Author: NewMedia Denver

How Community Associations Can Regulate Holiday Displays and Lights

Holiday displays are one of the staples of these periods. People dedicate entire days to make their home look as festive during Christmas. Some even like to tour around town to watch these arrangements at play.

While it’s something almost everyone loves, we need to consider what they entail as well. These decorations are usually filled with light patterns. During the night, they might look amazing, yet they can also disrupt neighbors.

We also have other displays, like inflatables, musical displays, and more. Residential management can be a challenge when it comes to the holidays.

The importance of not being too strict

HOA Leader has several tips to help residential management keep things under control without making homeowners angry. That’s important because communities can become hostile if they feel their decorations are being attacked.

Thankfully, it’s not different from what community associations already do. It all boils down to agreements with the individuals and families within your residence.

Be reasonable

After you’ve set your goals for the holiday display regulations, dissect every rule. The goal is to make them as reasonable as possible so that homeowners are more likely to be happy with them. Community reunions and communication are vital to ensure satisfaction.

Agree on what’s acceptable

If you didn’t communicate with your homeowners before, now it’s the time. Make sure that your regulations come from your residents. That means discussing them and gathering feedback to adapt your rules accordingly.

Reserve rights

Keep the right to approve and dismiss specific holiday displays. It’s difficult to find what’s disrupting before someone sets up an overwhelming display. After discussing the rules, make sure you can ask for specific decoration removals.

Keep the holiday spirit

Sure, keeping your association’s image is important for many communities. However, the holidays are an exception in many ways. These displays often do more good than harm, so don’t be too tight with them.

Simple tips you can follow

Additionally, Spectrum also has a helpful piece with tips on how you can tackle residential management during the holidays. Unlike the previous advice, these guidelines translate standard management methods into holiday management.

These recommendations will make it easier to speak with your occupants without coming off as hostile.

Avoid discrimination

Don’t favor some residents over the others. Holidays are religious in their foundation, so avoid religious schemes and decorations if you believe your community might feel uncomfortable with them.

Standard community regulations

You might need to give up some ground during the holidays, but maintain rules about noise, bright lights, and other coexistence-related guidelines. Residents should be free to decorate their homes but not to disturb their neighbors.

Provide display advise

Instead of banning certain decorations directly, you want to approach homeowners politely. Make sure you provide constructive criticism on how their displays might disturb neighbors, and encourage community feedback.

Use schedules

Most importantly, set specific times for turning on the decorations as well as when they can display with all their features. Musical and pattern displays can be beautiful but also overwhelming when turned on for too long.

How Communities Can Adapt To Changes Caused by COVID-19

To say that COVID has changed our lives would still be an understatement. The crisis has made us interact, work, and even live differently. In many ways, it’s been an “adapt or die” situation for many communities and companies.

However, some people have started to state that “the worst” has ended. As we understand the virus a lot better, it’s easier to know what buyers and sellers can do to adapt to these changes.

The UK’s approach

Public Health England has an extensive article detailing the community approach to COVID in the UK. The country’s response to the crisis has showcased how important community cooperation is for public health issues.

Of course, the UK has taken a comprehensive approach for controlling the virus. However, the article’s report for community action is a must-read, especially as education for homeowners.

Cooperation

The main focus from the article is community cooperation. All sections are basically different results from this advantage. From solidarity to community strengthening, UK communities have shown how vital it is to work together.

It’s also easily understandable. Enforcing health regulations requires coordination and communication. Strong cooperation from buyers and sellers alike is vital.

Education for homeowners

Lastly, the main reason behind the pandemic’s damage was how little we understood it. While it’s still under research, we know a lot more about what we can do to curb its repercussions.

Having access to proper educational resources can make a world of difference in how your community adapts.

What can you do to adapt?

Now, we’ve all heard the same suggestions repeatedly. We know we need to stay away from crowds, wash our hands, and embrace the outside. Unfortunately, there haven’t been enough suggestions regarding how communities can strategize.

From our experience and the references we’ve linked, we’ve narrowed down 5 key aspects you need to consider.

1. Focus on open spaces

Any buyer should start looking for open spaces in their properties. That includes amenities like decks or balconies. However, having parks nearby and other open areas is important as well. Sellers should expect more demand for these spaces.

2. Good internet is critical

Today, remote work and online programs for working out and yoga are making the internet even more prevalent in our lives. With how many of these changes will remain for the long-term, a strong internet signal should be a priority.

3. Know your neighbors

You don’t need to break social distancing to interact with neighbors. Community groups in messenger apps are excellent for interaction and planning.

4. Agree on how to tackle social distancing

Social distancing requires schedules to guarantee there aren’t many crowds around. Talk to your neighbors and develop a schedule so that everyone can go outside and do what they need to do without messing with physical distance.

5. Modernize administration

Property management has seen significant innovations with ERP and administration systems. These solutions allow managers to handle requests and services from their communities from a central platform, completely from the internet.

HOA Horror Stories and How to Avoid Being in One

HOAs in Nashville is the standard for many homeowners – a considerable advantage in
many ways, especially when it comes to residential management. The conveniences include maintaining residences in good shape and streamlining administration.

However, they can be problematic in many ways. Many homeowners detail bad experiences and dissatisfaction with these associations. Bad communication and even legal issues, for instance, can spring from the wrong approach by both parties.

Today, we’ll dissect the most common complaints from HOAs and how you can prevent
them.

What are the most common horror stories?

An HOA in Nashville isn’t rare, and countless people see them as just another aspect of their residences. That’s because maintaining and managing residential properties is a challenge. HOAs come from a real need, but they’re complicated for all parties.

That’s why hearing complaints related to these organizations is common. That said, these
issues aren’t always the HOA’s fault. In fact, we’d go as far as saying that both parties are to blame for the majority of cases.

1. I can’t communicate with my HOA

Bad communication is the best way to make residency terrible, both for homeowners and
lease tenants. Not communicating properly, for instance, leads to misunderstandings that
quickly spiral into costly (and even legal) issues.

2. The installations are deteriorating

HOAs are responsible for hiring and managing property services. These include plumbing, janitors, gardeners, electricians, and more. Failing to notify and monitor these services—and even not hiring them—means your residence will slowly deteriorate over time.

3. My HOA hates me but loves my neighbor

This complaint is one of the most common we get from tenants. Many feel like their HOA is constantly against them, yet they’re always polite and helpful to other homeowners. It’s
frustrating, to say the least, and it can go further than merely attitude problems with your
HOA.

What can you do about it?

Now, residents are just as responsible for nurturing a good relationship as the HOA. While the latter needs to create and nurture the right approach, the former is still accountable for using them correctly.

Luckily, avoiding these horror stories with HOAs in Nashville isn’t as difficult as it might
seem. You need to understand their rules and conditions. From there, it’s easier to approach them correctly while defending your rights as a resident.

Understand the rules

HOAs work with contracts and community clauses. The first step to build a good relationship is to go through these rules until you memorize them. Complying with them ensures your HOA doesn’t have reasons to cause any conflict with you.

Know when to argue

You must raise your voice when you feel treated unfairly. However, not all cases are
debatable, and that’s the key. Knowing when you can argue comes from understanding HOA rules, so pick your fights correctly.

Stay calm

HOAs are still people, and they’re under the same stress (and probably more) than you.
Make sure you keep that in mind when approaching them. Good attitudes are more helpful than antagonism.

 

Resident Retention Ideas For Property Managers Seeking Improvement

Resident retention is a common goal for many landlords and property managers in general. Essentially, it refers to ensuring that your renters remain with you for the long-term.

It’s also a great goal that can improve your rentals’ returns significantly. It’s also a challenge for several people, but you can do a few things to help your property management in Florida.

Why you should care about resident retention

Forbes argues that resident retention is critical, especially with the current health crisis. With vacancies peaking, keeping occupancy healthy is a priority for both landlords and renters.

Resident retention ensures a constant income. However, that’s far from the only advantage. From staying away from marketing costs and vacancy, it’s easy to see why retention matters for property management in Florida and everywhere else.

Retaining long-time residents

RealPage’s blog states that long-time residents are often perceived as less important than new residents. As we already mentioned, that’s a costly mindset, and renewals are a lot more beneficial than replacing renters.

That’s why learning how to keep existing residents can be a lifesaver.

Relationships are vital

With that in mind, the most effective way to boost resident retention is to nurture honest relationships. You want to incentivize your tenants to renew their contracts.

Common practices include reserved parking, renovations, and promoting community projects and events.

Keeping everyone happy

Zillow also has several recommendations to ensure positive retention. These are more general than our previous section. However, they also pinpoint the foundation of keeping occupancy: healthy relationships.

Communities

You can create a sense of community to strengthen the relationships of all residents with you and each other. You can use common areas to host events for holidays and celebrations.

With today’s health concerns, you don’t really need to forego this approach. You can use social media and similar platforms to interact with your residents.

Maintenance

CAM (common area maintenance) is vital for property management in Florida overall. That’s just as true (if not more) for resident retention.

Make sure to keep all common areas clean and in good shape. That includes responding quickly to repair and maintenance requests to make your residents’ lives easier.

Adapting to your renters

Finally, you want to make sure you tailor your spaces to your renters. You should consider adding amenities, like a sports court or a kid’s park. You can even run community polls to gather feedback.

What Is Capital Expenditure?

Capital expenditure – CapEx, for short -refers to all payments that are then capitalized when registered on the balance sheet. These expenditures go into business expansion rather than revenue.

It’s important to note that CapEx, and expenditure in general, isn’t the same as expenses. Expenses are usually regular investments made to generate revenue. Capital expenditure is less common, and it signifies a more prominent benefit for the company.

Expenses include salaries, production costs, rent, and similarly recurring spending. On the other hand, capital expenditure is both more costly (upfront) and significant. Examples of capital expenditure include land, equipment and machinery, new software, and even paying out big loans.

CapEx and capital improvement

CapEx and capital improvement are very similar processes. In fact, many can argue that capital expenditure usually results in capital improvement. That’s because capital improvement refers to structural change and improvements for property.

However, we must understand they’re not the same. Capital improvement affects the value of the property by itself. Companies and individuals can make capital improvements, and it’s not always for commercial purposes. Common examples of capital improvement include kitchen renovations or adding rooms to a building.

Not being the same doesn’t mean they’re not related. Building parking lots and building expansions count as capital expenditures resulting in capital improvement.

Calculating CapEx

There’s a plethora of methods and formulas to calculate your capital expenditure, You can also calculate your CapEx indirectly, calculating your asset value along with their depreciation.

However, the most straightforward approach is to add up the amounts spent on said assets. The approach then compares this total against the value the company received for sold assets.

This formula’s result is your net CapEx.

How does depreciation interact with CapEx?

Capitalizing on expenditures counts as assets when recorded on your balance sheet. You also need to expense said asset, moving it on your income statement, if you wish to move it off your balance.

Regardless of the method you use to depreciate, your total depreciation will equate your net CapEx over time. That means that you can compare your CapEx with your depreciation to know your company’s asset growth.

CapEx and valuation

The effects of CapEx on valuation vary depending on how you use your CapEx. Certain capital expenditure categories, like annual maintenance, rarely contribute to a business’ profitability.

That being said, growth-oriented capital expenditures can also contribute to a company’s value.

The Top Property Management Essentials

Did you know that the U.S. property management industry generates over $88 billion USD in revenue every year? 

Atlanta property management isn’t simple. You need to monitor every property, answer every request, and more. Being a good property manager is a prominent challenge but understanding where to start is a huge advantage.

Whether you’re starting out or want to improve, understanding the essentials of property management is key. Today, we’ll explain what you must keep in mind if you want to make your—and your tenants’—live easier.

What exactly is a good property manager?

Not all property managers are good, and that’s easy to expect. There are too many variables in the field. Properties, spaces, tenants, and commodities are filled with factors that could go wrong in any moment.

The best property managers aren’t born. They come from experience and preparation. That takes time—maybe even years. Understanding these three characteristics of the best Atlanta property management today can help you become a good property manager.

Knows their properties

You can’t be a good property manager if you don’t know what you’re managing. Every property presents a plethora of variables that you need to track.

The easiest way to become a better manager is to invest in modern software. You can monitor maintenance, requests, and other management realities.

Is certified

Good Atlanta property management requires certifications. You’ll learn indispensable knowledge and techniques while having a certificate that shows your preparation.

Good certifications include property management, construction- and utility-related certificates, and similar skills. The same is true for renovations, administration, and more.

Understands marketing

Finally, any property manager needs to generate profits from their assets. That’s the entire point of the field, and marketing is how you attract this income.

For property management, listing websites are the most common approach. However, you can also market your management services on social media and similar platforms.

Hurricane Season In Northern Florida

Hurricane Season Does Not End Until November 30th

Hurricane season will be here to stay for a while. Northern Florida is quite familiar with this period. Even travel advice websites have extensive documentation about the season and how to cope with it.

Preliminary reports about the 2021 season seem to be quite worrying. We need to remember that hurricane season typically lasts until late November. Knowing what a Northern Florida property associate can do about it lets you save lots of money.

Property managers’ role during the season

There’s plenty of articles offering insight into the role of Northern Florida property associates during hurricane season. Naturally, it’s every homeowner’s responsibility to guarantee the safety of their houses, but that doesn’t mean you should do nothing.

In fact, property managers can provide some of the best assistance against hurricanes. They won’t solve all the problems, but it’s worth keeping it in mind. Proper help can help you gain your community’s trust and create a more cooperative environment.

Preparation

The best moment to protect yourself from hurricanes is before the storm. You need to guarantee your community has everything it needs to overcome the season.

That includes planning, communicating, reviewing your contracts and insurances, and assessing/repairing weak spots.

Damage prevention and control

The entire point of preparing is to avoid damages. Still, nature is unpredictable, and there will always be something you forgot. Ideally, it’s something small, but it’s going to happen.

Make sure you act effectively as soon as something goes wrong. Have service vendors readily available.

Renovations

After the season ends, chances are homes and amenities will look a bit different. Even if your measures were perfect, trees might fall, or you might need to repaint the front.

Thankfully, you have more time to tackle these after the storm ends. You could even take advantage of the moment and carry out other renovations you wanted.

What can you do about it?

Luckily, a Northern Florida property associate can do several things to help their communities. Mashvisor has a great set of recommendations for different scenarios and occupancy rates.

The most important guideline to keep things safe during hurricane season is proper prevention. You need to have your plan and measures ready before the season starts. Other than that, everything is damage control, which isn’t ideal.

General guidelines

The first step is to go over your insurance. Analyze your current policies and think about getting coverage for floods, inventory, and more. Move your property records offsite, and take preventive measures before the storm begins.

Occupied properties

You have to consider your occupants along your property. Provide safety courses for everyone, and assign responsibilities to everyone in case something goes wrong. Go through legal responsibilities and enable communication channels for emergency requests.

Unoccupied properties

Assess which insurance coverage you need and secure everything. Remember that no one will be there to monitor the structure’s health, so you want it to be able to stand on its own. After the season ends, run a thorough audit before reopening it for rent.

The Top 5 Restaurants in Nashville

Now that lockdowns are loosening up, most of you are probably excited to go out. Undoubtedly, many will want to head out to grab a bite after months of cooking yourself or asking for delivery.

Well, that’s why we’re looking at 5 of the best restaurants you can visit right now in Nashville. You might want to grab a bite or find great examples of property management in Nashville. We have you covered.

The Mockingbird

The Mockingbird is an American food restaurant in The Gulch. It’s easily one of the most interesting options in Nashville thanks to its floor geometry and its entire design. If you don’t feel like redecorating after visiting it, you might need help.

Its personality is also incredibly charming. With dish names like Don’t Worry, Brie Happy, you’ll have a great time at this restaurant. Its ingredient combinations are also quite unique. It’s quite difficult to pick a wrong dish.

Loveless Cafe

If you’re in the mood for a nostalgia trip, the Loveless Cafe in Bellevue is for you. It’s been around since 1951, and the homely feel has remained intact throughout the years.

They’re famous for their amazing biscuits, with thousands of sales every day. However, their other dishes, like their chicken and ham, are amazing options if you have a big appetite. Just make sure to try their biscuits if you haven’t.

Mas Tacos Por Favor

This Mexican restaurant in East Nashville is a charming option. If you have cash on hand, Mas Tacos Por Favor offers some of the best tacos you’ll ever try.

All their dishes are amazing, so don’t worry about picking specific food. If you’re exploring this side of town, Mas Tacos Por Favor is a great stop.

Otaku Ramen

Otaku Ramen, in The Gulch, is the first ramen-only restaurant in Nashville. Since its aperture in 2016, it became famous as the go-to if you want some good ramen.

You can find traditional dishes, like mazerman and chicken ramen. However, they also have great Southern-oriented dishes, like Tennessee Tonkotsu. If you’re thirsty, you can also visit the bar in the back.

Puckett’s

Finally, Puckett is the best choice for people who want to see some live music while enjoying their meal. It’s in Downtown Nashville, and it serves some of the best BBQ and burgers you’ll find.

It actually started being a grocery store with an added stage. However, it quickly turned into a popular venue for live music every night. It’s definitely a masterclass in property management in Nashville.

What Is The Difference Between A Condo And An Apartment?

Condos and apartments are two of the best assets for building management firms. Whether you’re renting or selling, demand for both has always been high.

According to Stayfi’s 2020 compilation of vacation rental statistics, the majority of Gen-Z travelers prefer condos for rental. Last year was also a milestone for apartment demand, according to The Real Deal.

You can find countless articles about living in them. That’s why our focus for today is the building management side of things.

How are condos and apartments different for a property manager?

Building management differences

In terms of attributes, they’re actually very similar. The main difference actually comes from ownership.

Building management for apartments usually goes for the entire building instead of per apartment. Everyone looking to rent or buy an apartment has to speak to the same entity. It’s why apartment management is a lot more centralized than condo management.

Speaking of condo management, condos are more “individualistic” than apartments. Homeowner Associations typically manage condos. This management centers around common area maintenance instead of the entire space.

In other words, building management often includes complete ownership of the apartment buildings. For condos, building management is mostly that: management instead of ownership.

Renting

For condos, rent is quite different from apartments. The HoA manages common amenities, like concierges and general security. Homeowners and tenants pay fees every month for these benefits. However, utilities are mostly every tenant’s responsibility.

For apartments, building management companies are responsible for all bills and maintenance. Therefore, the company will charge for security, cleaning, and most utilities. That’s because the same public services go into the entire building instead of every apartment individually.

Maintaining

Maintenance for condos is the responsibility of every owner. If the owner fails to pay his utility bills, they can lose the corresponding service. However, all other condos won’t face any consequence for their own utilities. HoAs fees are solely for amenities benefiting all owners.

On the other hand, building management for apartments is more involved with maintenance. That’s because everything outside every apartment space is basically “common areas.”

Regulations

The condo’s HoA is in charge of creating community rules for everyone. That’s often a communal agreement on what’s acceptable within the areas. That said, individual owners can create their own rules within the condo.

Apartment rules begin and end with the owning building management firm. The building’s owner can decide what’s allowed and what isn’t, even within the apartments.

Affordable Housing in Nashville

Affordable housing is among real estate’s most demanded markets. It provides a lifesaving solution to many people. Amid COVID-19, affordable housing saw one of the largest increases in demand as well.

However, it’s a common headache for property management in Nashville—and everywhere else. It’s still a solid business investment for any company, but that’s not the problem. It requires managers to track multiple variables, factors, and compliances.

What does affordable housing mean for management companies? What can you do to make your life easier? That’s today’s topic.

What does affordable housing mean for property management?

In essence, affordable housing is a program aiming to provide low-income populations with a place to live. While it’s often seen as part of Section 8 clauses, they’re not the same. In essence, affordable housing is a tax incentive for real estate firms.

It strives to motivate cheaper rental prices that people with lower salaries can afford. Property management in this sector isn’t too different to other markets, but you need to keep several issues in mind.

Certification

You can’t give a property tour and have residents move in the next day. You must be sure that your applicant is a low-income resident. Therefore, you have to request their employer’s payment information, lack of child support, and more.

Re-certification

The same certification process will repeat itself after your initial lease completes. You’ll have to go through the same steps to assess whether or not your tenant still qualifies for affordable housing. Make sure to start at least three months and study self-certification possibilities.

Compliance

It’s vital to comply with every rule within your program. Failing to do so yields costly consequences to the tax credit holder. Keep in mind that too many mistakes can result in the government revoking your credit claim.

Insight for affordable housing management

NeighborWorks America published a detailed research paper on affordable housing. We highly recommend you to read it if you’re interested in the implications behind the program. However, it’s an extensive document that goes through several topics not related to our focus.

The most curious section for our current concerns is the implications they point out for property management. Of course, you need to research and educate yourself on all the nuances we mentioned already, but these three tips can make a huge difference for your company.

Communicating with nonprofits

Engage with nonprofits you work with during annual budgeting. You want to assess their goals and the criteria they care about for the property’s long-term success. Therefore, you can focus on the most important issues for owners.

Remembering it’s still a business

Property management in Nashville should still care about operating budgets and the property’s returns. Economic inviability nullifies any contributions your company can make to a community, especially when the necessary resources can’t be allocated due to budget constraints.

Proper staffing

Finally, make sure you work with high-quality personnel. That’s one of the main challenges because of how it’s difficult to offer competitive salaries when working with affordable housing. Therefore, invest in constant training and create reward programs for employees.