Continuing with our "Tops" series, we present you with the Top 10 things your property manager should be doing in the management of your asset, regardless the asset.
1 Overcommunicating - If you are going month to month, and the only communications you are receiving from your property manager is your monthly statement, there are issues present. You should be receiving communications from your property manager weekly, and those communications should be timely, detailed and keeping you informed about all aspects of your asset.
2 Sense of Urgency - A high sense of urgency should be the driving force behind the property manager's relationship with you. Whether it is the physical maintenance of the asset, low rental rates, high tenant turnover, or other aspect, the proper manager should display a constant high sense of urgency in all their endeavors, and aspects of conducing business with you.
3 Positive Attitude - Many asset owners will become frustrated when they do not feel the occupancy rates of their asset are as high as they should be. It is paramount the property manager approach the relationship with a sound positive attitude, in all communications, and dealings with the client.
4 Communications With Tenants - Equally important to number one above, the property manager must properly communicate with all tenants, regardless the property type. Even for short term rentals, where the tenant is only present for a weekend or a week, there needs to be proactive communication between the property manager and the tenant.
5 Steadfast Approach for Repeat Rentals & Referrals - Repeat rentals is most applicable to short term rentals, where the desire is for the guest to return to the property the following year, and stay the same week. Many proactive property managers attempt to book the guest's stay for the following year, while they are staying the current year. For other assets, seeking constant referrals is a sound business practice for a property manager. If you have a great tenant in place, seek referrals of additional great tenants.
6 Constant Marketing of the Asset - With the technology we have at our disposal today, there is no reason why the property manager is not marketing your asset daily. The asset should be treated as a product that can be sold over and over. If your property manager is not actively marketing your asset daily, find a property manager who will.
7 A Long Term Strategy & Goal Setting - What is the long-term plan and what are the goals for your asset? Do you know? Does your property manager know? Was this discussed when you signed with them? If you do not know where you are going, you will never arrive there. As such, if you do not have a detailed plan, as well as goals, you will never be as successful as you could be.
8 Successful Property Managers are Curious - IMS has been in business for nearly 25 years, and we are constantly searching for better methods of operation, better technology, and better methods in which to attain our collective goals with our clients.
9 Proactive in Curb Appeal - This curb appeal is for both the interior and exterior of the asset. If a rental unit is not pristine inside, it will draw complaints, refunds will be given, and repeat renting will be low. If the exterior is not pristine, tenants will not select your property. The property manager must be highly proactive in ensuring the curb appeal of your asset is a top priority.
10 Organization - The best property managers have every aspect of their business organized at high levels. Again, with the technology present for property managers today, there is no excuse for not being highly organized, having all pertinent information about your asset at their immediate disposal.
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