Assetsoft - Blog #advertising

Top Property Listing Tips to Fill in Vacancies Faster

Mon, 09 Aug 2021 08:00:00 -0500

Want to create listings that attract more tenants? In today’s tech-savvy world, more than 50% of buyers look for homes on the internet. As a property manager, online listings are your primary way of acquainting prospects with the property. Well-created property listings improve user experience and create a better impression on prospective tenants.

If you want an excellent marketing strategy, then focusing on property listings is your first step. Follow these top tips to create attractive and informative listings that fill vacancies faster.

1. Make sure to be descriptive

When you place a listing of a property online this is the first impression that online users will have of your property. These users will stumble across your property while browsing and so will want a comprehensive description of the property including:

A summary of the interior of the property (bedrooms, bathrooms, sizes)
Amenities of the apartment/home
Nearby landmarks and convenience locations (supermarkets, hospitals)
Proximity to attractions such as coffee shops and theme parks

The more detailed the description is, the more interest you will be able to garner from each user. The user will feel like they understand more about the property and will get the “initial feel” for the place. Add on to the fact that a detailed description will cover all the common, repetitive questions that buyers will ask, your business will be able to weed out the interested buyers from the window shoppers.

Your property description is also your key to increase visibility. By SEO optimizing your listing, you can bring it to the top of search results. However, optimizing your description for search engines requires more than just writing. If you are new to this, consider hiring a professional SEO expert to get the desired results.

Or, you can also use software to research and write better listings. Yardi’s Commercial Edge lets you research property data across all commercial real estate asset types. These insights create better listings that also have increased visibility through their platforms.

2. Take advantage of visual aids

We live in a time where content is mostly visual. People are so used to visually appealing content that bad visuals are an immediate turn-off and they are highly likely to click away. To attract more users to your listings, high-quality and professional-looking photographs must be added to the listing.

Many businesses or individuals that post listings with little to no photos will find it extremely difficult to find interested tenants. If you think about it, no online user is going to look at a property listing that is just text-based and make a decision to purchase or rent that property. They require visual aids such as photos and videos in order to analyze the property.

Make sure you include as many photos as possible of the property. Everything from the bedrooms, the living area, garden, garage, attic, and so on. The more areas that you capture in these photos, the more these users are likely to show attention to the listing. If you don’t have a professional camera or don’t know how to take professional photographs, then hiring a freelance photographer would be the next best choice.

3. Make use of online advertising

Statistics show that 45% of small businesses use PPC advertising in order to grow their business. The reason for this is simple. PPC advertising brings in immediate traffic, which means a much higher chance for a lead and/or sale. Creative advertisements always catch the eye and can be crucial in converting a lead to a tenant.

Is your property close to schools? Does it have extra outdoor space? Make sure that the advertisements highlight the best features of your property.

4. Leveraging the power of social media

According to statistics, businesses that promote through social media can get up to 10% of their sales through these platforms. In order to promote via social media you can:

Use paid ads similar to PPC campaigns
Create a social media profile and gain followers by posting content
Create or join Facebook groups to list all your properties
List on property-based Facebook groups already active in your area

5. Use modern technology and software

Using software that you find online or through another company, you can do unique things such as:

Adding a video walk-through of the property
Creating a virtual tour of the property
Adding a 3D model of all the floors and amenities
Personalizing the interior using graphics and software

By including these options, you will easily be able to capture the attention of new users. Once they visit your listing, they will get a better idea of the property and get a full modern experience and feel of the property. They will be much more likely to consider a purchase/rental after this experience.

6. Work on your website

You don’t have to rely on third-party sites or pay other websites commissions to host your listings. With your own website, you can utilize the power of SEO to keep bringing in organic traffic on a monthly basis as well.

Just make sure to clean up the website and make it look modern and professional. Users will turn away if the website looks incomplete or like a spam site. You can hire a website developer to create and optimize the website for you to get the best results.

By incorporating the above tips into your business you will be able to get new, warm leads more efficiently and easily for all your property listings.

Manage properties through Assetsoft

Online listings are the first step to effective property management. For hassle-free property management, upgrade to the latest tools and technology. Assetsoft helps clients manage their properties through state-of art-software like Yardi, MRI, and Procore. We provide all property management software solutions--from tenant portals to data and analytics.

Our clients also benefit from our other services like back-office accounting, lease abstractions, and CAM reconciliations. We understand your needs and create tech strategies suitable for your business.

To upgrade your property management, reach out to Assetsoft!

Top Bookkeeping Essentials For Property Accounting

Thu, 10 Jun 2021 11:00:00 -0500

Bookkeeping can be a tedious task in the real estate industry because of the large number of transactions. A majority of Americans live in rental accommodation, with 41% of them renting single-family homes.

As a property manager, accounting for the client’s property will be your responsibility. If you have just started with property accounting, getting your bookkeeping fundamentals right can set a strong base for you.

Here are the top bookkeeping essentials to get you started.

1. Know the Guidelines

Every state has specific rules that serve as guidelines for property accounting.

For example, most states in the US have set a limit on the security deposit amounts that can be collected from tenants. Keeping up-to-date with the property accounting guidelines of your state can save you, your tenants, and your clients from legal hassles later on.

If you find administrative guidelines hard to understand, you can seek the help of a professional who specializes in real estate accounting.

2. Choose an Accounting Method

As a property manager, you can choose between two accounting methods to keep your books: cash-basis and accrual.

Cash-basis accounting is popular for its simplicity. It accounts for the cash as it is received or paid. The accrual method, on the other hand, records the revenue and expenses when they are generated.

A major disadvantage of cash-basis accounting is that it does not consider the accounts payable and receivable. It can show a profit for the company on the books when in reality, the company still has a large sum to pay.

The accrual method can be complex but is also more accurate. It records every anticipated transaction, which is a better way to gauge the financial health of the firm.

3. Choose A Bookkeeping Method

After accounting, you need to choose a bookkeeping method. There are two ways to do this: single entry method and double-entry method.

In the single entry method, you record each transaction only once, as income or expense. You can either use a single column or split it into two columns for both entries. This method is suitable for simple businesses.

If you own or manage several properties, you should go for the double-entry system. Here, you enter each transaction twice--one as debit and the other as credit. It can be more work, but it is better than maintaining several ledgers for different properties.

4. Organize Your Entries

Most property managers opt for accounting software to organize their transactions. Unlike spreadsheets, accounting software is designed to simplify the process of recording financial transactions.

Cloud-based software like Yardi Voyager combines property management and property accounting into a single platform. You can access and modify the financial data from anywhere if you have a connectible device.

5. Set Up Your Chart of Accounts

Setting up a chart of accounts helps you organize your financial entries by categorizing the transactions. You can use it to generate reports, measure performance, and go through past entries.

Depending on your business needs, the chart of accounts can be divided into as many divisions as you want. For example, you may have different accounts for “maintenance,” “insurance,” and “advertising.” Basically, it is a list of all your assets, liabilities, income, and expense accounts. A chart of accounts contains a few columns.

Every time a transaction is made, you enter it in the chart. Include an additional column to write in any details about the transaction. Make sure that every transaction is recorded in the chart.

You can use something as simple as an Excel sheet to create a chart of accounts. But, a more efficient way is to use accounting software. For example, ZohoBooks is an excellent software to keep track of your transactions. It manages your finances by automating business workflow across departments so you can access all the financial information with ease.

6. Separate Your Personal and Business Accounts

You should separate all your real estate transactions from your personal account. This helps to keep all your business transactions in one place. You can quickly go through the account history to know about processed and pending transactions.

If you mix it up with your personal account, it will be difficult to separate business transactions from personal ones. This can lead to poorly managed cash flow and disorganized books. Experts say that mixing your personal and business accounts is an early mistake that could add tax costs.

Having a separate business account makes you more professional from the client’s perspective. Clients prefer issuing checks in the name of your business, which increases your credibility as a property manager.

Other than a business account, it is good to have separate accounts for security deposits as well. Many state laws demand that a landlord or property manager hold the security deposits in separate escrow accounts. This makes the funds readily accessible when a tenant decides to move out.

If your state allows it, you can also hold the security deposit in a trust. That way, you can keep track of the income and expenses generated per client.

7. Organize Documents

Organizing your documents to support your accounting books can help you solve discrepancies later on. Some of the documents that you should keep are:

Bank Statements
Invoices and Receipts
Insurance documents

Tax returns
Contracts and Leases

You can keep a physical copy of the documents or store them online. But if you choose to keep them digitally, make sure to use a secure platform. Storing them digitally can help you maintain and track them easily, even a few years down the line.

8. Keep Track of the Collections

Keeping track of the collections can be difficult and time-consuming. But by following a few simple steps, you can easily complete this process.

The first step is to improve the terms of your invoice. If you use effective invoice terms, your payments will get quicker. Use these tips to make better invoices:

Include the contact information, due date, and the amount to be paid.
Keep track of your payments by numbering the invoices.
Accept multiple smaller payments to clear a large bill.

Next, you can collect payments through online platforms. Automating payments is the best way to make sure you receive them on time. It can send automated reminders to clients, enable online payment collection and alert you on missed payments. It also ensures transparency and security, as all the financial details of the client are encrypted.

9. Prepare for Unexpected Expenses

One business mistake that most property managers make is thinking that their properties will always be rented. Cash flow in real estate is not stable. Say three out of your ten properties aren’t rented for a few months. That’s a 30% reduction in your revenue. If you have to pay the mortgage for those few months from your personal account, you are not doing it right.

A CNBC study says that nearly 20% of American renters are behind on their payments. If you encounter expenses due to late rent payments, repairs, and unexpected maintenance, then your emergency fund can save the day.

You can also be better prepared by analyzing the expense reports of previous years. Also, consider worst-case scenarios such as a tenant breaking the lease or an unexpected leak in the property. Calculate the numbers to decide how much you should save in the emergency fund.

10. Regularly Reconcile Your Bank Accounts

Keeping track of your collection can be worth nothing if they aren’t reflected in your bank account. Regular reconciliation of accounts can help detect missed transactions, incorrect numbers, and duplicate entries.

You should reconcile the accounts at least once a month to ensure accuracy. The process includes identifying bank errors, time delays, and other mistakes and rectifying them using relevant documents.

Many property managers put off reconciliation as it can be time-consuming. A simple solution is using software like Zoho Books to initiate the reconciliation of your bank accounts. You can choose to do it at the end of every month or a period of your choice.

11. Save on Tax Deductions

If your records are up-to-date and accurate, it’s easier to save money on tax deductions. You can claim the cost of education, travel, and professional services you hired for your businesses.

Given the Covid-19 pandemic, tax laws have been changing from time to time. Keep track of the current tax code to build an effective tax strategy.

Good accounting practices can spare you a lot of liabilities and make your business flourish. It is not enough to just update your knowledge. Instead, you should implement it in your business strategy. Sparing few minutes a day to manage finances can go a long way.

Having a solid grasp of bookkeeping fundamentals, along with proper software, can make bookkeeping an easier task.

If you have difficulties finding the right software for bookkeeping, we have the right solutions for you.

At Assetsoft, we ensure seamless implementation of all the necessary tools to build automation software that fits your requirements. We provide complete solutions to all your software needs through multiple systems like Yardi, Uipath, and Zoho, among others.

Talk to us to know more about how we can help you with your back office accounting needs. Outsource your bookkeeping and focus on what’s more important. Contact us today!