or undisclosed costs. I also require all potential tenants to allow me to do a credit check. I work to create the best situation for everyone involved. Since many rental properties eventually go up for sale, you are always building relationships with tenants who may be potential buyers. It is worth it to be smart, fair and reasonable in your property dealings.
About the Author
Elaine VonCannon is a REALTOR with RE/Max Capital in Williamsburg, Virginia, and she specializes in retirement and relocation in the Williamsburg area. She is an Accredited Buyer's Representative as well as a Senior Real Estate Specialist. Elaine VonCannon also works with real estate investors and home sellers.
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About Management - business management - people management - and more |
THE starting place for exploring MANAGEMENT; helping new managers get started and experienced managers get better. |
management.about.com |
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Management - Wikipedia, the free encyclopedia |
The phrase "management is what managers do" occurs widely, suggesting the difficulty of ... The management of a large organisation may have three levels: ... |
en.wikipedia.org |
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Free Management Library |
Quality Management · Research Methods · Risk Management · Sales · Social Entrepreneurship · Staffing · Starting an Organization · Strategic Planning ... |
www.managementhelp.org |
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Welcome to the American Management Association |
Helping business professionals learn practical management skills and the best practices of world class organization. |
www.amanet.org |
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Project Management Institute (PMI) - The largest project ... |
The organization of choice for project management professionalism. PMI establishes Project Management standards, provides seminars, educational programs and ... |
www.pmi.org |
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IT Project Management and IT Service Management Ideas and Analysis ... |
Datamation provides ideas and analysis for IT managers, featuring case studies and trend spotting reports on IT project and service management issues. |
itmanagement.earthweb.com |
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Management |
International review on management research. Peer-reviewed, occasional. Ejournal, with tables of content, abstracts and full articles available on-line. |
www.dmsp.dauphine.fr |
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Society for Human Resource Management |
Advances the human resource profession to ensure that HR is recognized as an essential partner in developing and executing organizational strategy. |
www.shrm.org |
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FEMA | Federal Emergency Management Agency |
Agency of the US government tasked with Disaster Mitigation, Preparedness, Response & Recovery planning. |
www.fema.gov |
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FT.com / Business Life |
Account Manager. Recruiter: Financial Times. Part Qualified Management Accountant. Recruiter: Robert Half Finance & Accounting ... |
www.ft.com |
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Small Business Management: Advice and Guides |
Online guide to small business management. Find articles, advice and how-to guides. |
www.entrepreneur.com |
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Academy of Management Online |
Academy of Management: This is the official web site of the Academy of Management, with information on membership, journals, list servers, web sites, ... |
www.aomonline.org |
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Business Management, Leadership and Decision Making Strategies and ... |
Provides business management articles, webcasts, online learning, and books as well as conferences focused on leadership and decision making. |
www.bettermanagement.com |
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Object Management Group |
Distributed object computing industry standards group founded in 1989. Defined standards include CORBA and IIOP. |
www.omg.org |
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Management Reading | Global Executive | Business | Economist.com |
The one management thinker every educated person should read Nov 17th 2005 ... The story of Emerson's successful management process is fascinating. ... |
www.economist.com |
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Emerald: Home |
Publisher of journals in management and library and information services, engineering, applied science and technology. |
www.emeraldinsight.com |
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Yale School of Management |
The mission of the Yale School of Management is to educate global leaders for business and society. We pride ourselves in providing a hard-edged business ... |
mba.yale.edu |
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US Office of Personnel Management |
Official Federal Government site listing positions nationwide for special agent, federal police officers and related jobs. |
www.usajobs.opm.gov |
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Waste Management |
Waste Management is the #1 Residential and Commercial Trash Service Provider. |
www.wm.com |
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US Office of Personnel Management |
Includes federal jobs listings, upcoming events, numerous humans resources reports, news releases and additional official information. |
www.opm.gov |
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