Table of Contents
- Check out the tips below
- 1. Leverage Technology
- 2. Take a Custom Approach
- 3. Get Lawyer-Drafted Rental Agreements
- 4. Make Updates a Regular Thing
- 5. Network, Network, Network
- 6. Make Convenience for Tenants a Priority
- 7. Always Have Staff Available
- 8. Build Industry Relationships
- 9. Create a Standardized Process for Move-ins and Move-Outs
- 10. Understand Markets to Price Appropriately
- Real Estate Property Management Tips to Know
When you first start out in the property management industry, you may not have thought that the act of running a property management company was very hard. After all, there isn’t a whole lot of work that goes into maintaining a couple of small properties in the short-term.
However, when your business quickly starts to expand, that’s when you’ll find out just how hard it is to run a real estate property management business smoothly. When you have complicated lease agreements and various properties spread across multiple districts under your jurisdiction, you’ll be ruing the day you ever thought that this line of work was easy.
To help you whenever you hit that point of complexity, we’ve collected ten crucial property management tips that you need to know.
Check out the tips below
1. Leverage Technology
There is scarce a single industry in which technology has not made a massive impact. Its impact can be seen perhaps nowhere clearer than in the real estate industry. Good property managers know that they can’t hope to keep track of everything with a pen and pencil. Indeed, the best property managers know that they shouldn’t even be using just an Excel spreadsheet. Instead, it’s time to turn to industry-specific software to manage your properties.
Whether it’s rent collection, organization of maintenance requests, or housing certified copies of rental agreements, there is a myriad of different software tools available on the market to help you do your job. These tools may be a bit expensive upfront, but the return on investment they provide by optimizing your time will often be more than worth it.
2. Take a Custom Approach
Taking a one-size-fits-all approach to your business is a surefire way to leave both your homeowners as well as your renters unhappy. Don’t standardize your processes to the point that there is no flexibility for unique requests from either the homeowner or the renter.
Instead, you should be ready and willing to take on a custom approach with each property. What’s more, you should do this with a positive attitude. In a market as crowded as property management, you need to be willing to go above and beyond for your customers if you want to keep them in the long term.
3. Get Lawyer-Drafted Rental Agreements
Rental agreements are the legal guardrails that can save your butt in the case of a particularly pesky tenant. Don’t skimp on your rental agreements and try to use one that you ripped off a blog somewhere.
Instead, make the commitment to talk to a lawyer and have them draw up solid, ironclad rental agreements for your properties. The best part is that once you do this for a property, you typically won’t have to call the lawyer back in for anything except major changes.
4. Make Updates a Regular Thing
As technology makes more and more of an impact on residential living, you want to ensure that the properties that you are managing reflect that. Thus, make updates to your homes a regular thing. Consider implementing an annual process where you do a cost-benefit analysis on updating homes with new appliances or better lighting fixtures. Talk to homeowners to make sure that they recognize the importance of making these updates if they want to secure tenants.
5. Network, Network, Network
Like with any other industry, networking can be a lifeline for property managers. You can learn invaluable tricks of the trade from industry experts, get connected with new opportunities, and just generally move your career forward simply by knowing the right people.
Make an effort to attend local conferences. Shake some hands, take some business cards, and follow up with people to start building relationships.
6. Make Convenience for Tenants a Priority
One thing that tenants and homeowners alike are looking for is convenience. A property management company is all about eliminating the need to do much work taking care of the property for the homeowner. And on the flip side, a property management company should eliminate the need for tenants to go above and beyond to fix issues with the property that they’re staying in.
Thus, by focusing on customer convenience and making it a priority, you can make yourself the go-to resource when it comes to property management atlanta.
7. Always Have Staff Available
It’s unreasonable to expect you to be on-call 365 days a year. After all, you need your sick days, your vacations, and your weekends off. However, that doesn’t mean that you can just leave your tenants and homeowners without any resources at all.
Instead, hire staff to coordinate service whenever you’re gone. The better the hire, the more you will be able to delegate to them, taking work off your plate.
8. Build Industry Relationships
As you work as a property manager, you will naturally find yourself coming into contact with a lot of businesses. Whether it’s cleaning companies, general contractors for home remodeling services, or facilities maintenance personnel, these people are crucial to the operation of your business.
By building long-term relationships with them, you’ll always have resources available to deal with problems as they may come up. This could really save your company if you ever find yourself in a pinch in the wake of an emergency.
9. Create a Standardized Process for Move-ins and Move-Outs
One way to reduce some of the stress that comes with tenant move-in and move-out is to create a standardized checklist for tenants to follow. Not only does it add a little structure to your routine, but it also helps the tenant by giving them a straightforward look at what they need to do as they either enter or leave the home.
10. Understand Markets to Price Appropriately
Last but not least, property managers will be expected to have a solid understanding of the housing market so that they can provide pricing advice for rental units. Don’t slack off — make sure that you stay abreast of current housing market news and trends.
Real Estate Property Management Tips to Know
There you have it — with these real estate property management tips under your belt, you should be far better equipped to serve your customers well.
For more real estate advice, check out the rest of the articles on the website!