16 Key Services Rental Owners Need
Are you looking to hire a property management services firm near you soon?
Have you been been in the rental property business for a while, yet haven’t enjoyed the profit performance you expected? A key reason might be that your property management and maintenance services providers may not be focusing on the essential services.
It’s not hard to understand that shifts in duties, tasks and thoroughness occur over time, and companies may want to deliver what they prefer since what’s needed is hard work and diligence. Unfortunately, this can lead to poor performance in your rental property portfolio. The damage shows up in rising costs, exposure to big losses, insurance claims, tenant complaints and turnover, and more.
As a landlord, it’s wise to keep an eye on what services are being completed and which tasks/duties are neglected. Knowing what’s not getting done will help you avoid making the same mistakes again.
Prioritize the Service Mix You Must Have
It’s vital that you list the services as you need them, not as they prefer to present them. Escaping the advertised claims of service providers, and avoiding their self-deception is a must do. Building a checklist of key services that represent your key performance metrics can make a big difference.
You’re creating a more objective set of tasks with benchmarks to ensure your rental business is working well. You can view performance in ManageCasa and be able to monitor that performance via your owner’s portal.
When vacancies rise and operating costs exceed budgets, turnover costs rise, evictions happen, and maintenance/repair visits are not going smoothly, you’re getting the data via ManageCasa to help turn that situation around.
Your property management service company should provide all the real time reports you need to keep on top.
More Properties, More Work
Working with a property management services provider is like handing your kids over to a babysitter you hardly know. Make sure they’ve got a system to help you keep them accountable and on track, so they’re focused on the vitals.
It’s inevitable that your business will grow. And property management companies are seeing their business grow. That means more maintenance work with fewer people, even if they can keep their staff. More properties means more houses, condos and apartments to service. They may even be servicing HOAs and community associations.
All round then, you’ll want to know instinctively and via data what the key services for landlords are and know what constitutes great service. Those companies who deliver well should be paid more. Your service provider is your top rental property business asset.
Vital Property Management Services
A professional property management service firm can do your work faster, and they know how to systematically reduce the workload. And the reduction of work is what property management software is all about — automation, digitization, and administration.
Reducing the time spent chasing, collecting and processing rent payments is one very desired improvement. Another is cost efficient and more timely maintenance of your building ops, landscaping, and appliances.
The Big 3 Services Provided
The key services now that we’re out of the pandemic era are: 1) tenant services, 2) accounting, and 3) professional maintenance services.
Property management pros understand the rental property business and can collaborate with you on how to improve your ROI. From strategies to tactics, you’ll better surmount challenges and crises, when they’re working with you.
At whatever degree of involvement with your properties, they can be a steadying and reassuring presence for your rental property investment business. And when we speak of you being in business (property management is a good sector too), these are the people who make this endeavor a real business.
If you’re still managing your properties in a do it yourself, part time manner, it’s not going to work when you have to scale up. And scaling up is how you become wealthy through rental property investing.
16 Key Property Management Services
Which services are the top three? That depends on your needs. Every landlord is different. While cashflow is king for most, leasing and marketing might be for others. Create your own ranked list and create reports that reflect the results you need.
- efficient property maintenance process at a lower cost (an efficient process for maintaining properties which is basically proactive time management)
- professional, responsive tenant communications and lease management process (making being leased as comfortable as possible, ensuring no gaps that would result in tenants deciding to leave)
- super accounting services to ensure they’re handling deposits and rent income properly, and documenting expenses, staying on top of accounts receivables and payables, creating informative reports, and preparing great documents for your tax accountant.
- better landscaping services to improve tenant comfort and build curb appeal (the tenant experience is also visual and landscaping and other aesthetics builds comfort and impression of value received)
- insight into the rental market and how to price your units better (as part of marketing or leasing services, the provider builds your awareness of renter demands, advertising and negotiating strategies, and tenant retention)
- professional approach to rent collection and rent-related issue management with your valued tenants (arranging online rent payment, and having smooth issue-resolution protocols help the tenant meet their obligations)
- professional, detailed inspection of your rental units and advice on hazards and risks (inspections help to identify mechanical, structural, and other issues that could soon be a big cost)
- improved tenant screening (a multi-pronged strategy using software services and interviewing techniques to avoid bad tenant decisions, which could create a drain on your profitability)
- offer recommendations on improving ROI (expertise helps guide your decisions on improvements, investments, properties, and business models)
- tenant application processing, rental suite showing and move in (the complete tenancy process made smooth and efficient, using virtual tools and online communications to increase engagement with prospects until they sign the lease)
- writing better leases and better adherence to legal guidelines (ensuring your complete communications with tenants respects tenant and rental regulations to avoid fines and embarrassing fines)
- better marketing and vacancy ad writing services to draw better tenants (composing effective rentals ads and placing them with the top rental listing websites to attract the best tenants)
- reassurance to rental tenants that your property or building is well maintained (good communications via your tenant portal system and your website and social media sites build credibility as a caring, responsible landlord)
- experience and professional advice for all issues you face (experience and lessons learned on someone else’s properties means fewer costs for you, better decisions, and trouble avoided)
- automation of document management, accounting, maintenance scheduling, and tenant communications (smart automation reduces manual data input, reduces errors, and provides more reliable financial reports for your specific business)
- provide repairs via licensed contractors and vetting all contractors (bonded too) (knowing who can do professional quality work and being responsible for their output takes worry away)
Essential Services for Landlords/Property Owners
You’ll need a mix of services, likely served via a good property management software platform to ensure there are no gaps and liabilities in the mix. One service supports the others, so you may need to ensure all are provided as you decide on which property management service provider to hire.
After prioritizing the most valuable, essential services to ensure your rental properties are being managed effectively, you only need to monitor them via your ManageCasa owner portal dashboard. Wherever you are, at any time of day, you can see how your businesses are doing in reports. You’ll have access to powerful analytics and reports including owner statements, income statements, balance sheets and more.. View open maintenance tickets, repair cost estimates, bills paid, accounts payable, and tenant communications all in one dashboard, on ManageCasa.
Good luck in scaling up your business and excelling through 2022 and in the next 5 years.
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