What kind of training does a property manager need?

If you are considering a career in property management, you should know that your career can go in a couple of different directions, depending on where and what kind of properties you manage. Property management is an exciting and challenging industry and you will do well if you can be organized, stay on top of current laws and regulations, and maintain a strong network in your community.

If you are interested in becoming a property manager, you should first look for training in property management that suits the specific field in which you are interested in working. For example, most apartment communities utilize a property manager to interview prospective tenants, collect rent and oversee maintenance needs. You should focus your education on business, negotiation skills, communication and finance.

Commercial property managers, while performing many of the same duties as apartment property managers, may also be involved in negotiating contracts and handling leasing arrangements. A strong understanding of contract laws and the specific regulations that govern your town and state will be required.

You can receive certification from The National Property Management Association, and take certificate training programs that can provide you with a professional designation, and credibility as you look for open positions in property management. A certificate shows employers that you've received training in asset management, tenant communication and contracts.

If you would like to take your education further, you can receive a bachelor's or master's degree in residential property management. The curriculum includes courses in interior design, marketing and leasing, management, accounting and real estate law. During the course of study, you will take the certified apartment manager certification exam.

It is important that you consider membership in associations in your community. In addition to networking opportunities that have the potential to advance your career, you can find a number of continuing training opportunities. Look for groups such as the American Apartment Owners Association and the Property Management Association.

Property management careers can be exciting and rewarding for people who like to work with a variety of people, solve problems and be a valuable resource. If you are interested in careers in property management in the Carolinas, please check out the Kuester Contact page.

What is a Property Manager?

We have talked a lot about the duties and responsibilities of a property managers, and what you can expect from a property manager as the property owner. Fact is, that what you can expect from a property manager varies on the manager and the company for whom they work. At Kuester we have high standards and hope that we meet and exceed the expectation of our customer. That said, there are a few things that should be universal, regardless of which property manager you have contracted.

A property manager is the legal representative of the landlord or property owner and is responsible for the day to day operations of a property, which varies depending on the type pf property. All different types of properties can benefit from a property manager, since they can manage the tenants residing there or the businesses doing business on the property.

Property managers are in charge of single unit rental homes, multi-unit and apartment units, and commercial office and retail developments, and is responsible for maintaining the property grounds and the building itself, including the repairs of the common areas and sometimes the tenant space as well.

In addition to the day-to-day upkeep and emergency situations or a particular property, the property manager can also handle the business and financial end of their rental business. Project managers find prospective tenants, collect rent, and take rental applications, and will manage vendors and contractors and through short and long-term projects.

The property manager is the liason between the ownership of the property and those using it - and will run the property and the investment thereof efficient and effectively.

Kuester Property Management manages a variety of properties including multi-unit residential and commercial properties in North and South Carolina. If you would like to learn more, go to www.kuester.com

How to Find A Good Investment Property

There are a lot of properties out there right now, and if you have the opportunity to purchase a great investment, now is a wonderful time to buy.

However, if you really want to get the best deal on investment properties, you have to increase your odds of finding the best one--one that will be a money maker! Do you really want that GREAT investment property? Then you are going to have to be vigilant—check your resources and keep your eyes and ears open! Looking through the MLS listings is not enough any more. Here are ten ways you can increase your chances of getting the best deals:

1. Tell people what you are looking for. Let the right people know what you are looking for and let them help you find the properties. There are a lot of owners out there who want to sell, but haven't yet listed their property -- and they may mention it to friends or families. You could catch one of these great deals ahead of time!

2. Go online. Go to a search engine and enter the type of real estate you are looking for, in the appropriate city. Sometimes you can get a good opportunity here -- and other times not, but this is a great place for a first step.

3. FSBO sometimes pays off. Drive around looking for "For Sale By Owner" signs. Owners often don't want to pay to keep the ad in the paper every week, so you won't see all properties there. A FSBO sign might mean a great price for you, and a seller who will be eager to sell.

4. Look for abandoned properties. An abandoned property means that the owner doesn't want to deal with the property, or can't for whatever reason, and may sell cheap.

5. Look at "For Rent" ads. Save newspapers or look at old craigslist ads that are a few weeks old. If the rental unit was not rented, the landlord might be ready to sell.

6. Bankers are great friends! Bankers are in the know and you might get a lead on a foreclosed-on investment property, and get it cheaper if you buy it before it's listed with a real estate agent.

7. Pay for leads. There are people that always seem to hear about the good deals - so offer them a finding fee!

8. Take advantage of eviction notices. Many local papers publish eviction notices,and sometime this information isinformation at the courthouse. A landlord who just went through evicting tenants may be ready to sell.

9. Advertise. Place your own "Looking for investment properties to buy," ad on Craigslist, or on a sign, or the newspaper.

10. Call Kuester! (888.600.5044). We will work with you to find the perfect property for you!

Investment Property Lingo

If you are considering an investment in property, you will need to know the know the lingo!

Familiarize yourself with the industry terms such as:

Gross Income - Total income before taking out taxes and expenses

Vacancy Rate - Percentage of rental units unoccupied

Effective Gross Income (EGI) - potential Gross Income less a vacancy and collection allowance, plus miscellaneous income.

Operating Expenses - Ongoing cost for running a business.

Net Operating Income (NOI) - Operating income after operating expenses are deducted, but before income taxesand interest are deducted.

Debt Service - The ratio of cash available for debt servicing to interest, principal and lease payments.

Cash Flow - The movement of cash into or out of your business.

Cash-on-Cash Return - The ratio of annual before-tax cash flow to the total amount of cash invested, expressed as a percentage.

Capitalization Rate (Cap Rate) - The ratio between the net operating income produced by an asset and its capital cost or Marketing Value.

With the understanding of investment vocabulary you will be able to make better decisions and turn your dream of investing in commercial property, a reality. Take the time to do the research and consult with the experts before making any major financial investment!

What Do You Need to Know When Investing in Commercial Property?

The commercial investment property sector in the Carolinas is looking strong in the coming year and we predict it will make a near-to-full recovery throughout the year. Expect positive growth in rent and capital values, which will support your investment, and allow you to recoup some costs from the last few dismal years.

This is great news for many commercial property investors and owners like yourself. For those looking at making a start in commercial property, or who are interested in buying an additional investment property, there are some things you need to remember about making an investment in this economy. The industry is vulnerable to a number of fluctuations and does not always follow the trends of the rest of the market--so it is important to understand how!

Design: Codes and Trends- Commercial office space and industrial property responds more strongly to changes in building design trends. Compliance and standards can also add to the costs of maintenance of commercial property which can affect your profit margin. Make an effort to keep

Location, Location, Location- if the prime industrial district shifts, or the other commercial properties around yours close, this could drastically change the capital value of your prospect and your potential rental return of your investment.

Buy With the Intent to Sell- commercial property can be harder to sell in tough markets than other investments. In a tight market, where it is a buyer's market, remember that whatever you buy, will at some point need to be sold. So a good deal needs to be a money-maker - each and every time.

Risk- As with any investment, there is risk involved in commercial real estate. Investing means you are taking on all of the risk associated with the ownership of the property, and will be responsible for any maintenance costs and upgrades that need to be made. You need to be willing and able to accept the risks -- take full responsibility and ownership and

The most important thing to remember, is that if you are interested in making a sound commercial property investment. Make smart choices and have a diverse portfolio! Real estate helps to offset shorter term investments and a good balance of residential and commercial are the often the most practical.

If you would like more information on commercial property investment in the Carolinas, give Kuester a call at 888.600.5044.

Happy Holidays from Kuester Property Management

Every week or so we post something on this blog, give you tips on commercial property management, investing, and HOAs. Hopefully, you find the information useful!

In our real lives we are property managers at Kuester in Charlotte. We have locations across the Carolinas, in Boone, Myrtle Beach, Concord, Wilmington, and Fort Mill. We help people find residential and commercial properties to buy, sell, or lease and manage home owners associations. This is a very rewarding job and our company has grown to the point where we now have large team of specialized and very highly trained professionals covering all aspects of property management.

We are quite lucky to be able to say that we are currently celebrating a very successful year. We moved into a new building, we redesigned our website and we have a lot of great relationships with our customers and vendors.

At this time of year, we would like to thank YOU... thank you for reading our blog, thank you for your interest in property management. Thank you for being our partners and our customers. It is because of you that we are able to provide you the high quality of property services that have been our business mission and our family's dream for over 30 years.

Kuester Property Management is here for you. Thank you for being a part of our growth and success and we wish you the happiest of holiday seasons.

Holiday Decorations and Home Owner's Associations

'Tis the season right? The season for braving the cold weather and putting up those holiday decorations!

It is great to see families take pride in their holiday lights, and neighbors in friendly competition to out-do each other. But it is important this time of year to follow a couple tips when decorating, for safety, and also for the sake of the community.

First, before you get those strands of light ready, review your HOA policies. Some neighborhoods have rules on how early you can decorate, as well as how long the lights can stay up. Generally, these rules are reasonable and are meant to discourage people from putting up lights on Labor day and leaving them up through Valentine's day. However, it is good to know what the date ranges are, so that you don't incur a notice or a fine.

Some neighborhoods also try to coordinate "like" decorating - for aesthetic reasons, or to compete with other neighborhoods in the area. So before you put up your multi-color twinkly lights and hugh blow-up snow-globe, make sure your neighbors haven't decided that this is the "cool-blue" year.

Lastly, remember safety! There are plenty of new products on the market that make putting up lights safer than in the old days of climbing on the roof with a bunch of nails! Take advantage of the special clips and the extension pole when possible, and always put up lights with a partner. It will do no good to be in a leg cast over the holidays, but if something does happen, you will want someone to be able to help. Also, use special out-door lights, and don't over-load your electrical outlets. House fires are all too common during the holidays, so be careful, be smart, and light up your house... like.... a Christmas tree!

Property Manager - Charlotte - Kuester Property Manager