Property Management

Is it difficult staying on top of the books every month?  Keeping track of who’s paid rent and who hasn’t?

It all starts with the property management business model.  The business model is to collect rent in the beginning of the month, process invoices and pay owners and vendors in the middle of the month, then reconcile bank accounts at the end of the month.  All of this can be done in an organized manner in SimplifyEm Property Management Software.  SimplifyEm makes it easy even if you have no accounting or little property management experience.

To collect rent at the beginning of the month, you can link your bank accounts to collect rent rent online via ACH or credit or debit card.  SimplifyEm can auto withdrawal rent every month based on the due date and amount set up on the tenant’s lease terms.  When rent gets collected online, the system automatically records rent as paid saving you time on data entry.  Reports can be run to see when the payment processed, withdrew and deposited in your bank account.  A rent roll report can be generated that shows the totals of rents due and collected.  Late rent reports can be ran to see who is late and how much still needs to be collected.  For any tenants that have not paid, late fees can be added to the tenant’s balances and late rent notices can be sent.  The system automatically populates the notices with each tenant’s information and due balance.  The late rent notices can be sent via email, text and published to the tenant portal.  In case you need to bring the tenant to court, the system also has a full payment history report that shows all of the payments and reflects any due balances.

The next step in the property management business model is to process invoices and pay owners and vendors.  Expenses can be easily entered in like a spreadsheet and tied to a property, unit, tenant and vendor.  Receipts and invoices can also be uploaded to each expense.  The owners and vendors can be paid via ACH using online payments or by printing a physical check.  SimplifyEm supports blank check stock and pre-printed checks.

The last step is bank reconciliation.  Instead of reconciling by pen and paper every month, it can be done online and in one place.   All payments and checks would appear on one page making it easy to select items that cleared.  Reconciling bank accounts minimizes any accounting mistakes or human errors.

SimplifyEm has more reports including the Schedule E and 1099s for taxes.  The Schedule E will automatically populate all of the income and expenses entered in and the 1099s would be generated for your owners and vendors.  The 1099s can be printed, emailed and e-filed.

SimplifyEm offers free, unlimited, one-on-one training for each customer.  If you need help, a product specialist can walk you through the steps and answer any questions.  As a SimplifyEm customer, you’ll also receive free live phone support, email and text message support.  Get a free two week trial here (no credit card required).

 

Tenants in Louisiana – What happens if you have made improvements to the rental property? Will you be paid by the landlord for it? Here are guidelines for tenants in Louisiana if improvements are made.

At the termination of the lease, absent a contrary agreement, improvements, attachments or additions made by the tenant to the property are dealt with as follows:

The tenant may remove his/her improvements if he/she restores the property to its former condition. If the tenant fails to remove the improvements, then:
A) The landlord may pay the tenant for the cost of the improvements or for the enhanced value of the leased thing—whichever is less.
B) The landlord may demand that the tenant remove the improvements within a reasonable time and restore the property to its original condition.

If the tenant fails to remove the improvements, the landlord may:
•Remove the improvements and restore the property to its former condition at the expense of the tenant.
•Acquire the improvements without any obligation to reimburse the tenant.

Source: Louisiana landlord and tenant guide.

Earthquakes strike suddenly, violently and without warning. Identifying potential hazards ahead of time and advance planning can reduce the dangers of serious injury or loss of life from an earthquake. Repairing deep plaster cracks in ceilings and foundations, anchoring overhead lighting fixtures to the ceiling, and following local seismic building standards, will help landlords, tenants, rental property owners and real estate owners reduce the impact of earthquakes. Here are 6 keys for landlords, property owners, tenants and real estate owners to prepare before an earthquake.

Six Ways to Plan Ahead

1. Check for Hazards in the Home
* Fasten shelves securely to walls.
* Place large or heavy objects on lower shelves.
* Store breakable items such as bottled foods, glass, and china in low, closed cabinets with latches.
* Hang heavy items such as pictures and mirrors away from beds, couches, and anywhere people sit.
* Brace overhead light fixtures.
* Repair defective electrical wiring and leaky gas connections. These are potential fire risks.
* Secure a water heater by strapping it to the wall studs and bolting it to the floor.
* Repair any deep cracks in ceilings or foundations. Get expert advice if there are signs of structural defects.
* Store weed killers, pesticides, and flammable products securely in closed cabinets with latches and on bottom shelves.

2. Identify Safe Places Indoors and Outdoors
* Under sturdy furniture such as a heavy desk or table.
* Against an inside wall.
* Away from where glass could shatter around windows, mirrors, pictures, or where heavy bookcases or other heavy furniture could fall over.
* In the open, away from buildings, trees, telephone and electrical lines, overpasses, or elevated expressways.

3. Educate Yourself and Family Members
* Contact your local emergency management office or American Red Cross chapter for more information on earthquakes. Also read the “How-To Series” for information on how to protect your property from earthquakes.
* Teach children how and when to call 9-1-1, police, or fire department and which radio station to tune to for emergency information.
* Teach all family members how and when to turn off gas, electricity, and water.

4. Have Disaster Supplies on Hand
* Flashlight and extra batteries.
* Portable battery-operated radio and extra batteries.
* First aid kit and manual.
* Emergency food and water.
* Nonelectric can opener.
* Essential medicines.
* Cash and credit cards.
* Sturdy shoes.

5. Develop an Emergency Communication Plan
* In case family members are separated from one another during an earthquake (a real possibility during the day when adults are at work and children are at school), develop a plan for reuniting after the disaster.
* Ask an out-of-state relative or friend to serve as the “family contact.” After a disaster, it’s often easier to call long distance. Make sure everyone in the family knows the name, address, and phone number of the contact person.

6. Help Your Community Get Ready
* Publish a special section in your local newspaper with emergency information on earthquakes. Localize the information by printing the phone numbers of local emergency services offices, the American Red Cross, and hospitals.
* Conduct a week-long series on locating hazards in the home.
* Work with local emergency services and American Red Cross officials to prepare special reports for people with mobility impairments on what to do during an earthquake.
* Provide tips on conducting earthquake drills in the home.
* Interview representatives of the gas, electric, and water companies about shutting off utilities.
* Work together in your community to apply your knowledge to building codes, retrofitting programs, hazard hunts, and neighborhood and family emergency plans.

Following this 6 steps, landlords, tenants, real estate owners and rental property owners can reduce the impact of earthquake.

Source: Fema.gov

The tremors caused by even minor earthquakes can easily move personal computer systems, stereo systems, television sets, and other small appliances that typically sit on desks, tables, and countertops. If they fall, they can be damaged beyond repair.

Landlords, tenants, real estate owners and rental property owners can protect desktop computers and other small appliances by restraining them in a variety of ways. Methods such as using hook-and-loop material (Velcro, for example) require no tools. Others, which include using chains, cables, flexible nylon or elastic cords (“bungee” cords, for example), will usually require simple hand tools.

BENEFITS OF UTILIZING THIS MITIGATION STRATEGY

• Helps to prevent damage to computers and appliances
• Helps to prevent injuries to occupants

TIPS

Keep these points in mind when you restrain desktop computers and appliances:

• Make sure that the desk or table the appliance sits on is not so light that it can be easily overturned. If it is, and you can’t move the appliance to another location, consider anchoring the desk or table to the floor or wall.
• You can anchor the ends of chains, cables, or elastic cords to either the wall or the surface of the desk, table, or counter using eye-hooks, rings, screws and washers, or other types of mounts.
• If you want to use a wall-anchored chain, cable, or cord, attach it to a closed eye-hook screwed into the wall or to a wall mount (such as a ring or plate) attached with screws. Make sure the eye-hook or screws are long enough to penetrate not only the wall but also the studs behind it as well.

ESTIMATED COST

Restraining a single desktop computer or appliance with one of the methods described will cost about $50, depending on the amount of hardware required. Using hook-and-loop material would be the least expensive method. Using chains or cables would be the most expensive method, but may be necessary for heavy items.

SOURCE: FEMA.gov

Landlords, tenants, real estate owners and rental property owners can lower their water heating costs by using and wasting less hot water in their homes or rental unit. To conserve hot water, landlords, tenants, real estate owners and rental property owners can fix leaks, install low-flow fixtures, and purchase an energy-efficient dishwasher and clothes washer.

Fix Leaks
You can significantly reduce hot water use by simply repairing leaks in fixtures—faucets and showerheads—or pipes. A leak of one drip per second can cost $1 per month. Tenants should ask their landlord or property manager to fix leaks if they witness water leaking in the apartment or rental unit.

If your water heater’s tank leaks, you need a new water heater.

Install Low-Flow Fixtures
Federal regulations mandate that new showerhead flow rates can’t exceed more than 2.5 gallons per minute (gpm) at a water pressure of 80 pounds per square inch (psi). New faucet flow rates can’t exceed 2.5 gpm at 80 psi or 2.2 gpm at 60 psi. You can purchase some quality, low-flow fixtures for around $10 to $20 a piece and achieve water savings of 25%–60%.

Showerheads
For maximum water efficiency, select a shower head with a flow rate of less than 2.5 gpm. There are two basic types of low-flow showerheads: aerating and laminar-flow. Aerating showerheads mix air with water, forming a misty spray. Laminar-flow showerheads form individual streams of water. If you live in a humid climate, you might want to use a laminar-flow showerhead because it won’t create as much steam and moisture as an aerating one.

Before 1992, some showerheads had flow rates of 5.5 gpm. Therefore, if you have fixtures that pre-date 1992, you might want to replace them if you’re not sure of their flow rates. Here’s a quick test to determine whether you should replace a showerhead:

1. Place a bucket—marked in gallon increments—under your shower head.
2. Turn on the shower at the normal water pressure you use.
3. Time how many seconds it takes to fill the bucket to the 1-gallon (3.8 liter) mark.

If it takes less than 20 seconds to reach the 1-gallon mark, you could benefit from a low-flow shower head.

Faucets
The aerator—the screw-on tip of the faucet—ultimately determines the maximum flow rate of a faucet. Typically, new kitchen faucets come equipped with aerators that restrict flow rates to 2.2 gpm, while new bathroom faucets have ones that restrict flow rates from 1.5 to 0.5 gpm.

Aerators are inexpensive to replace and they can be one of the most cost-effective water conservation measures. For maximum water efficiency, purchase aerators that have flow rates of no more than 1.0 gpm. Some aerators even come with shut-off valves that allow you to stop the flow of water without affecting the temperature. When replacing an aerator, bring the one you’re replacing to the store with you to ensure a proper fit.

Purchase Energy-Efficient Dishwashers and Clothes Washers
The biggest cost of washing dishes and clothes comes from the energy required to heat the water. Landlords, tenants, real estate owners and rental property owners significantly reduce their energy costs if they purchase and use an energy-efficient dishwasher and clothes washer.

Dishwashers
It’s commonly assumed that washing dishes by hand saves hot water. However, washing dishes by hand several time a day can be more expensive than operating an energy-efficient dishwasher. You can consume less energy with an energy-efficient dishwasher when properly used and when only operating it with full loads.

When purchasing a new dishwasher, check the EnergyGuide label to see how much energy it uses. Dishwashers fall into one of two categories: compact capacity and standard capacity. Although compact-capacity dishwashers may appear to be more energy efficient on the EnergyGuide Label, they hold fewer dishes, which may force you to use it more frequently. In this case, your energy costs could be higher than with a standard-capacity dishwasher.

One feature that makes a dishwasher more energy efficient is a booster heater. A booster heater increases the temperature of the water entering the dishwasher to the 140ºF recommended for cleaning. Some dishwashers have built-in boosters, while others require manual selection before the wash cycle begins. Some also only activate the booster during the heavy-duty cycle. Dishwashers with booster heaters typically cost more, but they pay for themselves with energy savings in about 1 year if you also lower the water temperature on your water heater.

Another dishwasher feature that reduces hot water use is the availability of cycle selections. Shorter cycles require less water, thereby reducing energy cost.

If you want to ensure that your new dishwasher is energy efficient, purchase one with an ENERGY STAR® label.

Clothes Washers
Unlike dishwashers, clothes washers don’t require a minimum temperature for optimum cleaning. Therefore, to reduce energy costs, landlords, tenants, real estate owners and rental property owners can use either cold or warm water for most laundry loads. Cold water is always sufficient for rinsing.

Inefficient clothes washers can cost three times as much to operate than energy-efficient ones. Select a new machine that allows you to adjust the water temperature and levels for different loads. Efficient clothes washers spin-dry your clothes more effectively too, saving energy when drying as well. Also, front-loading machines use less water and, consequently, less energy than top loaders.

Small-capacity clothes washers often have better EnergyGuide label ratings. However, a reduced capacity might increase the number of loads you need to run, which could increase your energy costs.

If you want to ensure that your new clothes washer is energy efficient, purchase one with an ENERGY STAR label.

Source: energysavers.gov

During an earthquake, framed pictures and mirrors that are not securely attached to walls can easily fall. Large pictures and mirrors can cause injuries when they fall, and the broken glass that often results increases the potential for injury. Landlords, tenants, real estate owners and rental property owners can use this guide to secure their mirrors properly before an earthquake.

One way to mount framed pictures and mirrors securely is to use long-shanked, open eyehooks instead of traditional picture hangers. The eyehooks must be long enough to penetrate the wall stud as well as the drywall or plaster. Eyehooks used in this way are much less likely to pull out of the wall than picture hooks installed with nails that penetrate only the drywall or plaster. Also, an alternative to running wire across the back of the picture or mirror is to use closed eyehooks securely screwed into the back of the frame.

BENEFITS OF UTILIZING THIS MITIGATION STRATEGY

Helps to prevent injuries to occupants

Helps to prevent damage to the pictures or mirrors

TIPS

Keep these points in mind when you hang framed pictures or mirrors:

• The number of eyehooks you need for a picture or mirror will depend on its size and weight. Large pictures and mirrors will be more stable when mounted on two hooks rather than one.
• Make sure that eyehooks penetrate not just the wall but the studs behind it as well. Eyehooks embedded only in drywall or plasters are likely to pull out. To be embedded deeply enough, eyehooks should be at least 1 to 2 inches long.
• Regardless of whether you use picture wire or closed eye-hooks on the back of the picture or mirror, make sure the hooks, screws, or other types of mounting hardware are securely attached to the frame.
• If possible, don’t hang large pictures or mirrors in places where they are more likely to fall on someone, such as over beds, chairs, or couches.

Estimated Costs

The cost of mounting a picture or mirror with a hook-eye will depend on its size and weight. In general, for a picture or a mirror that requires eyehooks, the cost would be approximately $5. This amount covers only the hardware you buy, not any tools you use or the value of your time. If you hire a contractor or handyman to do the work, you will have to pay for time as well as the materials.

SOURCE: FEMA.gov