Yielding Results as a Property Manager
Property management is a customer-focused industry, you are the liaison between the property owner, tenant and other related services to maintain a property. Knowing and understanding the needs of your tenant base is one of the most important aspects of being an effective property manager. A variety of tactics can be employed to yield results. Some types of tactics include: establishing best practices to market lease vacancies, knowing the ins and outs of lease documents and required forms, understanding the supply and demand of rentals within the local area, pricing rentals appropriately for the market conditions, and being an active part of the community.
Business planning is also extremely important, as this will serve as a roadmap for success. While creating a comprehensive business plan can be time-consuming it can also provide great value to a business. As a property manager networking is essential to being successful. Establishing a base of clientele (both landlords and renters) will ensure consistent business and long term relationships.
Tenant and property management are two huge aspects that make up the property management business. There are many administrative tasks that go along with managing a property, and the more organized one is the smoother things will run. Development of checklists and forms for day-to-day office operations can lead to increased efficiency. Running reports can aid in overseeing income versus expenses and the bottom line.
Consistent evaluations of properties being managed are critical to the happiness of clients. Routine checks of home and building maintenance should be done to ensure that everything is in good condition. Everything from roofing, paint, and landscaping are all exterior features that should be looked at regularly. If you can view the interior then inspect plumbing, flooring, fixtures and walls for any sign of wear and tear. Many residents look for regular maintenance and upgrades as part of the lease. While it may be difficult to do major items with a tenant present the more that you can do to keep them happy the longer they will remain renting the property.
Communication is also an important element of successful property management. Without communication with property owners and tenants the other services and features that you offer don’t amount to much. Property management is a people business; you deal with people day in and day out so people skills and exceptional customer service are what can set you apart from other competitors in the industry. Returning calls and emails in a timely manner as well as follow-up are all meaningful gestures that show clients that you care.
Connections and networking within the property management industry are also important elements as these can lead to further business and referrals. Being easily accessible is a critical element of being successful in property management. Clients expect you to be in constant communication when a problem arises. Technology has made this easier through tablets, smartphones and other devices that can be used on the go as opposed to being tied to the office. Servicing your property management client base can be a full-time job and may require additional staff to help maintain happy clients and a booming business. Assistants and specialized property management systems can all aid in keeping track of rentals, maintenance, contracts, tenants, owners, and other important items.
Developing a roadmap for property management success is not difficult to do. With a little time, dedication and hard work, results can be yielded in the property management industry.