Social media is a great promotional vehicle. It’s relatively inexpensive and the overwhelming majority of Americans use it. In the U.S. alone, 77% of the population participates in some form of social media. That makes it a great avenue for property managers to use to get in front of their target audience.
One of the most important aspects of being a property manager is establishing lines of communication with any future or current tenants or especially landlords. For current clients, you’ll want to communicate to hear how you’re doing. For future ones, you want to highlight the great things you do to attract more of them. This is where socail media can pay a huge role in your success.
You should take advantage of social media to promote yourself and communicate effectively online. In this post, we’ll look at five ways you can use social media for property management and how it will help you grow your business.
Using Instagram – a mainly visual social media network – you should post great pictures or short video clips of your property. These will serve as an online business card for your services to both prospective renters and homeowners. If you have the budget, have professional photos taken that place your property in the most flattering light possible to really make this strategy pop.
This is why social media for property management is a tremendously effective marketing tool. Many future tenants doing their due diligence will check a property management company’s social media presence before anything else to observe the property and other offerings. Putting your best foot forward online creates a good impression for anyone looking to set up a walkthrough or use your company to rent their home.
You put in a lot of effort to offer high-quality, reliable property management service.
Using social media is a great opportunity to promote what sets you apart from other property managers in the area. Whatever it is about your service that makes you stand out, showcase that on social media, you can leverage these posts to connect with prospective new business. Try to post pictures of you in action, managing the property that can help prospective homeowners see the value you offer. Or you can call out other great aspects of your properties listed like, beautiful landscaping or plentiful amenities for the next lucky qualified tenant.
This is also a great way to show future clients why they need a property manager.
Being an effective property manager means listening to constructive criticism and improving your services where you can.
The best way to improve is by listening to your tenants and homeowners. Create a social network site for your tenants through a forum such as Facebook. Ask them to leave comments. Use these notes to improve your business pratices and keep every relationship running smoothly.
One caveat is that you should keep the settings of any tenant Facebook groups to private – while there’s value in observing any criticism, you don’t necessarily want it made public for others to see. This is a big tip that most neglect from their social media strategy.
One other benefit of gathering feedback online? It allows you to hear about all the things you’ve done well, and the things that customers or tenants want to see out of you in the future, such as other services.
Showing off your property is a great start but letting your audience hear from your current tenants and homeowners is another way to strengthen your compinies value proposition and make your sales process that much easier.
Social media is also a great place to let your most satisfied customers leave their great reviews of your management services. Post Twitter and Facebook posts with quotes from your happy tenants. Future clients will see this and associate you with excellent service that they know that you can offer.
As your business grows, you may need help in a number of areas. Maybe you need assistance with administration, landscaping, or other general management duties. Social media can turn into an asset for your business to recruit for those positions. This will actually save you money and you wont be paying for job listing services.
Having a strong presence online helps you attract the best candidates. Using a business-oriented network such as LinkedIn can put your message in front of young and experienced professionals alike who have the skill set your business needs to move to the next level. That high level tallent is key to the uiltimate growth of your business.
Due to its cost-effectiveness, ease of use, and potentially high return on your marketing investment, it’s a no-brainer to use social media for your property management business. It helps you optimize your reputation by showcasing your strengths while also providing a forum to hear opportunities for improvement and areas of growth for your business.
At Property Management Pros, we offer competitively priced property management licences and great tips on running your property management like these.
Are you interested in your own property management license? Download our cost comparison sheet below that allows you to see the breakdown of the hidden costs associated with opening your own property management company versus getting a license through our nationally recognized brand.
Are you thinking about starting a property management company? It’s a growing industry with room for ambitious, hard-working people who want to own their own business. According to MarketsandMarkets.com, the property management industry was worth more than 12 billion dollars in 2017. That number could rise to an incredible $22 billion in the next five years. That’s why now is the perfect time to set up your business and start claiming your part of the industry.
Starting a successful property management company on your own can take years, though. Without the right marketing, experience, and industry knowledge, starting a company from scratch can be a frustrating and time-consuming drain on your finances. Many people instead choose to launch their property management business by buying a license. The key is to work with an established management company such as Property Management Pros. There are many advantages to starting your business this way:
Not convinced a license is the right way to start your business? Take a moment to download our cost comparison sheet so you can see for yourself how purchasing a license is the best way of starting a property management business.
It takes just five easy steps to become a property manager when you take the license route. Here are the steps to getting started.
One of the great things about the property management industry is that there is a need for the service in virtually every corner of the United States (and other countries for that matter). Once you have identified areas in the United States that are particularly in need of property management companies, you can dig a little deeper and make sure that it makes sense for you. There is a good chance there is one that’s near you; if not, you may want to consider moving to an area that is best suited to your dream of owning a successful property management company.
If you are in need of a little help in the research department, Property Management Pros has done the market research for almost all major markets in the United States and is standing by to share that data with you whenever you are ready.
Make sure that you thoroughly read the agreement and understand what’s included with your license agreement and what is not included, this will save you a lot of headache down the road and make sure everyone is on the same page.
Property Management Pros’ licensing agreement not only grants permission to use a nationally-recognized brand but also gain access to marketing tools and services to help you promote your new business. You will also receive access to business management tools, premade documents, and a community of other license holders that you can leverage to hit the ground running.
There is more to being a successful property manager than collecting the rent. You’ll need to understand how to market your business as well as the properties you manage. Property managers often use specialized tools such as CRM’s or Property Management Portals. Learning to use these software tools will play a huge role in automating processes in your business.
You’ll need to know how to handle tenant and owner relationships and proactively assist both. Additionally, you need to know how to put the tools included in your license to good use and understand the basic principals of business. Property Management Pros can start training from the day you sign your license to help you get started faster.
When you buy a license from Property Management Pros you’ll become part of a national team of property managers. With a network of licensees across the United States, co-marketing is easier than ever.
You’ll have access to our other licensees both in person and online so you can ask questions and get answers from others who have been in your situation. It’s a tremendous resource for every license holders.
You can be ready to launch your property management company in a matter of weeks with this process. You will eliminate the need to create documents, build your brand, or find the marketing tools that are right for your company. When you sign your license, you will get all of that, along with access to the training necessary to use it, preparing you to launch your business as soon as possible.
We’re ready to help you make your property management dream a reality. It’s time to become your own boss, call the shots, and get your business up and running in the quickest, easiest way possible.
Needing a place to live is consistent regardless of the economy. Property management will always be a necessity. That’s one big reason why it’s such a great industry to work in. But you need the right credentials and education to work as a property manager. As with any profession, you will receive on the job training. But there is some education required to get the job. So, where do you start?
There are different degrees you can earn which will work for property management. Not every property management position requires a degree. But you must earn a bachelor’s degree to dive into commercial property management.
Not every property management position requires a bachelor’s degree. Some only require a high school diploma. They equip you with the skills you need to do your job well.
Some states require that property managers hold a real estate license from the state. Many companies require their property managers to have their real estate license. The classes you attend to earn your license are valuable to your career. They also provide you with the skills you need to move up the ranks in this industry. Some of the classes include:
Though you may not use each class as a property manager that does not undercut the value. Real estate schools are flexible with you too. You can take your classes online or in person.
The Institute of Real Estate Management (IREM) has a nationally known certified property management program. The courses you earn through the program will prepare you for success. You learn how to manage single family, multi-family, and commercial properties.
All property managers must go through fair housing training. If you earn your real estate license these courses are included. Otherwise, your employer will provide your fair housing training. There are several federal and state laws property managers must follow. You will learn about protected classes, how to process applications, and how to market your property legally. It is essential to have a clear understanding of these laws. Otherwise, you open the door to a discrimination lawsuit.
Earning proper education plays a huge role in your success as a property manager. It’s a lucrative field with plenty of potential. It pays to invest in your education to become successful. Looking to start your property management firm? Let the experts at Property Management Pros help.
Property managers serve as intermediaries between landlords and renters. Your job involves much more than simply looking after properties and filling vacancies. To be successful, you must be organized, have good people skills, pay close attention to details and possess other skills. Are you just getting started in property management, or maybe you’re thinking of entering this profession? If so, here are six basic tips for becoming an effective property manager, along with the importance of using a license through Property Management Pros instead of doing it all by yourself.
1. Look for the Right Tenants
By finding the right tenants, you can have a lower tenant turnover, in addition to protecting your cash flow. One way to get the right renters is by asking a prior landlord for references. Other good sources for leads can be lending institutions and contractors.
Require background checks, so you can review credit histories, any evictions and even criminal records. Another suggestion is requiring a non-refundable, small deposit for applications and background checks as this usually weeds out unqualified tenants.
2. Be Exceptionally Organized and Professional
To advance in your career, you need to be extremely organized and have good planning skills.
Consider how organizational skills are imperative when it comes to collecting rent and screening new tenants. It’s critical that you document all interactions with your tenants, besides record the amount of time you spend doing tasks, such as property showings, answering calls, creating listings and talking with contractors. This way, you ‘ll have a better understanding of how you spend your time, so you can make improvements.
What’s more, you should always show professionalism when you work with your staff, landlords, tenants and other people. This means controlling your temper and not letting biases and opinions affect your decisions.
3. Use the Latest Technology
If you want to be a successful property manager, you need to make friends with technology.
Although it may be hard, initially, and especially if you’re “old-school”, it can become easier and even second-nature. More and more property managers are using devices, such as mobile online leasing tools. Some of the specific software for property managers include Spectra, Maxwell Systems, Appfolio Buildium, and Launch-Pad a free CRM for property managers.
4. Develop Good People Skills
Because property management is a job that entails a lot of interaction with many different types of people, you need to have above-average people skills.
Besides knowing how to communicate well with others, you also need to know how to manage conflicts in a civil fashion as well as build healthy relationships with tenants, landlords and others.
5. Jot Down Notes
If you’re like most people, you tend to forget to do things you know you need to do.
That’s why it’s a good idea to jot down thoughts immediately after they pop into your head. You could either use the old-fashioned method of pen and pad, or you could use electronic systems, such your phone’s Notes app, Evernote or ever better your CRM. Furthermore, use a calendar to record appointments rather than depending on your memory.
6. Focus on One Task at a Time
Instead of multitasking, only focus on one job at a time. In other words, use time blocks. For example, work on rental listings without trying to finish another task.
In fact, according to scientific studies, it’s been shown that multitasking is not the way to run a business.
Other Tips and Considerations
Starting a property management business doesn’t have to be difficult when you use a business license to get your business up and running fast.
Please contact us and download our Cost Comparison Sheet.
This is a free guide showing the hidden costs of opening your own property management company DIY style vs. using a license through Property Management Pros.
So you think you want to become a property manager, here you will find the day to day of what your new business could look like. Are you just getting up early to watch the monthly income flow through your bank account or is this something more? But what exactly is a property manager responsible for? You know they collect the monthly rent and show your property. Yet that is only a small part of the job. The day to day life of a property manager is fun and busy. So, what does it entail?
The first thing that you will do is check maintenance requests.
If something happened overnight, it’s time to follow up with the emergency maintenance technician. Then, as the property manager, you must look at the repair costs. Often, the contract with the owner will have a clause that states to fix anything under a certain dollar amount. If the repairs exceed that amount the owner must approve improvements. The maintenance technician lets the property manager know the price of the repairs and you get in touch with the homeowner. Otherwise, the work will be done by your contractor.
You are not going to be doing this on the daily. But at the beginning of the month, it takes up a good part of the day.
It is a must to document all the checks received and assign them to each respective homeowners account. Then the next step is to deposit all the checks into the bank for the owner. What happens if a check is not received or underpaid for a household?
A non-payment of rent notice is issued to that tenant and the owner is updated of this status.
Marketing is a big part of the job.
You will look at your reports to see if anyone has put in a notice to vacate and will also look at your current vacancy report.
Once you know the current and future availability, now is the time to plan for marketing. The goal is to get those vacancies filled as soon as possible – yet also earn the highest dollar per month rental rate as possible – this is a fine line that property managers must walk. There are a few ways that you may choose to market the homes.
Part of filling the vacancies is prospecting leads and processing all applications in a legal and fair manner. All property managers are trained in state and federal fair housing laws. You must use this training extensively when marketing and qualifying residents for vaccant properties.
Hopefully, you, the property manager isn’t processing many evictions in your day to day activities. However, dealing with lease violations is a part of the job you will more than likely deal with more than you expect. This is how you protect the owner’s investment – ultimately creating a happy client that will stick with you in the long run.
Often, these eviction notices are issued for non-payment of rent. Yet, there are other violations that are common. Two examples of non-monetary lease infractions are noise and housekeeping violations. If the tenant has loud parties and the police are called that is usually against the lease agreement. Not keeping the home reasonably clean attracts pest which can be another violation.
The day to day job of a property manager is never boring and always throws new experiences and challenges in your direction. There are many moving parts when it comes to managing single-family homes. It’s a large task but you dont have to get started without guidance.
Check out what licensing a nationally recognized brand has to offer your new business, and how a small investment can make a big impact on your first year in business.
Making the leap into property managemetn is profitable. So, why not get your slice of the pie? You need to choose a property management niche. There are three main types single-family, multi-family, and commercial. Each niche has its own set of benefits. But which one is most beneficial to you? You’ll want to examine each one to determine which works best for you.
Managing commercial real estate is a lucrative business. If the business is booming the tenants are not as likely to leave as residential tenants. There are three types of properties managers can choose to specalize in when setting up shop.
The key to managing a successful commercial property is communication and service. You want to keep your tenants for the long run. Filling commercial real estate is more difficult than residential, so these tenants mean a lot to your clients. It can take between two and nine months to secure a lease on a commercial property – so when theyre in place make it count.
These are your large apartment buildings or condos. They can vary in size, price, and location. Since you are dealing with so many units you will need to hire plenty of staff to be successful. The best thing you can do is carefully vet each prospect and have high standards. This will lead to much less headache down the road when it comes to repairs and the dreaded eviticions.
Keep in mind, they are sharing walls, community rooms, storage rooms, and parking garages. A bad tenant can make life miserable for your good tenants, which is never a good thing. You don’t want good tenants leaving and spreading their distaste for your community. Make sure to enforce the housekeeping and quiet enjoyment of the property clauses. This effects the entire community. A loud tenant infringes on your other tenants’ right to quiet enjoyment of the property. A sloppy resident can bring in pests. Those pests migrate to other apartment homes through the walls.
As a multi-family property manager, you must rent to families with children. There are only two exceptions.
Single-family investing is the easiest property management niche to get started in. With a massive (& growing) market single-family property manager usually has more than enough business to go around in any market. The most challenging part is developing trust when your competing with the big guys.
It’s also easy to expand your client base as you see fit. A great property manager understands that they specialize in what they do. When you hire out marketing and other services to help you grow – your clients will thank you. You will be growing, your clients will receive top tier services, and you wont have to worry about learning new skills. You don’t have to stay local either. You can expand nationally as you see profitable in new areas – just be sure to expand your brand with you.
Getting into property management isn’t something you need to do alone. With a license from Property Management Pros, you can hit the ground running with a nationally recognized brand + a set of systems and procedures to be profitable from the start.
Want to learn more about starting on your own Vs using a property management pros license?
74.4% of rental properties are owned by individuals instead of companies. That means that the majority of rental properties are run by homeowners who are trying to figure out how to make it work.
If you are a landlord, you may have started to feel that it is extremely time-consuming to handle the administrative aspects of your rental property.
Things like raising rent and marketing your property require experience and skill. Read on for some of the most compelling reasons why you should consider hiring a property manager for your rental home.
Choosing a good tenant is one of the most important factors that will affect how smoothly your experience renting a house will go.
Bad tenants can be a nightmare to deal with and difficult to get rid of. Property management companies will screen tenants to find those that have a long-term rent history, pay on time and don’t cause problems.
A property management company will be able to see any red flags that you might miss which will help you avoid rental scams and lawsuits.
One of the best features of a property manager is that they have experience in writing compelling ads to get good responses. They may have contacts to get ad space for a lower cost.
They will take the calls, show the property and work with rental companies and agencies as well. It can take a lot of time to create and word ads, post them in print or online on various sites and then take calls and emails from candidates.
Raising rent can be extremely difficult. Tenants may fight you on it or refuse to pay the increase. It can be time-consuming to hound your tenant for rent each month. Especially if you live far away.
Though you are not legally required to explain to the tenant why rent is going up, it can be a struggle to move forward with rent raises when tenants make it a problem or express difficulty with paying.
A property manager will employ automatic payments and will have the experience to make raising rent go smoothly. They will often add an automatic rent increase in the fine print of the rental agreement so that it is a natural part of the renewal.
The property manager will also handle writing and sending the rental increase letter to tenants. Having a property manager will allow you to avoid being the bad guy to your tenants.
Evictions are an unfortunate but common aspect of having tenants. There are specific laws that outline how this process must take place and there are legal consequences if you don’t follow them exactly.
A property manager will handle every aspect of eviction and has a good grasp of the laws surrounding evictions.
Not having to deal with tenant evictions is one of the most compelling reasons why you would want to hire a property manager.
Raising rent, evictions, tenant screening, and marketing your property are all reasons why you would want to hire a professional property management company to help with your rental property.
Get a property management quote for the best property manager in your area.
This is the age of the renter. In fact, there are more renters now than there have ever been in history.
It’s also a great time to be a property owner. You can rake in some serious cash if you have a few rentals filled. Of course, with so many kinds of renters out there today, a background check for renters is absolutely essential.
The last thing you want is to end up with a trashed property that costs you thousands of dollars in damages. Out of all the claims made to homeowners insurance companies in 2016, 97.1% of them concern property damage and theft.
If you still need convincing, check out this list of 5 reasons to perform a background check for renters.
Not only do you have to consider your own safety, but also the safety of your neighbors and other members of your community.
You certainly don’t want a tenant with a violent, criminal past, and neither do your neighbors. Eliminate this risk altogether with a background check.
If you blindly allow anyone to live on your property, you open yourself up to liability. This means that others in the community can sue you if something goes wrong.
A background check can provide you with more information, allowing you to make better-informed decisions. This information can also help prove that you are not a negligent homeowner.
Some renters try to hide information from their potential landlord. These are not the kind of tenants you want on your property.
With a background check, you can spot red flags more easily. If an applicant won’t authorize the background check or disappears after your request, you know that the process is worth it.
Honesty is the best policy, and this is especially true for any stranger you let into your home. The last thing you want is a liar living on your property.
Using a background check can help test your applicant’s truthfulness. When they authorize the check, they should sign that all the information given is accurate. If you find out otherwise, that saves you a headache down the road.
The best result you’ll get from using background check is that you will get better renters on your properties.
The background check will discourage the worst renters from even applying. Additionally, good renters will be attracted by your screening process because it conveys that you’re a thorough and competent landlord. It’s a win all around.
After weighing the risks, it’s easy to see that a background check for renters is absolutely necessary. It will help mitigate the risks of any potential property damage or theft.
When you mitigate risk, problems are less likely to arise, keeping your homeowner’s insurance premiums lower. This saves you money in the long run.
If want to completely save yourself a headache, why not hire a property manager to do everything for you? At Property Management Quotes, our team connects you with the best property managers around the world in the most convenient was possible.
Don’t hesitate to contact us for more information!
Do you own rental properties? If so, you can probably relate to the pit in your stomach you get when receiving those dreaded calls from tenants who report problems. Usually, it’s the minor stuff that leads to bigger issues. It’s important to take care of those little problems before they grow into larger concerns that can result in costly and ongoing lawsuits, besides losing tenants. Here are four important maintenance jobs you need to do for your rental properties, along with a few considerations and warnings.
Check for Leaks and Other Types of Water Damage
One of the worst problem you can have as a landlord is a flood or another form of water damage. After a storm, look for possible leaks. Another time to check is when ice and/or snow starts melting. It’s also a good idea to inspect for leaks on humid, hot days as this can cause pipes to sweat. In addition to checking for soft spots on walls, ceilings and roofs, look for any moisture and water in showers, toilets and windows. Other areas to check include underneath sinks, water heaters and boilers.
Regularly Check Smoke Alarms and Carbon Monoxide Detectors
All your smoke alarms and carbon monoxide detectors need to be tested on a regular basis to ensure they’re functioning properly. This includes both hard-wired devices and those that are battery-operated. Consider that most smoke alarms last around ten years, while carbon monoxide detectors have a lifespan of about five years. You don’t want to be faced with lawsuits because of defective smoke or carbon monoxide detectors.
Exterminate Your Rental Properties
One of the main reasons tenants leave is because of pests, so it’s critical your properties have regular pest exterminations. You need to check for insects, pests and other varmints at least once a month. Although you can buy your own extermination supplies, it’s better to use a professional exterminator. When you consider how losing tenants will cost you considerably more than what it costs to hire an exterminator, it makes sense to hand over this job to a specialist who’s both trained and experienced.
Inspect Air Conditioners to Ensure They’re Working Properly
Unfortunately, most people examine the interior or an air conditioner only when it doesn’t seem to be working or when it needs replacing. In fact, it’s the air conditioner that is typically the equipment that’s ignored the most in rental properties.
When an air conditioner isn’t checked consistently, it can have a severe impact of your tenants’ health because of harmful bacteria entering that can invade the lungs. The best months to take care of air conditioning problems are April and May instead waiting until summer when the weather is the hottest.
Other Considerations and Warnings
By doing some basic preventative maintenance you can be spared of problems that can entail having to spend thousands of dollars on repairs. For additional tips on how to succeed as an investment property owner, please contact us.
Inspections Are Time Consuming For Landlords:
Part of a landlord’s job is to keep the home they rent out in good shape for the next tenant. That means that the landlord will have to inspect the properties that are being rented out on a regular basis. While inspections a necessary part of the job, it’s no secret that they can take a substantial amount of time out of a landlord’s schedule. It can be very challenging and time-consuming to ensure that every single home is inspected every time a new tenant is going to move in.
Moreover, keeping track of the endless mounds of paperwork for each home that you are renting can be next to impossible. This is where the benefits of digital inspections come in. These inspections are done via a laptop, tablet, smartphone, or other mobile device rather than with the classic method of pen and paper. Digital inspections make inspections quicker and easier for everyone involved.
Why Should Landlords Inspect Their Rental Homes?
So the real question from all of this is: Should landlords inspect their homes between tenants or on a set schedule? The answer is a resounding yes!
The following are some of the reasons inspections are important for rental homes:
Beyond just ensuring that the home is safe for tenants and fixing small issues before they turn into big problems, inspections help ensure that everyone involved in the renting process is protected. Inspections should be carried out after each tenant’s lease is up, before the next tenants move in to ensure that the home is safe.
If the same tenants occupy the same homes for an extended period of time (i.e. years, decades, etc.) periodic inspections ensure that the tenant respecting the property and that they are caring for the home appropriately during their stay. It also ensures that the home is safe for the tenant to inhabit and helps fix any possible issues before they become real problems.
Why Are Digital Inspections More Convenient?
While regularly scheduled inspections are vital for rental properties, there is a new phenomenon taking hold that is changing how inspections are done. Digital inspections are a more recent phenomenon that has largely replace the classic “pen and paper” method. These digital methods of tracking inspections is more convenient for a variety of reasons, some of which include the following:
These are just a few key reasons that inspections are better when they are done digitally rather than by pen and paper. Increased accuracy and easier filing of forms make the inspection process much more painless for landlords and inspectors alike. Having inspections helps the buyer ensure that they are buying a home that is safe to live in and that is functioning properly.Tenants who know their home was carefully inspected before they move in are more likely to pay a higher price for their home and the peace of mind knowing that their home is in premier shape and that their families are safe living there.
For more information about scheduling digital inspections for your rental homes, please feel free to contact us.