The secret to being the best property management
Property management is one of the best ways to preserve properties by landlords or even in real estate. It’s more than collecting rent, dealing with bad tenants and preparing lease agreements. Property management can be quite demanding hence the need for skills to help you deal with different challenges that you will be exposed to. It is crucial to toss the different responsibilities of a property manager and to keep balance to get maximum results.
Intense technology, cultural and demographic change are part of Property management. For example, change in the way people use technology has affected the best practices in many industries including property management. The following 6 tips are going to keep you updated on the trending and best property management in Kenya today and make sure your property is effectively managed.
In the property management industry, technology is said to be the future. Today, individuals and companies are now embracing and investing in understanding the ever-changing technology as a way of marketing, growing business ideas and keeping themselves updated in the property management industry.
In Kenya, tenants’ needs and interests are changing. Homeowners and tenants want to see new technology and innovations at work on their space. This means that you need to research the new trends that are in demand. Upgrade to the new modern finishes, modern kitchen appliances, smart home technology and modern responsive home lighting etc.
Also, using a computer-based property management method will make your work easier in marketing and even collecting and making records on payments. Mastering the art of using the technology is key to best property management
In general, technology can also be used to:
- Gauge property’s market value
- Getting qualified leads
- Directing buyers to the right property for investment
- Evaluating tenants
- Good communication
The second tip to best property management is all about communication. As a property manager, you need to develop constant and frequent communication with your tenants. Tenants will often, especially the new tenants, have questions about utilities, payments or even maintenance. You should always be available to answer such questions or even get a person who will be responsible for handling the tenants, vendors and other interested parties. Good communication with tenants lengthens their stay and develops good tenant-landlord relationships.
Besides, you can streamline communication on social media portals via companies’ websites or social media pages where people can ask questions directly with much ease. This will also help in knowing what your customers need through their recommendations and complaints.
- Attract new tenants
Attracting new tenants means retaining the old tenants by making sure they are satisfied. This can be said to be the most important part of property management. Create a good relationship with your tenants by having an open line of communication and having a clear time for resolution. Any case of any complaints or requests from the tenants, make sure that you respond quickly. This will make sure that the tenants are happy with your services and can also refer to other people
You can also attract new tenants by appealing property listings. Make sure that the property listing has full details of the property such as the location, price, features and amenities, the size and how they can reach you(contacts). Make sure that you create urgency and have information that is personalized to meet the needs of the clients.
- Reliable network of trades
As a property manager, you will find yourself calling on service providers in different types of trade. When you call these service providers, make sure that you keep a record of the providers and ensure that they are reliable. Note down how long each of the service providers has worked on your property and how long experience they have working with you.
These people will have a better history of your property more than anyone else hence they can help you deal with complaints and requests from your tenants with so much ease.
- Property inspection
As a property manager, your responsibilities are not only revolving around the tenants and landlords. You have to increase the value of the properties you are managing. Property inspection is one of the most efficient ways to increase business and get a high property rating.
A thorough inspection should be done at least 3 times in a year to aid in identifying problems with the property. This will also help in being ahead of repairs and show the tenants that you care and you are serious with the property management work.
- Learn from others
Learning from others and networking with those in the industry of property management can earn you unimaginable knowledge. You will be sure to get the best tips from those who have longer experience than you in the industry and also exchange new ideas which could change your management strategies for the better. The more questions you ask and try to learn, the better your management skills will be. If you have new ideas, you can ask others if they ever tried that before and get advice. Be careful when consulting about new ideas, some may take advantage of and steal the idea from you.
Reading this article is a step forward to better property management, but putting the 6 tips to work is the key to maximum results. As noted in the article, make sure that you master the art of using technology in updating yourself, getting leadings, advertising and keeping records of payments and you will have the best management of your property.