Management can be a tricky business to take on. Many different aspects need taking care of – from dealing with tenants and their concerns to properly maintaining the property. However, if you’re not careful, property management has the potential to turn into a nightmare. So, don’t let it get to that phase.
Be Proactive: Conduct Periodic Repair, Inspection, and Maintenance
Homeowners are not the only ones who have an interest in their property. Your tenants expect a certain level of service and amenities as well. Prioritize your repairs so that more serious issues do not fall through the cracks.
For example, you can have movers shift buildup stuff so the building remains clean and clutter-free. Alternatively, you can have an appropriate waste management system that gives existing tenants and potential ones a peaceful mind.
Also, remember to inspect your unit and conduct periodic repairs, inspections, and maintenance. This will prevent minor problems from becoming major headaches.
Finally, make sure to have a maintenance schedule that allows you to work your way down the list and tackle each repair as it arises. Having this type of plan in place can help reduce tenant complaints about minor issues, like leaky faucets or clogged gutters.
Have a Method for Attracting the Right Tenants
Your property management methods should have a way to attract the right tenants. If you are struggling with this, consider adding an application fee or pre-qualification questions that weed out those who aren’t serious.
In addition, implement a credit check criteria for screening purposes and ensure your applicants provide recommendations as proof of a good tenant. You should also consider creating an incentive program for the best tenants to keep your property management team busy with things other than evicting.
It may be worth considering adding move-in bonuses, referral programs, and renewal incentives that can help you attract the best applicants and keep them around.
Have Open Communication With Tenants
Open communication is essential for healthy property management. When you have an open line of communication with your tenants, they are less likely to complain or make noise about every little problem. A few simple phrases can keep them happy and the relationship on good terms. The best way to start is with a simple “hello” when you see them. It may feel awkward at first, but once the tenant realizes that their landlord cares about them, they will begin to open up more often.
Acquire and Use IT Systems
IT systems are an integral part of property management trends. They can help you streamline your processes and get a better overview of how profitable your properties are. Still, most importantly, they allow you to be flexible in the face of changing competition and market conditions. Once you acquire IT systems for yourself, there is no going back: it’s going to be the unbreakable backbone of your property management.
The problem is that many property managers are not proactive enough to ensure success. But, if you recognize the warning signs and take action when needed, your property management strategies can be an excellent asset for your business.