Owners hire property managers to do the work that they either don’t have the time for, or think need to be handled by a second party. Handing over this responsibility means the owner trusts the manager to bring maximum profit from the property while attending to tenant requirements and complaints. As a property manager, it is of utmost priority to ensure the owner is content with the services you are providing. Here are a few tips that will give you an idea of how to improve your work and achieve owner expectations:
- Owners expect profit. Methods to boost finances crafted for that particular property must be followed.Charge the right rental rate that is decided on after making market comparisons according to geographical location, condition of the property and local sale prices. This will maximize profits.
- A certain level of responsibility comes with taking care of property. Owners want to see their property well-maintained and kept tip-top, and hence, periodic checks for any issues should be conducted. In case of any, they must be resolved as soon as possible.
- The tenant screening process requires a lot of patience and effort. Effective and smooth background checking and data gathering before signing the contract and moving in helps analyze whether the tenant has the tendency to cause a problem in the future. A systematic, unbiased screening procedure results in reducing the likeliness for a large issue to arise at any point during tenancy.
- Owners with multiple properties will want them occupied all through the year with dependable tenants. Information of the potential tenants moving in soon after the old ones have left, and that of the thorough screening done beforehand should be handed in before sealing the deal.
- A rental owner’s statement essentially gives an idea of where the money is going and coming from. Verified, legible reports are to be submitted to the owner so they can assess the success of their investment.
- Assistive technology and convenient applications make an owner’s work easier. Easy accessibility for the owner to all tenant information enhances manager-owner relationships. It also optimizes everyday processes to save time and money, which in turn benefits the owner.
- Periodic reports and updates of progress reassure the owner that the property is in good hands and that the manager is prompt in carrying out their duties. Property owners just want to be ensured that all their smaller duties are taken care of –
collecting rent, handling maintenance and repair issues, marketing rentals and such. As a property manager, records of completing these jobs must be communicated effectively and in time to the owner.
On close inspection, one would notice that owner satisfaction is not too hard to achieve. There is barely any additional work – it is more of completing allotted duties without leaving room for the owner to find mistakes or point out incompetency. Follow a structured to-do list, inform your owner of the work you accomplished profitably and wait for them to lean back comfortably in their chair with a slight smile on their face – that’s when you know you’ve done your job well.