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Need Ideas For Property Management Solutions?
If you're much like me you're always on the lookout for new property management solutions, ideas that may make your house management run better and much less 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 did wonders and which not well.
Set The Right Expectations
Property management solution #1 is always to set the proper expectations with your investors, your tenants as well as your vendors.
This also is categorized as time management techniques category. property manager richmond remember long ago somebody once said, "If you don't manage your time some other person will manage it to suit your needs."
How true.
If you're working with building owners, set the correct expectations for your weekly or monthly reports, distribution of owner funds, and follow-up calls and emails.
With tenants, be consistent with rent payment dates, 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 correct expectations with tenants you will be surprised how everything falls into place.
Develop A List Of Reliable Vendors And Suppliers
I realize that by paying the vendor early and also by not nickel-and-diming the owner, that in turn I get very competitive pricing and straight-forward, reliable service.
Even should you simply have one good vendor that you work with, they could probably give a helpful referrals to folks they're betting that are employed in other trades. The fact is, people know and buy from people like themselves. If you've got one guy or gal this is a great supplier, they'll know others to refer for your requirements.
Send Monthly Rent Statements
This may be the #1 approach to increase your income also to move your hard earned money receipts up within the month.
Many times we've bought out the management of a house the place that the tenants have fallen into the habit of paying just before the late date, the 10th or the 15th.
By sending our printed statements 10 days before the payment date with the 1st of the month, we've stood a 100% success rate when you get tenants to pay with the due date and still have dramatically changed the timing in the property's income.
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 your tenants you can actually develop a statement on-line and email it on the tenant together with one of the links for payment.
On-Line Payment For Tenants
This goes hand-in-hand with sending statements on-line. Your on-line statement to the tenant can have a web link for payment which works right into one from the accounts for the exact property. You'll save enough time and trouble of opening envelopes on and on to the bank to produce those daily deposits.
One word of caution: Don't spend lots of money to create a process similar to this. Most banks is going to do it for a couple dollars monthly, but I've seen pricier systems in the marketplace also.
If you survey your tenants and get them if they'd such as the use of paying online, 99% will say Yes.
The the fact is that many will still mail to you personally the on-line statement the printed or deliver payment in your office. The on-line payment options nice to provide, such as the spend big money one since the actual usage by your tenants would have been a lot below expected.
Wellness Checks For Tenants
We'll pro-actively do small things for your tenants: Replace burnt out lights, ceiling tiles, and appearance plumbing for proper operation.
This gives us the opportunity to chat informally using the tenants, maybe gather market intelligence, and in the case of an running toilet also keeps the river bill low for the exact property.
Direct Deposit For Owners
This is an excellent service to provide if you're a professional property manager with several clients and properties under management.
Most banks offer this feature for a few dollars a month. You're able to pay for multiple clients on-line and acquire the owner its money the following day instead of waiting to the proverbial 'check inside the mail'.
If you're in the property management business, this, together with timely and accurate reporting, is one feature which will build a lot of client loyalty.
Keep An Attorney On Retainer
I'm faraway from litigious, but trust me, since the market will continue 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 counsel and spending just a little now helps you to save a huge amount later on.
Websites And Internet Marketing
If you never use a website setup for your property, think seriously about carrying it out.
In today's world much marketing is conducted over the web of course, if you don't have a very presence on the net you're missing a lots of potential business and exposure.
Websites these days are amazingly inexpensive to create and gaze after and can provide you with much more bang for your buck than traditional 'snail mail' activities.
Real Estate Flyers
Just as with an internet site, you don't need to to shell out big money to style a genuine estate flyer.
I find it far better to develop a template that can be used for multiple properties. All you have to accomplish is change some copy and graphics for a home-specific or space-specific flyer, along with a few momemts, you're working.
We realize success incorporating flyers into our property websites as well as in our other on-line marketing activities.
Here's my website: http://www.masonre.com.au/