Stats About Property Management
While 70% of property managers believe that a service-oriented culture would improve their business, only 38% are ready to make this a reality. This is a troubling trend for property management because customer expectations have never been higher. Failing to meet those expectations could expose you to a lot of risks. Besides, dissatisfied customers are quick to voice their opinions online. The article also points out that 79% of renters turn to online review sites when they have a bad experience.
Maintenance and Repairs are the Number One Property Management Task
One of the top priorities of property managers is property maintenance. Performing regular cleanings, repairs, and safety checks on your property will improve the satisfaction of your tenants and guests and boost your reputation. A better reputation will encourage repeat business and tenant retention. Maintenance tasks include building walkthroughs, regular cleaning, and HVAC filter replacements. Reactive maintenance involves repairs when something breaks or malfunctions, such as a drain clog or flood. In addition to these routine maintenance tasks, you must take proactive measures to prevent a breakdown, such as flooding or a power outage.
Maintenance and repairs are often overlooked, but they are essential to property management. Whether you have a single unit, a portfolio of properties, or a large multi-unit building, regular maintenance is necessary to satisfy your tenants and attract new ones. When you hire a property management company, you’ll get a team of professionals to perform repairs and maintenance on your property.
Credit Scoring and References are Key Factors in Determining a Renter’s Ability to Afford
If you’re a landlord in vacation rental property management, you should always run a complete background check on potential renters before letting them rent your property. After all, you have money on the line and must be sure you can trust your tenants. Credit scoring and references are just two ways to determine a renter’s financial health. If you’re unsure how to conduct a thorough background check, consult a legal professional.
Credit scores are a big part of how rental housing providers determine if a renter is financially responsible. They look at their debt-to-income ratio and outstanding bills to determine whether a prospective tenant can make the rent payments. If a renter has a low credit score, raising your score is important before applying for a rental. You can also apply for a co-signer or increase your security deposit to prove your financial capability.
Renters with a high credit score are likely to be better candidates. However, a low credit score should not deter you from applying. TransUnion notes that there is no definitive “good” credit score, and many other factors go into determining a renter’s creditworthiness. As a result, credit scores can be inaccurate and cannot provide a comprehensive picture of a renter’s financial condition.
Smart Home Tech Could Increase Property Management Revenue
Smart home technology is a growing market with a huge scope for growth. It is increasingly being used to monitor energy consumption and automate apartment units. According to research by Gartner Technology, smart devices will be a common feature in most homes within five years. As a result, you can improve your rental rates and attract new tenants by implementing smart technologies into your property. Smart technologies can also help prevent water and security risks and increase tenant satisfaction.
Smart thermostats and other devices can streamline operations and reduce expenses. For example, a property manager can optimize energy output by adjusting temperature settings according to the peak and lull times of the day. This can save property managers millions of dollars in energy costs. Property managers can even control energy usage through their app.
Smart home technology also provides a huge opportunity for property management. By integrating smart home devices into their properties, property managers can reduce annual utility bills by as much as 30%. Moreover, smart home technology can improve tenant satisfaction and reduce costs related to unit turnover.
Owner Satisfaction is a Top Priority for Property Managers
A property manager has many important responsibilities. First and foremost, they must ensure that tenants are satisfied with their services. Second, they must collect deposits and rent. Third, they must deal with problems and resolve them quickly. This requires intuition and problem-solving skills. Lastly, successful property managers have a sense of curiosity and are always trying new ways to achieve their goals.
The first step in creating a positive experience for tenants is to build communication channels between the property manager and the owners. A good property manager will ensure that the two parties share information regularly. This may be done through a weekly sit-down meeting, a shared spreadsheet, or a phone call. This communication is critical for ensuring tenant satisfaction and retention.
A property manager should stay informed about the latest laws and regulations governing the industry. Staying updated is essential for ensuring the property is safe and meets standards. Local building codes, ordinances, and state laws are constantly changing, and staying up to date is important.