Why Reinvent the Wheel?

If you are looking to start a management business in preparation for the next business down cycle (recession) you came to the right place.  The reason I wrote this book and created this companion website with downloadable forms was a direct result of construction, architects and realtors that wanted to have a recurring income stream.  If this is one of your goals for 2020 I am glad you found us because it takes time and you make mistakes if you start from scratch – why reinvent the wheel?

I’ve been in the property management business since 2001.  Part of my business was maintenance, part brokerage, part construction and part management.  In all the economic downturns, maintenance lost revenue as people put off small projects (under $20k) and brokerage and construction fell off a cliff.  The one thing that survives a downturn is your management contracts that typically have an annual increase every year.

During my career I’ve made plenty of mistakes and learned from them.  I’ve also accumulated a lot of resources.  Both the lessons learned and the materials are available to you for a very small investment.  I hope you take my advice and don’t reinvent the wheel – it can burn you out and it takes longer to start making money.   I wish you good luck on your entrepreneurial journey – we’re here to help.

 

Want To Be a Property Manager But Don’t Like Accounting? We Have You Covered

People get into property management for many reasons.  There is the recurring income, for some it is working with people, for others it is the ability to get out of the office and help onsite.  But the hang up for some is they don’t like accounting, so what are you to do?

 

When starting a new business you don’t have to do it all yourself.  You can keep the activities you enjoy and hand off the rest.  If accounting is one of the areas you don’t like, as well as piecing together systems to track all of the accounting, you have an option.  I started Community Financials to help managers with the monthly accounting activities for Condo and Homeowner Association (HOA) management.  We offer a choice of the top 2 softwares in the industry by market share Caliber and Tops One.  We provide you a login to see all the accounting info and also use all of the software’s capabilities (work order & violation management, etc).  We handle the dues collection, deposits, bill payment and monthly financial reporting.  You keep your relationships with your clients and we run in the background and answer any accounting questions you have.

 

If you are an aspiring condo manager or HOA Manager looking for software or accounting support visit our website for more information or give me a call at 833-CONDO-HOA.

Recession Proof Your Life

The average business cycle is 61 months long going back to 1950.  We are much farther along at 106 months we are in the 2nd longest business recovery in US history.  When recessions come along real estate sales drop and construction activity drops along with related professions and the general economy.  One thing that doesn’t drop is property management – it is a stable business – some say recession proof.

If you have thought about getting into property management I encourage you to start now.  Some economists are predicting that along with higher interest rates the economy will start to slow later this year and enter a recession in 2019.  So why not give your self a little insurance?  If you need help you’re at the right place.

Opportunity from Low Interest Rates for So Long

Interest rates have been low for an extended period of time to stoke the economic recovery after the Great Recession.  This environment leads to house appreciation and also people using equity in their house to purchase second homes (sound familiar).  One area where you may have more opportunity in property management is in managing second homes.  You can target communities that are popular second home spots – by the beach, by ski mountains, etc.

There may be more homes that need help than the current companies can provide – or they may be stretched thin with not enough staff and therefore not keeping up with service – this opens up opportunity for you.

Good luck!

Property Management Explosion

My wife and I like renting a house when we go away with our son.  Its more affordable than renting a hotel room in many cases and you can prepare your own food and do laundry making it even more affordable than a standard stay at a hotel.  The short term rental of houses is a booming and growing segment of property management – think HomeAway or Air BnB.  Helping people to manage a 2nd house that can produce income for them is a very beneficial service.

This segment of property management has its challenges though – you have to go to the property more often to check if cleaners did their job and the place is ready for the next renter.  You often have to meet renters at the property at the start or end of the stay – although i have seen key boxes and cleaners suffice to let renters in and then check on any damage.  This is much more intense than managing rentals where someone is in the house for a year.

It really depends on your location if this is in demand and if you are interested in this segment of property management.  Good Luck!

 

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