4 Reasons Why Smart Companies Separate Real Estate Assets From Their Business

If you are one of those people who chooses to hold real estate and other assets separately, then you are doing the smart thing. The general reasons why people do so is because they fear liabilities that could affect property ownership or liabilities for injuries suffered on the property. However, the valid motive why anyone should choose not to combine …

Real Estate Companies Can Outsource Their Accounting. But Should They?

At the onset your fears of outsourced accounting can be assuaged in the knowledge that the real estate property management industry is one of the leading sectors to extensively adopt outsourcing in order to improve processes, cut costs, and scale limited overheads. In an earlier blog we talked about when it is the right time to outsource your real estate …

Yardi’s Genesis 2: a tidy overall review

Yardi is a very familiar name among property managers. This time they have come out with a new, versatile and cost-effective property management and accounting software, Genesis 2, for small to mid-sized portfolios. Genesis2 supports many property types – residential, commercial, affordable property, condos and HOAs (home owner’s association), self-storage, offices, retail – typically anything less than 1000 units or …

Are You Practicing One of These 5 Property Management Ineptitudes?

While the entry barrier for property management companies is low, it is hard to find success in the industry. Companies that have folded in barely a few years have typically made the following mistakes, that you must avoid: Failure to maintain books It is an imperative and fundamental rule that any company needs to keep their books properly to stay …

When a Virtual Firm Meets Face-to-Face

Many small to medium businesses are going the way of virtual firms. While this type of organization has several advantages, there are also a few pitfalls. Interestingly, periodic face-to-face meet-ups can address these issues and spur the organization to innovate achieving new milestones for further success. Advantages of a Virtual Firm Employee Flexibility At a virtual firm, the flexible work …

6 Tips to Reduce Late Rent Payments

Accounting for property management is complicated enough without further hassles thrown in. And that’s exactly what late rent payments are – a spanner in the works. They interfere with your cashflow and this can have other consequences. You might need to delay repairs or find alternatives to make vendor payments. You could even overdraft your bank account. Late rent can …

5 Property Management Accounting Practices the Industry Bigwigs Follow

With real estate, property management doesn’t end with finding new renters, changing fused bulbs and fixing leaks in the ceiling. Those are routine. The larger part of the task is managing your finances. This essentially boils down to accounting and accounting practices that bolster rather than blight the development of your business. What can you do to manage your accounting …