As a property management company, you must have tried some strategies to grow your revenue. At times, you can face quite a number of challenges. Actually, some things can be easier said than done. This is especially true given the stiff competition in the present market. However, with objectives to meet and numbers to crunch, there’s so much little time to waste thinking about your options. You should consider some things to help you fast track the success of your company.

The following are some of the ways that property managers can drive more revenue:

#1: Monitor Trends

The field of property management is highly volatile. Therefore, it’s highly important for leaders to be in the know on the latest trends at all times. Property management companies must always remain on top of industry trends like local rental rates to make sure that you always remain competitive. Eventually, you’ll maximize your return on investment, improve your bottom line, as well as demonstrate to clients that you’re always ahead of the game. That will go miles in helping you earn referrals and/or repeat business.

#2: Reduce Vacancy

A high turnover is not only costly in terms of reduction of rental income, but the expenditures associated with filling vacant properties can really escalate. You must avoid wasting resources, money, and time and instead focus on both attracting and retaining only quality renters. For instance, you can utilize property management software to track things such as maintenance requests. By doing that, you’ll be able to offer your clients and tenants convenient options that certainly make their lives much easier. Consequently, properties will always remain full.

#3: Add Value

The more value is added to your property through extra services for tenants, the more you’ll manage to raise revenue in terms of rental rate increases. For example, adding concierge or courier services for your commercial properties can go miles in attracting and retaining higher paying tenants. Likewise, adding residential recreational options makes the condos or apartments you manage to be more attractive to renters. Actually, people will always be willing to pay higher rates in order to reside there.

#4: Improve Service

By delivering exceptional client services, you can be able to hugely boost the performance of your property management company. Immediately the existing clients start to appreciate how excellently you treat them, they’ll not only reward you with allegiance, they’ll additionally refer more qualified leads via word-of-mouth marketing. Moreover, ensuring that your properties are always maintained will definitely make your brand to be unique and help you grow your clientele.

#5: Expand

Expansion might seem relatively straightforward. Nonetheless, it’s surely an excellent place to begin. When it comes to property management, expansion can be facilitated in several ways. For example, your company might consider adding the number of services offered to include things such as hiring contractors or handling tenant background checks. Alternatively, you may wish to expand the company’s portfolio to consist of extra sectors such as changing from strictly residential property management to commercial property management too.

Property management companies must always find ways to not only drive profits up but also achieve sustainable and consistent growth. The above are some of the strategies companies can employ to drive more revenue.

Being a property management company can turn out to be challenging. For instance, some tenants might decide to sublet some rooms without your permission. It simply means that they can collect deposits from the sub-letters without informing you. Such situations and many others can make your work of property management to be quite tough. However, by learning some best practices, there’s no doubt that you’ll avoid falling into some traps.

Here are the top cardinal rules that superior property management Orlando companies should adhere to:

#1: Always Screen Well; Avoid Discrimination

The truth is that you can avoid 90% of potential issues by not only setting high standards but also screening applicants thoroughly. Nonetheless, for you to accomplish this, you have to conduct a structured screening process that does not discriminate against any protected class.

#2: Make Rent Payments Automatic and Easy

As a property manager, you must be highly creative. For instance, one of the most efficient ways of streamlining things is by requiring and/or offering tenants to remit their rent online. This requirement is especially handy when dealing with hundreds if not thousands of tenants. Most companies that have automated rent remittances have enjoyed low rates of late payments.

Here’s the key to successful use of utilizing online rent payments:

• Demand it in the lease
• Hire a reputable online rent collection firm

#3: Always have and stick to a rock-solid lease

Do you want to be a highly dependent property management company? If yes, then you must have a strong and fair lease. That means that your lease must be in written form regardless of the period. While at it, make sure that you seal all the loopholes that a tenant might poke on the lease. One way of making sure that such a thing doesn’t happen is by designing a high quality lease that’s tailored specifically for your state.

#4: Inspect the property you’re managing once a quarter

Are you too busy to even inspect the property or properties that you manage? If yes, then you’re too busy to become an effective property manager. Normally, the property can have an issue to do with issue or repair. It might also require a regular maintenance item that warrants quarterly inspection. Even if you opt to hire a contractor, you must be available to follow up on the job. By doing that, you’ll ensure that the job was done perfectly to the delight of tenants. While at it, you can also have ample time to inspect the whole premise.

#5: Be Honest, and Fair; Always Initiate Timely Repairs

Trust and quality are cornerstone of every successful business. It doesn’t matter whether you run a law firm, build home or operate a maid service, to satisfy your customers, you must be honest and fair. There is no shortcut to that. As a property management company, you must purpose to initiate timely repairs. In doing that, you can rest assured that you’ll be able to retain residents for a long time. In addition to that, you’ll manage to command more rent. Anything contrary to that will cause problems not only to your agency, but also the landlord and tenants.

#6: Only Withhold Deposit for Itemized and Actual Damages

Seldom, something bad will eventually happen. For example, a tenant might fail to give notice of his/her leaving. She/he might abandon the lease completely thus leaving you with months of unpaid rent. To be one the safe side, it’s prudent to withhold the deposit for only itemized or actual damages (financial or material). It can be late fees, rent or even the cost to initiate repairs to excess damages.

In Summary …

By adhering to the above best practices, you enjoy 99.9% chance of success. That is for sure.

Ah, West Los Angeles, where people come for the tour of Universal Studios and stay for the subtropical Mediterranean climate. People moving to West Los Angeles are looking for backyard swimming pools, lavishly landscaped gardens, and high-speed internet access. As a property manager, it is your job to keep everything in immaculate condition and running smoothly. Read on for strategies to streamline property management companies West Los Angeles.

Streamlining Property Maintenance

Picture this, you’re in line at the bank waiting to deposit last month’s rental income. You get an alert on your smartphone. The sewage system at Property X has backed up and the tenants are hosting a wedding rehearsal dinner that night. People around you are staring, wondering why you are wailing with your head in your hands. Picture this instead, you have property maintenance software on your phone. You log the call, arrange an emergency contractor, and saunter up casually to the cashier’s window.

Not only does your trusty app store vendor contact details, invoices and call histories, it can also help you plan and manage all-important regular maintenance, the stuff that keeps those pesky pings at the bank down to an absolute minimum. There are loads of packages out there, and many vendors offer a free trial period. Try out a few and find out which one works best for you.

Streamline Marketing

Whether you’re well established in the business, have just taken over a going concern or starting out on your own, you will find yourself constantly on the lookout for new business. While there are property management software packages to help you with this aspect of your business, marketing requires a personal touch. Here’s where social media can help. Post photos of the houses and apartments you manage on Pinterest. Follow local movers and shakers on Twitter. Post relevant local content, and they’ll soon follow you back. Make sure you interact with other people’s tweets by commenting, liking and retweeting. It’s fun, and you will be surprised how quickly you can grow a substantial following.

Streamline Payment Management

Everybody knows we’re moving toward a fully electronic system, where all invoices are issued and all bills paid online. There are, however, still quite a few pre-Baby Boomer generation folk out there who have always paid their rent by check, and want to continue paying by check. That needn’t be the major hassle you think it will. Rather than bully those recalcitrant gray-haired rebels into doing things your way, there are services that let you accept paper checks and magically transform them into electrons so they will fit into your shiny cyber bank account.

Lockbox services direct customer remittances to a secure lockbox, which makes several trips to the post office to retrieve mail. This reduces the amount of time it takes to process checks and reduces the opportunities for internal fraud. Copies of checks along with payment details are available through your online business account.

This is the digital age, make it, and these strategies for streamlining property management companies West Los Angeles, work for you!