As part of being a property management company, it is your responsibility to have the skills and knowledge to rent out units quickly, maintain the operations efficiently, and boost the property’s profitability. When homeowners feel that you have these, they will trust you, even more, to manage their properties for them. Building strong relationships with homeowners is one of the many keys to keep your business afloat and growing.
Whether it’s with large-scale investors of individual homeowners that you work with, expertise and accessibility are vital, especially during this time of crisis. Here are some ways you can be of more value to your property owners:
Being Accessible and Trustworthy
Overseeing multiple properties with different owners can be quite a struggle when keeping up with inquiries and responding to them promptly. While there are owners who prefer to hand over their responsibility to the property management company, there are others that want to be a part of all the processes taking place and to receive regular updates. Either way, homeowners expect more than just the regular check-ins, they also want you to keep them informed.
If new issues or problems arise, don’t avoid mentioning it to the homeowners. Strive to overcome each problem and proactively think of solutions for them. Dig deeper into your property’s performance and have a comprehensive view of the properties you manage. By having these at hand, you can have the insights you need to provide proper care and guidance to the owners to resolve the issues faster. Ask your partner homeowners for honest feedback on ways you can improve your relationship.
Additionally, using a cloud-based technology software can make it easier for owners to access documents and get in touch with your team quickly using any device – from anywhere. Especially with the health crisis we are facing today, being able to access important files from the comforts of our homes makes life very convenient.
Make it Easy to Send and Receive Payments
One of the biggest nuisances a homeowner faces is paying for fees and waiting for reimbursements or refunds. Keeping track of these invoices and send checks by mail manually can be very time-consuming because you do this monthly. This can be especially daunting for those who own multiple properties. To make the process easier, adopt, and incorporate mobile tools in your system that allow owners to send payments and receive funds quickly in just a few clicks. Having this useful and convenient tool in hand will save time and reduce frustration.
Provide Access to Performance and Financial Data
Aside from maintenance updates and leases, homeowners are also interested in seeing how their property is performing and what more they can do to increase their profitability. You can help your partner owners to understand their financial situation better by providing them the tools they need to view and access their property’s performance and financial data.
There are property management softwares with real-time data available. With this technology, you can provide your owners with the insights they need to make more strategic decisions.
Be on the Lookout for Opportunities
Profitability is the number one goal of a smart homeowner. By looking for ways to maximize the efficiency of your operations, you can help property owners to grow their assets. One way to boost profitability is to update the rental rates based on the property’s geographical area. You can also review the property’s maintenance and upkeep. Check if the units and the common areas are overdue for repairs and maintenance. Owners can claim tax deductions for making property improvement and also improve their property’s value.
Be up to date on the industry trends and techs that will help save money and increase the property owners’ ROI. There are always innovations coming from time to time to improve property management tasks. Unique marketing tools can be a great help to speed up the leasing flow and fill the vacancies faster.
Building and fostering great relationships with your property owners will greatly affect the success of your business. When owners trust you and know that you can effectively manage their properties, they will more likely be loyal to your company and recommend you to their friends and family. By providing them with accessibility, proactive communication, and looking for more ways to add property value, you can strengthen your relationships with your property owners and grow your business further.