Just like in so many industries, best practices change over time. Property management best practices for 2017 have been a long time coming. Changes in the way people use technology, for example, have affected best practices in all industries and property management is no exception.
Best property management practices 2017
Customer service on par with or better than other service industries
See yourself as asset managers
Use the latest technology
Build your brand through online marketing strategy
Customer service
Just like any other type of business that serves customers or clients, property management companies must set a culture of great customer service and good communication among its staff in order to be successful. Managing properties for property owners or investment groups is an important service. Good customer service keeps the owners informed of the condition of the rental property and the need for improvements to increase the value of the property through proactive communication.
A property management company’s clients may include:
a homeowners association of single-family residences
landlords / owners of rental units inside condominium communities
a condominium owners association
resort property owners or associations
commercial and industrial property owners
Single family rental property owners
Property investment groups
Asset managers
People buy rental properties for a profitable return on their investments which makes asset management an important part of rental property management. The old best practice was to maximize rental income and occupancy but the focus has shifted to maximizing the value of the property. According to Michael T. Lanning – the 2017 president of the Institute of Real Estate Management – property managers should be thinking “more like asset managers and less like rent collectors.” Rental property managers are shifting away from continually increasing rent to current market rates at the expense of losing good tenants because turnover costs have proved to be higher than the new rent will bring in.
Technology
The latest technology should be used to process rental payments and other accounting procedures. Meet tenants evolving expectations by offering automatic rent or homeowners’ dues deductions from the renter’s checking account or through an online tenant portal.
In 2017 everyone expects instant answers; use an online chat bot to immediately respond to questions from tenants and clients.
The property manager is often the first person contacted by a renter who has a problem with the unit. Technology makes it easy to send absentee owners photos of their property to show a leaking pipe or roof that needs repairs.
Build your brand through online marketing strategy
Build your brand and improve your search engine result page (SERP) rankings by building a modern, well-optimized website with relevant and regular content. A property management company blog is a great way to answer your potential customer’s questions and show your authority on property management issues. Posting a new blog on a regular basis is a great way to convince search engines that your website has relevant content. Providing rental property listings built into your website is a service you can offer potential tenants that will keep them coming back.
By being open to changing trends, embracing technology and valuing clients and tenants, property management companies will have the best chance for success.
Son-Rise Property Management has been serving the property management needs of Bellingham and Whatcom County since 1996. Contact us today to see how we can help you find a rental property for your family or manage your rental properties.
