Are you new to the property management business? Fear not – where there is a will, there is a way. Property management is fun, challenging and rewarding. You can eliminate a lot of the learning curve by beginning with a good property management software system.
You may be new in the, property management, business but you can operate like a long-term professional by:
- Using the various programs available to help in the property management business. The software can help you in establishing good business practices and help you keep the detailed record of your properties and assets.
- Use the marketing module and online tenant application and screening modules to fill vacancies. The process is simple, accurate and non-biased, making decisions easier and backed with defendable facts in case of problems down the road.
- Being innovative and finding great property marketing ideas by following the new trends that people love – advertising through mobile apps, detailing about property details that people and Millennial preferences such as a spa, pool, large common area, free Wi-Fi, new appliances and paint, a gym and energy efficiency.
- Offering to work with clients according to their schedule at odd hours via mobile applications and via web, signing documents via Docusign and more.
There is more to the, property management, business besides the software that keeps you organized and streamlines tenant rent collection online, maintenance requests and advertising or filling vacancies. You still have to network with colleagues, get to know owners and establish community relationships.
- Promote business where larger property owners and managers often overlook – develop your niche by working in those areas. The “big boys” will not compete for small properties as they think it is not worth it. But small properties can prove to be a big asset later if you get them at right price in an area which is going to be hot in the years ahead.
- Offer competitive price and discounts for long term lease agreements.
- Pursue excellent relationships. Every great business thrives on relationships that one develops with their clients and customers.
- Keep the channel to communicate open and be transparent about your dealings.
- Attract and retain excellent team members. Monetary awards should not be the end of the world. If you cannot afford it, lure your good team member via company gifts, promotions, company parties, vacation and other offers. Recognize them publicly and let others follow their footsteps.
- Personally connect with owners. Do not be shy to contact property owners and offer your services. Do not leave everything to the managers below you. You will be surprised that this personal connectivity can take your business to new heights. When you keep the communication line open with the owner, they will have more trust in you.
You can succeed in property management through hard work, use of the right systems and making connections in the industry. When you do those things right and with good intent, the rewards will come to you and your organization.