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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 will make your house management run more proficiently 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 proved helpful and which less than well.
Set The Right Expectations
Property management solution #1 is always to set the best expectations using your investors, your tenants as well as your vendors.
This also falls into the time management planning category. I remember long ago somebody once explained, "If you don't manage your time and efforts someone else will manage it for you."
How true.
If you're working together with building owners, set the proper expectations on your weekly or monthly reports, distribution of owner funds, and follow-up calls and emails.
With tenants, stay consistent with rent output deadlines, when rent statements are sent out, deposit of funds, and willingness to accomplish repairs that maybe aren't required in the lease. After only a couple of months of setting the right expectations with tenants you'll be surprised how everything falls into place.
Develop A List Of Reliable Vendors And Suppliers
I see 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 if you simply have one good vendor which you assist, they can probably provide a useful referrals to people they already know are employed in other trades. The fact is, people know and buy from people like themselves. If you've got one guy or gal which is a great supplier, they're going to know others to refer for your requirements.
Send Monthly Rent Statements
This is the #1 method to enhance your earnings and move your dollars receipts up inside month.
Many times we've absorbed the treatments for a property in which the tenants have fallen into the habit of paying ahead of the late date, repeat the 10th or perhaps the 15th.
By sending our printed statements 10 days before the payment date of the 1st in the month, we've stood a 100% rate of success when you get tenants to spend from the deadline day and also have dramatically changed the timing of the property's cashflow.
On-Line Billing To Tenants
Most banks and off-the-shelf accounting software offer the service. As long as you have an email for the tenants it is simple to create a statement on-line and email it for 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 towards the tenant will have one of the links for payment which goes right into one with the is the reason for the exact property. You'll save enough time and trouble of opening envelopes and going to the bank to make those daily deposits.
One word of caution: Don't spend big money to set up a process such as this. Most banks will perform it for a couple dollars 30 days, but I've seen pricier systems out there also.
If you survey your tenants and have them if they'd like the choice of paying on the web, 99% will say Yes.
The truth is a large number of will still mail for you the on-line statement the printed or deliver payment for your office. The on-line payment options nice to provide, along with spend big money one as the actual usage by your tenants is a lot lower than expected.
Wellness Checks For Tenants
We'll pro-actively do small things for tenants: Replace burnt out lights, ceiling tiles, and check plumbing for proper operation.
This provides for us the opportunity chat informally with all the tenants, maybe gather market intelligence, and in the case of a running toilet also keeps the river bill low for the exact property.
Direct Deposit For Owners
This is an excellent service to offer in the event you're a professional property manager with several clients and properties under management.
Most banks offer this feature for a couple of dollars per month. You're able to pay for multiple clients on-line and acquire the dog owner its money the very next day rather than waiting for that proverbial 'check within the mail'.
If you're in the property management business, this, together with timely and accurate reporting, is but one feature that will build a great deal of client loyalty.
Keep An Attorney On Retainer
I'm definately not litigious, but keep in mind that, because the market continues to get tough issues will begin to pop up that you just thought never would. property management richmond to use a go-to person for legal counsel and spending a bit now will save you a lot of at a later date.
Websites And Internet Marketing
If you do not have a website setup for your property, think seriously about performing it.
In today's world so much marketing is conducted on the internet and when you never use a presence on the internet you're missing a lots of potential business and exposure.
Websites these days are amazingly inexpensive to create and gaze after and may present you with a great deal more bang for the buck than traditional 'snail mail' activities.
Real Estate Flyers
Just as with a web site, there is no need to invest a lot of money to style a true estate flyer.
I find it better to build a template which can be used for multiple properties. All you have to complete is change some copy and graphics for home-specific or space-specific flyer, and in a short while, you're working.
We realize success incorporating flyers into our property websites as well as in our other on-line marketing activities.
Website: http://www.masonre.com.au/