Property Management Basics for (More) Success
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It can be difficult for property owners to stick with the same property management company when there are so many out there (and new ones popping up all of the time). Like any business, it's important for a property manager and their team members to stay proficient in the basics. The best property managers focus on training themselves and their employees, so they continue finding and keeping clients!
If you own a multifamily property management business or serve single-family rental property owners, good tenant screening and retention are only some of the tasks you must master for lasting success. Brush up on your skills and make sure your processes and systems include these property management consulting tips for effective tenant retention.
Property Owners Depend On You For Good Tenants
When operating a property management company and managing multiple rentals, one of the most important things is to place good tenants in properties for your clients. Once you find excellent renters for a multifamily property or single-family home, one of the next most important things is to keep them for more than one lease term!
The more doors under your management, the harder it can be to find good renters for every rental unit. That's why property managers must establish the right processes and use the best property management software solutions to streamline the process when finding and screening prospective tenants.
Having a well-trained team is crucial, as well! Depending on the number of doors per employee, each team member can find and manage a significant volume of residents. In addition, every renter must meet the expectations of your property owners to avoid lost revenue for investors.
Better Tenant Screening = More Doors
When your team successfully places and retains more tenants for property owners, your business grows! When investors experience better returns on investments, they're more likely to stay with your property management company year after year. Plus, property owners that experience success through your management services are more likely to recommend your company to other property owners in your market.
What Can Property Managers Do to Improve?
Whether your company has a stellar retention rate—or it's an area that could use some work to reduce tenant turnover—property owners should start by revisiting the basics of tenant screening and management. When your company stands out in the market as having the best resident retention rates, more property owners will seek out your services!
Property Management Training for Your Team
Whether you implement training programs on your own or work with a residential property management coach, ongoing education for your employees can help you deliver the best tenant placement and management services in your area.
With new and seasoned employees alike, make sure they understand the characteristics of a good tenant, including:
- Follows the rules in the lease
- Pay the rent on time
- Don't cause property damage
- Keep the property clean
Work with your team to look for the signs of a potentially bad renter during the tenant screening process. The right software system can make it easier to collect applications, review criteria, gather background information, and ultimately choose the best residents for rental properties.
Manage Tenants Well
Once your team finds excellent renters, it's important to manage them well. Tenants don't stay in a rental home because they found one; they stay because they found a quality home with excellent management services that help them feel safe and welcome in their home.
Effective workflows, the right software, and a well-trained team work together to communicate well with tenants and respond promptly to maintenance requests or other issues. Keeping properties well-maintained boosts your impact with both property owners and residents. Offering fair rental agreements and applying rate increases conservatively also helps tenants enjoy living in the properties under your management.
Be Willing to Change
Being a successful property manager requires effective strategies to keep tenants happy—and that often helps keep property owners happy, too! However, what worked at one point in your career as a property management business owner might be the best way to screen and manage tenants now.
If you're not sure why tenants don't stick around for more than one lease term, review your operations in the areas of communication, property maintenance, and leasing. Then, work with a property management consultant to fine-tune your operations.
Improve Your Tenant Screening Process With Property Management Coaching
If you own a business in the property management industry, it's important to make sure you deliver excellent service for your tenants and property owners. How can you do that? Start with the basics! Review current processes and determine what is working well or not so well, including tenant screening protocols, maintenance procedures, communication strategies, and anything that plays into how satisfied your tenants will be while living in rental homes under your care.
It may take some time, but if done correctly, this process should lead to increased retention rates—which means more business for your property management company in the long run! If you're not sure how to start this review and improvement process, Real-Time Consulting Services is here to help! We work with residential property managers to grow their businesses by assessing current processes, technology, and staffing, then implementing customized solutions for improvement. Reach out soon for a free consultation!