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Need Ideas For Property Management Solutions?
If you're just like me you're always searching for new property management solutions, ideas that can make your home management run more efficiently and fewer expensively.
In today's property management training article I'd like to share ten property management solutions I've personally used, along with tips about which proved helpful and which not so well.
Set The Right Expectations
Property management solution #1 is to set the proper expectations using your investors, your tenants and your vendors.
This also is categorized as personal time management category. I remember years ago somebody once said, "If that you do not manage your time another person will manage it to suit your needs."
How true.
If you're working together with building owners, set the best expectations for the weekly or monthly reports, distribution of owner funds, and follow-up calls and emails.
With kew property manager , remain consistent with rent due dates, when rent statements are sent out, deposit of funds, and willingness to perform repairs that maybe aren't called for inside the lease. After only a couple of months of setting the best expectations with tenants you may be surprised how everything falls into place.
Develop A List Of Reliable Vendors And Suppliers
I realize that by paying the seller early and also by not nickel-and-diming the seller, that in return I get very competitive pricing and straight-forward, reliable service.
Even in the event you only have one good vendor which you use, they are able to probably provide a useful referrals to the people they know that are employed in other trades. The fact is, people know and sell to people like themselves. If you've got one guy or gal which is a great supplier, they'll know others to refer to you.
Send Monthly Rent Statements
This could be the #1 approach to enhance your income and also to move your dollars receipts up in the month.
Many times we've bought out the management of a home where the tenants have fallen in the habit of paying prior to the late date, repeat the 10th or perhaps the 15th.
By sending our printed statements 10 days prior to deadline with the 1st with the month, we've were built with a 100% success rate in enabling tenants to pay with the payment date and have dramatically changed the timing of the property's cash flow.
On-Line Billing To Tenants
Most banks and off-the-shelf accounting software offer the service. As long as you provide an email address contact information to your tenants you can actually produce a statement on-line and email it on the tenant in addition to a link for payment.
On-Line Payment For Tenants
This goes hand-in-hand with sending statements on-line. Your on-line statement on the tenant may have a web link for payment which goes right into one in the accounts for the exact property. You'll save time and trouble of opening envelopes on and on to the bank to produce those daily deposits.
One word of caution: Don't spend big money to create something this way. Most banks will perform it for a couple dollars 30 days, but I've seen pricier systems available on the market as well.
If you survey your tenants and enquire of them if they'd much like the use of paying online, 99% will say Yes.
The truth is that many will still mail for your requirements the on-line statement the printed or deliver payment to your office. The on-line payment option is nice to offer, but don't spend big money on a single since the actual usage through your tenants would have been a lot under expected.
Wellness Checks For Tenants
We'll pro-actively do little things for our tenants: Replace burnt out lights, ceiling tiles, and check plumbing for proper operation.
This gives us the opportunity chat informally with the tenants, maybe gather market intelligence, and inside case of an running toilet also keeps water bill low for the exact property.
Direct Deposit For Owners
This is a great service to make available should you're a professional property manager with several clients and properties under management.
Most banks offer this feature for a couple dollars per month. You're able to pay multiple clients on-line and get the dog owner its money the very next day rather than waiting for your proverbial 'check inside the mail'.
If you're inside property management business, this, in addition to timely and accurate reporting, is certainly one feature which will create a large amount of client loyalty.
Keep An Attorney On Retainer
I'm far from litigious, but count on me, as the market continues to get tough issues will begin to pop-up that you just thought never would. It's important to possess a go-to person for legal advice and spending somewhat now will save a large amount afterwards.
Websites And Internet Marketing
If that you do not use a website create for your house, think seriously about carrying it out.
In today's world so much marketing is completed over the internet and if you never use 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 definately will present you with a lot more bang for that buck than traditional 'snail mail' activities.
Real Estate Flyers
Just as with an online site, you don't have to spend a lot of cash to create an actual estate flyer.
I find it best to produce a template which you can use for multiple properties. All you have to complete is change some copy and graphics for a house-specific or space-specific flyer, plus a few momemts, you're installed and operating.
We realize success incorporating flyers into our property websites along with our other on-line marketing activities.
Website: http://www.masonre.com.au/