Property managers can do everything from running ads, interviewing tenants, and collecting rent, to fixing toilets, cutting grass, and answering midnight calls. However, there are several lesser-known services that a property manager can offer to enhance both the landlord's and the tenant’s experience.
Sounds interesting? Keep reading.
Provide advice on the market
The real estate market is forever shifting and keeps changing as the years or even months go by. A property manager will be able to keep track of your property’s worth and suggest when to increase the rent in line with the local market. This kind of support is pivotal in ensuring you are getting the most out of your investment.
This service is as important as providing legal advice and aid in navigating the laws, as staying up to date with the market and knowing what your property is worth can only do your business good.
Retain good tenants
Once you’ve found good tenants, it’s natural to want to hold on to them for as long as possible, after all, you don’t want to risk your property sitting vacant for long or taking on new tenants who are less reliable or even troublesome.
Tenant retention begins with a good, open relationship, and property managers are experts at fostering this. They’ll be your conduit to keeping communication lines open and responding to their requests in a timely manner, as they can implement various strategies to improve the services, making the tenants want to stay for a longer period of time.
These factors that foster the retention of a tenant can consist of offering incentives for lease renewals, providing exceptional customer service, and addressing tenant concerns in an effective fashion.
Offer protection
Having a strong understanding of the relevant state laws results in a property manager being highly focused on ensuring the legal protection of both landlords and tenants. This kind of knowledge and focus is top quality in good performance management, as it shows a willingness to look out for and limit potential legal issues.
A manager can provide various legal services, such as lease agreement drafting and review, eviction assistance, and dispute resolution. They can also provide tenants with legal resources, such as tenant rights guides and contact information for legal assistance. This way keeps both parties safe and protected from any troubles.
Implement technology
In today's day and age, technology can make a huge difference in the property management industry. Property managers can implement various technological tools to improve estate performance and even help the landlord's experience. There are many ways you can make technological changes, some of which can include implementing a smart lock system that can provide added security for the property and convenience for tenants. This can also eliminate the need for physical keys and the associated risks of losing or misplacing them.
Another digital tool that can be implemented is property management software, as this software can automate tasks such as rent collection, lease renewals, and maintenance requests. This software can also be used by managers to generate detailed financial reports for landlords, making it easier for them to track income and expenses for their properties.
Create a client portal
Effective communication is key to the success of any property management operation, as you are often in the position of working with other people. Just as by implementing technology, property managers can put in order various communication strategies to improve landlord-tenant relations, and one such strategy is creating a tenant portal.
This portal can provide tenants with access to important information, such as lease agreements, maintenance requests, and contact information for the property manager, and they can also set out a plan for property maintenance. This plan can include regular maintenance updates and a schedule for routine maintenance tasks. This can help tenants stay informed and potentially reduce the need for emergency maintenance requests.
Conclusion
A property manager can replace you when it comes to a variety of the day-to-day upkeep tasks associated with owning and managing a property. Cleaning up, maintaining the inside and outside of the property, verifying for damage, collecting rent, and other tasks are all included in this category and are some of the basic, well-known services a manager can provide.
A property manager is always your best friend when it comes to handling your business, as they can do almost everything. Having a manager could allow you to free up more of your time and allow you to attend to other issues you might be having.
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