Like most sectors, the $96 billion property management industry took a slight dive during 2020. Yet, it still outperformed the Real Estate and Rental and Leasing sector overall.
It won’t take too long for this lucrative sector to recover. So, if you’re part of this industry, now’s the time to hone your skills in preparation for the rush as the economy recovers.
Local property management is a rewarding and lucrative undertaking when you know what you’re doing. Check out these tips to enjoy all the benefits associated with running local rental properties.
Fine-Tune Your People Skills
A positive attitude and top-notch communication skills are the best assets for making the most of a career in property management.
You must respond timeously to queries from both landlords and tenants. Set up a portal on your company website to ensure anyone can reach you instantly via cell phone.
When you can’t respond immediately, prioritize getting back to your clients as soon as you can.
Make an effort to engage with your tenants. Checking in on them regularly creates a positive vibe that makes it easier to keep them happy and in place.
Insist on top quality service from anyone who deals with your clients and aim for transparency in all your dealings.
Build Relationships With Key Players
Establish strong relationships with relevant people in the property industry.
Networking with real estate agents who handle local property for sale can put you in touch with property investors interested in hiring a local property manager.
Forming relationships with local contractors can ensure good service and savings when it comes to property maintenance and repairs.
Keep tabs on your interactions with tenants and landlords by keeping detailed notes of everything. Document every interaction and discussion, as well as the outcome.
It’s the most effective way to keep track of any requests and manage your time accordingly. Make sure you write down exactly how much time you spend on answering calls, handling queries, orchestrating showings, and dealing with contractors.
Manage Your Time Effectively
One way to get through your workload is by batching your rental properties into time blocks. It’s a good way to maximize your time and avoid the chaos of multitasking.
Diarize every ‘to-do’ item into a relevant time block.
Put Tenant Vetting Systems in Place
Systems keep things running smoothly in any occupation. As a property manager, one of the most important ones is a tenant screening process to limit risk to your landlords.
An online contact form can help you eliminate non-qualified tenants by forcing them to answer qualifying questions at the outset.
One way to get people to pay attention to your rental terms and conditions is by publishing them as an image with your property listing. People never read the fine print, but they pay attention to pictures.
Good tenants pay their rent and look after your landlord’s property, resulting in less stress for everyone. Make sure you conduct stringent tenant checks that comply with local laws before you put tenants in place.
Stay in Control
One way to prevent property damage and hassles with tenants is by conducting regular property inspections. These will limit serious issues resulting from neglect, and they can help you anticipate future problems and handle them timeously.
Property inspections keep your landlord happy, help you figure out ways to improve your properties, and show your tenants that you care about their welfare.
Marketing Is Everything
No doubt, there are several local property management companies in your area vying for business. Marketing is the best way to ensure future clients come across your business first.
Good relationships with your tenants and local businesses will go a long way toward securing more customers, but the internet is the ultimate marketing tool nowadays.
Keep your website updated with information about your latest projects and services and stay active pushing your business on social media.
Apart from the internet, modern technology offers a host of tools to help streamline any industry. There are plenty of digital resources available for property managers. These include tools for:
- Evaluating property market value
- Finding qualified leads
- Matching properties to tenants or buyers
- Screening tenants
You can also look into time management and communication apps to help streamline your workflow.
Outsource What You Can
As your portfolio of local rental properties grows, you might find it increasingly difficult to manage your workload. Fortunately, more properties mean more income, and this opens the door to getting additional help.
Nowadays, it’s easy to find companies offering outsourced services like tenant screening and pre-tenant cleaning services. Setting up long-term contracts or retainers with these businesses can help you grow your business and enhance efficiency.
Outsourcing your marketing to a professional agency or a freelancer can take the strain out of coming up with fresh content.
Think Beyond the Daily Grind
Managing a property successfully involves more than keeping it in good shape and maximizing occupancy. You should also focus on improving the value of the property as far as possible.
According to Touchstone Lofts Oxford, an attic or loft conversion can add 20% to the resale price of a house. These additions also create another room to increase the appeal of the home. And extra living or working space means you can charge higher rent, too.
Investigate energy-saving measures to help trim the bills. Innovations like solar panels for energy savings can enhance property values without increasing local property taxes.
Stay Updated on Local Property Management Trends
When you master the above aspects of local property management, you’ll attract more tenants and earn a good name in this challenging industry.
It follows that this leads to increased interest from local property investors, and more business for you. So, take these tips to heart, and you’ll soon emerge at the top of your game.
If you want to stay there, it’s vital to develop a thirst for knowledge of your field and stay informed about all the latest trends and technologies.
Would you like some more information to fine-tune your property knowledge? Explore our business and home improvement pages for everything you need.