Property Matrix
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The 5 Most Profitable Property Types
The biggest question for investors is which property will be the most
... moreThe biggest question for investors is which property will be the most profitable. Different property types come with different rents but profitability isn’t as simple as the amount a landlord can charge per square foot or invested dollar. The issues each property presents can translate into expenses or loss of revenue and these will affect profitability.
The most profitable type of property comes down to what kind of landlord an investor wants to be and what resources and finances they have available. The ideal property for an investor with a handful of properties and limited support staff won’t be the same as for a multi-million dollar investor with a full time property management crew. The most profitable property type for you depends on what kind of investor you are.
1. Condominiums
Condos can be a good option for smaller investors who are looking to expand their portfolios. Although they can be very expensive, it is also possible to find some that are less costly than other types of rental properties. A lower initial investment allows investors with limited resources to expand their business more aggressively.
Small scale investors can also enjoy the lower maintenance that condominiums offer. The condo association takes care of all external repairs and maintenance freeing up time for the do it yourself investor. It also makes it easier to budget when a landlord’s out of pocket expenses for maintenance costs are substantially reduced.
In many ways condos come with a safety net for investors. The owner is not responsible for most big repairs and projects reducing the chance of something catastrophic coming up. In some cases even utilities and taxes are covered by the condo association so if there are sudden changes or a tenant is frivolous the investor doesn’t have to carry the burden alone.
All of these perks of condos come at a price and that is represented by the condominium fee. This fee must be paid and will take a chunk out of an investor’s income. Condos also tend to bring in lower rents and they appreciate more slowly than other types of single family homes.
2. Single Family Homes
Single family homes can be affordable for investors with modest budgets. They are usually more expensive than condos but offer a better chance at a greater return when it’s time to sell. Single family homes also tend to bring in higher rents than condos making it possible to carry a larger mortgage.
This type of dwelling tends to attract families looking to settle down. For this reason single family homes often have more long-term renters. This means lower expenses related to finding new tenants and preparing the home for the next renter as well as less time carrying vacant units.
Long-term renters often take more pride in their homes and take better care of them. They plan to stay there for a while and they want a nice place to live in. These types of tenants are also more likely to pay their rent on time as they don’t want to jeopardize their home.
Much of the maintenance that single family homes require falls on the landlord. Managing multiple properties can be labor intensive making them a poor choice for investors who are already struggling with time management. Properties are more likely to be scattered across a large area making single family homes even more difficult to manage.
3. Commercial Properties
Commercial spaces are generally one of the more profitable property types. The rent that can reasonably be charged on a commercial property is often considerably higher than on residential properties of a similar size. They can be a very good source of revenue.
In many cases the tenant is a business instead of an individual. They are familiar with contracts and are more likely to pay their rent on time as well as follow the rules specified on the lease. Commercial tenants tend to stay a while in a property that is working for their business and they usually maintain the property well as it affects their image.
Unfortunately commercial properties are often out of reach for the smaller investor. They are generally more expensive to purchase and require more experience to manage. Although commercial tenants have a tendency to stay longer, when they do leave it can be more difficult to find a replacement. Commercial properties tend to sit vacant longer and that can be detrimental to the less robust portfolio of a small investor.
4. Multi Family Homes
Multi Family Homes are considered the best investment in terms of cash flow. With multiple tenants paying rent the risks of vacant units are reduced. Even if one unit is empty the landlord can still collect rent from the other tenants.
These types of properties can generate a stronger profit than single family homes and they offer a good return on investment. They are a little easier to manage because units are at one address rather than having properties scattered across the city. Some maintenance costs are reduced due to efficiencies such as having one roof and one HVAC system instead of redundant systems across multiple single family properties.
Having multiple tenants at one address can relieve some pressures while raising others. There is more potential for tenants to have issues with each other and one bad tenant can ruin it for everyone else. Additionally it is very difficult to find a multi family property at an affordable price making it more difficult for investors on a budget.
5. Short Term Rentals
Short term rental properties have the potential to be the most profitable investments of all. They are short term leases lasting for less than a year or they can be vacation rentals being leased on a weekly or even daily basis. The rent that can reasonably be charged for these kinds of units is much higher than in any other type of property.
Properties suited to short term rentals can be purchased at a very affordable price or they can be luxurious and expensive. For this reason they are perfectly suitable for investors with different budgets. However, it is important to set aside some extra funds because this type of property is usually rented fully furnished.
Short term rentals can be a good way to grow a property management business if the investor is willing to put in the time and effort. It will be necessary to advertise often and aggressively in order to ensure that the property doesn’t sit vacant. Each unit will also have to be cleaned between renters and maintenance costs can be high because short term tenants don’t always have respect for the property.
It’s important to assess the profitability of a property when trying to grow a portfolio but consider the whole picture. If you need a little help understanding the finer details of your property management business, consider investing in tools such as Property Matrix. This robust software can help you understand the profitability of your properties and track how your investments are working for you.
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What to Look for in a Rental Property Before You Grow Your Portfolio
Buying rental property is a favored investment these days. Many investors are
... moreBuying rental property is a favored investment these days. Many investors are taking their money to the real estate market hoping to get a foothold and grow their portfolio. It’s a great way to build passive income but it takes a bit of work and some strategy.
Rental property investments should be considered on a long term basis. They need to build capital and grow your cash flow giving you more income. At the same time rental properties can appreciate in value and that can be a great asset to growing your portfolio. Take a close look at these aspects of any rental property before you decide to buy.
Neighborhood Amenities
The livability of the neighborhood and the amenities in the area will be key factors. Your ability to attract and retain tenants will be greatly affected by the surrounding area. If you have a large selection of quality tenants to choose from you can generally charge higher rent. The neighborhood you invest in will directly impact your bottom line.
When buying rental property look for places close to schools, hospitals, shopping, and public transportation. Consider what you would like to have near your home and your tenants probably feel the same. Most people would likely appreciate local libraries, community centers, and parks.
Commercial properties depend on their neighborhoods for employees, customers, or both. Make sure your commercial tenant will be able to acquire what they need in the area. If not, they will likely struggle and might even be unable to pay their rent on time.
Average Rent In The Area
The amount of rent you can charge will determine how much property you can afford to purchase. Do a bit of research and find out what tenants in the area are paying for comparable places. Get a sense of the local market value before you consider buying rental property.
Once you know the average rents you know what kind of income you can expect your new property to generate. Add up the costs associated with financing, owning, maintaining, and managing a rental property. Then compare the numbers to determine if a rental property you are considering is a financially feasible option for you.
Local Supply And Demand
Supply and demand are important considerations for any business and the rental market is no exception. Ideally you want to be buying rental property in an area where the demand for units such as yours is high and likely to remain that way. Take a good look at the local market, trends, and forecasts.
A high vacancy rate is a sign of trouble. It’s a good indication that acquiring and keeping quality tenants might be more difficult than you expected. From an investment perspective the last thing you want is to have no choice but to lower rents just to keep units occupied.
Local Job Market
One of the most important external components of a successful residential rental property is the availability of jobs in the area. Tenants will need income to pay their rent and other expenses. If there are not enough well paying jobs your tenants may have to leave in search of work.
A healthy job market increases demand for housing. If you’re lucky enough to stumble upon a growing job market there is a good chance that demand will grow. This means that you may be able to raise the rent and there’s a good chance that the property will appreciate in value, securing your return when you are ready to sell.
Property Taxes
There are many expenses associated with the rental property market. A good chunk of your income will be going towards property taxes. It’s good to do your due diligence and find out what local property taxes are like.
Struggling towns may have higher taxes to cover their expenses. It is an unavoidable expense that you will have no control over. You don’t want to end up in a situation where the amount of rent you can realistically charge only covers the property taxes.
Future Development
It’s important to look at current neighborhood amenities and job markets but keep an eye on the future. If there are plans for development there might be good potential for growth. Keep an eye out for big projects as well as abundant construction activity.
A neighborhood with a new subway line under construction will probably expand and grow. It may be prime time for buying rental property in this area. You may be able to purchase a property at a reduced rate now and then reap the benefits of all that growth later.
Not all developments will affect every property in the same way and some may even hurt the market in the area. Consider what kind of property you are planning to buy and how developments are likely to impact your tenants. It may take a bit more planning and research but an area experiencing growth and development is a good place to look.
Building Type
If you’re considering buying rental property you must have a good grasp of the unique strengths and weaknesses of that property type. Think about the kind of landlord you want to be and how much of the work you plan to do yourself. Consider your skills, abilities, and available time before making a decision.
Condos are a low maintenance option since they take care of external repairs and maintenance but you will likely be able to collect less rent. Condos also tend to appreciate more slowly if at all, depending on the area. Another downside to condos is that you will have to pay condo fees for all that maintenance and in aging buildings, or if the finances are not being managed very well, those fees can be very high.
Single family homes usually require a larger initial investment but they tend to bring higher rents and attract a greater number of long term tenants. Multiplex units and commercial properties are often the best for cash flow but it’s unlikely that you can find one cheap. Properties such as these usually require an investment of millions.
As you acquire rental properties and grow your portfolio your workload will also increase. As a serious investor you don’t want to limit your growth potential to how much you can get done in a day. Sooner or later you will need help managing your properties and a great place to start is at Property Matrix. With the right tools you can experience unlimited growth.
less17 Questions to Ask Before Partnering with a Commercial Property Manager
Choosing the right commercial property manager is
... moreChoosing the right commercial property manager is one of the most important decisions you will have to make as a real estate investor. The right person can be a true partner who guides and coaches you towards your investment goals. The wrong person can cause a lot of problems and financial repercussions. Here are 17 questions to ask before partnering with a commercial property manager.
1. What services do they provide?
If you think you’ve found a commercial property manager to partner with, the first thing you should do is find out what kinds of services they are willing and able to provide. You want to be sure that they help you meet your investment goals. You will also want them to adapt their approach and reporting methods to your requirements.
2. How much experience do they have in the commercial sector?
Managing commercial properties is vastly different from managing residential ones. A property manager should have a minimum of 3 years experience but ensure that this experience was in managing commercial properties. Don’t settle for someone who has never dealt with a property like yours before.
3. What types of properties do they usually manage?
Unlike residential properties, commercial spaces can be used in various ways and for very different purposes. Find out what kinds of properties your potential property manager is accustomed to managing. Do they have experience dealing with properties of a similar size and scope as yours?
4. Do they know the area?
It’s a good idea to partner with someone who has a presence in the same area as your property. A commercial property manager who knows the area will have in-depth knowledge of local demographics and challenges. They will be in a better position to advise you on issues such as appropriate pricing and valuation.
5. Do they work alone or with a team of property managers?
Some property management companies are operated by a single person while others have numerous employees. Each has their own strengths and weaknesses which is why many investors have a preference. This can also give you an idea of how the organization is structured and who your point of contact will likely be.
6. How often will your property be inspected?
Look for a property manager that will inspect your building at least annually. They should regularly look for issues that might need to be addressed and repairs that should be added to the maintenance schedule. The property manager also needs to ensure that safety measures are in place and the property is compliant.
7. What does the maintenance schedule look like?
Asking about the maintenance schedule will give you an idea of how the commercial property manager operates. Are they proactive and organized? Do they have a planned out maintenance schedule at all?
8. Do they perform a market evaluation for every renewal?
When a lease is up for renewal it is standard practice to raise the rent. A good commercial property manager will help keep your rates competitive by looking at market value in the area.
9. What financial statements do they provide?
It’s your investment and you should regularly receive financial statements. At the very least, the property manager should be able to tell you when you can expect your monthly and annual reports and in what format they will be delivered.
10. What issues will be communicated to you?
This part of the relationship is a little tricky as individual investors have different preferences. Any commercial property manager that you are considering should be open to discussing the types of issues you want to be notified about and the things you don’t want to be bothered with.
11. Do they use any software to streamline their operations?
Quality property management software, such as Property Matrix, goes beyond organizing operations. Property managers should use software with client portals for convenient access to reports and other information.
12. Do they understand legislation and requirements?
Violating legislation can have serious consequences. There could be hefty fines and expensive lawyer fees involved. Any commercial property manager worth considering must have a working understanding of the legal framework of their industry.
13. Are they a licensed and accredited property manager?
In most states property managers are required to have either a real estate broker’s license or a property management license. Find out what the requirements are for your area and make sure your property manager is up to par. It’s wise to choose a professional with at least one credential to certify their experience. Good credentials to look for include Certified Property Manager (CPM), Real Property Administrator (RPA), or Systems Maintenance Administrator (SMA).
14. Are they insured?
If the property manager you partner with doesn’t have insurance you could end up paying for their mistakes. Professional liability insurance protects clients from issues caused by services that were negligent or deficient. Any property manager should have general liability insurance to cover at least $1 million in the event of damage or injury caused by their services or employees. Larger organizations should also have a fidelity bond and depositor’s forgery and alterations insurance.
15. Do they have testimonials from clients or tenants?
You can get an idea of the commercial property manager’s reputation by looking at testimonials from clients and tenants. Ask for references but do some of your own research as well. The internet can be a great source of reviews.
16. What is the fee structure like?
You will undoubtedly have to pay for the property manager’s services. It’s a good idea to make sure that you understand and are comfortable with the fee structure. You will either be charged a percentage of gross receipts, a flat fee, or a hybrid structure where you will be changed the greater of the two. It’s also good to know which characteristics of your property affect the amount you are charged.
17. What services are included in the management fee?
Many commercial property managers charge additional fees for certain services, requests, or incidents. If you want a smooth partnership with a property manager you must be in perfect agreement which services are included in the fee you pay. Neglecting to do so will likely lead to frustrations.
Commercial properties come with unique challenges and opportunities. It’s important to look for a qualified professional who has the right experience managing commercial properties. They must be willing to work with you on your terms and provide the services your portfolio requires. Partner with the right commercial property manager and watch your investment flourish.
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6 Ways the Right Software Can Increase ROI with Your Commercial Property Investment
Commercial properties are often considered sound investments with the potential to
... moreCommercial properties are often considered sound investments with the potential to yield good returns but they don’t come cheap. Purchasing a commercial property is usually quite a bit more costly than adding a residential one. With more on the line increasing your ROI becomes that much more of a priority.
Property managers are wise to utilize software in the quest for maximizing returns. Not all software is created equal. Shop around for the right software which can help you build the ROI on your commercial property.
1. Take Advantage Of Automation
Increase your ROI by saving time and improving productivity with automation. Reduce errors and manual data entry with powerful software which can manage predictable tasks better than your staff. The right software can free up a lot of time by allowing you to set the conditions for automatic actions.
Use specific events as triggers which set off predetermined actions. A missed payment on any invoice can trigger an automatic email reminder for the tenant. Approving a maintenance ticket automatically contacts your preferred vendor. Or set notifications for yourself when a lease is about to come up for renewal.
2. Accept Payments Without Fees
Getting paid on time is a crucial part of property management. It directly impacts your cash flow and the overall health of your business. It’s a good idea to make it easier for tenants to pay their bills by offering the convenience of options such as credit card payments. These services can improve your cash flow but they often come with a price tag.
The right software can allow tenants to make secure and easy payments online without costing you anything. Property Matrix ACH payment system allows tenants to pay bills through the portal with no transaction or processing fees for them or for you. Tenants aren’t limited to paying just their rent. The system will allow any invoice to be paid right through the software.
Really good software should go above and beyond. Improve your ROI even further by reducing the number of man hours needed to keep records of payments. The ACH payment system makes automatic updates to your tenant invoices and streamlines the bills that need to be paid to your vendors.
3. Split The Bills With Tenants
Commercial properties often include common areas which may be shared by the employees or patrons of multiple tenants. It is usually the landlord’s responsibility to arrange for the maintenance of these spaces. The standard practice is that these costs are shared among the tenants who benefit from these spaces.
The utilities that you pay for commercial properties can also be shared with tenants. This includes items such as electricity, water, gas, trash collection, and snow removal. Introducing shared utility bills can encourage tenants to be less wasteful and more mindful of how much resources they are using.
Split your maintenance bills and utility costs with your tenants and pass on expenses to them with CAM and RUBS charges. Manually adding up expenses and allocating them to tenants is a time consuming process. Good software should help you divide up what is due with customizable parameters that make it easy to split the bills among all parties.
4. Eliminate Third Party Software Costs
Most organizations use all sorts of tools to manage their business. There is accounting software, systems for accepting payments, document management, spreadsheets, workarounds, and more. The right software can consolidate all of the tools you use, make everything more functional, and reduce your overall costs at the same time.
Instead of spending on multiple software solutions that don’t quite fit, take some time to look for a more comprehensive software that can do it all. The problem is that most software that you’re using probably isn’t designed for property management. Most of us are adapting generic software for a very specific job.
The right software should be adaptable and customizable to fit all of your business needs. Keeping everything in one place instead of scattered among platforms will help your business be more organized and give you a better picture of how your operations are doing. Paying for the right software can actually save you money as you eliminate the need to pay for all the tools you use just to get by.
5. Cut Back On Manual Data Entry
Another benefit to using the right software is the way it cuts back on data entry. Using multiple programs for different aspects of your business means a scattering of data. But if all your data is in one place the software can use it for various purposes without the need of further data entry.
A rent increase affects the lease, invoicing, accounting, and payments. If you are using different software for each of these areas you will have to account for that rent increase four times. The right software will take the information from the lease agreement and use it to automatically adjust the invoice, allow the tenant to pay the invoice, and make a record of any discrepancy in payment.
Good software is intuitive, making it easier and less tedious to manage your books. Cut back on manual data entry and manage all of your transactions in one place. Free up employee time for more important tasks and improve your ROI.
6. Understand Your Finances
The best way to improve your ROI is to have a really good understanding of your finances. It comes down to accounting, record keeping, and a solid set of books. Having valid and reliable data on your finances allows you to spot trouble and areas for improvement.
It’s crucial that the right solution includes powerful accounting software that understands property management. You need a program that breaks down transactions such as invoices, bills, and management fees into line items. The right software should make it easy to manage your finances and view all aspects of your business.
Property Matrix is your one stop solution to property management software. All aspects of your business on one highly intuitive platform. The software built for property managers to operate their business better.
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Are Multi-Family Units Money Makers?
Multifamily properties come in all sizes from duplexes to high rise apartment buildings. Many investors are jumping on the multifamily property bandwagon with the hope of increasing their income and growing their portfolio. Are these properties the money makers that they’re made out to be? Benefits Of Multifamily Property Ownership More Cash Flow The most […]
The post Are Multi-Family Units Money
... moreMultifamily properties come in all sizes from duplexes to high rise apartment buildings. Many investors are jumping on the multifamily property bandwagon with the hope of increasing their income and growing their portfolio. Are these properties the money makers that they’re made out to be? Benefits Of Multifamily Property Ownership More Cash Flow The most […]
The post Are Multi-Family Units Money Makers? first appeared on Property Matrix.
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Commercial property asset management revolves around maximizing the value of a property. It involves the process of buying, selling, and holding one or more commercial properties with the focus on improving the return on investment. Unlike property management which focuses on day to day operations, asset management has a strategic long term outlook centered around […]
The post Why
... moreCommercial property asset management revolves around maximizing the value of a property. It involves the process of buying, selling, and holding one or more commercial properties with the focus on improving the return on investment. Unlike property management which focuses on day to day operations, asset management has a strategic long term outlook centered around […]
The post Why You Should Have a Commercial Property Asset Management Plan first appeared on Property Matrix.
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Tenant screening is an important part of property management. It can improve financial outcomes by reducing expenses associated with bad renters and save you a lot of trouble in the long run. Is your pre-screening process up to par? Here are 4 warning signs that you may need to up your game. 1. Missed Or […]
The post 4 Signs Your Tenant Pre-Screening Process Needs Improvement
... moreTenant screening is an important part of property management. It can improve financial outcomes by reducing expenses associated with bad renters and save you a lot of trouble in the long run. Is your pre-screening process up to par? Here are 4 warning signs that you may need to up your game. 1. Missed Or […]
The post 4 Signs Your Tenant Pre-Screening Process Needs Improvement first appeared on Property Matrix.
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There are many similarities between managing residential properties and commercial ones but there are some important differences as well. Commercial tenants are not looking for a home with a good commute to work and a stellar view. They are looking for a property that will be good for their business. Commercial property managers need to […]
The post 6 Commercial Property Management
... moreThere are many similarities between managing residential properties and commercial ones but there are some important differences as well. Commercial tenants are not looking for a home with a good commute to work and a stellar view. They are looking for a property that will be good for their business. Commercial property managers need to […]
The post 6 Commercial Property Management Secrets from the Experts first appeared on Property Matrix.
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The post Are
... moreRental property management can be rewarding and profitable in a strong economic environment. When the economy isn’t strong profit margins shrink and the only way to stay afloat may be to cut costs. With creative cost cutting strategies you can continue to run a profitable property management business without skimping on quality or sacrificing your […]
The post Are You Over-Spending? 10 Ways Rental Property Owners Are Cutting Costs first appeared on Property Matrix.
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A commercial property investment can be lucrative if you purchase the right property. While the residential property market tends to be more stable, commercial properties can round out a portfolio and offer new opportunities. But don’t expect to sit back and watch the money pour in. Commercial spaces tend to be more expensive, with higher […]
The post Thinking About
... moreA commercial property investment can be lucrative if you purchase the right property. While the residential property market tends to be more stable, commercial properties can round out a portfolio and offer new opportunities. But don’t expect to sit back and watch the money pour in. Commercial spaces tend to be more expensive, with higher […]
The post Thinking About Commercial Property Investment? 5 Things to Consider first appeared on Property Matrix.
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In property management a vendor is a company that provides specific services related to the purchase, renovation, upkeep, or management of your properties. There are many vendors that your business likely relies on but a few stand apart. These companies are valuable partners in the operations of your business. Residential and commercial properties have unique […]
The post 5
... moreIn property management a vendor is a company that provides specific services related to the purchase, renovation, upkeep, or management of your properties. There are many vendors that your business likely relies on but a few stand apart. These companies are valuable partners in the operations of your business. Residential and commercial properties have unique […]
The post 5 Vendors to Keep on Speed Dial When Managing Commercial Property first appeared on Property Matrix.
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Rental properties need tenants to be profitable. Vacant units still generate expenses such as property taxes, basic utilities, and possibly mortgage payments. Filling vacancies quickly with quality tenants is an important part of the job for property managers. Most rental properties find tenants with the use of property listings. These types of ads are specifically […]
The post How
... moreRental properties need tenants to be profitable. Vacant units still generate expenses such as property taxes, basic utilities, and possibly mortgage payments. Filling vacancies quickly with quality tenants is an important part of the job for property managers. Most rental properties find tenants with the use of property listings. These types of ads are specifically […]
The post How to Craft Rental Property Listings That Attract New Tenants first appeared on Property Matrix.
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Your rental property is your livelihood and a home for your tenants. It’s important to have proper safety measures in place to avoid damage, injury, and theft on the premises. The safety of your tenants and visitors is part of your responsibility and you must do your due diligence to ensure that no harm will […]
The post 9 Safety & Security Considerations for Your Rental
... moreYour rental property is your livelihood and a home for your tenants. It’s important to have proper safety measures in place to avoid damage, injury, and theft on the premises. The safety of your tenants and visitors is part of your responsibility and you must do your due diligence to ensure that no harm will […]
The post 9 Safety & Security Considerations for Your Rental Property first appeared on Property Matrix.
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Technology is becoming more integrated into our lives and affects the way we socialize, shop, and work. Rental property managers need to embrace tech upgrades more than ever if they want to be competitive. It’s time to leverage technology to become more efficient, responsive, economical, and ready for the future. Is your property management business […]
The post 9 Tech
... moreTechnology is becoming more integrated into our lives and affects the way we socialize, shop, and work. Rental property managers need to embrace tech upgrades more than ever if they want to be competitive. It’s time to leverage technology to become more efficient, responsive, economical, and ready for the future. Is your property management business […]
The post 9 Tech Upgrades Rental Property Managers Are Leveraging Today first appeared on Property Matrix.
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Data analytics is big business these days. Companies in virtually all market segments are collecting and analyzing large amounts of data in order to be more competitive and improve their bottom line. Property owners are no different and there are some key rental property metrics that every landlord should be looking at. Rental properties are […]
The post 4 Analytics
... moreData analytics is big business these days. Companies in virtually all market segments are collecting and analyzing large amounts of data in order to be more competitive and improve their bottom line. Property owners are no different and there are some key rental property metrics that every landlord should be looking at. Rental properties are […]
The post 4 Analytics Rental Property Owners Should Be Using to Drive Revenue first appeared on Property Matrix.
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