Residential Property Management

Residential Property Management

Residential Property Management

The Skills You Need to Succeed

Residential property management is a tough business. It is no secret that a rental property is a great investment. But, they take work to manage, especially if you do not use a property manager. From understanding leasing procedures to screening tenants, there are a great deal of responsibilities, functions, and skills involved in property management. The fact is, property management is a complicated business! From marketing to filling vacancies and negotiating to enforcing leases, it’s nothing short of time-consuming, if not overwhelming. For this reason, we offer some insight on the skills you need to keep your vacancy rates low, and your tenant retention high.

Residential Property Management Skill #1: Good Communication

Having good communication skills is essential in life, and property management is no different. Communication plays a key role in tenant satisfaction and retention. In other words, how you interact with your residents will sets the tone of your relationship. In the property management business, learning how to effectively communicate with others while choosing the right words can literally make or break a business. For this reason, understanding how to hone this skill is important. 

How To Hone Your Communication Skills

  • Be a good listener
  • Stay professional
  • Speak clearly
  • Know your audience
  • Watch your body language as well as others (non-verbal communication)
  • Make eye contact 
  • Ask questions
  • Restate the person’s question in your answer
  • Be empathic
Residential Property Management

Residential Property Management Skill #2: Customer Service

Remember, your tenants are your customers so you need to keep them happy. When you provide excellent service, your tenants are more likely to renew their leases (tenant retention). A few ways to provide good customer service are: responding quickly to all communications and resolving maintenance requests promptly. And, a tenant portal can help you do this. Whether by phone, text, email, or chat, it’s important to appeal to the modern renter with technology they use every day. By using technology that makes your tenants’ lives easier. You in turn make your business more efficient, effective, and as a result, more successful.

Skill #3: Planning & Organization

In the property management business, staying organized and planning ahead is essential. That’s because there is a lot to keep on top of like rental applications, background checks, lease agreements, communication logs, financial records and so on. From coordinating move-in and move-out days to keeping track of rent payments to make sure it gets paid on time, organization plays a key role in your success. But the problem with too much paperwork is that it can easily reduce the efficiency of your office. Not only does it create more work to keep things organized, but it also increases the risk of something being lost or forgotten. The good  news is, property management software can fix that. 

Skill #4: Outsourcing

Your goal as a property owner should be to minimize the complications and chaos involved with running one or more properties. For this reason, it may be time to outsource your property management.

Professional Property Management

Our property management services are comprehensive and include:

Whether you are interested in changing property managers, or simply looking to hire a property management company for the first time, we can help. We manage residential properties throughout San Diego including homescondos, and multifamily such duplexes and triplexes, and even small apartment buildings. Call us today to get started (858) 576-2176.