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text 2021-04-28 06:10
4 Property Management Trends Likely to Continue Past 2021

 

 

Without a doubt, the rental market is facing a lot of challenges due to the pandemic. It is the property managers, who have faced the most of them. From trying to accommodate safer and healthier environments, to avert all sorts of damage that delated rental payments could do to the rental ecosystems. A lot of new trends have arisen as an answer to the problems. The most important ones are likely to continue in the future and become the norm, not just goals for property managers. Here are few examples of such trends:

  • Property managers are spending more time dealing with the concerns of their residents – in the past, it seems it has always been the same 3 priorities that property managers rank as most important – profitability, efficiency and growth. However, things have changed in 2020, with residents moving to the list of top priorities. This reflects the change in how property managers spend their time during a tumultuous period like this. The main focus has been on renters and the homes they occupy – keeping units full, keeping up the rent money flowing, all the while ensuring the safety of all residents. There is more communication with renters and more active steps to reduce the strain on people who have lost their jobs. Some property managers are helping residents with filling out financial aid forms, and otherwise being responsive to problems that have been outside their scope, until now. That is a trend likely to continue.

  • Technology embedded in the property management business – for those property managers who have not moved most of their processes online, things have been really difficult. This is a trend that is likely to remain for a long time. After all, staying connected and getting things done without necessarily meeting people is no longer an option currently. Property management technology trends have risen to meet this challenge. They have brought many advantages to an industry that previously relied on a lot of face-to-face connections. And property managers report that such changes have brought positive outcomes to their work. It is the customers of these services who have benefited as well. From virtual tours of rental properties to electronic leasing, everyone seems to be on board with the new means of doing business and that is likely going to improve even more from here on out.

  • Owners need more insights and communication from property managers – during the pandemic, clients of property managements services find a better appreciation of the expertise that property managers bring in regards to rent collection and working on payment plans. With evictions and late fees changing due to the Covid-19 pandemic, and the costs of running rental properties going up, it is property managers that need to bring a balancing act. They have been expanding their services and keeping closer communication to property owners about regulatory changes, vacancies and payments. Naturally, owners are all in favour of this communication continuing in the future.

  • Property managers are relying on new ways to grow their business – if there is one thing that the pandemic has helped property managers with, it is to highlight the importance of strategy and technology are essential for growing the business. As regulations change, DIY property managers/landlords will not remain in the business, as profitability becomes harder to achieve. Strategies for growth based on objective realities and novel ways to boost the business will become more prominent in the years to follow.

These are all essential trends, born out of the events of the pandemic. They are likely to persist, changing and improving the property management scene in the future.

© MLM Property Management

 

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text 2020-12-06 19:03
7 of the Most Common Challenges Property Managers Face

 

Despite the fact the real estate industry is getting constantly outfitted with new technology and modern trends, it is property managers that seem to be facing persisting challenges. There are major factors, such as the state of the economy, but also smaller ones, like tenants, landlords and buildings. 

Sometimes it takes more time to resolve this than work hours allow. However, it is through sufficient planning and executing the right moves that property managers can stay on top of the main challenges in business. Here are a few examples: 

  • Responsibility – for a landlord and a property manager to form a mutually beneficial relationship, they have to build trust. And when you think about it, it is property managers who are responsible for bringing in the right tenants through various screening methods. This calls for diligent evaluation, which is a responsible task to do. 

  • Risk – there are a few liabilities and risks that every real estate management company needs to address. The managers can never afford to ignore any modes of health and safety inspections that should take place within the properties, like gas and fire safety, energy performance and electrical safety. Failure to execute any of these and properly audit the trail of activities associated is a risk for tenants, landlords and realty firms involved.

  • Time constraints – a property manager fully understands how valuable time is, especially since they need to coordinate landlords, facility suppliers and tenants. This is very difficult to do, and it takes experience and the proper utilisation of technology to get right. 

  • Support tech – speaking of technology, more and more property managers are starting to use cloud-based solutions. This allows them to greatly streamline and centralise their audits and streamline operations. Once the cloud-based technology is properly implemented, property managers can begin to take full advantage of it. 

  • Operating costs – one thing that can affect the revenue of property managers is increased indirect costs. This means they will have to spend more on materials and tools for maintenance. There are certain initiatives, which can help them out, as long as they take the time to familiarise themselves with the program and how it can work for them. 

  • Tenants – there is one thing every good property manager knows: it is much more demanding to bring new tenants in property than it is to renew a contract with any of the existing tenants. That is one of the greatest challenges that property managers face is setting a good relationship with these people. Tenants demand various things, from the most typical comfort requirements to more advanced demands like improved security of the property and frequent audit. Over time, tenants want to be able to utilise the space more efficiently via creative floor plans. Meeting all of these demands is not always easy and a successful property manager needs to know how to best address them. 

  • Staffing – property management companies always have to be on the lookout to find and train customer-oriented staff. There is training required, as well as securing competitive wages for these people. After all, a company is only as good as the people working for it and providing its service to clients. Some other staffing challenges occur when it comes to outsourcing some services, like janitorial work and handyman services. 

These are most of the common challenges that property management companies nowadays face. They need to stay on top of these challenges because finding efficient ways to overcome and stay ahead is what separates the good property management companies from the bad. 

 

© MLM Property Management

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text 2020-08-24 08:20
6 Steps to Securing a Great Property Manager

 

 

 

Property managers are not all equal. If you are someone with a rental property who wants to make the most of your investment, you need to enlist the services of a good professional from the industry, to make the most of them. 

To find a good property manager, you can follow some proven tips. Let’s see what they are:

  • Get some referrals – if you have a professional network, now is the time to use it. Try to get some referrals from several people. Some good sources can be other investors like yourself. Real estate agents and brokers often have the necessary connections and can point you towards property management companies. If you are working with various contractors, it is worth a shot asking them too. 

  • Check for property management companies online – if you are still in the process of building a local real estate team, you can opt to work with online property managers. If you search for a residential property manager in your city, you will be able to quickly find several options. Don’t forget to check online websites for ratings and customer reviews, to find a decent company. 

  • Follow an interview process – it is very important to meet with several property managers and conduct an interview. There are many questions you should ask. For example, you need to know how long they have been in business and how many properties they are currently managing. If it is a company, ask them about the number of staff they can dedicate and what areas of the city they operate in. Make sure to also learn more about how they determine rents and how often they conduct inspections. You can also ask them if they have any sort of awards or other forms of recognition from prestigious events, as that can prove they are a solid pick.
     
  • Licenses and certifications – property managers need to have all of the required licenses and certifications. They should be ready to show proof of such, but in case they aren’t, don’t be afraid to ask. 

  • Understanding the contract – like all binding agreements, a property management contract is an important document. There are certain terms and conditions that each side needs to be fully aware of. In particular, you should be more focused on the start and end date of the agreement, the fees they charge and reporting policy. Make sure you know what your restrictions are, in terms of tenants and property maintenance. If there is an early termination clause, make sure it allows you to end your relationship with the company quickly, as that can save you a ton of money and stress, in case you are not happy with the service. 

  • Asking for references – this may be the final step in your search for a good property management company, but it is a very important one. Ask for references/samples of their work. And no matter what you are presented with, make sure to do a little further investigation on your own. For example, you can speak to some of their current clients, who have similar properties and find out more about how they are doing. You can also drive by some of the properties they are currently managing, to see if there are enough tenants. After all, many ‘for rent’ signs could be a sign of trouble. 

Following all of these tips is a sure way to guarantee you end up with a good property management company on your side. 


© MLM Property Management

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text 2020-06-25 05:48
Top Mistakes Property Managers Still Make in 2020

 

 

For property managers, every year brings about new challenges and new potential pitfalls. Lost opportunities, financial losses and dampened relationships are just a few of the negative outcomes of these mistakes. 

 

However, the most important thing is to learn from these mistakes, so that the service gets better and better. Professional management is all about adjusting to the needs of the client and the challenges they face. To achieve success, you have to consider the most common mistakes and prevent them. Let’s see a few examples of them: 

 

  • No effort to automate – one valuable asset of every property manager is their time. Thus, they need to take active steps to automate certain processes, like bookkeeping, owner disbursements, communication with tenants and accounting, to preserve their time. There are plenty of property management automation solutions out there that a manager can utilise to minimise face to face meetings and other time sinks. 

 

  • Generating little communication with tenants – if the manager doesn’t keep in touch with the tenants, they will hardly care what the person needs of them. Poor communication is at the root of many staff-related conflicts and that is just not a thing a landlord wants to see. 

 

  • Doing no tenant screening – a tenant needs to be suitable for their unit, otherwise, all sort of trouble may arise. A property manager needs to use all of the available tools to make some sort of screening – social media, asking questions and using specialised services even. With good tenants, there is no trouble in regards to lost rent, evictions and other such problems. 

 

  • Not having any plan in place after hitting the 200-door mark – a good property manager sooner or later expands their business. The rentals they manage to increase and so they need a system for automation, processes and tools, to make their job easier. Not having a plan for when that happens is a huge mistake, which often causes property managers to lag behind. 

 

  • Foregoing the collection of operations information – every property manager needs to know the condition of the building they manage, the units in it, as well as have a general awareness of any weak points. That is to allow them to react quickly, in case something malfunctions. Having the required operations information means they can prevent costly emergencies in the future. 

 

  • Poor accounting practices – accounting takes up a major part of the work that a property manager does. They need to keep all books accurate by attributing the expenses and income to each specific account. It is safe to say they require some sort of accounting solution so that they can prepare reports and ensure no mistakes are made. 

 

  • Zero marketing of the property management service – every customer of the property manager and landlord will check them online. Thus, they need to ensure there is a good website working for them and that it is representing their services well. A dedicated website for the company serves as a centre of all marketing campaigns and tool for presenting the services they offer. 

 

  • Inactivity on social media – engaging with clients and landlords on social is surely a winning move by any property manager. People tend to believe a manager more when they see them online. So engaging them on social media not only creates a good experience for them but also shows intent, attitude and willingness to create more value for them. 

 

All of these mistakes are still present in 2020. Learn to identify them and avoid them, if you want to stand out as a property manager. 

 

© MLM Property Management

 

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