As a property manager, you are juggling a lot; taking care of buildings, dealing with contractors, collecting rent, screening tenants, and more. With so many tasks and people relying on you, it’s crucial to have efficient systems in place. To that end, here are some tips for streamlining your property management business and providing top-notch service.
Centralize Your Records
Having a single, well-organized record for each property can save you a huge headache. Make sure to keep detailed notes on all maintenance requests, repairs made, contractors hired, and tenant interactions. Use spreadsheets, digital files, or property management software to track everything in one place so that you avoid constant scrambling for information when you need it.
Solidify Your Processes
What is your standard operating procedure when an air conditioning unit breaks down? Or when you have a vacancy that needs filled? Having clear, documented processes helps your team handle issues consistently and efficiently every time. Start writing out all the steps for common situations.
The Value of an Answering Service
No matter how streamlined you are, there is one thing that can easily fall through the cracks; missed calls and messages. The people at Apello tell us that having a reliable property management answering service to capture every inquiry is invaluable. You will never miss a maintenance emergency, tenant request, or prospect again.
Leverage Tech Tools
From online rent payment portals to digital inspection forms, using the right technology allows you to work smarter, not harder. Look for tools and apps that can automate tedious manual tasks so you can focus on more important things. The initial cost is often recouped through time savings.
Prioritize Preventative Maintenance
Being proactive about maintenance is one of the biggest ways to save money and keep tenants happy long-term. Develop a schedule for routinely inspecting things like roofing, HVAC systems, plumbing, and more. Catching issues early helps avoid costly breakdowns and damage down the road.
Market Consistently
Do not make the mistake of only looking for new tenants when you have a vacancy. Consistently marketing your properties and keeping a rotating list of qualified prospects is key. That way, you can fill openings quickly and reduce vacancies that eat into your profits. Post ads regularly and offer incentives for referrals.
Find the Right Contractors
As a property manager, you rely heavily on third-party contractors to maintain and repair your buildings. Take the time to thoroughly vet any new contractors you work with. Check reviews, licensing, insurance, and get references. A bad contractor can potentially create huge legal liability.
Nurture Quality Tenants
Good tenants who pay rent on time and take care of your properties are invaluable. Once you have great tenants, work hard to keep them through things like prompt repairs, reasonable regulations, and amenities that make the property desirable. It is much easier than constantly having to fill vacancies.
Utilize Software and Apps
From rent payment tracking to inspection scheduling, there are tons of incredibly useful property management software platforms and apps these days. Using digitized systems helps reduce potential errors that come with paper-based records and processes. It also allows you to access key details from anywhere.
Streamline Communication
Maintaining good communication with tenants, contractors, and prospective renters is critical. Make it easy by using tools like email lists, text reminders, online portals, and a calling service. You want people to be able to reach you efficiently with requests or essential information. Poor communication leads to unhappy tenants.
Conclusion
Focusing on prevention, organization, automation, and communication means you can run a much tighter property management operation. The small efforts you put in go a long way toward reducing headaches, saving money, and keeping tenants satisfied.
