Property management might seem like a relatively easy task, but anyone who owns real estate will tell you otherwise. Property management involves major risks, and that’s why individuals and firms are always looking for ways to ensure a smooth property management workflow.
This article focuses on key property management basics that everyone who owns or deals in property management must master.
But before diving into that, let’s take a closer look at the importance of effective property management.
The Importance of Property Management
As we said, the real estate industry can be quite tricky; slight mishandling of data or inefficient workflow management can very easily wreak havoc. That’s why effective property management and knowing how to strategize are critical.
Also, staying in touch with the latest developments in technology and otherwise is essential. A professional property manager understands that staying in touch with the ongoing trends in the industry is ideal for lowering potential risks and moving ahead.
Fundamentals of Professional Property Management
Here are 7 key essentials that property managers follow for a smoothly-driven real estate business.
1. Proper Data Management
The most important aspect of property management is managing data securely. Reliable property management solutions can assist in handling customer profiles, information about sellers, properties, and more. They help store and retrieve large chunks of data and support agents and customers to find suitable properties within specified areas.
Moreover, property management solutions offer synchronized solutions to store all manual data-related tasks by syncing their database and portal. Such unified solutions help property managers handle marketing, sales, real estate listing, and lead funnels from a sole platform without having to switch between different tools.
2. Managing Listings
Property listing features are another very important aspect of property management. If property listings are flawed, prospective buyers cannot access the listings they want.
Property management technology allows comprehensive categorization of the property giving interested buyers a quick overview. This includes:
- Type of property
- Number of rooms and bathrooms
- Availability of garage
- Availability of balcony
- Other amenities
A property manager must manage these listings along with sellers, brokers, and agents. They should also include additional features like add, delete, edit, approve, and reject properties based on defined parameters.
3. Collecting Rent
The most common ways to collect rent include:
- Physical cash collection
- Credit cards
- Money orders
Even though physical cash collection is quite time-consuming and requires effort to arrange the right amount of money at the right time, the most obvious inconvenience during rent collection comes from personal checks. This is because checks might bounce, often leaving a huge fee that the landlord eventually passes to the tenant.
This is why an online rent collection system should be the preferred method of rent collection. It is a secure payment method solution featuring secure and integrated payment management options.
4. Property Tours
When buyers shortlist properties the next step is scheduling a tour, preferably a physical one. However, the recent pandemic has shown us the importance of virtual tours which can also help buyers better understand and explore properties. This is where efficient tour scheduling comes into play.
Rental property management tours must easily be integrated into a physical or virtual calendar in your property management system, enabling buyers to easily confirm availability and book a tour without having to contact anyone and be put on hold.
5. Sharing on Social Media
You must’ve noticed that we’ve been stressing about using technology in the previous points. That’s because nowadays, using the latest software and providing social media sharing has become more of a necessity and less of an option.
Hence, use different social media platforms such as Facebook, Twitter, and Instagram to display and promote your real estate listings. This way, potential buyers can conveniently access and browse property information, and also share it with others on their social media profiles.
Professional property management also involves providing a location guide when displaying properties on social media. This will help buyers analyze the neighborhood as well. Share a comprehensive explanation about the surroundings, like the nearest landmarks, famous malls, etc., that will help provide a better idea to prospective customers.
6. Simplifying Means of Communication
Making communication easy through omni channel communication (providing various options to buyers to reach you) facilitates property management using a single interface.
Select a property portal that enables you to stay in constant touch with prospective buyers in real-time via multiple modes of communication. This could include:
- Integrating a ‘live chat’ option for clients to answer their concerns and questions
- Forward customer contact details to various CTAs allowing buyers to interact easily
7. Using Analytics for Empowering Your Business
And the last essential element that property management real estate owners abide by is constantly staying updated about current trends. Tracking analytics helps detect effective marketing strategies and potential roadblocks.
You can hire a tech solution provider with a well-arranged admin/customized dashboard that allows setting and saving quick links to widgets. This helps monitor recent activity, counter block, etc., for your designated properties.
Skybridge Property Group is leading the contactless revolution in property management. To learn how we can help you, call us at 909-610-9780.