All Forum Posts by: Jeff Blanchard

Regading 1 & 3: The "mobile market" is changing the way people communicate and make transactions. Some people in the tenant base may not engage technology as readily, but the smartphone market is accelerating globally and transactions via these will only increase; in time people will not use debit/credit cards anymore, but their phones for payment, for example.

What this means is, ultimately, tenants will expect the same simplicity, transparency and seamlessness in the "rental accounts" as they do for other services. And of course, there is more involved in the tenant/landlord relationship than just finances.

Landlords who do not adapt to this landscape will be at a competitive disadvantage. Meanwhile the apps out there need to bring more to the table to facilitate the relationships and the processes. One thing I would like to see is a checklist for both tenant and landlord that lays out the move-in/out process for both parties, so accountability is easily understood.

Look at AirBnB for an example of where things are going. They have put R&D into a "smart" app that handily facilitates the guest/host relationship and transaction (ie, Host Home).

A lot of investors who understand the real estate market but not technology will advise against PM software. These may be some of the same people who though the tablet market would not surpass the PC market...

Graphic designer, filling the gaps as a bike courier. I went into RE biz with two other friends who were also bike couriers.

We bought highly distressed properties and put a lot of sweat equity into them.

Keeping track of the basic financials (lease terms, money in, money out) is important of course. And the ability to create a report of these to reconcile easily against your bank account. Also, having a place to log repairs and tenant correspondence is very helpful.

Spreadsheets can do all of this, but a good PM app systematises the process and keeps things tidy & easier.

Two options I use:

• DX-format Nikon w/ 12 mm lens (when I have time)
• Android phone using 'photosphere' app when I don't -- or when I just can't capture "all of the room" well enough with the wide-angle lens on the Nikon

The latter is a lot cheaper of course, and it totally adequate for pics in a web listing.

I own 15 units in 3 buildings, with 2 other partners. PM apps, especially cloud-based ones, are really helpful in keeping everyone in sync (my partners no longer live in the city where our properties are).

Even if working solo, a PM app will do more than accounting software (although maybe not the more advanced accounting you might expect in accounting-specific software) in helping you track lease terms, repairs, and other process-related things that are not just financial in nature.

Good luck,
Jeff