Peter Bubel+ by | Jul 10, 2019 | Blog, Peter Bubel, Property, Property Management
It isn’t easy managing a property. It requires constant work to responsibly organize the many things happening. It takes time, dedication, and diligence.
Technology has made this much easier than it used to be. Software can streamline a lot of the work by taking tasks off a property manager’s plate. Things like collecting payments, scheduling, tracking analytics for your business, messaging with your guests, website management, and accounting can all be made much simpler by the use of property management softwares.
Keeping In Touch With Your Guests
You need an automated system to make it easy to send your guests essential messages.
Try Guesty for a messaging automation system. You can customize your automated messages so they will be consistent with your branding voice. You can set up messages to be sent out after specific triggers, like a cancellation.
Channel Managers
The first property management software to look at is a channel manager. A good channel manager will make it easy to manage not only every channel you currently use, but any that you plan to possibly use in the future. Changing later is expensive so it’s important to take a moment to consider what you might want to use later.
The manager should have plenty of analytics so you don’t need to install something else to keep track of how your business is performing.
It’s also important that it integrates with other software you use.
The last thing is still essential, which is that it should perform automation for you. A quality channel manager will send automated booking confirmations and perform other tasks that aren’t necessary for you to perform yourself but are still essential for your business.
For a dedicated channel manager, check out yieldPlanet, which has over 400 channels. You can also consider Cloudbeds, which has an excellent channel manager but is a more advanced system that also has a booking engine and payment processing.
A Booking Calendar
You need a calendar app that makes the whole process simple. It doesn’t need to be flashy; it needs to be smooth and beautifully designed in its simplicity. If you use services like Airbnb or Booking.com, then the calendar needs to integrate with those services.
BedBooking is an excellent option for a calendar app that will make this simple for you.
Peter Bubel+ by | Jul 3, 2019 | Uncategorized
Licensed real estate property management firms obtain significant benefits by seeking the optional CRMC® designation. This acronym stands for “Certified Residential Management Company.” (This designation, not to be confused with Certified Regulatory Compliance Manager in the financial services field, remains available to companies which adhere to National Association of Residential Property Managers best practices.) It indicates the firm has undergone an intensive six-step process to enhance and automate property management in a systematic way. Only the most elite sector of the realty property management marketplace obtains this coveted title.
Financial Benefits
The process of undergoing challenging peer review forces realty management firms to closely assess their business models. With the assistance of their mentor, managers seek to find ways to create more robust administrative processes. They also endeavor to automate services when feasible. This type of careful analysis yields significant rewards over the long term. Many property managers maintain their firms benefit enormously as a result.
Some areas which undergo review include human resources, customer relationship management, and information technology, including both hardware and software. This type of systems analysis offers enduring benefits. It addresses a common complaint within the property management industry: managers overwhelmingly express concern their employees may not always adhere to the most efficient standardized management processes.
A Comprehensive Peer Review Process
In order to become a CRMC® realty firm, a company must scrutinize and evaluate every aspect of its operations. A mentor assists in this comprehensive process. The business requires a Master Property Manager (MPM®) as a staff member in order to apply for the program. The realty property management firm must also establish that it has managed at least 500 residential units for a period of at least one year.
The Certification Committee then selects an auditor from the NARPM to conduct a comprehensive audit of the firm within three years of the application. Firms which gain this approval re-certify ever three years in order to keep the CRMC® designation current through renewal. Maintaining this high standard helps ensure a property management company remains on the cutting edge of the industry in terms of its use of technology!
Peter Bubel+ by | May 3, 2019 | Property Management
Just like every other industry, customer service in the real estate and property management sector is crucial to an investor’s ability to succeed. Property managers should be well aware of good customer service practices in real estate. Meeting customers’ expectations and surpassing them is a good incentive that boosts their confidence in you. Here are some of the ways to help impress real estate customers.
24-hour customer service
In case your real estate business is well established, the volume of customers who may need your services may be exponentially high. As a property manager, you may get customers requiring common services such as looking for properties as well as other tenant inquiries such as the need to attend to a quick maintenance repair work. Your availability at all times of the day is crucial in helping ensure customer satisfaction. You may, therefore, need to hire a 24-hour customer desk so that calls to your phone do not go unanswered.
Express patience during a property viewing
Before investing in a particular property through purchasing or renting, customers normally need to exercise due diligence by investing as much time as possible in reviewing them. As a property manager, you should endeavor to express patience and offer interested customers the valuable time they need. You may have, therefore, to walk the customer through all the properties available for them to make an informed decision. Showing the customer all the properties’ features and explaining to them some additional information can help satisfy them.
Request and work on reviews
You should occasionally request customers, whom you have previously served, a chance to offer you some honest reviews. The reviews should offer you an overview of how well you have performed as far as serving your customers is concerned. In cases of negative reviews, you should endeavor to implement the necessary adjustments in your customer service and property management practices.
Use multiple platforms
Not all customers will have the time and convenience to visit your offices or give you a phone call. To optimize on your customer service initiatives in terms of being able to reach out to more customers, you should endeavor to implement more platforms for customer services such as websites and social media platforms like Facebook, Twitter, Instagram, and WhatsApp.
Peter Bubel+ by | Apr 20, 2019 | Peter Bubel, Property, Restaurants
As a property developer, there is a lot to put into consideration. The entire process of developing a property takes immense attention to detail. It’s easy to make mistakes at the beginning that can lead to not making a profit off the property. In order to be successful, it’s important to avoid these early mistakes as a property developer:
The Wrong Location
When finding the right property, location is everything. The location is one of the main deciders of whether a property will be successful or not. One of the first mistakes a property developer can make is choosing the wrong location. Finding a property in an up and coming neighborhood is harder than it looks. The location must be near schools, by public transit, close to nice parks and main roads. Even though a developer can find a cheaper property, a buyer is not going to pay top dollar if it is not a nice place to live. Avoid this mistake by researching neighborhoods and be certain it can offer what buyers are looking for.
Being Too Cheap
Saving money on a property doesn’t always mean a bigger profit. If a property developer is too cheap during development, the property will lose its quality. Even though there are cheap versions of upgraded flooring, cabinets, and tiles, it’s better to opt for quality over price. When pricing is the developers biggest concern, there are still cost-effective ways to improve the property. This can be rendering the house, upgrading the driveway, and focusing on landscaping. These small details will give the property greater value and appeal more to the buyer.
Spending Too Much
There is the perfect middle ground between being too cheap and spending too much money. While the quality of the property is extremely important, some first-time property developers make the mistake of spending too much. Property developers shouldn’t over-design or specify when creating a property. It’s possible to have nice upgrades without going overboard on lavish appliances. To make a profit and stay on budget, skip the marble countertops or crystal taps. Spending too much is just as bad as being too cheap. It’s important o find the right balance.
Choosing the Wrong Builder
A property developer is only as good as its builder. The profitability and quality of the property depends on how good the builder is. Many early property developers will make the mistake of choosing the wrong builder. It’s important for them to interview different builders and find someone with enough experience. The right builder will have at least ten years of consent business, many references, and have signed a fixed price contract. This way the property developer won’t get ripped off.
Peter Bubel+ by | Jan 19, 2019 | Blog
Commercial real estate sector has significantly been impacted by the current trends in digital transformation. Business models and traditional decision-making models have now been replaced with new and efficient innovations. Modern real estate management is incorporated with the sole purpose of lowering costs and enhancing the relationship between owners and the tenants. Some of the trends that will continue to change the sector have been listed below.
- Machine Learning
Big data is the new trend in the world today. Any industry will be relying on data to make critical decisions that will enable it to optimize on the available resources. Realtors will be utilizing machine learning to dig through the data and determine opportunities in the market trends and building performance that organizations can use. The real estate industry is expected to rely heavily on machine learning rather than a manual collection of data.
- Augmented Reality
A considerable number of property management issues are expected to be solved through augmented reality. Computer-generated images will be helping HVAC technicians to address some of the problems that cannot be physically located. Three-dimensional models and visual information will also be significant in adding interactions in commercial and residential properties.
- Localized Energy Sources
Use of localized renewable energy sources of energy is expected to increase in the coming years, which is expected to reduce carbon dioxide emissions. Builders and other individuals investing in the real estate sector will be forced to build houses that have bigger windows to allow natural light and reduce the need for lighting during the day. It is also expected that the real estate sector will be producing its renewable energy with the sole aim of making it a producer rather than a consumer.
- Blockchain Technology
Blockchain technology is expected to help the real estate sector by allowing for more fluid and secure transactions. Investors will get an opportunity to interact with one another without the need for real estate brokers and other intermediaries. This means that the speed at which transactions will be completed will be higher while both administration and transactions costs will be reduced.
The next few years will see an acceleration in the adoption of these technologies with the aim of making the real estate sector one of the best industries around the world. Competitive real estate companies will be looking to take advantage of these trends to enhance operations in their business.
Peter Bubel+ by | Jan 8, 2019 | Blog
Travel properties can be a strong investment, but it can also be hard to optimize the portfolio. Fortunately, there are a few promising techniques that most investors should consider using to take advantage of current and anticipated trends.
Invest in Short-Term Housing
When most people hear about travel properties, they think of hotels and timeshares. Those can be a good part of a portfolio, but the market is shifting to favor services that rent out apartments or other spaces for short periods. Some people are even using their second homes in this way when they are not living in those buildings. Most investors will want to consider including some of these services in their portfolios along with the more traditional options so they can capitalize on this trend.
Watch for Technology
Technology is king in almost every branch of the modern economy, and the hospitality industry is no exception. Every investor should try to stay up to date on the latest technologies that relate to their investments and take advantage of them when they can. For example, digital platforms are making it easier to manage multiple properties at once, and guests are relying more and more on the Internet to find places to stay. An owner that uses management programs can cut their costs while boosting their appeal to guests, while those who use digital marketing can attract more people at a lower cost. This is especially important when marketing a property towards young people because they are more at home on the Internet than previous generations.
Look at Services
While plenty of people are switching over to temporary apartments rather than traditional hotels, they are finding that there is a downside to that choice. Those accommodations often lack services, such as good cooking, that hotels can offer to their guests. Some people do miss those services even though they prefer temporary rentals for other reasons.
That means that businesses that offer a good blend of services to their guests have a chance to stand out from the crowd. Investors should make a point of looking at the special amenities that each of their potential purchases can offer to guests and weigh those amenities heavily when deciding on their investment plan. Little touches really can make a big difference!
Peter Bubel+ by | Dec 3, 2018 | Property Management
Many successful real estate investors rely on property management companies to manage their investments. However, not all companies are created equal. Hiring a bad property manager can actually hurt an investor’s profit. With that said, here are some qualities that separate the good companies from the bad companies.
Works on the Property Owners’ Behalf
A good property management company puts their own self-interests aside and makes decisions based on the property owners’ needs. For investment properties, owners’ want to either generate passive incomes or watch their properties increase in value. A good company will protect the investment by immediately dealing with repair and maintenance issues. A quality management firm will recommend modifications and upgrades that will increase property values, and it will provide thorough tenant screening to guarantee timely rent payments.
Collecting Rent
This is the biggest problem many investors face when they maintain their properties on their own. A good property management company can eliminate the hassle of trying to collect rent from tenants who are constantly late. The company will work to maintain consistent monthly cash flows and start the eviction process for those tenants who do not pay rent.
Vacancy Rates
Vacant units equal lost money. Quality property management companies work hard to prevent properties from sitting empty for too long. Shorter vacancy cycles are the catalyst to passive income, and good companies will identify why a property has units sitting vacant. Whether it is repairing or renovating a property or determining the best rental rates for that particular market, a reputable management company will make recommendations that are proven to shorten vacancy rates.
Marketing
A good property management company can market a property effectively. Successful managers understand their rental markets and know how to target specific renters. Therefore, they know where to advertise and what to say when they do place an ad. Good companies also understand the power of the internet and the digital age. An effective marketing strategy must consist of an online presence, and quality property managers know how, when and where to execute a digital strategy.
A quality company also assists property owners with taxes, insurance and any other financial issues that can hurt an investor’s bottom line. More freedom, less stress and more time are what a good management company delivers to its clients.
Peter Bubel+ by | Nov 20, 2018 | Property Management
Investing in real estate is one of the best ways to build wealth over a long period of time. Many people have had great success buying a real estate property and renting it out over time. Renting out a property has several financial advantages for the owner. Not only does the real estate property produce monthly income, but it also appreciates in value over time. With all of the changes happening in the real estate market, now is a great time to invest.
One of the most important aspects of owning a rental property is property management. Hiring a property management company is a vital part of having success. Here are some of the biggest benefits of hiring a property management company.
Less Hassle
Perhaps the best benefit of hiring help is that it saves time and reduces hassle as an investor. Answering calls during the middle of the night is never fun. Instead of dealing with these issues, you can hire a property management company to do the dirty work.
As an investor, it is important to think about ways to save time whenever possible. For a low cost, you can avoid a lot of the major issues of renting. Always make sure to conduct thorough research before hiring a property manager.
Maintenance
Another vital part of owning a rental property is regular maintenance. Regular maintenance is a vital part of keeping the home in great working condition. There are few homeowners who spend enough time in this area. Finding a problem early in the process is a great way to save money in the future.
Many of the most expensive systems within a home run more efficiently when regular maintenance is completed. A property management company can help you throughout this process when you hire their services.
Finding Tenants
Finding tenants is one of the biggest issues that many homeowners have when renting a property. Finding quality tenants is never easy. However, many property management companies have a lot of experience in this area. When you hire a tenant yourself, you have to spend many hours finding someone to live in the home. Not only that, but you have to conduct a background check on potential tenants.
This is all work that a property management company can perform for you. As a real estate investor, managing your time is as important as managing your money.
Peter Bubel+ by | Sep 22, 2018 | Blog, Pennsylvania, Peter Bubel
There is a lot more to do in Pennsylvania than just what Philadelphia and Pittsburgh have to offer. As any Pennsylvanian knows, those two cities make up a small part of the great commonwealth. Below, you’ll find a list of the top five free (yes, FREE) things to do in Central PA. Each is available year-round and each will leave a lasting impression of what makes Pennsylvania so great.
#1 Admire the State Capitol
Harrisburg’s capitol building (http://www.pacapitol.com/) is a stunning representation of its history and dreams for the future. A grand staircase welcomes visitors into the building and the stately rotunda encourages all to look to the heavens. And yet, it is not merely an aesthetically pleasing visit. With guided tours of the House of Representatives and Senate available, the capitol provides educational opportunities to all who enter.
#2 Indulge in Hershey’s Chocolate World
A short distance from the capitol lies one of Pennsylvania’s most aromatic places to visit. Hershey’s Chocolate World (https://www.hersheys.com/chocolateworld/en_us.html) brings the process of turning cocoa into chocolate to life with the sights, smells, and sounds of a simulated factory setting.
#3 Experience the craft quality of the Yuengling Brewery
You don’t have to be 21 to tour America’s oldest brewery. With a history that spans nearly 200 years, Yuengling’s tours (https://www.yuengling.com/) are tailored to educate visitors of all ages about its unique and interesting story of survival through some of our nation’s most turbulent times.
#4 Remember the fallen at the Flight 93 Memorial
The 40 passengers and crew that gave their lives on 9/11 are remembered at the Flight 93 Memorial (https://www.nps.gov/flni/index.htm). Their bravery is symbolized in the recently dedicated Tower of Voices, a 93-feet tall wood chime. A place to reflect and remember, the memorial provides all visitors the opportunity to unite and show respect.
#5 Enjoy the view at the Pennsylvania Grand Canyon
The Pennsylvania Grand Canyon (http://pacanyon.com) is the perfect place for anyone loving the outdoors. Hiking, camping, covered wagon rides, and white water rafting are just a few activities the area has to offer. For those looking for a less adventurous visit, the amazing vistas are enough to entertain anyone. Stretching more than 45 miles and reaching 1,450 feet deep, the canyon is as grand as it is beautiful.
Peter Bubel+ by | Sep 15, 2018 | Blog
It isn’t hard to find ways to give back to the community. When looking for something to dedicate one’s time to, the opportunities are endless. Whether it’s volunteering for a local festival or donating one’s time at a local soup kitchen, there is always an organization that can use some extra hands.
Volunteering In Your City
To find a worthy organization of one’s voluntary efforts, one has to do a bit of searching. Looking for a way to get some volunteering done? Read on for five ways to volunteer within the community.
Search for Local Events
Looking out for local events in the city is an excellent way to find opportunities to volunteer. Events like concerts, festivals, farmers’ markets, and other family-friendly gatherings generally always accept volunteers. Keep track of new happenings by reading the newspaper, searching for a local event on Facebook, and asking friends and family if they know of anything happening.
Explore Different Ways to Volunteer
One doesn’t have to limit their volunteering to work at a special event. Think of all the many places in the city that would benefit from having an extra set of hands. Places like the animal shelter and elderly homes are always accepting anyone willing to donate their time.
Donate Clothes, Money, Food, and More
While one may want to volunteer their time, donating doesn’t always have to involve someone being physically present. Go through any old clothing, canned goods, books, or other potentially secondhand items that may be in the house. If these items are still in good condition and non-perishable, they are excellent candidates for donation.
Shop Local
While shopping at a store doesn’t sound like a way to volunteer, it can be. By shopping from local small businesses and vendors, buyers are using their resources to give support where it matters. Similarly, consider shopping at locally owned grocery stores and farmers’ markets to make sure every dollar goes to help businesses that really need it.
Join a Group or Class
Believe it or not, attending classes is a good way to meet like-minded volunteer-oriented people while learning a new activity and spending money to support a local organization. By signing up to join an organization or class, individuals looking to spend their time positively will get to explore a new hobby and do something they love.
Regardless of where one may be in life, there is always an opportunity available to volunteer or offer resources to those in need. Get inspired by these five ideas to find ways to donate more time and money to the community.
