Property management involves a lot of tedious work but if done right, it will lead to higher property values and happier residents. If you want to find a great property management company — or you’re a property management company looking to build a loyal clientele — here are essential property management tips to keep in mind.
Consider These 9 Essential Property Management Tips
There are a lot of things to consider if you are looking to hire a property management company. You need to look at experience levels, the scope of services, skills and abilities, and available resources, among others. Owners must also consider the specific needs of their property, as well as their goals for their property. To make the search simpler, here are the top qualities of a good property management company.
1. Create an Organized and Efficient System
Property management entails a lot of daily tasks and responsibilities. If you want to get things done more efficiently, you need to establish an organized system. This will help streamline your operations.
For instance, having maintenance requests and other important forms uploaded on the property’s website will reduce the number of phone calls and emails from your tenants. Property managers should also have a file management system so they can easily access important documents such as payment records, lease violations, eviction notices, fair housing claims, security deposits and refunds, and so on.
2. Always Respond to Residents in a Timely Manner
A property management company will never run out of things to do. No matter how busy you are, though, it’s important to respond to residents in a timely manner. They need to feel that they can trust and rely on their property manager. You can reserve a block of your time each day to make sure to respond to residents’ calls and emails.
In addition, property managers should also know how to prioritize tasks. You might encounter new tasks that require urgency over older tasks. For instance, a water leak must be prioritized to reduce potential damage.
3. Perform Routine Property Inspections
Routine inspections should not be neglected as they’re the best way to protect the property values of your community. By performing routine inspections, you can identify areas that need repairs. You can also catch minor maintenance issues before they turn into expensive problems. Routine inspections also allow property managers to monitor residents and ensure that they are following rules and regulations.
4. Outsource When Needed
Property managers must be knowledgeable about a lot of things, such as maintenance, marketing, and accounting, but that doesn’t mean that they’re experts in these fields.
For instance, if you are struggling with the financial records, it might be better to outsource the financial responsibilities to an accountant. Or, if there is a large-scale maintenance issue, it’s better to call on the services of a qualified professional.
There is nothing wrong with outsourcing services when necessary. It is simply a good business move and will not reflect badly on the property management company.
5. Establish Rules and Be Consistent with Enforcing Them
A property management company must establish peace and order among residents. If you have rules and regulations in place, make sure that residents are aware of them the moment they move in. Residents should also have an easy way to access your governing documents.
Not only that, but property managers also need to be consistent when enforcing the rules. This is to reduce miscommunications with residents and potential liabilities on the property manager’s part.
6. Resolve Disputes As Much As Possible
Disputes among residents, as well as disputes between a resident and the property manager, are unavoidable. That’s why it’s important to have dispute resolution skills. You want to address disputes in a professional manner.
By listening to both sides and trying to find appropriate solutions, you can already de-escalate a dispute significantly. However, if you do not try to resolve disputes early on, the property management company may become tied up for years in expensive litigation.
7. Create a System for Finding Tenants
The process of finding and screening tenants can be very time-consuming. In order to save time, it’s good to have a system that automates the background checks, security deposits, and other screening procedures. This will provide you with a shortlist of qualified tenants, whom you can now personally vet or interview.
8. Form Good Relationships with Residents
While it is important to remain professional, property managers should still make an effort to get to know the residents. Engaging residents and forming genuine relationships will make the job easier and more rewarding.
If residents get to know you on a personal level, they are also more encouraged to work with you on issues concerning the community. If potential tenants see that residents and property managers get along well, they will also be more attracted to your community. Overall, having good relationships with residents can contribute to the success of a community.
9. Pursue Further Education
The property management industry is always evolving. As such, property management companies must be up to date with the latest technologies. Property managers should also pursue seminars, training, or certificate courses to know the emerging trends in the industry.
Pursuing further education will not only make you more qualified, but it will also make you more marketable to clients. If clients see your effort and dedication, they will be much more likely to trust and be loyal to you.
Property Management Tips to Improve Your Community
Finding a good management company is crucial as it can significantly improve your community. Our property management tips aim to make the search for a good property management company easier. With so many choices out there, you need to choose the one that fits the needs of your community. Meanwhile, if you are a property management company, these essential tips will help you attract more loyal clients.
Looking for an HOA management company, property management company, or real estate agent? Feel free to browse through our Florida Property Management directory.
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