Every property management company urges to bridge the gap between tenants and landlords. To do so, it is vital to build a decent property management portfolio comprising of the most prospective rental properties.
But, how to incorporate more and more properties on rent to your property management company?
The key to growing your business is to keep your rental property owners happy. This is vital to build a long-term relationship and run a profitable property management business.
Expectations of the Property Owners
To keep the property owners satisfied, it is essential to understand what landlords expect from their property managers when hiring services from a reputed company for property rent management in Bangalore.
Some of the basic things property owners expect from their managers include:
Fill all their rental units
Monthly rentals deposited to their account on time
Clear and easy legal agreement paperwork
Access to monthly statements
Regular maintenance work at the rented units (when required)
Periodical updates on the work progress
Clear and up to date tax statements
Tips to Keep the Property Owners Happy
With these aspects in mind, we have herein coined the best practices to keep the property owners satisfied.
These practices will help you to:
Get insights on the use of technology to regulate successful property management business
Build a large clientele base of landlords and tenants
Keep your day-to-day work process organized
#1 Help the Clients to Find Good Tenants
Every landlord urges to rent their house to a decent person/family. To keep up to this challenge, it is best for the Property Management company to conduct tenant’s background checks and screening before both parties sign up for the legal agreement.
It is always peaceful and desirable to rent homes to noble tenants. It assures the landlord that they will pay the rent on time, will not cause any damage to the fixtures and construction, and maintain a quality relationship.
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#2 Regular Rent Collection and Deposit
Renting the property is an investment for the landlord. Hence, their top priority is to get a regular income from this investment. This means they want to get the rent on time. As a property manager, it is not only your duty to collect rent from the lessees on time but also deposit it to the provided account of the landlord.
#3 Get Things Done On Time
If you are looking to build relationships, it is important to focus on the user experience of your clients. The renters, as well as the landlords, rely on their property managers for a lot of services. When they need repair work in the house, make it your priority to do it as early as possible.
Unnecessary delay in the work after placing a request means you are creating a bad impression of the company. Ultimately, this can result in the loss of business in the future.
#4 Integrate Technology into Your Work Process
Do you feel that you have done everything but still not able to achieve success?
Well, many property management companies fail to stay in the competition despite providing the best quality services to their clients.
If this is the scenario, what’s the lacking factor?
One of the most probable reasons is not keeping the things organized. This is where you need to incorporate technology in various spheres of work operations. Besides reducing the pressure, there are several other benefits of having a robust technological infrastructure for regulating property management services.
The property management companies looking to improve the user experience for their landlords or add more clients to the portfolio can adopt the following measures:
Create a Portal with Sections for Landowners and Lessees
In the age of smartphone, people find it convenient to find the desired information online. Having a portal with the list of vacant properties will attract an increasing number of tenants looking for an apartment for rent in Bangalore. Similarly, you can encourage the landlords to create their accounts on your website to keep track of the status of their property anytime anywhere.
Make Information Accessible to Your Clients
The clients (property owners and renters) need to find the necessary information about their lease house.
Several companies have achieved business success by integrating property management software to their official website. The clients find it comfortable to access the necessary information if you create a website with a clear and easy user interface.
For instance, when a landlord having multiple properties visits the account dashboard, there should be every bit of information in an organized manner under proper sections. The Owner should be able to find:
Status of each property (vacant/filled)
Tax statements (monthly and yearly)
Details of the apartment maintenance work in progress
To provide the best user experience, always keep all the information up to date for the clients to access it anytime. In this age, it is preferable to make your portal mobile-friendly provide convenience on all screen size devices.
Keep the Mode of Communication Seamless
Your clients may have several queries, requests, or grievances. The property management company’s core responsibility is to address all these communications as early as possible.
But, how to ease the communication process for your clients?
An effective way to keep the communications seamless is to use contact forms on your website. All your clients are busy people. Therefore, it is helpful to adopt a minimalist approach by keeping the contact form short and simple. Having easy to understand templates allows the clients to fill in all the details quickly.
Send Notifications to Your Clients When Needed
It’s fine if you already have a website with updated information for clients- landlords as well as the tenants. However, it is also essential to send notifications regularly to your clients.
For instance, the tenant may forget the date of the rent payment. You can send a reminder message via email or SMS one week before the due date.
Likewise, you can also send a notification to the landlords when you deposit the rent into their account or when the tax statements are available for access on the portal.
Use Property Management Tools on Your Website
Today AI systems can ease your job to a great extent while you can save time from answering queries and focus on important work. Having a rent calculator tool on your website allows the new visitors to estimate the monthly costs of renting a certain property.
Suppose, a visitor wants to know the average cost of 2BHK for rent Bangalore, it is easy to find the details within a few seconds by setting some filters.
Establish Multiple Communication Channels
Every client is different and so are their preferences when it comes to using a mode of communication. Some people are comfortable when talking to a representative over a phone. Others may want to share their woes over a live chat and receive a response within a few minutes.
Property management companies can thrive well with an active customer support team available to handle these types of communications. To address this problem, provide an email address, live chatbot, and at least one phone number on your website besides creating templates or contact forms on your website for various purposes.
#5Be Responsive and Responsible
It’s good if you already have various modes of communication available for the clients round the clock. However, if you do not respond to these messages/queries, it can hurt your business.
Your support team has to remain active to respond to all the emails, messages, and calls at the earliest. Even if you do not have a solution at the moment, at least inform them that you are taking steps to meet the request.
#6 Adopt Early Measures to Reduce Costs
Success in the property management business does not lie in problem-solving. Rather, the trick to staying ahead in the game is to anticipate them and take measures to prevent expenses. Doing periodical inspections, acting fast on the complaints, and scheduling maintenance work as needed are some of the measures you can take in this regard.
#7 Quarterly Professional Inspection
Conduct periodical inspection (preferably every quarter) on all the properties to find if maintenance work is required. Make early arrangements so that there are no major losses. This helps to reduce the cost of expensive repair works.
Some of the benefits of periodical inspection are:
Monitor if the tenants are involved in illegal activities
Find portions of the property that requires a repair work
Increase user experience for the tenants
Extend tenant retention on the property
Conclusion
Property management is a highly lucrative but expeditious and competitive business. One of the most significant factors impacting your success in the industry is the level of experience you provide to all your clients.
I hope these practices will help your company to emerge as the frontrunner rental property management in Bangalore. Make these strategies a part of your daily business operations to start achieving results within a short time.
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