Pitfalls of Technology for Apartment Management

May 20, 2014 - PRLog -- Pitfalls of Technology for Apartment Management

Commercial real estate investors have been turning to Winston Rowe & Associates. They are a national commercial multi family financier without the usual up front or advance fees.

They have prepared this article to provide apartment building investors with some tips when considering technology.

When it comes to managing rental properties, now you can post an ad from your phone, accept online rental applications, collect rent electronically, and automate bookkeeping. Tenants can text rental repair requests to you while you’re away from the office, and you can text your tenants every now and then just to stay in touch.

But, not surprisingly, there are some serious drawbacks to running a virtual rental property business:

The information that goes into rental applications is much easier to fake online. Virtual tenants need to be checked thoroughly — in person.

Besides, you need to be able to recognize your tenants’ faces.

Legal documents, like lease agreements, eviction notices, and warnings require more formality than a text record or an e-signature. You have to follow the letter of the law, regardless of how antiquated those rules may seem.

You are more likely to miscommunicate when you are incorporating acronyms. NP could mean no pets — or no problem!

If you live on your phone, you need to take steps to secure any sensitive tenant data that you’re collecting or storing. Also, make sure you have a back-up plan — in case your phone gets wet while you’re repairing your tenant’s toilet, because you won’t be LOL then!

When speed and experience are important and crucial to your commercial real estate investing success, a principal at Winston Rowe & Associates is always available to speak with prospective clients. They can be contacted at 248-246-2243 or check them out at  http://www.winstonrowe.com

How Winston Rowe & Associates Can Help You:

Never an upfront or advance fee

All property types considered

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Hard money rates starting at 6.5%

Amortization up to 30 years

Discounted note payoff (DPO) financing

Debtor in possession financing (DIP)

Opportunistic investments

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With their Mid Western values, Winston Rowe & Associates is committed to providing the best customer service with integrity, honesty and diligence.

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Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine,  Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia,   Washington, Washington DC, West Virginia, Wisconsin, Wyoming