This article is #2 of a 4 part series . For additional suggestions checkout the rest of the Stress Free Property Management series.
For a property owner who manages several homes on top of his or her day job, it’s easy to become overwhelmed. Fixing all of the problems that arise in their properties and keeping them in pristine condition requires time, energy and talent, as does finding and retaining tenants. This is why property owners turn to property managers: they are looking for stress-free property management.
Managing Relationships
Building a successful property management business is about relationships. As a property manager, you can take this burden off of the property owners. You already have strong relationships with vendors who help maintain and repair your properties. You also build relationships with tenants by maintaining strong communication and providing assistance when problems arise.
As a property manager, it’s your business to visit properties to get to know the tenants, property, and neighborhood. You can use rental property management software to maintain your records so that you have clear documentation of everything from inspections to leases.
Maintaining an ongoing and an emergency communication system is taxing on property owners. However, you can do both with property management software that helps you coordinate a tenant portal and answer after-hours calls through a contact center. You’ll be able to thoroughly document communication and provide 24/7 customer service, without being on call.
Organizing ongoing or emergency maintenance can be time-consuming. Property owners want you to make it simple.
Organizing Maintenance
You want to reduce those complaints from tenants, and one of the ways you can do this is to coordinate ongoing property maintenance. According to the Sydney Morning Herald, property owners see their properties as a “good way to build financial security, and keeping down the costs is crucial for the investment.”
Regular repair and maintenance schedules are an investment, but they allow you identify and address concerns before they become urgent. Document management systems keep all of the pertinent information about the property in a single location so that it’s easy to find, pay, and file receipts or rental agreements.
Collecting the Data
Managing and collecting data is an integral part of property management. Owners usually have a few properties at most, and typically manage their data with a simple system such as Excel spreadsheets. With property management software, you can document and merge information to measure neighborhood trends and make better business decisions.
Once you’ve collected that data, owners need to know about the property as well. Use an owner portal to communicate information about repairs or news related to tenants; your owners will be able to log on any time without calling or emailing your office.
