3 Tips When Renting Out Your Property

 

Renting out your property can be a great way to make a little more income, or depending on your situation, allow your property to be your sole source of income. Over one-third of Americans rent their homes, meaning that there is a large market to tap into. However, renting does come with a few considerations that should be taken into account before diving into it. Here are three tips you should be aware of when renting out your property.

 

Protection

Make sure that you have removed any irreplaceable items, such as family heirlooms or handcrafted items, or particularly expensive pieces that you would sorely miss should anything happen to them. While any accidents or thefts hopefully never occur, it’s better to be prepared.

 

One way to help put your mind at ease during the rental process is by considering some home warranty options. Home warranties help cover your appliances and your electrical and plumbing and will make any repairs or replacements much simpler and easier. This should allow you to rest assured that everything will be taken care of, and you can put your property back up for rent as quickly as possible.

 

Before renting out your property, screening your tenants is a great way to make sure that you will be getting the responsible guests you are aiming for. People who will be respectful of your property and make payments on time are always preferred to other tenants who can be more of a handful.

Parking

Having designated parking spots for renters, guests, and visitors when staying at your rental property can be a large draw and can help boost your attractiveness on the market! Using GuestParq by ParqEx can help you reserve spots for your guests and eliminate any hassles that finding parking can bring. This can be incredibly useful, especially in more crowded urban areas or simply areas that may be new and unfamiliar to guests.

 

In addition, this can help you rent out multiple spots at the same time and keep track of everything in a single simple location. Guests will greatly appreciate this aspect of your rental, as finding a parking spot can be a stressful factor in the renting process. This way, their spot will be reserved and waiting for them!

Price

When determining a price for your rental property, it’s important to research the fair market prices of rentals in your area. Take into account if you have certain amenities that other properties don’t have, such as the best view or a pool or spa that can allow you to raise your price. Here is a list of some of the most sought-after real-estate amenities that will increase the value of your property!

 

You should keep in mind that pricing will depend on your income sources; if renting is your main source of income, you should put yourself in a position to charge more than using rentals to supplement your current income, which may give you more flexibility in pricing.

Tally up all your fixed costs, such as mortgage payments, property taxes, water, and electricity, etc., and you have your “break-even” point that you must charge in order to not lose money. Here are a few rental property expenses to keep in mind! Compare this to the average rental price in your area, factor in any bonuses that your property might have in comparison, and ballpark a rental price that suits both you as well as your guests!

 

Renting out your property can be a relatively stress-free way of adding to your income, provided you take the proper steps beforehand. Making sure your house is protected from any unruly guests or from general wear and tear can ensure that you are protecting your assets, and getting the most out of your rental property can help add to your bottom line—and provide a great place for your guests to stay!

Top 5 Property Management Software Solutions

 

Without dispute, we are living in a digital age. When it comes to real estate, not only can homeowners buy and sell on sites and apps like Zillow, but property managers can now manage their entire portfolio online through the use of real estate property management software.

 

Property management software can track and monitor leases, collect rent, schedule maintenance visits, and even build out websites for the property. By implementing property management software, you can remain organized and on top of all your properties. 

 

Stop losing time & being inefficient! Check out our top 5 property management software solutions. 

• AppFolio:

 

Without question, AppFolio makes the top of our list, along with many other lists as well. With ease and convenience in mind, AppFolio provides a software solution to both property management and tenants alike. 

 

Regarding property managers, AppFolio allows management to market and manage all tasks related to their property, whether that be a condominium, a multifamily property, apartments, commercial property, student housing, HOA, or a single-family home. Rent & vacancy tracking, initial tenant screening, insurance tracking, website build-out, listing management, maintenance work order tracking, rent comparison tool, and paperless bill posting are just a few of the capabilities of AppFolio. Moreover, properties can be listed on AppFolio, and potential clients can submit their applications via AppFolio¹.

 

Tenants too can use AppFolio’s online portal or mobile app to pay their rent, get in touch with their property manager, submit a maintenance ticket, and even manage renters insurance. 

 

• Buildium:

 

Next on the top of our list is Buildium. This cloud-based property management software was built for both management and tenants. As the world is constantly on the move, Buildium has an app for both renters and landlords.

 

Keeping track of all properties and all information in one place is undoubtedly an appealing feature for property management. Buildium can help management with residential properties, student housing, condos & HOA’s, and even affordable housing communities. 

 

Several features put Buildium on the top of our list. Some features include tenant screening & onboarding, convenient online leasing tools such as e-signature, rent collection, accounting software, property inspection tools & insights, and vacancy management through the help of Buildium’s marketing website and partners such as Trulia and Zillow. 

 

• Cozy:

 

Cozy, the next on our list is a property management software solution that was developed to help landlords list their properties for new prospective tenants, screen said tenants, and receive online payments from these new residents. 

 

When it comes to custom listings of properties, Cozy aids property management in building new listings from scratch. This management software gives a step-by-step process from start to finish. Users can do anything from uploading property images, amenities, lease agreements, or even the property’s pet policy. These listings will then be published on websites such as Realtor.com and Doorsteps.com. Features such as rent estimation tools certainly help management when setting up their initial listing.

 

An added perk, Cozy allows property owners to see detailed information regarding their prospective new tenants. Employment status, rental history, and income information are all available through Cozy. 

 

Furthermore, the maintenance tool is a tenant favorite. With Cozy, residents can, of course, create maintenance tickets. But Cozy takes it one step further. With this property management software, maintenance can notify the tenants of repairs with detailed notes, photos, or even videos. 

 

• TenantCloud:

 

TenantCloud, another cloud-based management system, was built to save property management time and money. For property management teams on a budget, TenantCloud may be right for you.

 

Many features could make TenantCloud the right choice for you. Top features include tenant screening, rental applications, lease agreement templates, rent collection, maintenance requests, vacancy marketing, accounting, and detailed financial reports. TenantCloud’s dashboard provides a comprehensive and illustrative view of outstanding balances, income, net cash flow, and expenses for new property managers or budget-conscious owners². 

 

Through the online portal and dashboard, or even the app, property managers can easily communicate with their tenants regarding outstanding balances, maintenance issues, and even insurance reminders.

 

• Yardi Breeze:

 

Like the others, Yardi Breeze is a cloud-based solution designed to benefit property management. Unlike the others, there is no app for this software.

 

Overall, Yardi Breeze customers claim it’s easy to use and understand. Favorite features include rental applications, lease templates, renters insurance, move in & out info sheets, rent collection, maintenance tickets/requests, activity calendars, accounting data, and vacancy marketing through websites such as RENTCafé. 

 

Due to its long list of features, Yardi Breeze has made it into our top 5! With these features, Yardi Breeze customers are some of the most loyal software users.

 

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ParqEx Integration

These five property management software solutions each made our top five for different reasons. The overall simplicity of each is undoubtedly something they have in common. Another thing they have in common is that each of these platforms could genuinely benefit from integrating with ParqEx. Learn about the different access and parking-related products and services offered by ParqEx!

 

 

Sources

Couey, C. (2021, March 23). 5 most popular real estate property management software. Retrieved May 13, 2021, from https://blog.capterra.com/the-5-most-popular-real-estate-property-management-software/

 

Bethell, A. (2021, February 26). The 7 best property management software of 2021. Retrieved May 13, 2021, from https://www.thebalance.com/best-property-management-software-5069132

Why Real Estate Should Invest in LPR Technology

 

The worldwide outbreak of COVID-19 has changed the way that people around the world interact with each other and their surroundings. Now, more than ever, contactless and touchless solutions, services, and business practices are in critical demand. In these times, it is crucial that businesses and properties adapt, changing the ways they interact with their clients and customers, in order to help keep them safe and protected. In the world of parking, License Plate Reading (LPR) technology is a revolutionary smart parking technology that can help commercial real estate developers provide superior safety options, while also bringing their properties into the future. Read on to learn more about LPR and Why Real Estate Should Invest in LPR Technology

What is LPR?

License Plate Reading (LPR) technology uses advanced camera systems to automatically detect, read, and validate the unique sequence of numbers and letters that appear on a vehicle’s license plate. With developments in artificial intelligence and advanced analytics, this technology is incredibly accurate and is now able to consistently deliver correct readings in the field. Thanks to these new developments, LPR solutions have recently been deployed in many different commercial settings. You may already have personal experience using an LPR system, as they have become increasingly common to automate ticketing for highway toll plazas in recent years. But LPR has many other applications being implemented, and in particular, it is poised to revolutionize city parking for both users and management alike.

LPR is also known by other names, such as Automatic number-plate recognition, Automatic (or automated) license-plate recognition (ALPR), Automatic (or automated) license-plate reader (ALPR), Automatic vehicle identification (AVI), Automatisk nummerpladegenkendelse (ANPG), Car plate recognition (CPR), License plate recognition (LPR), Lecture automatique de plaques d’immatriculation (LAPI), Mobile license-plate reader (MLPR), Vehicle license plate recognition (VLPR), and Vehicle recognition identification (VRI).

Safety

In today’s world, having to touch shared, public surfaces is not only an inconvenience but also a health hazard and potential barrier to doing business. Now, more than ever, people are unwilling to risk their health, and traditional parking kiosks and ticketing machines can scare customers away, leading to lost business. Consumers today demand contactless solutions that protect their health and give them peace of mind. LPR offers the only truly touchless and contactless solution when it comes to secure access to your parking facility. With LPR, you have a smart parking system that can automatically detect and read an approaching vehicle’s license plate, granting access to any authorized user. With such systems, there are no screens or kiosks to interact with, no tickets to handle, and no badges to pick up. Your visitors enjoy 100% touchless and secure access to your parking facility, with no increased risk of exposure.

Security

LPR parking solutions also vastly improve the security and safety of your parking facility. With LPR, unauthorized vehicles are blocked from your facility, giving you and your guests confidence that only authorized vehicles will enter. The camera systems required for LPR solutions can also continually record your facility’s access points, keeping a detailed log of all approaching vehicles and accompanying camera footage. This information and footage can be easily viewed later if an incident needs to be investigated, greatly aiding any potential law enforcement activities. Furthermore, the LPR camera systems act as a strong deterrent on crime, since any criminal activity could be recorded and stored by the LPR cameras. This added security gives your parkers added peace of mind that they can park at your facility without any safety concerns.

Increased Customer Satisfaction

LPR offers several benefits to customers of your parking facility that will leave them exceptionally satisfied. In addition to security benefits and being 100% touchless, the automatic entry and exit of LPR systems save your customers significant time and hassle. Since their license plate is read automatically on entry and exit, they gain swift and easy access without having to waste time interacting with a kiosk. In addition, no tickets means not having to waste time locating, waiting in line at, and using a pay station. Instead, simply pay on your smartphone at any time with a few simple clicks. Finally, thanks to LPR technology streamlining entry and exit, your customers enjoy significantly reduced traffic buildup and much shorter lines in your parking facility.

Click here for a list of benefits of LPR technology for real-estate customers.

LPR offers unparalleled ease, convenience, and safety for your customers, providing them with the ultimate parking experience. The seamless entry, smooth exit, and smart payment options that the LPR system offers keep your customers happy and returning to your facility in the future. With LPR, you transform your building into a smart building, ready, and able to serve customers for several generations to come.

Increased Revenue

With all the benefits of LPR, your customers are sure to be happy and satisfied, significantly increasing the chance of repeat business. LPR systems also provide a solution to ticket swapping, a problem that has remained a significant threat to traditional parking facilities and their ability to collect revenue. With LPR, vehicles are always tracked by their license plate, meaning that there are no tickets to swap, and revenue cannot be lost. Since LPR systems record the license plate of all vehicles that enter and exit, there is no way for customers to dishonestly report how much time they spent in your facility. Finally, LPR systems can enhance revenues by cutting down on the traffic and waiting times within your facilities. By reducing these idle times and keeping a more accurate count of how many vehicles are in your facility, you can process a higher number of transactions and operate at a higher capacity, driving greater revenue.

 

Reduced Operating Expenses

LPR systems offer significant opportunities for cost savings as well. They remove the need for parking tickets, badges, or fobs, meaning you no longer need to spend money stocking and managing these items. Instead, with LPR, license plates are the unique identifier to gain access to your facility. Furthermore, LPR streamlines enforcement, tracking and logging every vehicle that enters and exits your facility. If a customer’s authorized parking window has expired and they have not yet left the premises, managers can get an automatic notification of the violation. ParqEx’s Enforcer app connects seamlessly with their LPR offering, Access+ Premium, to give managers all tools they need for enforcement right at their fingertips. With LPR systems and tools like Enforcer by ParqEx, you can eliminate the need to manually patrol your premises and check for violators, delivering further cost savings.

 

Improved Operations

LPR solutions greatly simplify parking management and operations, reducing the time effort required by managers to operate and maintain their facilities. The system automatically tracks every vehicle and logs all payments and transactions in connection to the vehicles that initiated them. This information is logged and can be easily viewed at any time. LPR also means that there are no longer physical passes or access devices to manage. Instead, with ParqEx’s Management tool, operators have all the tools they need to add or remove tenants, manage guests, and administer their parking facility, all with just a few easy clicks from their home or office computer, or even their smartphone. With these tools, managing your parking facility has never been easier.

 

Futureproofing

With all the benefits discussed and the continued trend towards smart solutions, the shift towards LPR technologies in the world of parking is inevitable. Soon, real estate developers will be expected to provide building equipped with smart technology, including smart parking. By investing in LPR now, you not only offer your customers a superior experience today, but you prepare your property to serve future generations of customers that will demand a complete smart real estate solution. Think ahead of the curve; embrace smart parking for your property today and be ready for tomorrow as well.

 

LPR in Action

ParqEx has experience in successfully deploying LPR parking technology as part of their Access+ Premium solution. One such example of this solution in action can be found at Lacuna Lofts, a shared workspace and events venue in Chicago’s Lower West Side. Before partnering with ParqEx, Lacuna Lofts’ parking lot was unsecured, and unauthorized users frequently gained access to parking intended for tenants and guests. However, after ParqEx implemented their Access+ Premium solution, the facility started successfully blocking unauthorized users, while giving tenants and guest simple “drive up and enter” access to their lot.

To learn more, download ParqEx’s case study on Lacuna Lofts.

 

Ask Us Today About LPR Solutions

Without a doubt, LPR is the future of parking access and security. It offers several benefits for customers and managers of parking facilities, creating an improved parking experience for tenants and streamlined, more secure operations for management. ParqEx’s Access+ Premium with License Plate Recognition technology is available now and has been proven in the field. If you think that LPR technology could benefit your parking facility, reach out to ParqEx today to learn more about Why Real Estate Should Invest in LPR Technology and how we can help transform your facility into a smart parking facility.

Real Estate: How Coronavirus Will Shape the Smart Parking of the Future

In Chicago and across the country, parking dynamics have changed dramatically in the wake of the coronavirus pandemic. Workspaces going virtual as employees work from home to flatten the COVID-19 (a.k.a Coronavirus) curve has caused an increase in the number of vehicles parked in residential buildings. Furthermore, drivers are now more reluctant than ever to use keypads, fobs, key cards, and ticket machines in common areas that increase the chances spreading of the virus. During these times, there is a heightened need for contactless and touchless technologies to control the spread of the virus and flatten the curve. Therefore, the real estate industry must ask the question: How Coronavirus Will Shape the Smart Parking of the Future? Continue reading to find out our perspective.

As Smart Parking technologies and solutions begin to emerge and become implemented in cities across America, it is imperative that these solutions include contactless technologies to better fight the spread of diseases in today’s world. Commercial real estate buildings, investors, and architects must consider access and license plate reading (LPR) technologies when designing, building, or transforming their existing real-estate assets to cope with the current situation and prepare for the future.

What is Smart Parking?

Traditional parking garages feature several pieces of technology, working separately and in a way that does not allow the customer to connect with them seamlessly. For example, a traditional parking garage might feature a gate to limit access, a kiosk to distribute tickets, a pay station to complete your transaction, and an exit kiosk to accept your paid ticket. However, these systems do not generally connect with each other to share information and there is no way for a customer to interface with these systems using their smartphone or other devices. Instead, they must physically interact with each separate device, using only a paper ticket to transfer data from one machine to the next.

Smart Parking, on the other hand, utilizes systems and technologies to create an integrated network of devices, that all work together and interface seamlessly with a customer’s smartphone or computer. For example, a smart parking garage might show customers available spaces through an app, allow customers to reserve spaces ahead of time, allow quick and simple entry to customers with reservations, and allow payment through a customer’s mobile device. With Smart Parking, information about the garage and parking availability is tracked and easily available, not just to management, but to prospective customers as well. Additionally, customers are able to complete their transactions and payments all through the convenience of their mobile device or computer, without needing to interact with a kiosk or separate machine. With smart parking, your customers experience the ultimate convenience, flexibility, and transparency throughout their parking journey.

How Does a Smart Parking System Work?

Unlike traditional parking solutions, Smart Parking systems use a network of sensors and devices that work seamlessly together to track all activity within the garage. These systems are also connected to the internet, allowing them to interface with customers through the web and display valuable information. Smart Parking systems use sensors to track all cars entering and exiting the facility. By using license plate reading (LPR) technology, no tickets are necessary, and the systems know exactly when each car enters and exits by scanning their license plates.

Smart Parking facilities also connect to the internet, allowing prospective customers to view current availability within the garage and make reservations from their smartphone or computer. By keeping track of these reservations and cars currently in the facility, the system is able to automatically detect when it has sold out of parking, limiting access to only vehicles with a reservation. Furthermore, customers are able to complete their transactions and pay for their parking reservations online. When customers with a reservation approach a smart parking facility with LPR technology, the gates will automatically open, recognizing their vehicle as having already purchased parking. With Smart Parking, your customers no longer need to interact with kiosks or pay stations. Instead, they can do everything directly from their phone, leading to maximum ease and convenience.

A Smart Parking garage my also opt to install sensors at every spot in the facility that detect whether or not the spot is occupied. Using these sensors, dynamic signs could be placed throughout the parking facility, directing vehicles to areas of the facility with current vacancies. Some facilities even place lights above each parking spot, automatically switching on lights above spots that are vacant. This calls attention to vacant spots, helping your customer locate parking sooner and reducing the amount of time they spend searching for a spot.

What are the Components of Smart Parking?

A Smart Parking system starts with license plate reading (LPR) technology. LPR technology uses a series of cameras to automatically detect and read the license plate of any approaching vehicles. In a Smart Parking solution, LPR technology is placed at entry and exit points of a parking facility, connected to security gates or garage doors. When the system detects the license plate of an authorized vehicle, the gate or door opens, granting the vehicle access without any interaction or input by the driver. With ParqEx’s Access+ Premium solution, you can install LPR technology in your facility today. To learn more about LPR and its various benefits, click here.

Next, Smart Parking systems need a way for prospective customers to view parking availability and making parking reservations from the convenience of their smart phone or computer. ParqEx’s Marketplace solution enables customers to do just that, offering the ability to book parking from a device in just a few easy clicks. Additionally, with ParqEx’s Marketplace, customers can complete their transaction and pay for their reservation using their mobile device as well. Now, all the tools that your customers need to browse, manage, and purchase parking are available right at their fingertips.

Finally, every parking solution requires enforcement. With Smart Parking, however, parking enforcement is easier than ever. Smart Parking systems automatically track and log every vehicle that enters and exits your facility. If a customer’s authorized parking window has expired and they have not yet left the premises, managers can get an automatic notification of the violation, complete with license plate number and pictures of the vehicle. ParqEx’s Enforcer app connects seamlessly with their LPR offering, Access+ Premium, to give mangers all tools they need for enforcement directly on their mobile device. With LPR systems and tools like Enforcer by ParqEx, you can eliminate the need to manually patrol your premises and check for violators.

Why Do We Need Smart Parking?

The global coronavirus pandemic has drastically increased consumer demand for contactless solutions, services, and business practices, perhaps permanently. Smart Parking solutions are essentially the only secure way to address this new founded demand in the parking sector. The use of license plate reading technologies, such as ParqEx’s Access+ Premium solution, allow 100% touchless and contactless access to parking facilities, keeping guests safe and offering peace of mind.

Additionally, as technology continues to develop, consumers continue to demand more and more smart solutions that they can interact with and control from their phones. In the parking industry, this is already beginning to occur. In a world where consumers are able to order, pay, and manage everything from their smart devices, it’s only natural that they expect the same ability when it comes to parking. Soon, Smart Parking systems will be seen not as an added convenience, but as the default standard with which consumers expect to conduct their parking. By being ahead of the curve and investing in Smart Parking now, you can provide your customers with unparalleled ease and convenience today, while being prepared to meet the expectations of consumers tomorrow.

Finally, Smart Parking systems significantly streamline management and enforcement for property managers. With Smart Parking, there are no badges, tickets, or fobs to stock or administer. Everything your managers need to manage and administer parking is available directly from their home or office computer.

Smart Parking in Action

ParqEx has experience in successfully deploying LPR parking technology and creating Smart Parking solutions. One such example of this solution in action can be found at Lacuna Lofts, a shared workspace and events venue in Chicago’s Lower West Side. Before partnering with ParqEx, Lacuna Lofts’ parking lot was unsecured, and unauthorized users frequently gained access to parking intended for tenants and guests. However, after ParqEx implemented their suite of tools and services, the facility was able to successfully block unauthorized users, while still giving tenants and guests 100% touchless “drive up and enter” access to their lot. Additionally, thanks to ParqEx’s Marketplace, Lacuna Lofts was finally able to start monetizing their parking facility, allowing customers to book parking directly from their smartphones. ParqEx helped Lacuna Lofts transform their parking facility, bringing it into the future and giving their tenants and guests unmatched convenience and security.

To learn more, download ParqEx’s case study on Lacuna Lofts.

Ask Us Today About LPR Solutions

Without a doubt, LPR is the future of parking access and security. It offers several benefits for customers and managers of parking facilities, creating an improved parking experience for tenants and streamlined, more secure operations for management. ParqEx’s Access+ Premium with License Plate Recognition technology is available now and has been proven in the field. If you think that LPR technology could benefit your parking facility, reach out to ParqEx today to learn more about how Coronavirus will shape the smart parking of the future and how we can help transform your facility into a smart parking facility.