Darin Garman, CCIM - Top 3 Commercial Real Estate Investors Time Management Strategies

One of the questions I get asked a lot from clients is how do I manage multiple real estate deals projects all at once? "How to Succeed in Commercial Real Estate?" Here are some specific strategies for you to consider:

a) Who to spend time with?

You need to consider spending BUSINESS TIME on only those who are going to contribute to your bottom line and goal achievement. All else needs to get put into the "we'll get back to you" pile. It is easy to get locked up with people that do nothing but take up your time. Don't do it.
I constantly have people wanting to meet with me, talk with me, etc. that don't contribute to the achievement of my goals they get put on the bottom of the pile and sometimes I never get back to them.

b) Keeping away from time vampires.

Time vampires are those that call you, come into your office, and tell you the "whole story" constantly. You need to politely tell these people "adios". You ever notice that you have those days where you have a lot of activity and by the end of the day you really have not gotten anything done? Time vampires are the main reason why.

c) Having a clear objective in the first place.

What are your goals, your objectives?? Where do you want to end up? How do you plan on getting there? Without a plan you will be spinning your wheels and the cash flow and value of your will suffer because of it.

So, there you go. We did not reinvent anything today, but it is surprising how the use of your time is tied to your income and the results you want.

From Darin Garman, CCIM:

If you have not taken advantage of my special limited time 2 month complimentary "test drive" of the Commercial Investment Property Owners Association, here is another opportunity to see what you have been missing...

How to Succeed in Commercial Real Estate

What Real Estate Investors Need To Know About Property Management

Once you purchase a real estate rental property, you virtually become the CEO of your own small business. Sure, you feel good about becoming a landlord and owner of your own private money-maker, but unless it?s raw land, your work has just begun.

Now you must manage the property. As a real estate investor who has chosen the renting of apartments as a business, your goal now is to keep the units full, and at the highest rent per square foot possible.

So let?s consider the big picture of property management and look at some rental management basics every real estate investor should be aware of inside real estate investment.

1. Property condition. Getting the best tenants and commanding the highest rent starts with a sharp-looking building that has good curb appeal. Keep the structure, landscaping, common areas, and parking in good clean condition.
2. Tenant applications and screening. Require each potential tenant to complete an application, and then follow up to verify their employment, rental history, and credit and criminal history. Remember, it is always easier to get tenants into your building then it is to get tenants out of your building.
3. Emergency repairs. Be sure you have reputable maintenance personnel on-call to service emergency repairs. This may be your job or someone you hire, just be sure the tenant has a repair ?help line? they can call 24 hours a day when something must be fixed immediately.
4. Aggressive marketing of vacancies. Get the word out about an upcoming vacancy instantly. Use signage, advertise in the newspaper, or post it on the web.
5. Move-in/move-out coordination. Always plan to get a unit ?rent-ready? within a day or two after it becomes vacated. Even when you don?t have a new tenant in the wings, a clean unit ready to show a prospective tenant does help.
6. Keys and locks. It is always a good idea to change locks each time you have a turnover in tenants. This added security is good for you and your new tenant.
7. Learn the laws about eviction. Know what you must do to evict a deadbeat tenant even when you don?t think it is necessary.
8. Keep accurate books and records. Maintaining a good income and expense history is vital to your rental property business and the cornerstone to profitability.

Many real estate investors simply turn their properties over to professional management companies. The advantage being that it relieves the real estate investor of the time and stress of having to deal with tenants and repairs, and puts matters like late rents into the hands of experts.

On the other hand, a professional management company is not free. Moreover, in cases where the property is small enough for owner management, the cost of outside fees for professional property management might not be justifiable.

You must decide whether you want to hire out the management out or to do it yourself. The important thing is not to neglect a sound plan for property management. Otherwise you could find that owning and becoming CEO of your rental property business can quickly become more unpleasant than profitable.

James R Kobzeff is an active real estate broker and developer of ProAPOD Real Estate Investment Software - Rental property analysis at your fingertips! Free real estate investing tips are available at ProAPOD's real estate investing blog

Property Management in Spain

Whether a newcomer to property investment in Spain, or an experienced semi-residential property owner, you will have seen advertisements for plenty of private companies and individuals offering a property management service of some description. But who needs it?

The services offered by property management companies vary widely. Some specialize in finding you holiday and longer term tenants, while others concentrate solely on the care of you and your property. More unusually, certain companies are able to offer not only this but also a full after-sales service to your property purchase, assisting you in getting your property up and running after completion and beyond.

Mana?a, mana?a

One of the obvious benefits in working with a property management company is overcoming the language barrier that can hit when you start trying to arrange for things to be done in Spain. A prime example is organizing a telephone line - no mean feat even if you're bilingual. But also, things tend not to happen overnight in Spain and you can find yourself waiting in for this plumber and that electrician and wasting your valuable holiday time. You've worked hard to earn your holiday - why waste it when you're here?

Low cost airline - late night arrival?

So, you got a bargain on the flights - but you're arriving at midnight! It seems a great idea until something goes wrong. The water heater has been turned off for weeks, your villa or apartment is freezing cold (or unbearably hot) and no-one has arranged for the air con gas to be replenished. You need new lightbulbs so that you can see what you're doing and, of course, there's no milk for your morning coffee! On a more serious note, perhaps there have been unwanted guests in the property - insect or rodent, or even human.

A good and reputable property management company will thoroughly check your apartment once a week and provide you with a detailed report advising if any work needs to be carried out. Not only will they check that the apartment is clean and secure, but they are also trained to look for signs of damp, infestation and minor construction problems. If work is required, they will provide you with quotations and upon your approval, arrange for the work to be carried out under their supervision. You will arrive in your perfect property ready to enjoy your holiday.

Making life easier for you

Airport pickups, welcome packs or grocery shopping are also available from most companies as well as cleaning, laundry and ironing services. As a minimum, your property management company should be able to check that your apartment is clean and the beds are freshly made prior to your visit.

Generate an income

Those wanting to generate an income from their property can also benefit hugely from a reputable company's network of holiday and longer term rental customers. Not only can they market and maintain the property for you, but they can also vet customers and ensure that the apartment is looked after with due care and attention by those using it.

It also takes a lot of the stress away when you invite friends or family to use your property in your absence. Someone is available 24/7 to meet and greet them, make sure they have a key, show them how to use your appliances and advise them on where to go in the local area.

It's all in the extras

More dynamic property management companies go a whole lot further offering services that make themselves indispensable to you in a very short time: -Post construction cleans, marble polishing, lock changes and snag lists * Handymen services, plumbers and electricians * Furnishing and d?cor advice, supervised deliveries * Bookings for car hire, hotel accommodation, golf tee times, flights * Grocery shopping, welcome packs and fresh flowers * Limousine and minibus hire * Yacht and private plane charters * Restaurant bookings * Babysitting, cot and high chair hire * Occasional bed hire * Video/DVD hire * Event management and organization (parties, weddings, conferences) * Secretarial, administrative, translation and office services * Advice on schooling, local classes, medical care, church services, tourist information, excursions * Recommendations for legal, financial, mortgage, snagging and tax advisors

Peace of Mind

So who needs it? Everybody with a property in Spain!

Property management provides private individuals and company property owners with complete peace of mind while they are not in Spain.

Remember, there's always someone on the end of the phone... just in case.

Susan Pedalino is Masters Degree qualified in Intercultural Communication and teaching English as a foreign language. Susan regularly writes for www.eyeonspain.com, the Spanish off plan property forums website and www.eyeonworldwide, the overseas property forums website.