10 Things Owner's Want from a Property Manager can vary somewhat, but I believe the following list is a great start. They are not in any particular order, as they are all important.
1. Honesty: Property owner's need to know that their manager is giving them open, honest communication on the market conditions, budget conditions, staffing, and all things associated with their property. Whether you have good news or bad news to deliver, you need to deliver HONEST news.
2. Treat the property expenses as if it were your money: A lot of people believe that as a property owner you have an open account to spend and upgrade properties. This could not be further from the truth! We have to treat owner funds as if they are our own, we must research the best prices, work with the best vendors and check the quality of the work. For each $5 you save, these funds translate into annual profitability.
3. Market Knowledge: Often we are working for out of town investors. These investors rely on our knowledge of the area, the housing trends and market surrounding their investments.
4. Walk your properties: As you are out on the properties, be alert to roof conditions, sidewalks, gutters, erosion, any type of property damage or concerns should be reported and handled immediately.
5. Raise Rents: Work diligently raise rents when possible. It is your job! Work those renewals and study the market conditions where you have a vacancy so that you can get the top rental rate for your owner. Developing the optimum pricing strategy for your rentals is key.
6. Collect Rent from tenants and supply monthly cash flow reports in a timely manner.
7. Look for ways to add value to your property. Owner's love it when a good manager can make recommendations to increase income, lower expenses and offer insight to a better return on investment.
8. Marketing Vacancies effectively and efficiently. Vacancy loss costs the owner and your management company money. Work hard to use the 60 day notice required of tenants to have the property leased with very little vacancy loss.
9. Manage your team so that you are producing results. A good management team is on top of their game and would not be caught off guard if an owner made a surprise property visit. Treat each day as if you are aware of an owner property tour and ensure your team is hustling to give their best.
10. Professionalism- Handle the tenant drama and disputes that arise with professionalism.
If you are looking for a Property Management Company in the Bryan-College Station market area we would love to visit with you. Give us a call 979-268-3200.