In the 21st century, property management has become an exciting industry filled with employment possibilities. As we keep that in mind, let us look at four important tips for aspiring and existing property managers.
Maintenance and Regular Checkups
One of the most important things all property managers should do is make sure everything is up and running inside the houses and apartments they rent out. After all, few things are worse than being on the receiving end of an expensive lawsuit for something that could have easily been avoided.
There are several ways to do this. For instance, it is of paramount importance to conduct EICR tests regularly. For those unfamiliar with the term or managers just starting in their profession, EICR stands for electrical installation condition report. In simple terms, it entails a visit by a qualified electrician to check your property and ensure it conforms to the highest levels of safety.
Another example is the proper maintenance of heating, ventilation, and air conditioning systems, or HVAC. Aside from preventing unwanted accidents, having the basics taken care of will ensure that customer satisfaction remains high and the properties you manage remain popular with existing and potential customers.
The Little Things
In the past half-decade or so, Airbnb has transformed from a small startup based in San Francisco, California, to arguably the largest and most important online marketplace for lodging worldwide. As of 2021, more than seven million properties worldwide are listed on the platform and can be accessed either through the Airbnb website or its mobile app.
As is the case with most things, when it comes to properties, not all things are created equal, and some places are much more popular than others. Reasons for this include size, location, level of convenience, proximity to transportation, age, and of course, price.
Still, perhaps the most important factor in determining tenant satisfaction is something that oftentimes cannot be measured in numbers. Rather, it is about intangibles, the little things that make an enormous difference. For a guest arriving at night, a few snacks and a bottle of water will more than likely guarantee a high rating. So will a few essentials like shampoo, toothpaste, a shaving kit, and a few sachets of instant coffee for a businessman on a two-day work trip to your city.
No matter how beautiful the properties you manage are or how affordable they may seem compared to the competition, you will not be a successful property manager if the places you rent are invisible. Even if this is basic knowledge that everyone in the industry knows, many property managers fail to place enough value on the importance of proper marketing.
But what does proper marketing entail, specifically in the property management business? In an arena filled with competition, how can one stand out among the crowd? Answers to these and other questions are unfortunately not as straightforward as one would hope for and do not fit in a specific mold.
Still, there are ways to maximize the tools at your disposal. For starters, you must understand that placing an advertisement on a real estate site or online rental platform is nowhere near enough. You also have to make adequate use of social media and take advantage of existing personal networks.
The Value of Information
Success is not guaranteed in life. No matter who you are or what you do, chances are others are doing more, and they are doing it faster, better, and more efficiently. As a result, taking the time to rest on your laurels is not an affordable proposition.
Instead, you must be in a state of continuous acquisition of knowledge and relevant information. Few industries change faster than real estate, and what you knew yesterday or think you know today might not be useful by the time tomorrow comes along.
One example is education. If you want to become familiar with the ins and outs of property management, taking suitable courses should be an essential part of your career path. And if you can’t afford them yet, there is plenty of online information at your disposal, a lot of it provided for free.
Another thing you could do is learn from experts in the industry. If you do enough research, you will find that many hold seminars and give lectures on best industry practices and guidance for starting managers.
As you can see, you can do a wide variety of things to become the best possible property manager. You can take care of the essentials and do the little things that all customers value. You can also engage in proper marketing techniques and continue learning.
By doing them, you will enhance your chances of succeeding no matter whether you are a beginner or an expert in the industry.