By John Triplett
Freddie Mac and Fannie Mae have announced new tenant protections for residents in multifamily properties with mortgages backed by the two Government-Sponsored Enterprises (GSEs), according to a release from the Federal Housing Finance Agency (FHFA).
The new multifamily lease standards policy requirement starting February 28, 2028 will require borrowers with new Enterprise-backed financing to provide residential tenants the following three minimum standards which will be included in all residential leases at properties for which applications for new loans are signed on or after the effective date.
The new multifamily least standards are:
- 30-Day Notice of Rent Increases: Written notice of a rent increase at least 30 calendar days prior to said increase;
- 30-Day Notice of Lease Expiration: Written notice of the scheduled expiration of the residential lease at least 30 calendar days prior to said expiration;
- 5-Day Grace Period for Late Rent Payments: A minimum five calendar day period from the rent due date before late fees or other penalties can be charged, e.g., if rent is due on the 1st day of the month, a late fee cannot be charged until the 6th day of the month if rent is still unpaid.
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“Fannie Mae and Freddie Mac’s (GSEs) announcements today of new multifamily tenant protections mark an important milestone by increasing transparency and improving communication between housing providers and tenants,” said FHFA Director Sandra L. Thompson.
In 2023, Fannie Mae financed approximately 482,000 units of multifamily rental housing, a significant majority of which were affordable to households earning at or below 120% of area median income, according to Mortgage Point.
“These lease standards seek to extend the reach of common baseline tenant protections,” said Kevin Palmer, Head of Multifamily for Freddie Mac. “Although many borrowers already exceed these minimum standards, all will be required to meet the standards to obtain GSE financing in the future. The details we released are intended to give lenders, borrowers, and other market participants clearer expectations with regard to how we will implement, monitor, and enforce the new requirement.”
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Source: Entrepreneur
Investing in real estate can be a smart move — but like any investment, making the most of your money and time is key.
It might not seem like the perfect time to invest in rental property considering current real estate trends indicate we’re in a seller’s market but now might very well be.
According to HousingWire, property appreciation was double its already healthy rate in 2020, and there are plenty of indications that home values will continue to rise steadily in 2021 and beyond. Even large institutional investors continue to bet more on the single-family rental space.
Rental properties, then, have the potential to deliver a steady stream of income for investors both now and into the foreseeable future. If you’re an entrepreneur looking to diversify your portfolio — or are just looking for a vacation home that can double as a sound investment — you would do well to consider adding real estate to your list of assets.
Once you do make that decision to invest, however, another question quickly arises: How do you manage that investment? Owning a rental property comes with plenty of rewards, but there’s no denying there’s also hard work involved. The day-to-day management of a rental property can take up days or even weeks of time every year, and not everyone is able to take on that responsibility.
Working with a variety of owners and property managers over the years, I’ve seen how running a property can be either successful or unsuccessful. During this time, I’ve learned a few ways to make property management easier on you, the owner — and better for renters. That journey begins with the decision of who will actually manage the property.
Should you self-manage or hire out?
Many rental owners choose to self-manage their rental properties in order to save money and be more directly involved in tenant screening, property maintenance and pricing decisions. If you have the time, it might make sense to take this route.
According to data from Millionacres, professional property managers tend to take between 8 percent to 12 percent of a unit’s rent on top of other potential premiums, so cutting that cost can feel like a good start for an investment property.
Before you jump solely into the self-managed world, though, there’s a reason property managers are able to charge that amount; they tend to make your life a lot easier and can also protect you from certain legal situations that you might not know how to handle.
Property managers already have best practices in place for dealing with residents — from resident communication, to expectation-setting, to maintenance needs — which means you can avoid the hiccups and risks that can arise with self-management.
Managing a property comes with many variables and considerations that can affect whether your property is a moneymaker or a money pit. This is true if you choose to self-manage or leave the day-to-day operations to a property manager. In both cases, the key is to strike a balance between cutting costs and satisfying everyone’s needs, keeping your time and mental wellbeing as the owner in mind.
Luckily, there are a few things you can do to make property management easier regardless of which path you choose:
1. Do your homework on the market upfront
As with any investment, it’s important you know what you’re getting into before financially committing. That means visiting the neighborhood yourself and reading various real estate reports and government surveys on topics such as census data and home price appreciation.
Ask yourself a few questions: What’s the population growth trend like in the area where you are planning to buy rental property? What about local unemployment and job trends? How is the growth of remote work affecting rental prices in the area? Knowing the answers to these questions can make a huge difference in how a property is managed.
Industry magazines such as Realtor and Multifamily Executive are useful tools to stay up to date on general real estate and long-term rental management trends. Meanwhile, tools such as Transparent and Key Data can help you find information relevant to short-term rental management, such as seasonal demand.
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2. Take a proactive approach
The more proactive you are when managing a property, the easier that task is. For one, residents will be significantly happier, which can lead to positive reviews and more units being filled due to retention and positive word-of-mouth. For another, a proactive approach to things such as maintenance and repairs can save you money during the life of your investment.
One of the best ways to stay on top of things is to spend more at the beginning. High-traffic flooring materials and paints might cost more upfront, but you’ll get your money back (and then some) when it comes to the maintenance costs.
For instance, you also should consider investing in smart technology for your units. Tools such as smart thermostats help keep energy costs down for owners during vacancy and for residents during occupancy.
Similarly, new HVAC system monitoring services can alert landlords of maintenance needs before residents have to pick up their phones, and keyless locks curb re-key costs and improve safety and transparency for residents, because floating keys are eliminated and residents can see who entered their property.
I would also highly recommend installing smart sensors for moisture and leak detection. I’ve seen firsthand how these devices can save owners a significant amount of money and time on repairs.
Water leak damage is the second-most-filed insurance claim, and it costs around $7,000 to repair. Even a small crack in a pipe can leak up to 250 gallons of water in 24 hours. Smart sensors can catch leaks before they become costly floods, and this means less water damage and no mold growth — huge wins for both you and your renters.
3. Figure out how much you want to take on
Even if you’re not concerned about the time commitment involved with managing your property, there are other aspects of management to think about when deciding how much you want to take on yourself. I’ve seen plenty of investors-turned-landlords realize after the fact that they bit off more than they could chew — especially when it comes to dealing with regulatory and compliance issues.
As with any property, there are short-term liabilities to deal with (such as noise regulations and zoning laws) alongside more long-term issues (such as fair housing laws). All of these are often more complicated than they might seem at first.
The recent trend of upzoning in cities such as New York and San Francisco is a good example of the kind of complex web you could be dealing with. In fact, more and more cities are removing old zoning laws that prevented the development of mixed-use and multifamily housing units in order to deal with housing shortages. Although this opens up new opportunities for developers and investors, it also shows how quickly regulations can change.
If it turns out you don’t want to take all of this on but you’re uncertain about hiring a property manager, consider looking at industry associations (such as the Vacation Rental Management Association and the National Association of Residential Property Managers) to find real estate agents in your area who also operate as property managers.
An agent-manager will likely know more about local trends and have a vested interest in managing the property, which means their services will be more competitive. They might even be willing to give you a discount or make their commission part of their property management fees, meaning they’ll save you money.
Real estate is not a short-term market, even with short-term fluctuations. Buying a rental property is a long-term commitment that requires real work to pay off. As long as you get into it for the right reasons and are willing to do your homework -— or hire a property manager to do it for you — you can expect a solid return on your investment.
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By John Triplett
Some landlords are changing how they set multifamily rents as a result of the U.S. Department of Justice lawsuit against RealPage alleging price-fixing on rents by landlords.
At the Bisnow Southeast Summit in Atlanta, Kenneth Racowski, an antitrust lawyer and partner at Holland & Knight, said, “Many multifamily companies are moving away from RealPage products, moving away from revenue-management software that uses private information and moving away altogether from revenue management [software].”
Racowski said the issue comes down to whether the information used to establish apartment rents is coming from exclusively public sources. Racowski has helped two multifamily companies get dismissals from charges of price-fixing using algorithmic price-setting software, the Bisnow article says.
“The most conservative risk-mitigation advice is not to use revenue-management software that uses confidential nonpublic information,” Racowski said.
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RealPage has said in response to the lawsuit that its products that use algorithms are legal. RealPage announced earlier this month a feature that allowed users to remove “nonpublic competitor data” from the results.
Several states, including Arizona, have sued RealPage and landlords for price-fixing and conspiring to illegally raise rents for hundreds of thousands of renters.
“The conspiracy allegedly engaged in by RealPage and these landlords has harmed Arizonans and directly contributed to Arizona’s affordable-housing crisis,” Arizona Attorney General Kris Mayes said in the release earlier this year.
“In the last two years, residential rents in Phoenix and Tucson have risen by at least 30% in large part because of this conspiracy that stifled fair competition and essentially established a rental monopoly in our state’s two largest metro areas,” Mayes said. “RealPage and its co-defendants must be held accountable for their role in the astronomical rent increases forced on Arizonans.”
Melissa White, the chair of the board of directors for the Atlanta Apartment Association, an organization representing more than 300 companies managing more than 415,000 apartment units, said during the Bisnow multifamily event that even the methods by which apartment owners conduct basic competitive-market studies are seen as risky by association.
“Something as simple as a market survey that we have been doing forever is now looked at in a negative manner, and it could impact any involvement companies are having related to this issue,” said White, a partner with the Atlanta-based urban mixed-use development firm Perennial Properties.
“It’s definitely a conversation that you should all be having if you don’t have priorities established for 2025,” she told the audience at the event, Bisnow reported.
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By Ryan Squires
Finding the best real estate accounting software for your needs is crucial, no matter the size of your portfolio.
Because, let’s face it, streamlining bookkeeping and ensuring your numbers are airtight is non-negotiable.
In this guide, we’ll evaluate eight of the industry’s most trusted real estate accounting software solutions, compare essential factors, and match you up with the best fit for your needs.
And to simplify your search, we’ve split our recommendations into two categories:
- All-in-One Real Estate Accounting + Property Management Software
- Accounting Software without Property Management Features
Let’s get started.
All-in-One Real Estate Accounting + Property Management Software
To begin with, we’ve selected four widely used and highly rated property management software solutions that offer integrated accounting and financial reporting.
While universal accounting solutions like Xero, QuickBooks, and Zoho Books could be adequate for your needs, these platforms weren’t engineered explicitly for landlords, property managers, or real estate investors.
As such, we recommend considering all-in-one property management software that handles accounting and streamlines rental marketing, tenant screening, lease generation, rent collection, maintenance requests, and other essential duties.
Best All-in-One Accounting + Property Management Software
TurboTenant
We’d be selling you short if we didn’t start this guide by recommending TurboTenant, the best property management software with integrated accounting and tax reporting on the market today.
TurboTenant’s highly-rated landlord software integrates with REI Hub’s top-notch accounting features that thrive for landlords, property managers, and real estate investors. Boasting a sterling 5.0-star Google Business rating, REI Hub’s customers have nary a bad word to say about the company.
Perhaps that’s because REI Hub forgoes the antiquated spreadsheet model in favor of more visually appealing features that securely integrate expenses, allow users to create rule-based transaction matching, and generate handy templates that save landlords time and money.
Accounting aside, TurboTenant’s powerful property management software enables landlords to advertise rental properties, process rental applications, screen tenants, craft lease agreements, accept rent payments, handle maintenance requests, and do it all from their laptop or mobile device.
So, sign up for a free account to take TurboTenant for a spin. Most property management features listed above are free, with no strings attached. Plus, we’re offering a 50% discount for the first two months of REI Hub so that you can get a feel for how TurboTenant and REI Hub empower landlords to eliminate pricey property management companies from their bottom lines.
Pros
- Utilizes REI Hub’s highly-rated rental accounting software
- Comes with a full suite of property management financial reporting
- Rent payments and other real estate expenses automatically sync with the software
- Features real-estate-specific capabilities, including tenant screening, rental advertising, lease agreements, maintenance management, and more
- 50% off introductory offer
- Users can track accounting and run reports for unlimited units at only $85 a month
Cons
- REI Hub’s free trial doesn’t transfer to TurboTenant
Best for Small-to-Medium Sized Portfolios
RentRedi
Like TurboTenant, RentRedi utilizes REI Hub’s powerful accounting software to help its customers effortlessly balance their books and generate flawless financial reports.
RentRedi’s accounting features ($39 per month for landlords with ten or fewer properties) work well for landlords of all stripes but best suit those with growing portfolios. Ultimately, their pricing structure for small-time landlords makes the software appealing.
As with TurboTenant, RentRedi offers all of the property management features you’d expect from an all-in-one software, including rent collection, credit boosting, e-signing, renter’s insurance, and more.
Pros
- Utilizes REI Hub’s highly-rated rental accounting software
- Full suite of property management features
- Highly rated and reviewed across many platforms
- Users can track accounting and run reports for unlimited units for $99 a month
Cons
- No free trial available
Premium Free Trial
Landlord Studio
Though we recommend TurboTenant and RentRedi above all other property management software solutions, Landlord Studio offers something you can’t find from either: a 14-day free trial to test drive their premium software and accounting features.
If you use Xero, Landlord Studio integrates with it, making the pairing convenient for real estate investors already familiar with the widely used accounting software. Integrating existing financials from Xero to Landlord Studio could get complicated, but don’t say we didn’t warn you.
Since Landlord Studio’s prices operate on a sliding scale, visit their pricing page to see if their software makes sense for your budget.
Pros
- Free 14-day trial for PRO features
- Receipt scanner and mileage tracker are helpful
- Integrates with Xero
Cons
- Doesn’t integrate with REI Hub or QuickBooks
- A maximum of five users are allowed on the PRO Plan
- Pricing only makes sense for landlords with small-to-medium-sized portfolios
Well-Established and Widely-Used
Buildium
Of all the property management software we’ve recommended up to this point, Buildium has been around the longest. Their accounting and reporting software, included in all three pricing tiers, is trusted by thousands.
Buildium’s integrated property management software is robust by industry standards and covers all the essential features you’d expect, including intriguing standouts like client lead generation, and property inspections.
However, Buildium is the most expensive solution among the four products we’ve recommended, and it’s not even close. For instance, a landlord with 150 properties in their portfolio will be on the hook for $375 a month after signing up for Buildium’s Premium Plan.
TurboTenant landlords who subscribe to the Premium Plan and add on accounting features, however, will pay less than $98 per month to manage unlimited properties.
Pros
- Accounting software is included in every tier
- Robust set of property management features
- Widely trusted by property managers
Cons
- Doesn’t integrate with QuickBooks or Xero
- Expensive; the premium plan starts at $375 per month
- Might not make financial sense for landlords with small portfolios
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Accounting Software without Property Management Features
If the property-management-specific solutions above are giving you pause, you might want to consider a service that focuses solely on accounting and reporting.
Well-known companies like REI Hub, QuickBooks, Xero, and Zoho Books offer intuitive and powerful solutions that can balance your books and take the stress out of tax season.
But keep this in mind: The four companies we’re about to recommend won’t help you accept rental applications, initiate background checks, advertise your rentals, manage maintenance requests, or handle your many other property management needs.
Best Real-Estate Specific Accounting Software
REI Hub
At this point in our write-up, we’ve made our glowing opinion of REI Hub quite clear.
And, though we’d recommend signing up for property management software already integrated with REI Hub’s powerful accounting features, we wouldn’t fault you for seeking out their services independently.
Designed explicitly for property managers and real estate investors, REI Hub’s robust set of features includes 1099 vendor tracking, double-entry accounting, and automatically generated reports like balance sheets, cash flow, P&L, cash-on-cash, and net operating income.
On top of that, REI Hub returns countless five-star reviews from satisfied clients and offers thoughtful customer service from well-trained professionals based in the US.
Property managers who already have their day-to-day operations on autopilot but crave a more streamlined accounting solution might find REI Hub to be the perfect fit.
Pros
- Designed for property managers and real estate investors
- Integrated into trusted TurboTenant and RentRedi
- Each tier enjoys the same full suite of features
- Pricing is based on the size of the portfolio
- 5.0-star Google Business rating
- Free 14-day trial
Cons
- Limited integrations compared to competitors
Best Introductory Offer
Xero
Xero is one of the big names in the accounting software universe, and its services could be helpful for property managers and real estate investors seeking to tidy up their numbers.
Equipped with intuitive features like project tracking, payment collection, payroll, bank reconciliation, automated bill paying, and more, Xero will undoubtedly meet the needs of busy landlords who need to bring order to their finances.
Xero offers potential clients a free 30-day trial and a generous 95%-off introductory rate for their ‘Growing’ and ‘Established’ tiers, allowing users to thoroughly test their product before committing to it long-term.
While you shouldn’t doubt Xero’s ability to balance the books, remember that they are a big box supplier that doesn’t offer complimentary real-estate-specific features that you’d enjoy with all-in-one property management software.
Pros
- Incredibly affordable three-month intro offer
- Automation features allow for enhanced efficiency
- Integrates with Gusto payroll
Cons
- Not explicitly made for real estate
- Some users have reported a steep learning curve
- One of the more expensive solutions (after the intro offer)
Used by Millions Worldwide
Intuit QuickBooks
Unless you’ve been living under a rock, you’re likely aware that QuickBooks is a powerhouse in the accounting software arena. They offer a functional and full-featured interface that helps millions of people worldwide keep their finances in order.
QuickBooks has long been the industry standard regarding invoicing, tracking expenses, managing bills, uploading receipts, and integrating with tax software, but their impressive features don’t necessarily mean they’re your best option. Why, you ask?
Exhibit A: Intuit’s abysmal Trustpilot page, where thousands of unhappy QuickBooks users go there to vent about the company’s poor customer service, unexplained account deactivations, and questionable business practices. Yikes.
Not to mention, QuickBooks (as you may have gathered by now) doesn’t offer integrated features built for property managers, such as tenant screening, rental advertising, or maintenance management.
Pros
- Widely-used and full-featured
- Syncs with TurboTax to streamline filings
- Integrates with over 750 other popular business apps
Cons
- Big box company; doesn’t specialize in real estate
- At $235 a month, their Advanced Plan is as expensive as it gets
- Terrible customer service reviews on Trustpilot
Rock-Solid Customer Service
Zoho Books
Zoho Books has all the features you’d expect from a major player in the accounting software game, including expense tracking, purchase approvals, secure document storage, bank synchronization, and more.
However, they separate themselves from the other big names in the industry through top-notch customer service. By all accounts, clients seem thrilled with the support they receive from Zoho’s knowledgeable help team.
To attract potential customers, Zoho Books offers a free 14-day trial to anyone who wants to test their product. They also allow anyone with less than $50,000 in annual revenue to use their software for free as long as they stay below the threshold. That’s pretty generous.
Though we’re impressed with Zoho Books’ customer service ratings and product, we think property management software with integrated accounting features is the no-brainer choice for anyone looking to simplify their real estate investment operation.
Pros
- Offers a free plan for businesses with under $50,000 in annual revenue
- Each plan comes with a free trial
- Great customer service reviews on Trustpilot
Cons
- Like Xero and QuickBooks, not specifically designed for real estate
- Not as many integrations as its competitors
- The highest-tier plan is expensive: $240 a month
We Have a Winner
Thank you for sticking around as we analyzed the best real estate accounting software solutions of 2024.
For our money, we believe TurboTenant’s all-in-one property management software with integrated accounting features from REI Hub is superior to all other options.
TurboTenant’s powerful accounting features can help you track every expense, organize essential data, set customizable rules, and generate easy-to-understand graphs and charts to visualize your financial picture.
All while seamlessly simplifying the rest of your property management needs, such as rental marketing, tenant screening, lease generation, rent collection, and more.
Sign up for a TurboTenant account today to immediately automate your bookkeeping and property management operation.
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When you’re ready to part with old furniture, knowing where to donate furniture can make the process smoother and more rewarding. Why donate, you might ask? Donating helps those in need, supports communities, and reduces waste. On top of that, many organizations offer free pick-up services. All of this makes it easier to get your items into the hands of those who will benefit from them. So, with this in mind, let’s explore some top options for furniture donations. We’ll also give you a few tips on preparing your items.
Why Donate Furniture?
Donating furniture has several benefits that go beyond simply clearing out space. On the one hand, it’s a beautiful way to support those less fortunate. It helps families and individuals struggling to furnish their homes. Therefore, your donations can significantly improve living conditions by providing essential items that others might be unable to afford. Additionally, donating furniture leads to a more sustainable environment. This is because it reduces waste by keeping valuable items out of landfills. It’s a win-win situation where you give back to your community while maximizing space for yourself or your tenants.
How to Prepare Your Furniture for Donation
Preparing your furniture for donation involves a few key steps. This can involve a few more things, especially if you live in a busy city like Toronto. However, don’t let this prevent you from donating. First, clean each piece thoroughly to remove any dirt or stains. Then, if the items have glass or other delicate ornaments, wrap them up. This will prevent unnecessary damage. For large items, consider disassembling them to make transportation easier.
If you’re using a moving company, check whether movers do this and how much it might cost, as they often provide disassembly services for relocation. Finally, consult with the donation organization for any specific guidelines they might have. Proper preparation ensures your furniture is ready for its new home and helps the donation process go smoothly.
Top Organizations Offering Free Pick Up
Donating furniture can be a rewarding experience. And the best part? Many organizations offer free pick-up services to make the process more convenient! So, here are some top organizations that provide this valuable service.
Goodwill Industries
Goodwill Industries has a long tradition of dedicated job training and community support. Donations help fund job training programs and other community services, ensuring that your furniture supports a good cause and is reused or resold to benefit local initiatives.
The Salvation Army
The Salvation Army is a well-known organisation and for a good reason. Its wide range of social services includes emergency shelters, addiction recovery programs, and support for needy families. Scheduling a pick-up with them is simple, as their service is designed to make it easy for everyone who wants to make any donation. So, your contributions can help fund critical programs and support individuals and families facing hardship, all while making your apartment cozier and more inviting by reducing clutter.
Habitat for Humanity ReStores
Habitat for Humanity ReStores accepts furniture donations and also offers free pick-up services. Furthermore, the sales from donated items help fund the construction of affordable homes for families in need. So, when you donate your furniture to ReStores, you can also support their mission of building homes. Not to mention that their efficient pick-up service means you’ll have an easier time organizing the donation on your part.
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Tips for Scheduling a Free Pick Up
Scheduling a free pick-up for your furniture donation can be straightforward with the following tips in mind:
- Check local availability: In order to be sure that the organization has free pick-up in your area, contact them directly. Service availability can vary by location.
- Schedule in advance: Book your pick-up appointment as early as possible. This way, you give yourself and the organization enough time for everything. Not to mention, you can avoid delays.
- Prepare your furniture: Find the reparation guidelines for your furniture. This means you might need to do a bit of cleaning or disassembling. Also, don’t forget to wrap delicate pieces to prevent damage.
- Provide accurate information: Be precise with the details about your furniture. Furthermore, give as much information as you can about the pick-up location (availability, parking, and such). The organization will surely appreciate it.
- Confirm the appointment: Last, but probably the most important thing, is to verify the pick-up date and time. Do this a day or two before to ensure everything is on track.
With these tips, the whole furniture donation process will be a breeze!
Where to Donate Furniture if Free Pick Up Isn’t Available
If free pick-up isn’t available in your area, don’t give up on donations. There are still plenty of options. One alternative is to deliver the items directly to a local donation center. Many organizations have drop-off locations where you can bring your furniture during operating hours. If you’re renovating and need to clear out old furniture quickly, check the donation policy with local thrift stores or second-hand shops. Chances are they accept donations and may even offer to assist with transportation. Additionally, consider reaching out to community organizations or shelters that might coordinate pick-up through volunteers or local networks. Exploring these alternatives ensures you can still find a suitable place for your donations, even if free pick-up isn’t an option.
Final Thoughts on Donating Furniture
Donating furniture is a meaningful way to give back to the community and support those in need. Because of this, it’s crucial to understand where to donate furniture. Luckily, you can explore many different options to make a positive impact and help those who might not have the means to furnish their homes. In the end, your contribution helps reduce waste and supports a more sustainable environment. And this is true whether you utilize free pick-up services or explore alternative donation methods. Every piece of furniture you donate has the potential to make a difference in someone’s life. So, give your furniture a chance to find a new home where it can continue to be valued and useful.
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Listen On:
Frequently we are asked “should a landlord get a real estate license”? And where we wish we could give a definitive YES or NO, we can only explain the pros and cons to getting and holding a real estate license.
This episode will give landlords pondering with the thought of getting their real estate license as much information as possible to, hopefully, help you make that decision.
Holding your real estate license is fantastic and has A LOT of benefits, but only if you have a plan on how you will use it. Is it only for personal use in your rental property business or do you plan to manage other investors’ rentals as well? The financial investment into holding that license is something to consider as well.
So, give this episode a listen and see if a real estate license will benefit your rental property business or not.
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By John Triplett
The single biggest challenge facing property managers in 2024 is dealing with aggressive or abusive tenants and residents, according to a new study from the National Apartment Association (NAA).
The “Voice of the Property Manager” NAA Research, sponsored by MRI Software, surveyed nearly 1,000 industry professionals from July 9–22. The analysis in this report represents the voices of more than 850 property managers and regional managers across the United States, a majority of whom are women.
“The most frequently cited challenges in 2024 were dealing with aggressive and abusive residents (22%) and the inability to disconnect after hours (16%). These findings indicate that confrontational interactions and the struggle to separate work from personal time are major stressors for property-management staff, potentially contributing to mental-health concerns,” the report says.
Other challenges relate to maintaining staffing levels (14%) and managing workload (13%). There were also concerns about employee retention and reinforcing the ongoing battle to balance workloads within the industry.
“Other issues such as dealing with residents at risk of eviction, inadequate communication and support from upper management, managing staff, keeping up with legislative changes and addressing fraud were cited less frequently, but still affect a notable portion of the workforce,” the report says.
Who responded to the survey?
Of those professionals surveyed, 32% were between the ages of 35-44, while another 29% were in the 45-54-year-old age group. Nearly half of respondents worked for owner/operators and 88% indicated that their companies owned or managed conventional multifamily properties. Just over half of those companies managed fewer than 5,000 units, while nearly one in five operated more than 30,000 units.
“Overall, property managers are happy in their jobs, particularly with their co-workers and with the flexibility offered to them. A slight majority have been in their current positions for more than seven years, while 22% have tenure of two years or fewer,” the report says.
About 60% feel they have the training they need to do their jobs. Nearly three-fourths expect to be in the industry three years from now, which appears to be at odds with some 39% not recommending a career in property management to their friend or colleague. See more detail on this in the full report linked at the bottom of this article.
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Conclusion: Transparency And Technology
“While owners and operators should be encouraged by this year’s “Voice of the Property Manager” survey results, there is certainly room for improvement in providing a work environment that will not only retain existing employees, but create more promoters of the industry, potentially helping with recruiting efforts as well.
“Managing workloads, maintaining proper staffing levels and providing tools and resources that help property managers do their jobs more effectively will go a long way in improving work-life balance,” the report says.
When it comes to technology, transparency is important as “open communications, and change management will be key as the industry continues to embrace technology, which stands to disrupt operations, roles and responsibilities all while remaining a people-first business.”
Read the full report from the NAA and MRI Software here.
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By Ryan Squires
In the booming world of property management, investors and landlords increasingly manage properties far from home. Previously, property owners would pay a management company to oversee their property. Now, technology has made it possible for landlords to do it themselves remotely.
In this guide, we’ll look at how to manage rental property remotely with property management software, the tools available, and how to navigate potential challenges.
Key Insights
- For landlords who wonder how to manage rental property remotely, it’s never been easier to do so than today; software has made becoming a virtual landlord a breeze.
- Remote property management requires software to streamline tasks and stay up-to-date on property maintenance, lease tracking, and online rent payments.
- TurboTenant offers many features that online landlords need to manage their rentals properly from afar. It allows you to seek investment opportunities across the country, no matter where you call home.
Understanding Remote Property Management
More and more landlords rent out properties across the country, far from where they spend most of their time. With the advent of property management software, it’s become less important to be close by. Now, investors can diversify their portfolios and seize nationwide opportunities.
While managing property remotely has never been more accessible, that doesn’t mean it’s without its own unique challenges and risks. Figuring out how to show properties to potential renters, maintaining good communication with tenants, and ensuring the properties are well-maintained can be tricky when far away.
Also, compliance with local laws and guidelines can become overwhelming if you’re unfamiliar with the laws of the land. Luckily, there are tools and technologies for online property management that make being a virtual landlord easier than ever.
Tools and Technologies for Remote Property Management
Cloud-based software accessible from anywhere is the most efficient and cost-effective way of remotely managing rental property. Here are the key tools to consider for remote property management.
Tool 1: Property Management Software
Solid property management software (like TurboTenant) typically offers features like online rent payments, tenant screening, lease templates, and mobile apps for landlords and tenants, allowing easy and quick communication between parties.
By running your rentals through one platform, you can get a complete overview of every property’s status, track maintenance and repairs, and visualize a full accounting rundown of your expenses and cash flow.
Tool 2: Virtual Tours and Digital Leasing Tools
One of the trickiest parts of managing a property from a different location is showing the unit to potential renters. However, software like TurboTenant allows landlords to schedule and manage showing appointments directly in the app. You just set up a schedule of available times, and tenants can choose the appointment that works for them.
Once you’ve found the perfect tenant, you can easily send a digital lease for all parties to review and sign. Once signed, the dashboard makes tracking and finding leases simple.
Tool 3: Online Rent Collection and Payment Platforms
The most important part of property management is collecting rent payments from tenants. With online rent collection, landlords can easily track payments for each tenant and unit — from anywhere. Then, they can filter that information directly into a rental accounting suite, like REIHub.
Tenants typically prefer an online rent payment system, whether landlords are nearby or far away. By collecting rent online, landlords don’t have to worry about finding and depositing checks each month.
Tool 4: Remote Maintenance Management Systems
Another common worry for remote landlords is how to repair and maintain units during, before, and after occupancy. Of course, keeping up with maintenance is critical to every stage of the rental term. So, how can you manage maintenance across state lines and beyond?
As a virtual landlord, leaning on digital tools is an amazing way to manage and track the rental process without leaving your desk. Tenants can log maintenance requests directly in the app (if you’re using TurboTenant as your property management software). We partner with Lula, who handles scheduling the maintenance, finding the repair staff, and ensuring the vendor completes your repair within the budget you set.
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How to Manage a Long-Distance Rental Property
When considering how to manage rental property remotely, it’s critical to make sure that every aspect of the process is easily handled, just as if you were there in person. As we’ve discussed, utilizing property management software is the first step, but here are some additional landlord tips to consider:
- Screen tenants carefully: The more qualified and stable your tenants are, the less risk of sudden problems arising that could be inconvenient to manage from afar. Conduct detailed tenant background checks for some added peace of mind.
- Automate rent collection: Landlords can directly include payment requirements in the lease agreement and require tenants to pay online. These requirements reduce the risk of checks getting lost in the mail and set clear expectations for when tenants need to pay.
- Stay updated on local laws and regulations: Even if you don’t live in the town or state where the rental property is located, it’s crucial to know the ins and outs of landlord-tenant laws.
- Maintain communication with tenants: It is critical to stay on top of any issues your tenants might be experiencing with the property and address them as quickly as possible. Happy tenants make for happy landlords.
How do you manage income from a rental property?
Managing income from rental properties can seem overwhelming no matter how many properties you manage, but tracking finances carefully, utilizing software tools, and addressing issues promptly can help keep the cash flowing.
- Track expenses and rental income with accounting software: As stated above, REIhub is a great partner and tool for fully managing expenses and cash from anywhere.
- Plan for known expenses: Property taxes, insurance, and regular maintenance are known expenses that can be anticipated and planned for.
- Consult with a financial advisor: Understanding the opportunities available to you as an investor and how best to maximize your profit is critical to long-term success as an owner, so consulting with a professional could provide some great insight and advice.
How to run a vacation rental remotely?
While TurboTenant doesn’t offer a vacation rental feature, running one isn’t too different from renting a long-term property. Short-term rentals have some unique challenges, but depending on the area of the unit, the income potential of shorter-term stays is worth exploring.
Managing a vacation rental requires a reservation system, easy check-in for guests, and the ability to monitor the property remotely. A local cleaning company with online scheduling options is also a must to ensure a tidy unit for the next guest.
Several software platforms, like Guesty and Lodgify, automate much of the process for short-term rentals, so explore your options to find the best suite of tools for your situation.
How can I make my rental home more secure?
Making sure your long-distance rental property is safe and secure isn’t too different from what you’d do if you lived nearby.
Step one is to ensure that all locks on doors and windows are functioning and of high quality so vacant properties don’t attract unwanted guests and tenants feel secure after moving in. Security cameras placed around the property’s exterior could also be a good idea, but landlords need to be aware of local laws regarding their use. Lastly, a video doorbell facing the street can help deter trespassers and keep you notified when anyone approaches the unit.
How TurboTenant Supports Remote Landlords
Once you sign up for TurboTenant, you’ll never have to wonder how to manage rental property remotely again.
TurboTenant is a fully featured property management platform designed to take as much off a landlord’s plate as possible. We provide tools for every step of the rental process. From the ability to collect rent payments online to legally reviewed, state-specific online lease agreements to landlord and tenant mobile apps, TurboTenant has everything you need to remotely manage your properties from wherever you want to be.
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Source: GlobeSt.
Apartment rent fraud is rapidly emerging as a major concern for property owners and managers in the real estate industry. This deceitful practice involves applicants using fake documents to misrepresent their financial status, affecting all types of multifamily properties, from affordable units to luxury apartments.
The financial repercussions are significant, with eviction costs averaging between $20,000 to $25,000 per apartment. Despite these high costs, only 17% of multifamily property owners have implemented comprehensive fraud prevention systems, underscoring a critical need for improved measures.
The Evolution of Rental Fraud
As Mendowa Martin, senior vice president at JLL, explains in a podcast, rental fraud has evolved dramatically over the years. Initially, fraudulent activities were low-tech, involving simple falsifications like fake employment verifications.
However, with technological advancements, fraudsters now have access to sophisticated tools that make it easier to create convincing fake paycheck stubs and bank statements. Remarkably, there are even online communities dedicated to teaching individuals how to bypass income requirements for apartment rentals.
Kent Simpson from Yardi Systems, also a speaker in the podcast, notes that the sophistication of rental fraud increased notably during the COVID-19 pandemic. As leasing offices closed and processes moved online, fraudsters operated anonymously, making it easier to deceive property managers.
Simpson emphasizes the dual challenge of creating a seamless application process for genuine applicants while deterring fraudulent ones.
Types of Rental Fraud and Prevention Strategies
Rental fraud encompasses various tactics, including document falsification, income misrepresentation, and identity fraud. Martin stresses that verifying an applicant’s identity is a crucial first step in preventing fraud. This involves using technology to authenticate identities before delving into other aspects like income verification.
Simpson highlights the need to move away from reliance on easily forged documents. Instead, he suggests using automated asset verification systems that require applicants to log into their bank or payroll provider, reducing the chances of fraud slipping through. This approach not only enhances security but also improves the user experience by minimizing the need for document uploads.
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Financial Impact and Industry Response
The financial impact of rental fraud is substantial, with costs associated with attorney fees, lost rent, and re-renting adding up quickly. Martin points out that while most applicants are honest, a small percentage of fraudulent ones cause the most financial damage. Therefore, it’s essential to approach the screening process with a balance of skepticism and positive intent, ensuring that genuine applicants are not unfairly penalized.
The industry is gradually recognizing the need for robust fraud prevention measures. Martin mentions that while only a small percentage of operators currently have comprehensive plans, there is a growing trend toward budgeting for fraud prevention as a line item. This shift is crucial as it allows operators to invest in technologies and processes that can effectively mitigate fraud risks.
The Human Element in Fraud Detection
While technology plays a vital role in preventing rental fraud, the human element remains equally important. Property managers must be vigilant and trained to recognize red flags, such as applicants who claim to be victims of identity theft or insist on submitting paper documents due to alleged technical issues. Martin shares an anecdote about a manager who was moved by an applicant’s story of identity theft, only to find inconsistencies in the provided documents.
Ultimately, having a plan is crucial for property owners and managers to effectively combat rental fraud. As Martin succinctly puts it, “the firms that don’t have a plan, or the firms that lack in a plan, become a target.” The industry must continue to adapt and evolve, leveraging both technological advancements and human intuition to stay ahead of fraudsters. As Simpson aptly noted, “We will never eliminate all risk, but we can continue to mitigate more of it as time goes on.”
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Listen On:
Effective communication is key for landlords in maintaining a positive relationship with tenants and ensuring smooth rental operations.
Different situations require different communication methods, and landlords should be mindful of when and how to use each one.
There is a time and place to be casual and absolutely a time when being professional is of utmost importance.
In this episode, we are discussing the different forms of communication you, as landlords, can use and in what situation you should use them.
We also address the tone, the language, and in what instances it’s important to be communicating with your tenants.
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