Tips For Small Business Owners

As a small business I have learned over the years many tips to help me be more successful, efficient, and save money. Relationships with employees, tenants, owners, vendors, applicants and the community at large all need management and take time. Small businesses always need to do more with less so I will share my experiences and what has worked for me if you will do the same.

Property Management from A-Z: Y

April 14, 2010

Yearly Planning, Year-End Planning Yearly Planning – this should be done before the new year begins.  It should also be reviewed quarterly.  Again, this is your business, your investment.  What should be part of your yearly-planning?  Any turnovers coming up, what maintenance needs to be done this year?  Have a budget?  Taxes, Insurance, Mortgage, Utilities [...]

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Property Management from A-Z: X

April 12, 2010

Xerox and  X-check Xerox – copy documents, keep copies of all communication whether on your computer or printed and put into the file.  The main point here to document, document and document.  Have a filing system for your documents so you can find what you are looking for later.  Copies can always be sent to [...]

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Property Management from A-Z: W

April 7, 2010

Wealth, Waste (time & money), Wear & Tear, Web Wealth – Owning investment property is an excellent way to build long term wealth.  As long as you manage your property as an investment and business your chances of building wealth will be good.  Many people don’t treat their rentals as an investment and therefore actually [...]

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Property Management from A-Z: V

April 5, 2010

Vendors & Vacancies Vendors – Build strong relationships with vendors and have them on your phone list long before you need them.  Always use the same vendor so you can not only build a relationship with them they will come to your aid when you need them most.  I am very good to  my vendors.  I [...]

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Property Management from A-Z: U

March 31, 2010

Utilities Utilities can be tricky if the tenant doesn’t pay all.  Many multi-family properties have shared meters.  The dilema for property owners is if you include utilities in the rent tenants tend to abuse them and leave the heater going 24/7 – they aren’t seeing the bills so they don’t know the expense.  I am [...]

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Property Management from A-Z: T

March 29, 2010

Taxes, Turnovers, Time Management Taxes -  due Nov 10th and Feb 10th but most pay in Dec and April before the deadline.  April taxes are tough because personal taxes are due as well.  The most important thing to remember with taxes is to make sure to build up the reserve monthly.  When property values drop [...]

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Property Management from A-Z: S

March 24, 2010

Security Deposits, Screening Applicants, Showings, Systems Security Deposits – this is always tricky.  I was just speaking with someone yesterday that was having a problem with the parent of a student they rent to and I asked how much was the security deposit – there was none!  I also recently picked up a 4-plex to [...]

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Property Management from A-Z: R

March 22, 2010

Reserves, Roommates, Rental Rate, Red Flags, Relationship Reserves – this is very important for investors, and property owners.  You never know when the roof will leak, the water heater will go out or some other unexpected maintenance item will pop up.  I keep saying this again and again but you need to treat your rentals [...]

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