Property management is one of the most demanding careers in the real-estate industry so how does a property manager stand out from the competition? That is this week’s tip from Keepe the maintenance company.
Meeting the high expectations of tenants, landlords, colleagues, and contractors is no small task.
A rental property manager may need to handle the tasks of finding and screening new tenants, maintenance issues, handling renters’ complaints, and leases. This means that for a property manager to be successful, they need to possess excellent management skills.
With the property-management industry being a lucrative career in recent years, there is a massive influx of individuals seeking to take up property management as a career. According to a report by Statista, there are approximately 80,000 property managers in the United States.
Considering that level of competition, it’s important that property managers learn strategies to stand out from the crowd.
No. 1 – Be Available and Responsive
Successful property management entails being available and responsive.
You have to be available to respond to your tenants, landlord, and even contractor messages or requests. Today, tenants want a property manager to whom they can easily communicate their fears and desires about their apartments. Responding to your tenant’s request or complaint in a timely manner will help you build trust with your tenants and clients. On the other hand, being unavailable will only earn you negative reviews or ratings, and will hurt your chances of scoring new clients.
No. 2 – Have an Excellent Understanding of your Rental Properties
To be ahead of your competition, you need to have a complete understanding of the properties and neighborhood(s) you manage.
Start by learning all their unique features and selling points. Learn more about the neighborhood, entertainment areas, relaxation spots, education facilities, social amenities, and business areas. Such information will make it easier for potential renters to decide whether this is a place they would want to live. The more knowledge you have about your rental properties and neighborhood, the higher your chances of attracting and retaining tenants.
No. 3 – Set Realistic Prices for Your Rental and Service
When it comes to finding a rental, price is one of the most important considerations for most renters.
If the rent is set too high, potential tenants are likely to overlook it and go to the competition. Therefore, do your due diligence before setting the price. A property manager could consult an experienced real estate agent to find out what others in the neighborhood are charging for similar properties. Finding the right price will help lower your vacancy rate and boost your occupancy rate.
In addition to setting the best rental rate to make both tenants and clients happy and to keep your property management business running, you need to think about how much you should charge your clients. In addition, try to offer unique services that allow you to charge more and help to attract property management clients as well.
The bottom line for a property manager
If you want to stand out from the crowd as a property manager, you’re going to have to do things a little differently. Just be sure to keep an eye on the growing competition!
Keepe is an on-demand maintenance solution for property managers and independent landlords. The company makes a network of hundreds of independent contractors and handymen available for maintenance projects at rental properties. Keepe is available in the Greater Seattle area, Greater Phoenix area, San Francisco Bay area, Portland, San Diego and is coming soon to an area near you. Learn more about Keepe at https://www.keepe.com.