Simplify Small Property Management: 7 Top Tips
Small property management can be complex and challenging to navigate. Keeping track of leases, finances, maintenance requests, communication with residents, and admin work can be challenging for any property manager.
If facing these challenges, utilizing the right tools and resources is essential to simplify small property management. With effective property management, you’ll enjoy reduced downtime, better income stability, and improved resident satisfaction. Here are the top tips for simplifying small property management.
Efficient Small Property Management Tips
If you spend a lot of time and energy managing your small property, it’s time to implement these valuable tips.
Automating monotonous inspection tasks is one way to save time and money. RentCheck is a digital rental property inspection tool that enables you to work smarter and manage more units. This software is the perfect solution for organizing and inspecting small properties. With it, you can:
- Carry out digital rental inspections: RentCheck allows you to conduct virtual property inspections in less than ten minutes. All you have to do is enter the details of your property and take detailed room-by-room photos. With this app, it’s easy to track the condition of your rooms and have more transparency when refunding security deposits.
- Perform resident-led inspections: You don’t have to be present to conduct an inspection. You can have residents conduct the assessments themselves, improving accountability, relations, and communication with your residents.
- Track maintenance requests: In addition to rental inspections, you can track any maintenance requests from your residents via RentCheck. You can quickly contact local contractors to address any issues and track the progress of your maintenance requests in one central hub.
- Gain protection from legal disputes: Quick but thorough inspections at move-in protect you and the residents from any legal arguments regarding the property’s condition and responsibility for damages.
Remember The Building’s Aesthetics
Taking care of your building’s aesthetics is a surefire way of improving your real estate’s return on investment (ROI).
Some of the simple changes that can help improve your property include:
- Swapping old appliances for energy-efficient and sustainable ones
- Upgrading or adding new light fixtures to improve residents’ experiences
- Adding a fresh coat of paint
- Upgrading floors
When thinking about aesthetics, don’t forget the curb appeal of your property. First impressions can make or break a sale-so you want to make a good one. To improve the curb appeal of your property, consider things like replacing aging siding and roofing, adding attractive landscaping, and sprucing up the front or entryway.
Always Be Upgrading
Upgrading helps you keep your property competitive in the market and enables you to increase rent to match current market rates. Upgrading should be seen as an investment not only for your property’s value but also for resident satisfaction.
As a property manager, you should always think of ways to improve the quality of life for residents living there. Some upgrades can include adding amenities like a gym, pool, and playground or installing smart devices. It can also be something as simple as replacing carpets or fixtures.
Take Care Of Resident-Owner Relationships
Establishing and maintaining long-term relationships with your residents can benefit your property. It can help attract long-term residents, preventing vacancies and reducing turnover costs.
Establishing relationships begins with good communication. Proper communication eliminates doubts and misunderstandings, leading to frustrations and disputes. Things like responding to resident complaints or requests promptly, providing incentives for good behavior, or offering discounts on rent can help foster strong relationships. Additionally, good communication allows you to explain and manage expectations.
Finally, never underestimate the power of good customer service. Providing a warm welcome when residents move in and ensuring their needs are met on time can help you build relationships with your renters and create a pleasant living environment.
Decrease Summer Turnover
Most renters move out during the summer for various reasons, including job losses, relocations, military duties, and other personal reasons. You can reduce turnover costs by implementing a plan to retain residents during the summer months.
One way to do this is by offering move-in specials or discounts for residents who sign an extended lease agreement in the summer months. You could also give incentives like discounted rent or free utilities for a certain period in exchange for early lease renewals.
Also, consider offering retention bonuses to existing residents who renew their lease agreement during the summer. For example, you could offer a discount on their rent or free access to free WiFi and other attractive packages.
Create A Pre-Screening Survey
Answering phone calls from non-qualified renters takes time. You can simplify the process by creating a pre-screening survey that prospective renters must fill out before viewing the property. You could also include an online application form where applicants can upload financial documents and rental history.
This will enable you to quickly determine if a renter qualifies for your property without wasting time on unnecessary phone calls or appointments.
Create A Plan For Replacing Lost Residents
Residents don’t last forever. At one point, people will want to move out for different reasons, such as upsizing or just changing their neighborhood. Planning to replace those who move out protects you against sitting with empty units for months.
The first step towards being ready for vacant units is asking residents if they plan on renewing their leases a few months before the lease expires. This will give you time to find new renters and prepare for a smooth transition. Ensure you find out why a resident doesn’t want to renew a lease. If it’s an issue that you can fix, such as needing upgrades, you might change their mind by making the necessary upgrades.
Creating marketing campaigns to attract qualified residents as soon as possible after you have a vacancy would be best.
Property Managers Can Win Big With RentCheck
Small property management is easy with the right tools. RentCheck is an affordable cloud-based software that simplifies small property management. It offers a range of features, including automated reminders, customized property inspections, resident-led inspections, and a system for writing notes and reports.
It’s the perfect companion for property managers, as it allows them to focus their time on finding qualified residents and other essential tasks. Try RentCheck to discover easier property management and peace of mind.