Real estate property management or project management best practices can make or break a business. Your competitive brands and companies are surely adapting some of these to get ahead of the curve. Are you lagging behind? Our team at Assetsoft has years of experience in working with many different real estate businesses. Read this article to understand our industry insights for best property management practices and stay ahead of all competition.
Seamless property management? It's Possible!
With or without competition, property management is a non-negotiable when it comes to a real estate business. Most businesses have no set rules for property management, but that can be a major drawback in scaling growth. Seamless property management can help you stabilize your income, concretize your relations with tenants, vendors, and other stakeholders and help you mark in the real estate market.
Top 10 property management practices for better business
Here are a few of the top best practices in project management that you must follow to the T to build an effective system in your everyday business functionings.
Constant communication with tenants
Your real estate business exists because you have enough tenants occupying your units. Be it Commercial Real Estate (CRE) or residential, it is essential that you frequently and constantly communicate with your tenants about any issues at hand. They need to know that your property manager or property management system is at their constant beck and call and will help in any moment of crisis. Like raising maintenance issues on your user dashboard should be easy and readily solved, or talking to your property manager should be a viable option at all times of the day. This will make tenants renew their lease with you, and you will avoid turnovers.
Dynamic marketing strategies
You can take your company and products to social media and market them. You can hire a social media manager, but you can also get the latest Customer Relationship Management (CRM) software like ZOHO to get a fully integrated marketing system. This will help you communicate with tenants and employees and at the same, automate your marketing system to help you drive sales in the long run.
Proper back office accounting and expense tracking
A property management system, be it a human or software, it needs to keep track of all expenses. This will help in back office accounting work and keep up with all the Financial Accounting Standards Board (FASB), never pay any penalties, and close all books on time. Not only this, but it will also keep more clarity in the tenant-landlord relation, and no one will feel cheated with gross accounting processes. And when your business has proper accounting, it will stabilize your cash flow and never create roadblocks in business.
Offer consistent common area maintenance services
Do not wait for your tenants to ask for common area maintenance services to provide them. Develop a standardized system for all your buildings and units and conduct periodic maintenance work before you start getting complaints. This will help tenants rely on you and develop trust in your brand and help in your CAM reconciliation work.
Getting technological help in property management
There are many different property management software like Yardi, MRI, Procore, and many more. You need a proper technology selection plan for your real estate properties to automate and streamline the process and take the burden off your employees.
Global News Wire reports believe that real estate property management software increased from $902.6 million to $964.1 million between 2020 to 2021. This means more companies are investing in it to save money and time, and you should too.
Outsourcing your property management plans
There are many property management service providers who provide outsourced services. They provide holistic business support services and some of them even use top-notch technology to get the job done faster. You do not need to employ an in-house property manager; you can simply outsource the work to a partnering company.
Our team at Assetsoft can provide you with assistance in choosing the right property management software for your business. We can also help with the software integration and provide constant support to your staff to understand its functions.
Training your staff and educating them
As a property manager, you are not the only one looking after the properties. You might look at the business process overview but your employees need to understand the minute workings of the company and proper tenant interaction methods to keep up with the industry standards and retain clients.
Attracting new tenants
The best practice to attract new tenants is to keep the previously existing ones satisfied. Why? NAR Consumer Profile reports found that almost all tenants who found good homes via their agents have always recommended that business at least once to their friends and families.
The leasing process should be simplified
Most leasing processes are filled with complicated legal matters and tedious due diligence. You can automate this process and simplify form fill-ups and agreements with a CRM software integration. Contract signing, negotiations, and raising queries about particular properties can all be automated with a simple, easy-to-use CRM dashboard and will help both parties save valuable time.
Networking and getting updated about the industry trends are crucial
Building and maintaining a solid network with service providers, vendors, and other real estate professionals is vital in this business to get work done. In case of emergencies and business growth plans, this network will come in handy and help you grow your business. Having a detailed quote of what these vendors and services providers' services cost, how much they charge in case of emergency services, and understanding if they are reliable enough. It can help you in better building management and react promptly to your customer needs.
Property Management Made Easy with Assetsoft
Are you stressed out over the whole property management plan and find it a little overwhelming? Worry no more! The Assetsoft team has years of experience in helping real estate businesses integrate the best of easy-to-use software solutions to streamline their property management needs.
Talk to us to know more.