When it comes to tiny property repairs, a molehill can very easily become a mountain if it’s not resolved quickly. Whether you’re a DIY kind of person or would prefer to have a contractor or handyman take care of your property’s repairs, time is of the essence. Not only is it important to take care of repairs and maintenance quickly for your tenants’ sakes, but also for your bank account’s. In so many cases, a little problem that goes unaddressed can turn into a big, expensive problem not so far down the line.

Budget for the unexpected.
As we’ve discussed before, setting money aside for those unexpected repairs that always come up sooner or later is one of the smartest moves you can make as a landlord. No matter how good your intentions are, it’s almost impossible to move on any repair quickly if the funding simply isn’t there.

Move quickly, no matter how innocent an issue appears.
Cracked plaster? Leaking roof? Chipped window? All of these are examples of “little” issues that are easy to set aside, but will only grow with time. Cracked plaster can easily begin to crumble, resulting in a much bigger mess. A leak can expand and run rampant, causing significant water damage. A tiny window chip can quickly spread, leaving no other option than a complete window replacement.

Maintenance and small repairs go hand-in-hand.
There are some maintenance duties that count just as much as repairs, and should be performed just as efficiently. Cleaning gutters on a bi-annual basis, for example, is critical. Sure, it may not seem like the most pressing job, but you’ll save yourself a lot of money in the long run. Other regular maintenance work that staves off big repairs includes: draining your water heater (once a year); cleaning stove grease filters (every time a tenant moves out); and turning off the water for exterior water faucets (every year when the temperature dips below freezing).

Keep the basics on-hand.
If you choose to take the DIY route when it comes to repairs and maintenance, make sure you have the basic tools you’ll need to complete a range of tasks on-hand. You’ll be much more likely to take care of things quickly if everything you need to do it is easily accessible. Click here for tips on putting a basic home repair tool kit together—and, of course, you can add to this kit over time.

Have a professional in mind ahead of time.
Much as it pays to budget for problems before they happen, it also pays to research handyman and contractor options ahead of time. If you already know exactly who the man for the job is, you won’t have to waste any time once the need for a repair crops up.

Repairs don’t have to be a big deal. But they may well become one if not addressed in a timely manner. Having a plan of action in place before repair items ever arise and a no-holds-barred attitude about addressing them immediately is a great way to save yourself a lot of money in the long-run.

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If you’re considering investing the time to create a newsletter for your property management company, take a look at these tools.

• Manage your newsletter campaign through ConstantContact, where you can choose from a variety of templates and analyze statistics such as open-rates.
• You can also find a bunch of newsletter templates in Microsoft Word that will add a little flare to your message.
• Need additional subjects to write about? Review these 10 newsletter ideas.
• More newsletter writing tips!
• Need examples? One of the best ways to learn is by checking out other companies’ newsletter examples.

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Newsletters are one of those aspects of property management that can swing either way. Depending upon your business and goals, newsletters can either go a long way toward improving and growing your business or, frankly, result in a relatively low payoff for a lot of effort on your part. So how do you know where you fall along the spectrum? Following are some ideas to keep in mind that will help determine whether a newsletter is a good business strategy for you and your property management business.

Newsletters offer a great medium for getting information out there in a regular and proactive manner. Rather than requiring people to actively take the time to come to your website, a newsletter gets the information you want spread right into their inbox. Generally speaking, property managers want to get three primary forms of information out there: 1) vacancies, 2) company marketing information, and 3) information that affects tenants such as policies and procedures and property updates. With this in mind, although you ultimately want to spread all three varieties of information, the best medium for doing this is not uniform across the spectrum. Let’s look at each of these areas specifically.

No: Advertising Vacancies
Advertising vacancies is one of those scenarios that is most often best handled through mediums other than newsletters. For newsletters to work optimally, you need a targeted mailing list. By its very nature, it would be almost impossible to formulate (much less keep updated) a list of potential tenants. When it comes to advertising vacancies, your best route is not a newsletter, but websites that are targeted to potential tenants: Craigslist, RentWiki, RentalHomePros, and the rental section of your local online news publications.

Yes: Marketing Your Property Management Company
If you’re looking to grow your property management clients and forward your business’ reputation, newsletters can be a great resource. They allow you to get your company’s name in front of both existing and potential clients on a regular basis and to show off your stuff.

Rather than overtly pitching for business, woo clients by letting them know what you’ve accomplished (for example, ACME Property Management has lowered vacancy rates for our new clients by an average of 20% within the first six months). Position yourself as an industry expert by including e-news articles on topics that property owners will be interested in. You can even provide links to other recent news articles written by other sources to take the work out of news-gathering for your clients or potential clients.

Maybe: Tenant Information
The answer to this last one is more subjective than the others. As we’ve touched on previously, keeping clients informed is an essential part of keeping your properties running as smoothly and efficiently as possible. So is a newsletter the best way to share this information? The answer is: maybe. If you manage multiple properties or a single complex with a particularly large number of tenants, newsletters may be a good way to get information out there quickly and en masse. But if, for example, you run a single property that only houses ten units, chances are you’ll be much more efficient by jotting off a memo and distributing it in tenant mailboxes.

Determining whether or not newsletters are right for you and your business is another one of those occasions that presents a good opportunity for you to sit down and revisit your business goals and strategies. Our best advice? If you are actively looking to recruit new properties to your portfolio and expand your company’s reputation, newsletters may just be the best route for you.

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Section 8 is a vast topic and opinions on the issue greatly differ. To formulate your own perspective on Section 8, the best strategy is to learn as much as possible on the topic. The following Section 8-related links will help you do just that.

• Back to everyone’s favorite source, Wikipedia: the Wikipedia definition of Section 8 housing.
• You may be asking yourself, “How does Section 8 work?” These five sections answering precisely that question should make everything clearer.
• A big part of understanding Section 8 housing is understanding who qualifies for Section 8.
• The demand for Section 8 housing is much larger than the supply … which is causing many families to wait more than a year to get Section 8 housing.
• Renter beware! Don’t fall for this Section 8 hoax.

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Embarking on renting to Section 8 tenants is one of those decisions that property managers should undertake only after thoroughly researching all the implications of renting to this very specific demographic. Following are some of the primary pros and cons to consider when evaluating whether or not Section 8 rentals are for you.

Pros: Government subsidies mean that your rental income is more assured than in other cases.
Since Section 8 tenants are by nature low-income tenants, many landlords are rightfully concerned that renting to this sector will result in difficulties with rent collection or, even worse, default altogether. The truth of the matter, though, is that in many ways Section 8 rental income is among the most reliable. Under Section 8, tenants are responsible for approximately 30 percent of their rent, while the US government picks up the balance of the rental payment. This US government balance is paid directly to the property landlord.

Cons: Renting to Section 8 tenants puts your property under greater scrutiny due to government rules and regulations.
Be aware that before approving one of your units for Section 8 occupancy, the US Department of Housing and Urban Development (HUD) will determine your unit’s Fair Market Rent (FMR). Once the FMR is determined, you are obligated to cap your Section 8 unit’s rent at that rate and are not allowed to accept outside payments that will result in a rent higher than the FMR.

In addition to FMR restrictions, Section 8 properties are also subject to a full premises inspection to ensure HUD’s Housing Quality Standards are met and stringent HUD-mandated eviction rules and regulations.

Pros: Because you have access to a specific demographic, Section 8 tenants may resolve persistent vacancy issues.
In many cases, Section 8 housing wait lists are thousands of families long or, in some states, closed altogether due to over-extension. This means that there is no shortage of Section 8 families available to rent out your units. For landlords that have difficulty renting out units, Section 8 may be a great solution to generate increased rental income.

Cons: Other tenants may be somewhat hesitant to rent from a Section 8 property.
The truth of the matter is, many people associate Section 8 housing with run-down properties that cater to an undesirable demographic. Obviously, this is not necessarily true. For the most part, the proof is in the pudding. If you are concerned that Section 8 units may discourage other renters from living on your property, exert even more effort than usual into making sure that your property is top-notch. Keep all public areas of your property spic n’ span; stay current on maintenance and upkeep; put some extra effort into making your property aesthetically pleasing with landscaping and gardening; and enforce property rules and policies regarding noise and unit upkeep.

Of course, landlords of any stripe should be diligent about the issues above, but putting a little extra effort forth in this specific scenario will only work to your advantage.

As with so many other aspects of property management, gaining a good grasp on the issue at hand is 90 percent of the battle. If you are considering incorporating Section 8 rentals in your property, be sure to not only do some online research on the topic, but also talk with other landlords who rent to Section 8 tenants and address any questions you may have to the appropriate state and federal agencies.

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The multi-family industry has so many resources that the five we mentioned in our previous blog post don’t even graze the surface. So following are five additional services that will help you stay connected with the multi-family industry. We hope you’ll keep us posted on all of the other great multi-family resources you find in your web surfing adventures!

• It’s worth reiterating that Multi-family Insiders is a great resource and platform for multi-family industry discussion.
• Activerain may primarily focus on real estate issues, but the Activerain Property Management Group provides tons of relevant multi-family information.
• Do you want bigger pockets? Well, the Bigger Pockets’ Property Management article page covers everything from rental applications to tips for lowering expenses.
• IREMFirst.org is an open community for members of the real estate management industry. Be sure to visit their site to learn more.
• Want to talk property management? Let’s Talk Property Management is a group that hosts some fascinating discussions about apartment and multi-family management.

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We work hard writing about “all things property management” each week on the Buildium Blog. Now it’s your chance to tell us what you want to read about. Just write your ideas on our Facebook Wall by March 31, 2010, and automatically be entered to win a $50 gift card to Amazon.com.

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Although the property management industry is largely driven by independent contractors and smaller-sized companies, that doesn’t mean you have to work in a vacuum. In fact, it’s important that you don’t. Gleaning advice from other industry insiders is a great way to learn from other professionals’ mistakes and victories and also to get tips on increasing profits and productivity as well as best business practices. Best of all, in this high-tech age, you don’t even have to carve time out of your busy schedule to go to networking events and mixers … all of this information is just a few keystrokes away. Following are a few of our favorite property management resources, specifically focusing on the multi-family sector.

1. National Association of Residential Property Managers (NARPM®)
NARPM® is an association that brings property management professionals in the single-family and small residential sectors together. Which makes NARPM® a great resource because, essentially, they’ve done the screening for you. You don’t have to wade through information that won’t apply to your own professional scenario to get to a few nuggets of helpful advice—more than likely all of the topics discussed through NARPM® channels will be highly applicable to you and your business. As an association, NARPM® not only connects you with other industry professionals, but it also points you toward legislative news you need to know about and keeps you in the loop with industry conferences and meet-ups. If you prefer your information in bite-sized nuggets, you can circumnavigate the NARPM® website and go straight to their Facebook page or Twitter feed for networking opportunities and status updates.

2. National Apartment Association (NAA)
Much like NARPM, NAA provides you with a direct line to the information you need and the network you want. Geared toward multi-family housing industry operators, the NAA provides advice on a wide scope of multi-family issues and concerns. With 70 years experience, this association knows their stuff and puts decades of practice and information right at your fingertips. If you’re working with a limited amount of time, be sure to start with their blog, which is updated on a frequent basis.

3. Twitter
A few months ago, we discussed the ways Twitter can work for you as a marketing tool. But it can also work as an information-gathering tool. Twitter is a great way to get information quick. Since tweets can only consist of 140 characters or less, you’re assured that you will obtain your information in the most succinct way possible. On Twitter you can read status updates from industry professionals and organizations to quickly learn about what’s happening on both the micro and macro levels, and be directed to helpful links from outside sources. While you’re on there, be sure to visit the AptChat page, which will lead you to lots of helpful information, including a weekly chat about the apartment industry which occurs in real time every Friday at 4:00 p.m. EST.

4. Facebook
It’s not news that Facebook is one of those online tools that has truly changed the way we all think about communicating and networking. Aside from just working on a personal and entertainment level, though, it can also be a great way to professionally network. Like Twitter, you can gain a lot of information from the status updates of both professionals and businesses. Best of all, though, Facebook allows you to virtually meet and connect with your industry peers, whether they are local or across the country. The opportunities to develop relationships and gain new information on Facebook are virtually endless. And, best of all, its platform is extremely user-friendly.

5. Blogs
There are any number of blogs on the internet today that can help you find the sort of information you’re looking for, whether it be tips on real estate investing, property maintenance guides, or marketing strategies. The trick is to identify those blogs that work best for you and your own personal business goals. Maybe you prefer a professional tone; or perhaps a chatty, humorous take on the business is for you. Whatever your preference is, we can guarantee that the perfect blog is out there for you. As with anything else, referrals are often the best way to go. Once you find a blog you enjoy, take a look at their links or blogroll and begin web surfing from there. The NAA has a great blogroll to get you started. Here at Buildium, some of our favorites are M Brewer Group and 
All Property Management.

When it comes to networking, one-on-one contact will always be important, no matter how prevalent the internet and social networking sites are. But in a time-pressed industry, it’s helpful to know how much information is always just a few mouse clicks away. Be sure to share some of your favorite online hot spots with us in the comments section below!

Update: We forgot to list  Multifamily Insiders, which is a great social network for multifamily professionals.

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Creating a work/life balance sometimes feels impossible. Work has to get done and sacrifices need to be made. If the recommendations from our last post didn’t convince you that a work/life balance is possible, take a look at these links.

• The proper work life balance can make you a better leader. Follow these 5 steps to a better work life balance to increase productivity.
• Do you offer your employees work/life benefits? Look at UPenn’s Work/life balance program.
• Need to refuel? Visit the work/life balance refueling center.
• If you feel overwhelmed and exhausted by a draining mix of work and life, here are 7 more keys to a better work/life balance.
• Take the work/life balance quiz to determine where you fall along the work/life balance spectrum.

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If you’re reading this blog, chances are you are dedicated to doing your job right. But just as much as doing your job right involves knowing your business and completing necessary tasks efficiently and effectively, it also means taking care of yourself. After all, if you’re worn down and stressed out, chances are your work will ultimately suffer for it, no matter how dedicated you are. So for all of you workaholics out there, yes! Believe it or not, you should consider taking care of yourself and making a concerted effort to find some downtime nothing short of a vital part of doing your job right.

But even if you are convinced that creating a good work/life balance is something you should attain, that doesn’t necessarily mean that it’s simple to do in this industry. Following are a few tips for finding the time you need.

1. Create a back-up system.
Just because you need a break doesn’t mean that all work-related issues will grind to a halt. In order to make sure everything gets taken care of whether you’re in the office or not, it’s important to have a back-up system in place. Depending upon your situation, a back-up system may consist of extra staff on hand to make sure someone is there to address tenant concerns or property issues 24/7 or just an answering service to ensure that tenants’ calls are answered no matter what time of day they come in.

2. Make sure your back-up system is one you can trust.
Having a back-up system in place is only half the battle. After all, how relaxed and disengaged from work can you really be if you’re constantly worrying that things are falling through the cracks or not being taken care of? Invest the time necessary to make sure your back-up system—whatever form it may take—is fully aware of policies and regulations and knows how to deal with the variety of issues that may arise in your absence. Consider this effort to be an investment not only in your business, but also in yourself.

3. Prioritize.
Know that sooner or later, something will come up while you’re off-duty. And also know that, while it’s obviously important to resolve issues efficiently, there are also some things that can wait for a few hours. For example, if you get a call from a tenant about a dripping faucet on a Sunday afternoon, chances are you can wait until Monday morning to resolve the problem.

4. Create a schedule.
While property management may not be a traditional nine-to-five job, this doesn’t mean you can’t establish a set schedule for yourself. Let tenants and property owners know what days you will be taking off on a weekly basis and whom they should contact in your absence. Also, consider your own vacation time just as much of a priority as you do for the rest of your staff. If your staff has two weeks off a year, so should you.

Doing a good job is important—we all know that. But it’s all too easy for property managers to neglect drawing the line between work and non-work hours. While your property may keep going 24 hours a day every day, it doesn’t mean that you have to.

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