This article is #1 of a 4 part series . For additional suggestions checkout the rest of the Stress Free Property Management series.
Is Stress-Free Property Management a Myth?
While nobody can guarantee a stress-free job or even day, our rental property management software is specifically designed to simplify, automate and streamline the tasks rental property managers face every day. The result is more productive property managers and happier tenants and property investors.
Why Owners Turn to Property Managers
Fixing the problems that arise in their properties and keeping them in working condition requires time, energy and talent, as does finding and retaining tenants. This is why property owners turn to property managers: they are looking for stress-free property management.
You want to reduce those complaints from tenants, and one of the ways you can do this is to coordinate ongoing property maintenance. According to the Sydney Morning Herald, property owners see their properties as:
“a good way to build financial security, and keeping down the costs is crucial for the investment.”
Regular repair and maintenance schedules are an investment, but they allow you identify and address concerns before they become urgent.
Use an owner portal to communicate information about repairs or news related to tenants; your owners will be able to log on any time without calling or emailing your office.
“Our owners love the owner portals, the tenants love the tenant portals.” – Michelle Fox, Owner at Fox Rental Management
Ready to make rental property management easier?
Read the entire article Why Rental Property Owners Want Stress Free Property Management
Take the Stress Out of Distressed Properties
In a world of new, shiny rental homes, some hidden gems await. Distressed homes that need repairs are there for the right kind of owner who can add a little polish and create a comfortable, safe residential experience.
Properties that may bear the long-term effects of poor maintenance and management practices or are victims of crime offer investment opportunities. It’s not uncommon for some homes in less desirable neighborhoods to be heavily discounted and sell for below market value.
Distressed home market has slowed but gems exist
Distressed property inventories pale compared to years ago, when foreclosures brought on by the recession led to a flurry of activity. As can come with a soft market, upward pricing pressure is minimizing the number of opportunities where an investor can pick up a distressed property for a low price. Within every market, however, are the ugly ducklings that can turn into swans.
Read the entire article Taking the Stress Out of Distressed Properties
How to Make Rental Property Management Less Stressful
There seems to be no end to the needs of each property and tenant, and it can be easy to feel overwhelmed by the constancy of these needs.
However, rental property management software can provide you with the necessary tools to manage these needs more efficiently, making it much simpler to run your business. Here are a few practical tips to make running a rental property management business much less stressful.
Find and Maintain the Right Tenants
Finding the right tenants can reduce your stress immeasurably. Use your property management software to set up systems that remind you to check references, do credit checks, and store data about tenant concerns and complaints. This information can come in handy if you do need to address those concerns with tenants later on and you’ll have an impeccable record of all of your interactions.
If you’d like to have less stress at your rental property management business, improve the communication you have with your tenants. When you include a tenant portal on your website, this allows your tenants to communicate with you easily after hours. They can add their repair requests or place information that you need into their system. They can also pay their bills easily. Tracking data about tenants and properties also means that tenants can look up the answers to their questions without needing to ask you directly.
Keep Your Rental Documents in Order
An online document management system helps you keep vital information in order. From scanned receipts to bill and invoice tracking, rental property management software allows you to input data and generate reports. You can look at trends and determine areas where you can improve. You can also set recurring activities and reminders so that you don’t forget to complete the intake process for a tenant or conduct routine maintenance on a property.
Read the entire article How to Make Running a Rental Property Management Business Less Stressful
Stress-Free Property Management Begins with Effective Rules
Managers are also tasked with the human element of the job: working with owners and tenants. With clear communication processes, they need to articulate the property’s rules, deadlines for rent payments, and other important details. They’re also responsible for following up with owners or tenants if something goes wrong with the property.
Great property managers are emotionally intelligent, ethical, and can resolve conflicts to maintain healthy relationships between tenants, owners, and the property management business.
Read the Entire Article: Property Managers Do Much More Than Manage Properties