It Might Be Time to Go Pro
If you’re a multifamily property owner or investor with a sizable portfolio, or a busy landlord, there’s no doubt you’re under pressure. Volume of doors x administration x issues x costs = a big number.
At some point, you’ll need to hire a professional to manage things for you. That will be a wonderful day.
Multifamily property management is a massive operation and some tenants are really into “on demand property services ” making doing it mañana a thing of the past.
There’s property management technology you can use right now. In fact, one of the reasons you can confidently hand over your portfolio to a property management company is because they’re using property management technology. When I say technology is the solution, I’m not kidding. Without the software’s proficiency and intelligence, it’s utter chaos.
More Properties and More Headaches
Everyone is handling more properties now because technology improvements are allowing it. Progressive property management companies have adopted property management solutions and they’re up on industry trends. By streamlining their administration and physical service operations, they enjoy a significant cost advantage. They can handle the thinner margins better than you.
Their tech advantage is ready to be leveraged by you. So if you’re progressing past 10 properties and you realize you’re pressured to deliver on services and keep costs down, then finding a good property management company is a natural step.
Procrastination Means You Don’t Fully Appreciate the Advantages
If you’re procrastinating, it means you haven’t built up sufficient justification to progress. Admittedly, courage is needed to hand over operations of your assets and tenants. A rental management solution such as ManageCasa however, gives you a real time view into how things are going, from tenant communications to finances to maintenance activities. If there are problems, you can see them and how they’re being resolved.
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8 Essential Attributes to Appreciate
Let’s take a look at 8 essential attributes of a good property management company:
1. Accounting and Taxes – There’s no bigger headache than client accounting. Using software, your property management team will automate bookkeeping, keep account data separated, track every payment, help plan tax strategy, and provide accurate up to date income and expense statements. It’s all about confidence and transparency.
2. Vendor/contractor Vendor management – Get all your building services issues handled via your property manager’s own team of maintenance service providers. Cutting down on service delays is very important to clients who might need their hot water or A/C back on soon.
Here your property manager takes leadership in tackling whatever issue arises. They get repairs completed without revisits or issues around contractor fraud. Property managers have their own insurance and professional accreditation which lowers your risk as well as the time spent to find a specific vendor.
3. Knowledge of bylaws and regulations – local safety, accessibility, tenant laws, and zoning regulations can pose significant risks to an investor. Often there is “code creep” where local property laws insidiously create delays and unneeded complexity, and raise operating costs.
4. Advertising and tenant screening – finding and keeping good tenants ensures you have long standing loyal rent payers who don’t create extra issues and costs. Tenant acquisition and interviewing can eat up a lot of your time, if you have higher turnover.
5. Excellence in financial management – your operating and capital budgets are real and property managers can manage collection, payments, and repair expenses. They can help forecast upcoming costs and revenues so you don’t get hit by surprises.
6. Excellence through technology adoption – tenants want a new type of landlord/property manager, one who is tech savvy. Tech amenities are all the rage in new developments, and current multifamily owners may have to do tech upgrades to stay competitive and keep rents up. Tech amenities and systems help streamline services thus cutting costs and staff time. It’s more than just saving money, it’s about keeping your business sustainable.
7. Excellence in tenant management – communicating with a diverse array of tenants with wide ranging demographics and needs is an art. Excellent communications saves time and money and keeps tenants happy. Transparency and candidness is about comfort to them. If they have issues, they want to be heard and get feedback on those expectations.
8. Unit showing, tenant onboarding, and lease management – From first meeting to annual lease renewal, a repeatable process helps property managers maintain responsive tenant relations and manage expectations. When tenants comfort is kept, they perceive your property as all they need. No fuss, no muss, just good living. And for the growing lifestyle renter segment, a comfortable, pleasant lifestyle is the essence.
That’s A Lot of Professional Services
When you choose a high quality property management company, integrity and infinite service capability is built in. Transparency, responsible financial management, good tenant relations and cost effectiveness is an excellent value proposition.
Hopefully, their property management brand will give you the confidence you need that you’re hiring right professionals for you.
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