Homeowner Association Management Teams Bring Added Value

One reason that people choose to rent property instead of buying is the ease of doing so. They pay their rent every month and, because they do, they know that the property will be cared for. After all, how nice is it that maintenance is just a phone call away? Property owners, generally, don’t get this luxury.

Many neighborhood and condo associations organize themselves into home owner associations in order to take share the financial burden and management burden of caring for property. Usually, monthly meetings are held in which maintenance decisions are made, the financial health of the organization is evaluated, delinquent payments are discussed, and future plans for the neighborhood or building are proposed. Most of the time, these organizations are run by one member who invariable sacrifices much of his or her time managing the association. These volunteers hire maintenance, lawn service, check local building codes, recover late payments, and manage the association’s money.

New association management companies are now providing an affordable alternative to volunteer-only home owners associations. The problem is that a volunteer, if they did just the minimum needed to maintain the building, spends a lot of his or her time. So, there are things that the average volunteer probably would not go out of their way to do. For instance, an association management company can offer professional financial analysis. I doubt many volunteer association managers do that.

Surprisingly these management companies are able to provide this service at a reasonable cost. They are able to do so, because they spread the costs of, say, a gardener, among many properties. So, because the manager is “a big” client of his lawn care business, he gives him a deal. Fees depend on the level of management, i.e. number of services, needed by the association. They provide services that most associations already use, but they can also to add value to the property by providing professionals to serve the associations. Their experience personnel attend association meetings and provide information to it members about monthly financial reports and budget preparation.

There are two major advantages to outsourcing the association’s management. The first is that collecting delinquent payments from your neighbors can cause a lot of problems. Association managers will do that for you and will even start the early stages of the collection process. The other main advantage is that it makes your property more marketable. One of the first things a potential buyer is going to look at is the financial health of the association. If you show them monthly financial reports, there is no doubt they will be impressed.

Managing a home owners association is a daunting task, one that with which working professionals can barely keep up. Yet for a similar price, the grunt work can be outsourced to a company whose business is property management. This service could add value to your property while taking the headache of owning a home away.

Choosing a REIT Management Team

Real estate in Canada is a business that requires active management in order to enhance value, increase yield and reduce risk to investors. Real estate investment trusts are dedicated to increasing rental income by increasing occupancy rates, enhancing the value of the property, and thereby, over time, commanding higher and higher rental rates. REIT management teams typically try to maintain current occupancy without interruption and renew existing tenants in order to reduce leasing costs and therefore ensure higher distributions. At the same time, a REIT management team will focus on providing affordable business premises for tenants to prevent turnover, and ensuring this affordability means keen attention to providing good value and service through spending on operating costs.

REITs typically feature a professional team that manages a diversified portfolio of high quality office and industrial assets in different locations. A REIT is focused on managing and growing growing a stable cash flow that generates sustainable returns by adapting our strategy and tactics according to constantly changing conditions in the real estate industry and the greater economy. A REIT management team typically works hard to build a growth-oriented portfolio of properties, with the end result of ensuring that unitholders (investors) receive sustainable cash distributions over long periods of time. A REIT management team also ensures that the activities of the trust adhere to appropriate legislation, and that distributions are well documented for tax purposes. All of this management oversight ensures healthy, sustainably returns, as well as due diligence that offers unitholders trust, confidence and certainty.

A REIT management team also develops and executes a strategy in order to provide a solid platform for stable and growing cash flows. Portfolios are usually composed of office, commercial or industrial space in concentrated key markets. Managers make sure REIT properties are ideally located, suitably priced and are able to produce consistent cash flow that increases over time. A strong team of should be entrepreneurial property managers who are highly experienced in the real estate professionals Focused on achieving increasing sustainable revenue and cashflow from REIT assets is always a top priority.

REIT managers will also work hard to diversify portfolios to mitigate risk – growth is achieved by continuously seeking properties that enhance the overall portfolio of the trust. As well, strong tenants help mitigate risk and also ensure the sustainability of distributions. REIT management teams should also operate the business in a disciplined manner; financial analysis and balance sheet management will help maintain a prudent capital structure.

Efficiency at Work – How Leaders Should Manage Teams

Working as a team leader can be challenging. There are so many pieces that need to come together in order to create an efficient work environment. Leaders are specially prepared for certain issues in executive leadership training, but there are still many unexpected issues that arise in the workplace. For example, social loafing and group norms are challenges that need to be handled carefully. In order to learn how to effectively deal with these problems, it’s important to first understand what they are.

Group norms are guidelines or operating principles that everyone understands and agrees upon. Groups benefit from having strong norms. However, norms don’t just evolve. Especially when groups are made up of diverse individuals, it’s important that they don’t take norms for granted. Executive leadership training explains that the difference between satisfied and productive group members and group members who are frustrated is often the difference between groups that have well-established norms and those that are floundering.

The next issue that can arise involves something called social loafers. Social loafing is when group members get away with not doing their share of work and when other group members let them get away with it. Sometimes this occurs if a worker is likeable, other times it occurs because the other group members just don’t want to speak up about the other’s performance. It’s important to speak up and to be proactive. Right from the beginning, group members need to know what will happen to social loafers. If the group has specific operating principles in place, and everyone understands the consequences, social loafing is much less likely to occur.

Similarly to executive leadership training, in financial management courses future managers are taught the importance of honestly addressing social loafers because they can affect productivity negatively. Financial managers learn how to communicate with different levels of executives as well as communicate strategies, which is important in motivating people to meet goals. It is the financial manager’s job to deliver results, which directly depends on the success and organization of their team.

It’s necessary to have an organized and cohesive team in order to thrive. There are ways to see if you have a cohesive team on your hands. For example, you should first think back about all of the teams that you have belonged to whether it is in the organization you are in now or in previous positions that you may have held. If you think about the best group experience you have ever had, chances are that you are thinking of a highly cohesive team. A cohesive team works together, and you feel valued. You feel your contributions are valued and that people listen but may not necessarily agree. In fact, one of the hallmarks of a cohesive team is that members feel comfortable disagreeing with one another but do so respectfully. Financial management courses discuss how managers should deal with disagreement respectfully in order to be successful.

Overall, leaders can successfully manage their teams by recognizing social loafing before it negatively affects the rest of the group members, harming morale and the team’s performance. Also, managers can be effective by communicating honestly with all team members. Organization, strategy, honesty, and speaking up are keys to establishing strong group norms and ensuring that diversity is a positive influence on the group.