1 / 9

Surviving on Limited Resources

Surviving on Limited Resources. A Property Manager’s Guide to “Milking a Turnip” Tips to Help your Property Cash Flow. The Importance of Cash Flow. Cash flow - is the movement of money into or out of your property. Is one of the most important factors in Property Management.

akamu
Download Presentation

Surviving on Limited Resources

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Surviving on Limited Resources A Property Manager’s Guide to “Milking a Turnip” Tips to Help your Property Cash Flow

  2. The Importance of Cash Flow • Cash flow- is the movement of money into or out of your property. • Is one of the most important factors in Property Management. • Is your property: • Saving money? • Making money? • Often times salaries & bonuses are based on a properties ability to cash flow. • Are you doing everything possible to reduce your properties monthly expenses? • Remember: A penny saved at your property is a penny earned in your bottom line.

  3. Tips to Help your Property Cash Flow: Encourage a Management attitude of 4”T”tude • Fortitude is steadfastness in the face of obstacles and should be practiced by Management all the time. • Everyone is expecting you to do More with Less. • Reason- “The Economy” • Implementing the 4 “T’s” will help you save your property money: 1. Training- take continuing education courses; the more you know the more you grow. 2. Technique- be mindful procedures; ensure that paperwork & tasks are completed correctly. 3. Time Management- learn how to prioritize tasks; complete time sensitive items first. 4. Tracking- continually monitor outstanding fees; be proactive to maximize cash flow.

  4. Tips to Help your Property Cash Flow: Take your Property to the “E.R.”Evaluate & Reduce Recurring Expenses • Evaluate expenses • Property Taxes • Insurance • Mortgage Interest Rates • Repairs Materials • Reduce fees • Appeal property tax assessments • Shop insurance companies & coverage for better rates • Request rate reduction or Refinance • Order in bulk and use vendors that offer company discounts

  5. Tips to Help your Property Cash Flow: Stock up on “M & M’s”Minimize so you can Maximize Minimize Expenses Maximize Income Increase rents Annually (when possible) Evaluate similar properties rental rates and amenities Make use of Community Areas to generate income Coin operated laundry facilities Vending machines Chair & Table rentals • Screen tenants • Contact prior landlords for references • Run background checks • Run credit reports • Quarterly Unit Inspections • Inspect units regularly for appliance & carpet damage • Cut back on Advertising • Use internet to market sites • Use free ad bulletins

  6. Tips to Help your Property Cash Flow: Turn up the “A/C”Assess & Collect Assess Fees Collect Fees Reminder Notice Demand Notice Eviction Magistrate or Small Claims Court Garnishment • Application & Background fees • Late payment fees • Maintenance, Cleaning & Replacement fees • Security & Pet Deposits • Utility Proration • NSF fees

  7. Tips to Help your Property Cash Flow: Implement the “3 R’s”Reduce, Reuse, Recycle

  8. Tips to Help your Property Cash Flow: Save by “DIY” - Do It Yourself Utilize Maintenance Personnel to save on Repairs/Renovations: • Electrical • Painting • Plumbing • Heating & Cooling • Lawn Care • Unit turnovers • Grounds maintenance • Inspections • Carpet Cleaning

  9. Tips to Help your Property Cash Flow: Checklist • Understand the Importance of Cash Flow • Implement an Attitude of 4-”T”-tude • Take your property to the “ER” Annually • Stock up on your “M&M’s” • Turn up the “A/C” • Implement the “3 R’s” • Save by “DIY”

More Related