Keeping expenses as low as possible is the name of the game in most businesses, and property management is no exception. Sometimes, however, taking the cheaper way out can actually end up costing you more in the long run. This is frequently the case with property management software. Budget-friendly solutions may seem ideal on the surface, but they often come with a number of unexpected and unpleasant surprises. Here are just a few of the hidden costs to beware of.
There is very little that hasn’t changed over the past year and a half, thanks in large part to the pandemic. As a result, there has never been a greater need for strong, human-focused leadership. Within the property management industry, leaders must find better ways to prioritize communication while supplying their teams with the tools and technology they need to perform at their best. If you are in a position of leadership, here are three ways to better achieve your goals.
Community boards play an important role in keeping the peace and maintaining order. They can also be incredibly helpful to residents in a number of other, more personal ways. In particular, some communities implement specific strategies that are designed to help ease the burden and take some of the stress out of moving in. (Anyone who’s ever moved knows exactly how stressful it can be!) For community leaders looking to improve resident experience, here are a few ways you can emulate this.
Minimizing turnover in your rental units does more than just keep money flowing on a consistent basis. It also helps to reduce the other costs associated with vacancies, including cleaning, repairs, advertising and showings. But renting out your units is only half the battle. It’s finding those good tenants and keeping them for the long term that’s the real key to success. Whether you’ve struggled in this area or would just like to make sure you’re maximizing your efforts, here are five pro tenant retention tips.
If you’re new to HOA management, you may not be familiar with the most common rules these communities typically implement. HOA rules are an important part of keeping the peace amongst members and maintaining a uniform aesthetic property appearance. To follow are five areas where HOA managers tend to focus their governing efforts and how you can optimize them within your community.
Handling evictions can be tough under normal circumstances. Add in a global pandemic and all kinds of new regulations and moratoriums, and you’ve got quite the challenge on your hands. In light of all the COVID shut downs, job losses and subsequent financial impact, legislation was passed preventing landlords from evicting certain tenants.
Any good marketer will tell you that not every prospect is worth pursuing. This is certainly true in the property management industry. Not every landlord or property owner will be worth investing your time and energy. To optimize your efforts, you should focus on the demographic that is both most likely to avail themselves of your services, as well as most likely to be a good, long-term client. Here’s how to identify and target these high-quality prospects.
A successful condo or homeowners association is one that is well-maintained and relatively conflict-free. It’s a community where the residents feel safe, heard and content. And it’s the job of HOA or COA management to ensure that this remains the case. Whether you are a newer association looking to set up some best practices or an older community that could benefit from an overhaul, the following tips are for you.
Keeping your rental properties is tip-top shape is the key to running a successful and profitable property management business. Not only does ongoing maintenance keep your tenants happy, but it can also help to prevent costly repair bills. As the old adage goes, “an ounce of prevention is worth a pound of cure.” In terms of rental property management, a few dollars in preventative maintenance can save you hundreds or even thousands down the road. It’ll also help you maintain a stellar reputation.
It doesn’t take much to destroy the trust of a tenant. Not only is the right to adequate privacy something that your residents want and deserve, but it’s also something that is regulated by law. To avoid accidentally crossing any boundaries and ending up in potential hot water legally, keep the following five tips in mind.