24 Mar 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 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:
- Assessing: how much rent to charge and how long it will take to rent your home
- Inspecting: make recommendations on how to get your property rent ready
- Marketing: list and effectively market your home to people looking for homes to rent
- Showing: show vacant units to prospective tenants
- Screening: use a thorough screening process to find good tenants you can be confident in
- Signing: take care of the leasing paperwork for you & collect the security deposit
- Collecting: collect the rent and deal with late rent payments (if any)
- Maintaining: handle and perform all property maintenance including maintenance emergencies
- Repairing: handle and perform all necessary rental property repairs
- Renewing: deal with the lease renewal process
- Move In & Move Out: keep the property in optimal condition by inspecting it each time a tenant moves in or moves out
- Eviction: take care of the difficult eviction process for you (if and when needed)
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 homes, condos, and multifamily such duplexes and triplexes, and even small apartment buildings. Call us today to get started (858) 576-2176.