Property Management Best Practices: How Do You Compare?

As you climb to the top of the property management field, do you have a plan for success? To make your business the best it can be, it's important to have the right tools and strategies in place. Implement these property management best practices to stay competitive and grow your single family business:

Know Where You're Going

Exceptional businesses establish clear goals regarding future growth. Instead of trying to reach everyone, determine your areas of specialization and set realistic expectations moving forward. According to VHCB, successful property management companies "clearly identify their purpose for taking on property management consistent with the organization's mission or business plan." Do you plan to grow into a new area of the city next year, or would you like to improve your maintenance schedules to become more proactive? Stay on top of your business goals, along with community trends and business regulations.

Develop Your Online Presence

Your website often creates a first impression of your business for prospective tenants and owners. Use SEO to help them find you, and create an attractive and informative site by adding videos and placing multiple photos in your listings. You should also ensure that all of your prospective tenants have a way to get in touch with your business by developing a contact center, where leads can go to ask questions about your business. Be approachable online, and you'll build trust offline.

Draw in Prospective Tenants

How are you peeking the interest of prospective tenants? Whether you're working in a neighborhood that attracts seniors or a college town full of students, build on your niche and determine how to reach out to your specific audience. According to Institute CCD, "leasing staff needs to be supported in creating focused marketing efforts and screening applicants in fair and consistent ways." You might take contact information, place it into your system, and schedule an email follow-up. Don't leave it up to the tenant to decide whether to call you: reach out with relevant and appealing information.

Create a Strong Foundation

Strong business practices allow you to provide the best service possible to owners and tenants. As a property manager, your primary role is to work with people. You want to draw them into your company, and then provide a level of service that will inspire them to stay. Basic property management best practices can be easily enhanced with the right processes and tools. With property accounting software, mobile inspection software, maintenance organizers, and tenant and owner communication portals, property management software helps you build this foundation for your business.

When you're looking for software to bring your property management business to the next level, contact Propertyware. From communication with tenants and owners to maintenance tracking and property accounting and reports, we're here to support your business and simplify your life. Contact us today to get pricing.