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Although property managers incur expenses when turning over rentals, technology can help save money.
 All property managers deal with tenant turnover, though most would rather avoid the bother altogether. Even though turnover is a reality of property management, it's incredibly costly.
Lori Hammond, author of Property Management Minutes, broke it down like this: In a 225-unit apartment property, there might be an average of 7.5 moves per month, which is an overall turnover rate of about 40%. If each unit's rent is $650, and it costs $1,800 to turn over a unit in cleaning, advertising, and processing costs, then the property requires $162,000 each year just to flip units.
It behooves property managers, then, to find ways to bring down the cost of turning over units. Smart technology, energy-efficient appliances, and enhanced security measures can create efficiencies in your process. Click here for a few tips to minimize turnover costs at your property.
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Landlord-tenant relationships can be challenging. Some landlords don't appreciate their tenants' positions, and a lack of knowledge or compassion can lead to a problematic or tense situation. But it doesn't have to be difficult for landlords to develop and maintain good relationships with their tenants.
As REALTORS®, it's important to identify any wood-burning device older than 2015 because new Federal standards that are set to take effect next year will directly impact real estate deals across the State. NVR has worked together with the three air quality agencies in Nevada and presents the following information to our members so you can ensure a smooth real estate transaction. To continue reading the full article