There are a lot of good property managers around. That's great for property owners and tenants but not so great for you when you're trying to build a business. It gives you more competition in the local property management industry, which can cut your profits.
So, what do you do about that? The best option is to set yourself apart from competitors by being the best property manager in your local market. Just being a good property manager won't be enough to get you noticed, and you'll want to focus on doing more than other companies around you.
However, you can't "just" provide good service. Unfortunately, that won't be enough when you're considering how to be the best property manager in your market. Instead, there are multiple areas you'll need to focus on to stand out from the competition. Here's what to consider.
Make Sure You Understand the Market
Knowing the market is important for any property manager, but many managers don't have the in-depth knowledge they really need. If you go above and beyond with researching and learning the trends and conditions in your current local market, you can help set yourself apart.
Not only does that help you know where to look for clients and properties, but it also helps you work with property owners on pricing and other specifics. Additionally, you'll have a better idea of what tenants are looking for in a rental property, along with how much rent is realistic for the size and type of property.
Also, be sure you know your ideal client. For example, don't spend a lot of time pursuing single-family property owners if you want to specialize in multifamily properties. By targeting the right tenants, you can accomplish more for your business and be a better property manager to your clients.
Don't forget to pay close attention to local regulations and laws, too. Make sure you're handling every property the right way and that you're not violating any housing laws or other regulations for your local area. Violations could get you into a lot of trouble and damage your business in the eyes of potential clients.
Build Yourself a Strong Team
A strong team of professionals can help you focus on being a good property manager. Hire and train a team you can trust and rely on so you know they can provide you with what you need to succeed while keeping tenants and property owners happy.
Additionally, take the time to build good relationships with vendors, contractors, and others you interact with frequently. Not only can that help you get more done, but it can make issues like emergency repairs easier to handle efficiently. Collaboration and teamwork are significant keys to success.
Hone Your Communication Skills
Knowing how to be the best property manager in your local area often boils down to communication. If you aren't listening to your property owners and tenants and you don't understand their needs, they will feel frustrated. That could lead them to take their business elsewhere.
When you communicate effectively with owners and tenants, and you make sure you reply to their concerns in a timely manner, you can figure out solutions and get conflicts resolved. Then everyone is satisfied with the outcome, which goes a long way toward keeping clients and tenants happy.
Market Yourself With Quality Advertising
You need to attract good tenants for the properties under your management, and you need more property owners to keep expanding your business. Marketing is a significant part of both of those areas.
So, if you're not generating the interest needed in your properties or from potential clients, consider working with property management consultants who can help you showcase your best qualities and make any needed changes.
By understanding and using the right channels and the latest technological options, you can show off the properties you have for rent, along with the best qualities of your management business. Paying attention to current marketing trends makes doing all of that easier and more efficient.
Make Maintenance and Repairs Efficient
Offering proactive maintenance can prevent major repair issues, and handling maintenance requests quickly keeps tenants happier. In addition, when you build relationships with vendors and contractors, it's easier to handle these kinds of issues faster. That's a winning situation for tenants and property owners.
It's understandable that some larger repairs can't be made right away. Still, the way you communicate this to everyone involved and how much effort you make to handle the issue efficiently won't go unnoticed. Owners and tenants pay attention to how their property manager handles significant issues.
Keep a Good Handle on Your Finances
Record keeping matters, and so does reporting. Property managers must be able to show owners where their expense budgets are going and why their company is worth it. You also have to keep good records for tenants to ensure you're fair with issues like returning a security deposit after they move out.
Additionally, you want to make sure you're employing good cost-saving strategies to keep your fees down. That way, you can budget for making a profit while charging fair rates. In other words, you need to be competitive with your pricing and still make money, which is harder to do if you're not watching your finances closely.
Review your financial reports on a regular schedule and identify areas where there are problems. Then, work toward any needed adjustments that can make your property management business better and more profitable in the future.
Work With Property Management Consultants to Be the Best In your Market
When you're truly focused on being the best property manager in your market, consider working with property management consultants who can help. By working with consultants, it's easier to understand the resources and team you really need to stand out in your local market. Real-Time Consulting Services can help you examine each of the areas mentioned today to help you optimize your property management company!
Ready to get started on developing your property management business further so that you can take it to the next level? Download our in-depth "Property Management Business Insights" whitepaper and get the information you need today!
We will review your business plan and make sure you are on track.