The real estate market has shown some positive signs of sustainable growth, with global real estate investment increasing by 13.2% in 2017, according to Cushman & Wakefield. This makes real estate business one of the most prestigious markets. The scales at which people go to feel comfortable in homes they can afford either through buying, renting, or leasing, only enables the industry further. As such, real estate or property managers are some of the best paid professionals in high-growth markets. However, managing property is not always easy. Whether you’re managing a few residential properties or working out ways to help real estate investors purchase a property without a mortgage, having the right property management skills is vital.
If you’re into property management, here are a few practical tips to keep in mind.
Practice Proper Property Maintenance Procedures
The selling point of any property is usually based on how well it is presented during viewing. Regardless of what a potential client is looking for, a clean property scores more points and may actually result in a sale. Highlighting the focal points of a house such as by cleaning an attic window professionally or trimming and mowing the lawn also accounts for good property management. Knowing your properties in and out, including their selling points, the upgrades they need, the advantages and history, is attractive to a client too. Ensuring the properties are inspected regularly to identify areas that need repairs and steps that could be taken to lower monthly utility bills also ensures the property is well maintained and at a lower cost.
Surround Yourself With a Great Team
“Great things in business are never done by one person. They’re done by a team of people,” professed Steve Jobs. The real estate industry just like any other employment opportunity requires cohesive collaboration and healthy competition to succeed. Assembling a great team that is capable of delivering highly efficient and quality services instantly classifies such a firm to a good property management company. Nonetheless, this great team does not necessarily have to be composed of exclusive industry experts. Friends, family or acquaintances interested in real estate can form that great team to back you up and help you maintain quality services. Knowing the right people for a job is critical, and sometimes, these right people are friends.
Constantly Update Your Knowledge on Properties
Over time, the real estate industry has evolved, with Victorian décor, industrial looks and contemporary styles on the rise. A close look at today’s top construction industry trends reveals new designs with new materials customized to specific geographical and environmental conditions to suit construction requirements. For example, areas that are prone to earthquakes have deeper basements and a bunk shelter with the property. Understanding all the recent developments by scouring property listings and publications helps you stay updated and current. Such information is critical in making changes to properties you already manage, incorporating new ideas into new projects or improving the marketing side of the business. Customers appreciate a property manager who is in tune with the changes in the real estate industry.
Always Be Flexible and Dependable
Managing a property involves a lot of work, and that’s why most real estate investors work with property managers. As such, being readily available at all times for such clients is both dependable and illustrates good property management skills. It is common for tenants to call you for minor repairs, especially if they just moved into a new neighborhood. Luckily, technology tools enable you to be active at all times either through social media platforms or on call which is instrumental in providing first class services to your clients. Being technologically savvy is also ideal for your financiers as they are able to track projects through apps that permit remote sharing of documents.
Good property management also involves effective communication and marketing prowess to ensure that the properties being managed are never vacant. Maintaining residential or commercial properties by carrying out regular maintenance inspections, while being backed by an efficient team and using technology to update your information on real estate should be simple and effective.