Note: This is part one of our series on technology innovations that help property owners and managers get the most from their investments.
Managing properties, whether your own investment or as a fulfilling career, is a lot of work. But property managers today have more options than ever for cost-effective ways to manage that work load more easily and effectively. Improved interfaces, faster applications and cloud-storage options make these tools ever-more-accessible and easy to use.
Managing a property is time-consuming, especially if you own multiple properties or live at a distance from your assets. Many property owners see their rental income as a means to enjoy their lives, rather a full-time job of maintenance and problem-solving. If you see owning property as the means to more leisure time, hiring a property manager is essential.
A professional property manager handles everything from rent collection to maintenance, making your life easier and freer, with fewer headaches. But not all owners need a property manager and not all property managers are created equal. The big questions you need to answer before making that investment are “When is it time to hire a property manager?” and “What should I look for when hiring one?”
You’ve seen ads for rental insurance. But do you know what it covers OR if you can require tenants to get it?
Rental insuranceis a specific type of policy that covers possessions within the home as opposed to the home itself. It is highly beneficial to your residents in the event of flood or similar disaster since you are not responsible for damage to personal possessions - only the property itself. Some property owners may requiretenants to obtain rental insurance. Even if you don’t require your residents to have renal insurance, you can advise them to get it.
Single-family homes, duplexes, multifamily complexes and businesses have traditionally fought for idyllic lawns with the aim of causing envy among neighbors and passersby. But at Livable, we think we have a better idea!
It’s time to level up and consider trading the battle of lawn envy for a healthier, more colorful and more sustainable option: building a garden. Replacing lawns with gardens is a fantastic option for a better environment and overall way of living. Check out our reasons for installing a garden over the manicured grass, plus suggestions for the kind of garden you could opt for. Now is the time to start planning for an amazing garden this summer!
At Livable, our mission is to help save Housing Providers money while encouraging conservation by making residents responsible for their utility usage, especially water. According to the U.S. Energy Information Administration, the residential electricity price nationwide increased 1.5% in 2022, continuing an upward trend in the coming years.
As a Housing Provider, one of the most fundamental responsibilities you have is collecting rent, and in some cases, utility payments from your Residents. Unfortunately, it is not uncommon to have Residents who fall behind on their payments for rent and utilities, leaving you to navigate the difficult and often uncomfortable process of collecting those outstanding bills.
We know that Housing Providers like you want positive and professional relationships with your Residents. Unfortunately, those relationships can become strained when it comes to managing late payments. We’ve already talked about best billing practices, but even the best systems and efforts can’t prevent late payments sometimes. To help you maintain positive relationships with your Residents, follow these best practices when dealing with delinquent payments, whether on rent or utilities, to maximize your cost recovery.
“At Livable, we want to keep residents and property owners up to date on issues that impact everyone in the rental market. We sympathize with tenants having financial issues, especially in the current inflationary climate. But we also recognize that housing providers are investors. Livable helps protect the health of those investments while educating residents on conservation, which saves everyone money and helps the planet.” - Livable CEO Daniel Sharabi
With utility costs continuing to climb while rents and unit demand are dropping, the best way to improve your bottom line is to implement a ratio utility billing system (RUBS), an inexpensive and easy way to make tenants financially responsible for their usage and incentivize conservation.
