Assetsoft - Blog #property maintenance

Why Are Energy Audits Important?

Tue, 08 Feb 2022 13:35:31 -0500

Should You Ignore Energy Check-Ups?

Getting timely energy audits of your properties can help save you from a lot of hassle in the future. The audit is a process to check the energy efficiency of your property. The faulty line and the non-led bulbs may seem minor, but these excesses can cause a lot of fuss if not resolved in time.

Advantages of an Energy Audit

Since the property owner usually pays for consumption, an audit is of great help. As a landlord, you can cut down up to % off on your bills by decreasing heating and electricity consumption.

With the help of a thorough energy audit, you can make renovations and upgrades to implement this change. This work includes adding/reducing insulation, switching to an energy-efficient lighting system, upgrading to a better heating system, and more.

Why Should Property Managers Get an Energy Audit?

Since the property owner usually pays for consumption, an audit is of great help. As a landlord, you can cut down up to % off on your bills by decreasing heating and electricity consumption.

Tools to Use in Property Inspection

Infrared Scanners

A thorough energy audit takes time to execute efficiently. The team of professionals conducts a test in each property space to check for leaks or faults. The tools they use are also varied. Thermal scanners are among the most common ones used in such inspection.

This tool gives the auditing team a reading of the building's thermographic status. Such a scan allows them to pinpoint the areas where there are cracks. Since these places are not airtight, it shows on the heat graph.

The technology also detects areas receiving excess insulation in the same manner. This tool is very accurate and can see the temperature of each space inside the property.

Blowers

A blower door test is another essential tool these professionals use in their work. It helps them detect the property's insulation problems by checking for leaks and cracks. By using it in tandem with the thermographic scanner, customers can receive a detailed report about the loss of energy inside the house.

Why are the Advantages of Drone Inspections?

Today, with advancements in technology, auditing services have become more convenient. But despite this, a large percent of the auditing is conducted via manual inspection. You need a more significant sum to perform such tests. The money required to hire a large team of auditors is always more.

Less Costly

In addition to this, it is the responsibility of the property managers to build scaffolding around the building. Though temporary, these structures are necessary for a safer inspection. They are also costly. The insurance covers the workers doing dangerous work and contributes significantly to the overall expense.

More Data

Drone footage provides multiple angles of the same areas, which a human may not necessarily be able to do. But with drone technology, such problems are significantly reduced. Not only is this system safer, more convenient, and less costly, it is also more accurate.

Furthermore, sensors can be attached to it to provide more readings. Such extra information is always helpful to the property manager during the budgeting process for repair work.

How can Energy Audits Help You?

Higher Long-Time Savings

Though it may seem like a minor thing, energy audits can save you a lot of money in the long run. The consumption analysis lets you know how much electricity your building is using. The report gives you an idea of the areas that need the most change. This upgrade can significantly lower your electricity bills.

Increase in Home-Value

Besides this cut in costs, getting an energy audit for your home can help you increase your home’s value. Your property may be in dire need of an equipment update. A check-up lets you know which appliances are using excess energy.

Such an opportunity gives you a chance to upgrade to newer heaters, bulbs, coolers, fans, and more. As a result, your building's overall appeal is sure to be enhanced as well, boosting your property value.

Hiring an Energy Auditing Team

If you are looking to get the best results from your energy audits, you might consider partnering with a reliable firm. Any company worth their money can run a review to check the efficiency of your property, but few can give you a top-notch result. An audit team with certification from a recognized institute like the Building Performance Institute is always recommended for residential properties.

Access to Better Technology

Your review must always go through a thorough analysis. A firm that uses the latest technology like drone inspections to produce a well-researched audit is the one you should trust. Some of the best inspection/ audit businesses in the market using AI, thermal sensors, and more to scan your property. The results of the scans, be it images or videos, are provided for the client's benefit.

Implementing Changes Post-Audit

After receiving the review, the responsibility falls on you to make the necessary changes to your property. This work implies making sure that your building is energy efficient. Proper insulation ensures that there is no loss of power anywhere. It is up to you to make sure that your structures are airtight and there is no heat loss anywhere.

Green Technology

Aside from this, implementing more innovative, 'green’ technology into your business can also save on costs in the long run. Installing automated lighting and heating systems is both practical and efficient. They automatically adjust to the room either by shutting down or lowering consumption when not in use.

The drone images also give you an idea about which areas are the most vulnerable. Since more efficient firms also equip the drone camera with several sensors, you also get more data than plain images. This information is vital because it provides data to plan your repairs. Renovations can cost a pretty penny, and having more data at your disposal helps you plan your budget more accurately.

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The Complete Guide to Property Inspections

Mon, 01 Nov 2021 10:42:47 -0500

Property Hunting is undoubtedly a difficult task when there are so many options to choose from. But no matter how much time passes by, they’ll always be expensive. And to make a decision where you’ll be spending a lot of your money, some expert advice is needed.

Property inspections play an essential role to determine, if needful maintenance of a place is carried out. Our brief guide to property inspection will help you better understand the concept and the considerations to be taken into account while arranging for a property inspection.

Importance Of A Property Inspection Report

Before buying a house, you must get hold of a property inspection report from the seller. The purpose of this report is to allow buyers to make rational decisions regarding the purchase.

A property inspection report consists of all that you should know about a house or property. It contains vital pieces of information about the place. This report can inform you whether the property or building is in a good condition and also if it is safe to be used. A property inspection report can tell you if there is any problem with the property which needs to be resolved.

When Should Tenants Ideally Be Notified About The Inspection?

According to the laws, a landlord must give their tenants a notice of at least 24 hours if they want any property inspection carried out. But it's better to notify the tenants at least a week before the examination since the idea may seem quite daunting to them. The inspection must be conducted at a time that both the tenant and the landlord may deem fit.

In What Way Should Landlords Request Permission For A Property Inspection?

According to the legal standards, the landlord should request permission for a property inspection in writing. They may ask for a handwritten note, an email, or even a text message. The document must include the following points:

●The address of the property to be inspected

●Who will be carrying out the inspection

●Date and time of the inspection

In some tenancy agreements, clauses scheduling in-house inspections throughout the year can be found.

Can A Landlord Enter A Property Without The Permission Of Its Tenants?

A landlord can enter a property without permission in the event of an emergency only. Emergencies of this kind may include gas leaks, ruptured water pipes, and similar instances. In all other situations, entering a house or property without permission can be regarded as trespassing. If a landlord enters the property without the tenant accompanying them, they must have the tenants' permission to do so.

What Happens If A Tenant Does Not Allow The Property Inspector To Enter?

Most tenants will likely have no problem with a property inspection as long as the landlord has followed all the rules. Sometimes, however, a tenant may simply not allow either the landlord or the property inspector to enter. That is why it is important to properly understand a landlord's right to gain access to the property.

But a landlord may issue an eviction notice in the event of a complete lack of cooperation of the tenants. In this notice, a landholder formally requests the tenants to leave the property when their fixed term comes to an end. But to issue this notice correctly, some procedures have to be followed. Otherwise, the statement will be treated as invalid.

A Property Inspection Checklist For Landlords

If property inspection is conducted thoroughly, it might detect problems that might turn out to be a major issue later. But a timely detection of these problems would ensure their timely resolution, and the process will not involve a lot of expenses if detected in its earlier stages. But a landlord must be watchful enough for these problems to remain unnoticed.

To find out if every nook and cranny of the property is maintained properly and is in good condition, it is important to follow a checklist. Both the interiors and the exteriors of a house must be carefully examined to check if they need to be repaired or not.

As far as the exterior portions of a property are concerned, the landlord must ensure:

If the gutters are overflowing
If the paving slabs are loose or not
If the fencing is in a damaged condition or not
If the outdoor area is maintained or not
Whether a lot of garbage is not being left outside
If the outbuildings, like the shed doors and garages, are safe or not

For the interiors, the landlords must be on the lookout for the following:

Damp and mold
Leaky faucets or pipes
Whether smoke detectors and carbon monoxide alarms are functional or not
Conditions of items such as electrical, furniture, and so on.
Condition of permanent fixtures and fittings such as bathroom suites, carpets, flooring, and light fittings.

Normal wear and tear should, however, be expected. There might be scratches and other marks on the furniture. Carpets might appear to be shabby as well. Even some electrical items might not be working anymore and will have to be replaced.

Property inspection thus helps landlords find out if their property is in a proper condition. It also helps buyers decide if they should invest in the property or not. Therefore, property owners need to carry out an inspection of their property before they consider putting it up for sale.

If any part of the property is found to be in a bad or poorly maintained condition, necessary steps may be adopted in time to counter the problems caused by it. However, for a property inspection to be carried out expressively, the tenants’ permission must be sought in the right way following the right procedure.

Have property management needs? We can help you find the right property management software, from Yardi to MRI Software. We can also help you automate common tasks easily through robotic process automation. Talk to the Assetsoft team today.

How To Combat Late Payments Through Property Management Software?

Fri, 01 Oct 2021 08:00:00 -0500

Collecting rent is one of the most problematic parts of being a property manager. More than 20% of renters in America are nearly 4 months behind on their rent payments. That is $5600 worth of rent per delinquent tenant.

Traditional payment methods do little to solve this problem. While micromanaging rent payment is tiresome, leniency can cause too many missed rents. The final step is to carry out an eviction, which can cost up to $7000 for the property manager.

A better solution is to leverage property management technology to streamline rent collection. With the right technology, you can make sure every tenant pays you on time!

If you are unsure how, read the below tips and combat late payments effectively.

Automate tenant screening

Ensuring timely rent payment isn’t a month-end process. Instead, it starts with the beginning of the tenancy itself. A study by Harvard University found that nearly 50% of tenants couldn't afford their rent due to low income. A thorough tenant screening can help determine the affordability for each renter.

The screening process needs to verify basic requirements such as credit score, eviction history, and criminal record. Verifying income and employment should be a priority as a tenant can only pay rent when they can afford it.

According to a survey by the US Census Bureau, spending more than 30% of income on rent is considered a financial burden. While this isn’t the sole determinant of housing affordability, it is wise to choose tenants who spend around the 30% threshold.

Additionally, you can know the tenants' payment patterns through their credit scores and eviction history. In 2020, the average credit score among renters in the U.S. was 638. Credit scores show how promptly an applicant clears their dues, including rents.

A tenant with a bad credit score can potentially fail to pay rent on time. Eviction history also works similarly, by showing the behavior of an applicant during previous tenancies.

Automating tenant screening through software like Yardi ScreeningWorks Pro helps you select low-risk tenants.

Online rent payments

Online payments can help you tackle late payments simply through their convenience. New generation tenants prefer online payment methods with millennials paying 61% of their bills digitally.

Giving your tenants their most preferred payment option will automatically help them pay rent on time. There are several options like bank transfers, e-wallets, or credit cards that can be used to complete these transactions.

Mobile payment options are also an added advantage. Nowadays, almost every tenant has access to a smartphone. Through mobile apps, tenants can complete their rent payments anytime. Making payments convenient for the renters reduces the chances of late payments.

Digital payments are also convenient for property managers. You don’t have to go through your mail for payment checks or visit the bank to cash them. Funds are transferred directly to your account, which means you get real-time updates whenever someone pays their rent.

Send out payment reminders

Most tenants don’t intend to miss out on their rent payments. Sometimes people are busy or they simply tend to forget. In a Citi Bank survey, 61% of delinquent tenants blamed forgetfulness for late payments.

Setting up reminders is an excellent way to collect timely rent from forgetful tenants. But manual reminding each tenant about their due rent takes too much time and effort. A more convenient way is to use property management software to set up email or text reminders.

You can automate these reminders for the first of every month, and also carry out sending them multiple times till the rent is paid. Text and email reminders are documented, which means they can serve as evidence in case an eviction becomes inevitable.

Set recurring payment options

Setting up automatic payments is another benefit of property management software. Tenants who don’t want to go through the monthly hassle of rent payment can use these options.

Setting up recurring payments does not require extensive technical knowledge. Initially, tenants need to feed their payment details such as credit card information to the software.

Then, they can set their payment dates and choose to get transaction notices in their mail.

A recurring payment is the best way to ensure timely payments. It is not only beneficial for the property manager, but also for the tenant. Since these transactions are online, they can be easily documented as well.

Utilize tenant portals

Constant communication is important to maintain a healthy relationship with tenants. Tenants who have a good connection with their property managers are more likely to pay rent on time. Effective use of tenant portals for tenant communication can ensure that every payment reaches you on time.

The use of these portals is not limited to sending or receiving messages from tenants. They come with a wide range of features such as tenant account management, document transfer, and much more.

Property managers can keep a track of the renters’ payment history, check the frequency of late payments and send text warnings to tenants if necessary. Similarly, tenants can also check due dates, update payment methods and communicate any delay with their property managers.

For tenants, keeping up with these announcements and checking their rental agreement also becomes easier. Any incentives and penalties can be shared through these portals. By giving incentives for timely payment, you motivate more tenants to pay on time.

Make rent payments easier through Assetsoft

Leveraging technology can help reduce the number of late payments you receive. Assetsoft helps you find the right option to streamline your rent collection. We have several options such as tenant portals from Yardi and MRI, online rent collection through Zoho Books, and much more.

For more customized software, our expert team can work with you to integrate suitable features. Our support extends beyond integration with services like training, troubleshooting, and data transfer.

We can also help you streamline your business and improve your strategy through our consultation services. With Assetsoft, you will find complete tech solutions for your property management business.

To streamline your rent payments, contact Assetsoft!

Why Is Maintenance Important For Your Properties?

Wed, 25 Aug 2021 10:30:00 -0500

Everybody likes a well-maintained property. For property managers, that leads to tenant satisfaction and tenant retention. A survey by Avail states the same - 12% of tenants planned to vacate rather than renewing their term if the property was not well-maintained.

If your tenant’s service orders are met on time, and the issues are fixed, you get long-term clients and attract potential buyers.

The top 8 reasons you need good property maintenance

Here are some of the reasons why maintaining your property is important today:

1. Tenant satisfaction

Sure, maintaining a property is not easy, but current tenants may vacate and not attract new buyers if ignored or postponed. Running a property business means taking care of your property and tenants at all times.

When you care about your property, your tenants continue to reside on it for the long term. It is one way to keep tenants rather than looking for new buyers frequently. Keeping your property clean will keep your tenants happy and, in turn, lead to tenant retention. 

2. Higher sale value

Good property with clean surroundings means fewer repairs making it highly valuable while selling it. No one likes to buy a poorly maintained property and spend an extra amount repairing or renovating it. Keep your property clean without any damages to the windows or doors. You can also get it painted once to make it look visually pleasing and clear the clutter during the process.

3. Maintain rents at market rates

You can increase your rents as per the market rates if you keep it in good shape. Potential buyers will also find its value for price and turn it into long-term tenants. Finding new tenants frequently can be challenging, so you need to keep your tenants for the long term, and it can happen when you care about your property and your tenants.

4. Reduces liability insurance

One major benefit of maintaining your property is that it keeps your tenants safe. Regular maintenance can avoid major accidents such as your kids breaking your tenant’s window or the tenants getting injured after falling down the stairs.

In each of these cases, you are liable for the damage and should pay for it, but in most cases, owners will be responsible for building damages and not personal damages.

Do not delay fixing any hardware components or ignore the issues, thinking it's insignificant. You can get a document signed by the tenant that you’re not responsible for any personal injuries, and it’s mentioned in your landlord insurance policy.

5. Attract good tenant

Sometimes, tenants don’t treat the property well and damage it. You need to find tenants that take care of your property as theirs, and for that, you should keep your property clean. When you don’t bother to fix damages, your tenants don’t worry as well. If you want someone who takes care of your property, you should start.

6. Prevent major problems

Repair the broken ones and replace the rest. Visit your property occasionally and see for any fixes that are needed. Plumbing, heating, roofing problems, windows, doors, drains, pipes, and sewage issues, lost key, and electricity problems are some of the major issues that should be fixed and checked for frequent faults as part of your maintenance charges.

Do not delay fixing them as tenants may be vacant if their plumbing or electricity problems are not addressed and fixed soon. Providing the essentials and taking care of such issues can retain tenants for a long.

7. Builds trust

Having property management software helps tenants raise a ticket for the issue. You can then contact your third-party vendors and fix the problems by talking to the tenant about the right time to get it fixed. You then close the ticket once the problem is solved.

The entire process builds trust among the tenants and assures them that anytime there is a problem, it can be resolved by contacting you. When you delay it, tenants lose confidence and eventually get frustrated and vacate your property.

8. Positive impression

When you ignore maintaining your property, you forget your tenants and future buyers. Imagine you delay fixing any roofing problems in your tenant’s unit. No one wants to reside in a leaky roof, and even after requesting service orders multiple times, it goes unaddressed, the tenants vacate your property.

Your future buyers may talk to residing tenants better understand the property better and not recommend it to them due to their neglected problems.

Depending on your needs, you may go for real estate management software like Yardi or MRI. Assetsoft can help you choose the best fit for you. 

Talk to us for real estate IT consulting today!

The top tips to maintain your properties

Go for regular checks or hire property managers to oversee and manage your property. Contact local vendors who can fix issues such as plumbing regularly.

Here are some of the things that you can do to maintain your property better. 

Hire a property manager to manage your property better
Conduct regular inspections for both interior and exterior portions 
Fix issues regularly, even if it is a small one 
Fix leaks, check fire extinguishers, air filters, and water heaters

Maintain your properties with property management software

Managing maintenance and keeping track of things can be made simpler with the help of property management software like Yardi and MRI.

Manage communication with your tenants, keep track of maintenance, screen tenants and verify documents, provide better service to tenants through online rent payment methods and tenant portals to update them about the latest news about your property. 

Manage all your departments through a self-service portal. It saves time and reduces dependency on property managers.

Assetsoft can help you choose the right software for your business and implement, support, and maintain it while also train your staff to use the software. We implement project management best practices for your business.

Want a project management system for your business? Contact us today!