Archive for July, 2011

Looking Closely At Property Management Solutions

July 26th, 2011

Managing a great deal of property can be challenging. However, by taking the necessary steps to keep an open line of communication and by remaining in good legal standing, property management can be rewarding. Following tried, true, and tested tips is the best way to go.

Many landlords choose to maintain rental properties through a management company. This is especially true for landlords living outside of the state or country their properties are located. By allowing someone else to handle properties, all issues with tenants and maintenance are left at the discretion of the company. Collected rents and other monetary payments are kept for landlord unless other agreements have been made in advance.

Some rental managing companies also have their own attorneys working inside the company. There are many legal issues surrounding rent fees, eviction processes, and maintenance problems that pose legal action. The licensed real estate broker is the only and best choice for the management of properties to avoid many legal troubles.

One of the greatest benefits of using a service for managing properties you may own is the free time you will have while still making a profit. This is especially true for those owners that have multiple rentals like apartment buildings. Eliminating calls in the middle of the night for plumbing disasters or by a tenant that is being hassled by another will cease when you hire the right company.

The licensed real estate broker will also know how to keep properties profitable as well. Along with being licensed comes experience in listing vacancies and getting them filled fast for smoother continuance in profitable returns. Check the company you are thinking of hiring to make sure legalities surrounding licensing are adhered to. By doing so, owners can save huge amounts of time and money.

Securing a management company for your properties means you choosing the individuals you feel comfortable around. Consider the person that makes you feel intimidated or nervous being the same person dealing your tenants. This could be bad news for keeping reliable and good people as renters. Getting to know everyone in a company is always a good idea for business. » Read more: Looking Closely At Property Management Solutions

Common Use For Spatial Data Validation

July 21st, 2011

Government initiative

In 1995, the General Services Administration (GSA) made an effort to capture accurate spatial data through the process of measurements of facilities, verification of space classifications, and implementation of data maintenance processes to ensure ongoing data accuracy. This is now known as the Spatial Data Integrity Initiative (SDI).

GSA’s SDI has contracted a handful of private organizations to carry out the operation. The response to the initiative has sparked innovative and highly accurate measuring methods in accordance with Building Owners and Managers Association (BOMA) standards, creating a new, revenue-increasing tool that will carry private building owners, facility managers, and real estate companies into the 21st century.

Using a combination of new technologies, managers and owners can track real estate and enables an organization to use space more efficiently, while at the same time, increasing their annual real estate revenue by up to 6 percent. The revenue is obtained by charging the tenants for the correct amount of space that they actually use.

The SDI project is primarily the combination of two actions; the first is the physical calculation and verification of spatial data. The second action is the use of high-tech software to store and manipulate this information. The SDI project uses highly precise, laser devices for space measurement, accurate to one-eighth inch over 300 ft. Laptops are taken into the field where software is used to electronically manage the measurements. Facility managers obtain real-time information about their facility for marketing and client assurance while monitoring from a single terminal.

The process

BOMA (Building Owners and Managers Association) has developed a handbook that permits standardized measurements and categorizations of all the spaces within a building, effectively removing all the guesswork. This standard was developed for private sector office buildings and is used by several large corporations. GSA adopted this standard for all of its buildings. The process of spatial validation goes through the following four stages:

• Space measurement: during space measurement, an accurate laser tool, a laptop with CAD software, and a trained team of professionals verify every element of the building. This is accurate one-eighth to one-half inch. The electronic drawing is produced to a standard that will be consistent across all facilities.

• Linking to the database: The resulting drawing is then linked to an external database. Every space acquires its own distinct “tag” that identifies the user, calculates the square footage, and links to the database. Any changes made to the tag in the CAD drawing will automatically occur in the database as well.

• Testing: The drawing and the database then go through an extensive series of tests that weeds out any possible errors. Accuracy of one-one hundredths of a sq.in. over an entire floor are routinely obtained. The database is now ready to generate tenant information reports.

• Maintenance: The existence of the electronic drawing facilitates easy maintenance to reflect changes. This allows the organization to focus on their core competencies.

Advantages

In the realm of costs saving by tracking real estate, facility managers and owners are provided with accurate electronic drawings with endless advantages. Building owners are able to increase their revenue not by raising the rent, but by charging for real space that was previously lost in old drawings. As a manager or owner, not only does your confidence increase in the figures, it also increases the tenant’s confidence that rent has been established using commonly accepted building standards. This information is kept neat and clean in one central location; all data is stored in an electronic document management system that can be maintained and easily accessed by the facility manager or property owner. At any time, the facility manager can get a snapshot of the information for that building. With a touch of the mouse, the facility manager can calculate appropriate cost based on square footage and potentially increase their leasing revenue. » Read more: Common Use For Spatial Data Validation