If you're looking for ways to make your property management company more successful, there are some very common mistakes you can avoid. Following these tips will help you increase your profit margin and retain high-quality tenants.
1. Avoid Extended Vacancies
Extended vacancies are never ideal, as they can quickly disrupt your cash flow. In order to avoid this situation, make sure you're planning ahead as much as possible by advertising your upcoming vacancies and keeping properties in ready-to-rent conditions.
2. Be Mindful When Choosing Locations
Before investing in a property, consider factors such as proximity to school districts, public transportation, and community amenities. Well-located properties are always highly sought after and attract more potential tenants.
3. Stay on Top of Maintenance Issues
Renters don't want to take a gamble that issues with the home or apartment will be fixed before they move in. Fixing maintenance issues promptly is a great way of keeping current tenants happy and attracting new ones. Additionally, any time spent on maintenance issues in between tenants causes a longer vacancy period and lost revenue.
4. Make Rent Payments Easy
Make sure your tenants understand everything that's expected of them with the rent collection process. Rental agreements should clearly state when the rent is due, what is considered late, and what fees apply to late payments. Consider providing an online system that allows tenants to automate their rent payments, which makes everything as simple as possible.
5. Provide Positive Customer Service Experiences
Current and prospective tenants form their opinions of your business based on their interactions with you, so it's important to have the best people representing your company. Answering calls promptly and being knowledgeable and friendly are important aspects of customer service you should always provide.
If you're looking for a simple way to provide better customer service, give Insta Answer a call. Our agents are experts at handling real estate issues and make sure your clients can always get in touch with you, day or night. To learn more about how we can improve your business, contact us today.