The key to successful Property Management 

 

This article allows landlords and tenants to qualify the right property manager, by way of understanding what it takes to achieve the most professional level of property management. 

Property Management is always focused on securing higher occupancy for landlords at the best rate possible. However, this cannot be done unless the property is managed with the right system; especially the Maintenance aspect. A well-managed property is a well-maintained property, and you cannot have one without the other. 

A well-maintained property means:

  • A detailed move-in and move-out joint inspection process with tenants. 
  • A well-defined channel of communication between landlords, property managers and tenants. 
  • A well-communicated process for placing and rectifying maintenance requests. 
  • Timely response and prompt action. 

Cost effective maintenance, and service for both tenants and landlords. 

In our experience, it is almost impossible to achieve the above unless property managers are equipped with a well-tested technology-driven CRM that is extended via user-friendly mobile apps for both tenants and landlords. 

At fäm Properties, we invested a lot of time, money and effort to build a bespoke property management CRM that comprehends the A to Z of property management for both landlords and tenants. To keep it simple, the key to professional property management evolves solely around creating fully automated processes, workflows and frameworks in a way that ensures transparent real-time access for all parties involved.  

Our research has shown that the majority of the tenants who are dissatisfied with their current rental situation cite a lack of maintenance and responsiveness as a primary reason. Therefore, any ongoing maintenance issues can directly affect the landlord’s income as the property does not retain long term tenants and will not attract new tenants. 

To improve occupancy rates, property managers must have a rock-solid system in place to ensure that maintenance issues are well recorded and are dealt with in an effective and timely manner, and that the property is well maintained throughout the entire tenancy period, as well as between tenants. 

Always have records.

Communication must be recorded with the full details of the maintenance request and the respective date. Keeping track of the maintenance requests will help you save money and boost a Landlord's revenues.

It is important to note that a good CRM is as good as the people who use it and any missing information is likely to represent an extra expense in the future. As an example, if you replace a kitchen hood in December and in June the tenant complains again about the same issue, this may imply tenant misuse of the item rather than a malfunction. 

Keeping records is helpful whenever a tenant complains about you failing to resolve maintenance issues. The records will clearly expose previous cases immediately.

Automation

Automation is essential to respond to a complaint in a timely manner when a tenant is requesting any necessary maintenance.

You must track the e-mail, phone call or in-person complaint for all clients. Failure to do so may result in a further complaint due to unresolved issues or delays.

An application that registers your tenant’s maintenance requests does indeed fix this problem, as landlords have direct access to any fixed or pending issues. Service quality by the property manager can then be measured at all times by the landlord.

 
Create a process for move in and move out

Move In process

Before the tenant moves in, it is necessary to conduct a joint inspection to verify the unit status. Maintenance issues must be recorded in a move-in form and rectified before the commencement date detailed in the tenancy contract. Once the tenant moves in, a condition report should then be signed to confirm that all of the issues identified on the first inspection have been rectified.

Move out Process

Similar to the move-in process, the moment the tenant decides to vacate the apartment, another inspection should take place to verify the unit status. It should be no difference with the move-in form signed by the tenant. 

This is essential to avoid any issues at the time the security deposit is being refunded to the tenant. Clear and up-to-date records will ward off avoidable disagreements between the landlord and the tenant. 

Well-defined property management terms 

A welcome letter detailing every aspect of tenancy, including but not limited to move-in, move-out joint inspection, what scenarios/issues qualify as an Emergency situation and others. All have to be communicated in a way that explains the rights and the obligations of tenants and landlords. Managing tenant’s expectations is the cornerstone of healthy tenant-landlord relationship. 

Community management:

If the properties under management are in a building or a compound, it is mandatory to coordinate the move in and out with the management company in the community.
Processes should not contradict any existing policy the community has in place. Coordination between the Property Management Company and the Community Management company is necessary. 

In the case of an emergency, the building should have certain procedures ready to be rolled out in relation to the emergency.

External Suppliers / Service Providers

Working with good companies is essential and your landlords and tenants will be thankful for it.

All maintenance aspects like plumbing. electrical, HVAC, carpentry and general repairs must be attended to by a specialist.

Create good business relationships with companies that can represent you properly. A satisfied tenant will result in: (1) fewer maintenance problems; (2) client referral; and (3) a prolonged business relationship.

To Conclude, 

Maintenance should be treated as the utmost importance whenever it is required. A small maintenance issue, is left unattended to, can soon turn into one that is major and more costly to fix. All landlords need a well-automated system to handle and store records.

Smart Landlord from fäm Property Management provides all landlords with an effective and efficient way to manage all the aspects of maintenance in a timely, hassle free and cost-effective manner. Have peace of mind with the assurance that your property will remain well maintained by specialized and experienced property management experts. 

Over 500 Tenants are registered today to our smart app reporting any maintenance request through it.

Remember that a happy tenant means a happy landlord and a property that will attract increased revenues! 

To know more about fam Properties Property Management Services.

To know more about fam Properties Property Management Services.
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