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Need Ideas For Property Management Solutions?
If you're much like me you're always searching for new property management solutions, ideas that can make your property management run better and fewer expensively.
In today's property management training article I'd like to share ten property management solutions I've personally used, together with recommendations on which worked well and which not well.
Set The Right Expectations
Property management solution #1 is usually to set the best expectations together with your investors, your tenants and your vendors.
This also is categorized as time management planning category. I remember long ago somebody once said, "If you never manage your time someone else will manage it in your case."
How true.
If you're utilizing building owners, set the best expectations to your weekly or monthly reports, distribution of owner funds, and follow-up calls and emails.
With tenants, be consistent with rent output deadlines, when rent statements are mailed, deposit of funds, and willingness to complete repairs that maybe aren't required within the lease. After only 3-4 months of setting the proper expectations with tenants you will end up surprised how everything falls into place.
Develop A List Of Reliable Vendors And Suppliers
I discover that by paying the vendor early and by not nickel-and-diming the seller, that in exchange I get very competitive pricing and straight-forward, reliable service.
Even in the event you have only one good vendor which you use, they can probably give a insightful referrals to individuals they already know be employed in other trades. The fact is, people know and work with people like themselves. If you've got one guy or gal what a great supplier, they'll know others to refer for your requirements.
Send Monthly Rent Statements
This is the #1 method to boost your earnings and move your dollars receipts up inside month.
Many times we've taken over the control over a property in which the tenants have fallen in to the habit of paying just before the late date, the 10th or the 15th.
By sending our printed statements 10 days before the deadline day with the 1st of the month, we've were built with a 100% success rate in getting tenants to pay for by the due date and have dramatically changed the timing with the property's cash flow.
On-Line Billing To Tenants
Most banks and off-the-shelf accounting software offer this service. As long as you provide an email address for the tenants you can actually develop a statement on-line and email it on the tenant along with a hyperlink for payment.
On-Line Payment For Tenants
This goes hand-in-hand with sending statements on-line. Your on-line statement for the tenant may have a web link for payment which works directly into one with the makes up about the house. You'll save enough time and trouble of opening envelopes all night for the bank to create those daily deposits.
One word of caution: Don't spend a lot of cash to create a method such as this. Most banks will perform it for a couple dollars monthly, but I've seen pricier systems out there too.
If you survey your tenants and ask them if they'd like the choice of paying on line, 99% will say Yes.
The reality is a large number of will still mail to you personally the on-line statement the printed or deliver payment for a office. The on-line payment choice is nice to provide, try not to spend big money on one because the actual usage through your tenants is a lot below expected.
Wellness Checks For Tenants
We'll pro-actively do little things for the tenants: Replace exhausted lights, ceiling tiles, and look plumbing for proper operation.
This gives us the opportunity to chat informally while using tenants, maybe gather market intelligence, and within the case of a running toilet also keeps the river bill low for the house.
Direct Deposit For Owners
This is an excellent service to offer should you're a professional property manager with several clients and properties under management.
Most banks offer this feature for a couple of dollars monthly. Board Member, Committee Member and Management Company - Working Relationships to cover multiple clients on-line and acquire the master its money in the morning instead of waiting to the proverbial 'check in the mail'.
If you're in the property management business, this, as well as timely and accurate reporting, is one feature that can develop a lots of client loyalty.
Keep An Attorney On Retainer
I'm far from litigious, but count on me, as the market is constantly on the get tough issues will start to appear which you thought never would. It's important to use a go-to person for legal advice and spending somewhat now helps you to save a huge number later on.
Websites And Internet Marketing
If you do not have a very website set up for your home, think seriously about doing the work.
In today's world much marketing is performed online and if you don't possess a presence on the internet you're losing a great deal of potential business and exposure.
Websites nowadays are amazingly inexpensive to create and keep and can give you so much more bang for your buck than traditional 'snail mail' activities.
Real Estate Flyers
Just as with an online site, there is no need to pay lots of money to development a true estate flyer.
I find it advisable to create a template that can be used for multiple properties. All you have to perform is change some copy and graphics for a property-specific or space-specific flyer, as well as in a few minutes, you're installed and operating.
We have great results incorporating flyers into our property websites and in our other on-line marketing activities.
My Website: https://vimeo.com/vinsonsalisbury0