When you’re managing your investment properties, it’s easy to get overwhelmed with the day-to-day details of juggling the needs of various properties and tenants. But skilled and professional property management in Houston is possible if you follow the tips and tricks below.
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Focus On Fantastic Communication
You should create templates for your entire communication process, including for dealing with tenants and employees. For example, you can post templates on your property management portal so your tenants all use the same maintenance request document.
It’s also essential to have clear communication between you, staff, and tenants about upcoming repairs and maintenance. Make sure that all repairs are clearly documented, and tenants receive those notices promptly. This ensures that tenants know when their issue will be addressed, which will make them feel more positively about your organization.
Never Procrastinate
Successful landlords and property managers get things done on time. You shouldn’t procrastinate on any repairs because little maintenance items can become expensive ones quickly. Also, the longer you let a maintenance item go, the more it will upset tenants who pay on time.
You want to have your best tenants resign the lease for next year, so make sure everything is done on time.
Perform Routine Maintenace on Schedule
Regular home or apartment inspections ensure that minor maintenance issues are addressed fast. Some of the areas that you should inspect in each home or unit every quarter are:
- Fire and smoke alarms to ensure they work and batteries are fresh
- HVAC systems should be checked and cleaned to keep them working efficiently. Remember, a dirty AC unit breaks down faster.
- The roof should be checked for leaks, hail damage, and downspouts should be cleared.
- Check windows for sealant cracks.
- Look for moisture that you cannot explain, such as in the kitchen, laundry room, and bathroom.
These regular checks are essential because even the best tenants may miss a crucial problem that your experienced eye will see.
Have A System For Note Taking
When you walk your properties, you will almost certainly see something that needs to be done. To ensure everything is done on time, you should have a way to write down notes for you and your staff. You can do this with Evernote on your smartphone, and there are plenty of other apps out there that work well, too.
You should also have that same note-taking system near the main phone that people call when there are problems. Whether that’s a landline or cell phone, make sure that every request is noted, so it’s taken care of and never forgotten.
Start Re-Leasing Early
One of the best ways to make excellent cash flow on your investment properties is to keep your best-paying tenants happy. Once you have identified several great tenants, start working on getting them to re-sign their lease. And consider whether that rent increase is worth it or not: Would you rather have a tenant pay $800 per month on time every month for a year or $845 per month from a tenant you have to chase to pay on time?
Don’t Forget To Market
Just as with selling real estate, you need to regularly market for new clients or tenants. Quality tenants don’t usually simply appear at your doorstep; you need to work for them.
Have properties with empty units? Market them to prospects on Apartments.com and Zillow.com. But don’t forget to advertise your vacant units on your social media channels, too.
If you follow these tips and guidelines, you’ll be well on your way to better property management and profitability!
