Rental Property Management can be an intensive endeavor that necessitates managing many different tasks at the same time – many of them can be time consuming to do on your own. Establish a network of real estate agents, attorneys, contractors and service providers for support on matters like accounting, marketing, sales, tenancy and maintenance.
When it comes to growth, taking a few pointers from the “Millionaire Real Estate Agent” wouldn’t be a bad idea. Hiring the right individuals at the right time and for the proper positions when the company needs them most can bring positive outcomes.
Hire the Right People
Hiring the appropriate people can help ensure a successful property management operation. Whether you’re an investor searching for hands-off management, or an individual landlord with one rental property, quality team members are key in creating an efficient and effective property management company.
Bookkeepers and accountants are essential in keeping track of finances and tenant rent payments. Nonetheless, there are also boutique real estate firms where the broker themselves may be the one that oversees the books.
While contractors can take care of any unexpected repairs that arise. A strong team can also be invaluable when addressing both expected and unexpected challenges within the business. Thereby, helping it grow while creating value for all stakeholders involved.
Communicate with Your Tenants
Property managers must maintain open lines of communication with tenants while setting clear boundaries. For instance, landlords should always provide advance notification before entering a home (either under lease agreements or local laws).
Establishing regular office hours gives tenants confidence that management will be accessible for non-emergency issues and can prevent small issues from becoming larger ones. You can find more resources here.
Tenants need to feel secure that they can communicate their concerns to their landlord in a timely fashion. Thereby, knowing they will take appropriate action quickly. If a tenant feels that their landlord is insensitive and unresponsive to issues, they raise with them, they may stop reporting problems altogether.
Take Care of Your Property
Owning real estate can be extremely lucrative if managed effectively. As such, this includes being transparent with tenants and prioritizing maintenance work. Tenants need to feel like they can turn to you with any issues that may arise on their property. Hence, following up shows them that you care about improving their experience there.
Keep a record of inspections and maintain an inventory of local Contractors. This includes roofers, plumbers, painters and electricians to help avoid expensive repairs in the future. I addition, this will help increase tenant retention rates as well as boost your bottom line.
Invest in Technology
Property management is constantly changing. Hence, adopting modern technology is one way of staying current with these shifts. From mobile-enabled software to resident portals, these advancements can make your company more efficient. Furthermore, it helps create an excellent customer service experience for residents.
Utilizing property management technology will enable you to streamline processes. Additionally, it will:
- Lower operating costs
- Protect profits
- Is instrumental for budgeting.
Without new tech adoption, property companies risk becoming irrelevant in an ever-evolving landscape.
Look for property management SaaS platforms that provide multiple services via one dashboard. Thus, this option helps reduce app overload and streamline workflows. Netintegrity’s resident portal is an example of such a tool, providing everything needed for managing an apartment building.
Set a Budget
Property management can be an involved and time-consuming endeavor, but with the right team in place it can become less stressful. Budgeting is key to your success as it allows you to anticipate expenses and set goals for your property.
When creating a budget, be sure to account for both ongoing and one-off expenses. Examples are:
- Property inspections
- Maintenance
- Utilities
- Contingency funds
An effective way of measuring your property manager’s performance is comparing actual income and expense data against budget. Most multifamily and apartment building management software programs can generate these reports automatically for you.
