PropertyZar

The self-storage market has seen significant growth over the past decade. It seems Americans continue to collect too much ‘stuff’ that doesn’t fit into their homes. That’s all great for property management companies. However, the industry is changing.

Increase Of Self-Storage Units

There has been a significant increase in self-storage construction as demand has risen.

With new construction comes the inevitable rent adjustments. Current storage unit owners are realizing that they are having to cut some rent to compete for business.

2019 is expected to see the same growth pattern, with more construction of more storage units. Even so, the occupancy rate remains very high because, let’s face it, we love our ‘stuff’.

While new construction is taking place, all estimated new units will account for less than 10% of overall market. This is considered a development phase.

With the increase in storage units, this will require property managers to maximize their use of  property management softwareto

Let’s face it, people usually do not enter a legally binding lease with the intention of breaking it. Sometimes life deals us challenges that conflicts with our current lease. Whether its job related, family or health issues. There is a plethora of situations that can arise that will have you asking the question, ‘How can I break my lease’.

Read your lease

Some leases provide an opt-out clause. You should review your lease carefully because you may already have an option spelled out for you.

Sub-Leasing

If your lease doesn’t provide an adequate opt-out option, check with the property manager or owner about sub-leasing the property. If the owner or landlord agree, keep in mind that (in most cases) you are still responsible for the remaining of the lease terms. Having a qualified tenant can be a win win for both you and the property manager.

Be Nice

If you have been a great tenant, ask the landlord about marketing the property to find another tenant. When one is found, then you can terminate

In order to fill your vacancies, you first need to know what renters want. That list can vary widely based on the type of rental property you have. Renters moving into an apartment will have different ‘wants’ then those moving into a single-family home.

Longer Term Renters

For those who are longer term renters, they may want to be near school or work, coffee shops, restaurants, work out facilities, parks etc.

Job Renters

If your renters are relocating (even temporarily) for work, they may have different wants. For example, in addition to the long-term renters wants, they may also want to be close to an airport and transportation services.

Depending on the area of your properties, you may want to include information about some of these ‘wants’ in your advertising copy. For example, if you are close to an airport but have not thought about corporate leases, include the fact that airports are just 10 minutes away.

Furnished Properties

Furnishing your properties can be a very lucrative option

Hedge Your Real Estate Investments

Real estate has been experiencing some phenomenal returns over the past several years. Even the stock market has been a long running bull market. Several factors play into this. Low interest rates as well as low inventory have benefited the real estate market.

Anyone who has studied markets understand that is it certainly cyclical and understanding where we are in the cycle is an educated guess by some at best.

It seems that investors are getting comfortable with higher risk and this long running prosperity. However, I would caution investors and “would be” investors to be aware of the eventual real estate market downturn. Look for investments that are not too sensitive to downturns. If you have been looking for investment opportunities, you no doubt have found it a bit harder to find the deals with highcap rates like there were a short few years ago.

When 7 or 8 cap rates were more common in the past, investors are getting more comfortable with cap

PropertyZar vs Rentec– Over the past several months we have been receiving numerous inquiries on how we compare to Rentec. In the past, PropertyZar has been compared to some of the other larger platforms such as Appfolio, Buildium and Yardi. With the influx of inquiries for comparison to Rentec, we realized it was our pricing that is the basis for these comparison inquiries.

While some companies intended to focus on small portfolios (typically fewer features), the genesis of PropertyZar was to provide a robust property management web application for large portfolios, but with an entry level price for the smaller portfolios.

There is nothing wrong with targeting smaller, middle or larger portfolios. It’s just a company’s preference and the vision the founders have for the company.

PropertyZar Vs Rentec Price Comparison

PropertyZar Vs Rentec Feature Set Comparison

There are numerous features throughout PropertyZar. These features make the user experience what it is. The features listed here