Having good results with Property Genie?  (Gulp) Bad?  Let us know.  We would love to hear your feedback, good or bad.  Both kind help us to improve, and we appreciate it.

Have a technical challenge?  Click below on comments and leave your post.  Want to help?  suggest your answer!  We monitor these postings, so we will post a solution too.

One of the key challenges as your company grows is managming thevolume of paperwork that hndreds of properties naturally generate.  Signed leases and other documents, vendor invioces, handwritten notes from tenants or owners abound, and you need a system for filing all of this information so it is accessible should ou ever need it..in court.  Or to avoid court.  That is why we integrated a document management system directly into Property Genie, so you have a single repository for every e-mail, every contract, every fax, and every letter or invoice in one, reliable system that organizes the data for you swiftly and efficiently.

Check out the video to see how easy it can be to add document management to your property management business.

http://youtu.be/g_IMkWaoeds

An innovative homebuilder found themselves with 450 homes under cosntruction in several neighborhoods that they recognized they were never going to be able to sell above their costs in the current market.  They decided to turn their lemons to lemonade, and contacted Proeprty Genie to see about converting the properties to rental units, rather than taking a loss. they Purchased Property Genie Property management software in 2008, took our training  courses, and their effort paid off.  Not only did they succesfully rent the 450 homes and condos at a profit, but they went on to build 600 more units in 2009 and 2010.  They kept their workers employed through the recession, built properties at the lowest costs they have ever enjoyed, and created an entirely new line of business that now generates over a $12 million a year in income with high profit margins.   

Student housing has just a few unique challenges that make it unfit for most property management programs, but with property genie property management software, managing student housing can be a breeze!  Setting up similar units is easy.  you can create the unit and it's amenities, then copy the property template to create all of your units.  

collecting rents separately from multiple occupants is easy too, since Property Genie recognizes each individual as a unique tenant.  Call us to find out more about how Property Genie can make managing your student housing simple and straight forward!

While all other aspects of the housing market are continuing to suffer in 2011, the rental market is enjoying significant growth as former homeowners return to the rental market. 

According to the Wall street Journal, the fourth Quarter of 2010 saw the biggest increase in Occupancy in 10 years. "Population Growth, a firming of the labor market and a drop in the U.S. home-ownership rate to 65% from near 70% peak could generate 4.5 million new renter households over the next 5 years." This trend is expected to continue through 2015,  creating tremendous opportunity for those poised to take advantage of the market. 

If you are in Real estate and have been thinking about Residential Property Management, now is the time to get prepared. Property Genie Property Management Software IS the best choice for folks who want to engage in this growing opportunity. 

when you are courting a new owner, one of the key things they want to know is how much you intend to rent their property for.  One method for trying to close the relationship is to convince the owner that you will get them more each month than anyone else can. Yay!  you made the sale!  but how long will it take for the owner to realize you either lied, or don't really know what you are doing?  

Property managers who are trying to do it right will look in the MLS or on Zillow to see what houses are renting for and cite that to justify a rental price.  this is better, but these prices are not a reflection of what prices are LISTING for, not what they actually rent for.  

Property Genie Property Management Software goes one better.  We look at adjacent properties with similar characteristics ACTUALLY rented for, so you can show your prospective client that you really know the market and can rent their property fast.  Not promise pie in the sky rental rates.  Even if the client tries the "other guy" first, they will remember you when the other guy fails.

After this I decided to turn on automated background screening for all applicants.  That way no one slips through.

Have you had a hard time attracting new owners?  Are you getting calls, but your staff is not closing the deals?  You may want to consider a dedicated Marketing Rep, or Owner Coordinator, as they are referred to in Property Genie Property management software.  Many companies waste a lot of money on sales staff not fully understanding what they can and cannot do for your business. 

We call them marketing reps, but in truth, they are not.  They are salespeople.  This job position can be very effective for your business IF you have taken the time to create a marketing system that makes your phone ring every day with owners looking to hire your business to manage their properties.  Until then, don't create a sales position.  In over 20 years of working with small businesses, I have never seen a salesperson successfully beat the bushes to find leads and close significant business.  Bringing a sales rep in before you have leads coming in is putting the cart before the horse.  You won't get anywhere, and you will waste a lot of time and effort and money.

So let's assume you have taken the necessary steps to get the phone ringing with opportunities.  How are you going to make your owner coordinator successful?

1.  Tie performance to compensation.  Your Owner coordinator is going to meet with prospects at restaurants, in their homes, at their properties, and at coffee shops.  Don't think that you can pay this person a salary and expect performance.  This is a commission position.  You should pay for three things:  Closing a deal.  Maximizing the value of the transaction.  longevity of the relationship.

2.  Give your Owner coordinator the tools to succeed.  Your rep will meet with someone who is going to evaluate several competitors.  The prospect will make their choice based on personal repoire with your rep. the cost of doing business with you, and their belief that you will do a professional job and protect them from trouble.  Property Genie Property management software cant't help with the repoire, but it does make your company a more cost effective option for the owner, because we make you more efficient.  Depending upon your current operational procedures, fully implementing property genie property management software can result in 30% or higher cost savings.  We also give your rep the ability to put a very professional foot forward with tools like:

A professional website.

An Owner login area with all of the information an owner wants at their fingertips.

A structured inspection process, so an owner can feel confident you are protecting his investment property.

Professional market rent analyses, so you can ensure the owner you are getting market rent for their property.

So two guys walk in to your business, and they both want to buy you out.  You ask the first one:  How much will you give me?  and you say, "My accounts are worth $4800  a piece, and I have 100 properties"  He says,  I'll give you $4800 a piece. 

You ask the second guy, "How much will you give me?" He says:  "I'll give you $2800 a piece.  That's what they are worth to me."

Who is going to pay you more for your business?  Would you be surprised to learn it is the second guy? Because when you are fiinshed tlking to him, he will pay you amost 2 million dollars more. (and what has this got to do with property management software anyway)? 

To understand that answer, let's take a look at the valuation.  to determine the value of an account, you need to know:

• The net operating profit NOP per account.
• The Average length of time a customer remains with your business

So, Let's assume your average NOP is $80.00 per month X 12 = $960

And your average client stays 5 years =$4,800.00 value per managed property.

Now, the first guy agrees with your valuation. so to him, your business is worth the value of the accounts: $480,000.

The second guy has told you he can only garner $2800 per account, which means he is much less efficient than you at running his business.  So what he should be buying is not just your book of business, but your more profitable business model.  Assume his business has 1000 properties.  The value of your business to him is the value of your accounts, $480,000, PLUS the difference between his inefficient management techniques, and your Efficient Property Genie Property Management Software based management techniques.   So,  To him, you are worth an additional $2,000,000. 

This is what Property Genie Property Management Software does for you.  By introducing multiple techniques to cut your cost per transaction and increase the satisfaction of your customers so they stay longer we increase the value of your business.  We improve your bottom line.

I'd spend more time talkin' to the second guy.