5 tips to get the most out of your property manager
A property manager is your friend indeed when you’re in need of property management help. Perhaps you’re not good at managing properties, you have no experience as a landlord, or your profession demands time and effort. If that’s the case, then hire a property manager who specialises in the services you need. Hiring a professional is just the first step. Managing the property is quite another matter. To get high returns from your portfolio, you have to tap into your property manager’s skills and capitalize on them. But how do you really do that? Just read on.
Focus on your property
Managing individuals and assets is a property manager’s line of work. They are responsible for tenants, rents and maintenance. Besides that, they are in charge of marketing the property and finding new tenants. A lease expiring or a tenant moving out can cost you dearly if another tenant does not move in soon. You can’t let your apartment be vacant for long. This can bother you financially. To relieve such financial headaches, hire a professional who puts
your property first. The property manager must cut vacancy rates and set a rent that attracts tenants.
Property managers handle many things. They collect rent, take care of your property and manage the budget. If these tasks are left to an unscrupulous professional, you may incur significant losses. To avoid instances such as late rent collection, poor property condition and out of control budget, use a manager who is trustworthy and who minds your investment and business interest. From tenant screening to rent collection and proactive maintenance, your portfolio manager must be your trusted aide and be impeccable at the job.
Only hire a local property manager. Locals know the market better, are familiar with rental laws and are economical. In addition, they pay regular visits, collect rents on time and handle disputes efficiently. As they are locally based, they can properly price your property and advertise it to buyers who are interested in the area you are in. Rental laws can vary from one state to another. Make sure your property manager knows the local laws and statutes.
Emphasise on marketing
Marketing is essential in advertising rentals and getting tenants. Today, property owners list their properties online where potential buyers are looking for land and apartments. That said, your property manager should manage the marketing of your real estate. It’s a plus if the manager has a website and is active on social media. In addition to a well-maintained website and social media profile, the manager must keep up with the latest property management
Property management is not an easy task. That’s why you hired a property manager in the first place. To simplify work processes, you have to embrace technology. In this digital age, instantaneous response and streamlined procedures are vital. Tenants want immediate feedback and prospects want to occupy apartments as soon as possible. Property management software makes it easier and quicker to respond to emergencies and to lease apartments. It also enhances communication and management of records.