April 24, 2018
How Difficult Is It Managing a Rental Property?
Managing a rental property is a complex process, which is why property owners who have multiple properties often turn to property management firms. There are a multitude of tasks, skills, processes and tools that are required for everything to run smoothly. Property professionals have to don many hats, perform numerous tasks on a regular basis and need to be organized, have an attention for detail and be customer-focused.
Here are some of the main tasks carried out by a landlord or property management firm:
Property management people and firms are in charge of making sure that rent is collected on the due date, and sending reminders to any tenants that fall behind. They will also run reports on the fiscal health of their property portfolio to analyze which properties are most profitable. Best-in-class property firms will encourage online payments to reduce paper-based checks. Checks are costly to process and more likely to be lost or stolen.
Any delay in renting out an empty apartment is a delay in income. Property managers need to immediately place upcoming vacant units on ILS with photos, apartment amenities, neighborhood highlights and availability information. Modern landlords are also embracing social media platforms like Twitter, Facebook and Instagram to connect with their community of tenants as well as attract new residents.
This is a key part of the job, to be a champion for the property and show it off to its best. Property managers highlight all the property amenities and talk about the lifestyle. They draw a picture for the potential renter to envision themselves living in their new home. Once the tour is over, smart property professionals will have a tablet or laptop with them, to be able to direct the lead to an online application, completing it together.
Applications & Credit Checks
A property manager will need to determine which potential renters will be your best residents. And, it has to be done quickly, so that your lead doesn’t slip away.With an online application form, it assures that you have a digital record, so you won’t have to worry about incomplete or missing applications. Screening applicants can be a time-consuming, but it’s the last place a landlord should take shortcuts. Be sure to capture all applicant data required for a credit check.
Things break, and property managers need to react quickly to resident requests. As well, to ensure that costs can be predicted and investments last as long as possible, property managers conduct regular maintenance on HVAC systems, roofs, etc. Landlords use tools like online maintenance portals to better coordinate activities between the tenant and the maintenance team or vendor. These portals ensure a digital record of communication, and tenants can even rate the quality of the work. A landlord must be able to run reports to see maintenance costs across their portfolio, so the can address issues quickly, review their predictive maintenance policies, and ultimately, improve the ROI of their buildings.
Ongoing Communication & Customer Service
Customer service is key, and successful property managers keep in touch with residents, providing updates on a routine maintenance that might affect them, letting them know about any building improvements and asking for once-a-year feedback on how they can perform better.
Yes, it can be difficult to manage a rental property, but with the right automation and web-based software tools in place, it can make it so much easier.
How Property Vista Helps
Managing a rental property is a snap with Property Vista! All of our solutions are designed to help you automate your day, and along the way improve the leasing process while offering a better customer experience for your renters.
To learn more about our solutions for marketing, leasing, communication and operations, see our pricing and sign up to get a demo of our online property management software.