PropertyZar

It’s time to face the fact that there is a good chance your tenants don’t love you. If that is true of your property management company, then maybe it’s time to find out why.

With all the potential issues that can go wrong, coupled with numerous tenants, it’s common to have rocky roads with tenants. However, a good property management company can implement processes and procedures to reduce the amount of complaints.

Good Relationship

A good and open relationship with your tenants is the start of good things to come. Good relationships lead to less vacancies and higher retention rates. Communication is critical for property management companies and the most common way of communicating is SMS, email and the phone.

Communicate about everything. Most property management software systems include these features as well as logging all past communications. So communicate about general violations, reminders for events, trash pickup, upcoming invoices, holiday schedules etc.

Work Orders

Another

Many industries throughout the marketplace have changed their practices in response to developments in technology, but real estate, including property management is still largely stuck in the past. On-demand app development is making access to services easier than. Artificial intelligence and the Internet of Things are connecting us in new ways every day. It’s clear that taking advantage of these developments is key to progressing.

As an industry with roughly $280 trillion in value, taking advantage of these new opportunities could produce billions or trillions in profits. A number of large real estate companies are attempting to build their own in-house technology, but in many cases, it would be more efficient for them as well as and property management companies to use existing solutions. These are some of the most exciting possibilities that new developments in technology can offer the real estate industry.

Outsourcing the Cloud

Cloud services is a rapidly growing industry with

Recent Study

A recent study shows that about 25% of property managers are optimistic about the future and 47% are somewhat passive and 28% are negative. For those negative 28%, the biggest issues are overworked, underpaid and stressed by the demands of the clients, which are ever increasing.

People Challenges

Many property managers are keeping their finger on the pulse of the future, but the challenges of people are draining most of their time and resources. As Gomer would say, Surprise! Surprise! Surprise! Because of this, approx. 40% of respondents say their next job will be in a totally different field.

The Best Property Management Companies

The best companies are ones that are run well and that offer structure and processes in place. Great management companies understand that their property managers are more than a task manager. They are more in line of a property advisor.

The Make-Up Of Property Management Companies

This may be no surprise to most of you, but approx. 82% in the industry

Let’s face it, people usually do not enter a legally binding lease with the intention of breaking it. Sometimes life deals us challenges that conflicts with our current lease. Whether its job related, family or health issues. There is a plethora of situations that can arise that will have you asking the question, ‘How can I break my lease’.

Read your lease

Some leases provide an opt-out clause. You should review your lease carefully because you may already have an option spelled out for you.

Sub-Leasing

If your lease doesn’t provide an adequate opt-out option, check with the property manager or owner about sub-leasing the property. If the owner or landlord agree, keep in mind that (in most cases) you are still responsible for the remaining of the lease terms. Having a qualified tenant can be a win win for both you and the property manager.

Be Nice

If you have been a great tenant, ask the landlord about marketing the property to find another tenant. When one is found, then you can terminate

In order to fill your vacancies, you first need to know what renters want. That list can vary widely based on the type of rental property you have. Renters moving into an apartment will have different ‘wants’ then those moving into a single-family home.

Longer Term Renters

For those who are longer term renters, they may want to be near school or work, coffee shops, restaurants, work out facilities, parks etc.

Job Renters

If your renters are relocating (even temporarily) for work, they may have different wants. For example, in addition to the long-term renters wants, they may also want to be close to an airport and transportation services.

Depending on the area of your properties, you may want to include information about some of these ‘wants’ in your advertising copy. For example, if you are close to an airport but have not thought about corporate leases, include the fact that airports are just 10 minutes away.

Furnished Properties

Furnishing your properties can be a very lucrative option

You know the saying, a picture is worth a 1000 words. There is no denying the fact that great looking photos will help your marketing efforts. Renters are more inclined to choose a property that has a lot of photos with high quality.

What most renters do, is shop for rental properties and then imagine what their life would be like living there. Photos help the renter ‘imagine’. It’s a good idea to take multiple professional quality photos of each room from different angles. This helps paint a broader image for the renter to see and imagine living there and seeing the rooms from all angles.

Professional Quality

Notice I said ‘professional quality’ photos. Are these only produced from professional photographers? Not necessarily. With the higher quality cameras on the market and with a little practice, you can take decent quality photos yourself. If you are ‘camera’ challenged, then I recommend hiring a professional.

Your property class also should factor into your decision about a

Property managers have a lot to deal with. It’s not an easy job. Old challenges remain while new challenges arise due to new regulations and social media.

Here are some challenges that we have identified

Managing Time

With all the responsibilities that property management companies and landlords face, time management skill is a must. Along with this skill, a good online property management software is essential. Why? Because a property management app does so much to take the mundane tasks and automate them, reducing the managers work load and thus providing more time. In addition, a web-based property management software allows property managers to work from anywhere 24/7. This ability alone greatly increases productivity.

Criminal Tenants

Meth labs, drug dealing, and other criminal activity present a big problem for property managers and property owners. From police presence, quarantine for meth labs and heavy foot traffic, there is nothing in these scenarios that is good for your