With the increase in building activity, tenants now have a much wider choice, but property owners and property managers have to face a higher level of competition. Increasing the popularity of the property and decreasing the vacancy rates will be the top priorities for property management, but accomplishing these tasks are quite challenging. Usually property managers are too caught up in their day-to-day duties, and they miss the bigger picture. Here are some points that can help in broadening your knowledge, which will ultimately help in improvement of the property.
Investigating the Neighborhood
Property managers handling properties in new and unfamiliar areas should take some time off and scour the neighborhood outside the community. Focus on businesses and commercial places to get an idea about employment levels and the general state of the economy of the area. If there is a large company or offices in the neighborhood, check out if there are rumors of layoffs. If certain tenants are working in these places, then is the layoff going to affect them. Conversely, if there are new companies and offices coming up in the neighborhood, think of ways of collaborating with them for promoting the property.
Keeping Track of Real Estate Trends
Trends in the real estate sector can change rapidly, and it is important for a property manager to keep track of such changes. Review the properties that are in direct competition to yours. Check out the units on such properties by being a mystery shopper. List the things that are better and the things that are not so spectacular compared to your property. This will provide ideas for marketing and ideas for improvements. Keeping track of financing trends and interest rates of mortgages is also helpful, as these things could affect your occupancy rates.
Consider Long Term Improvements
To compete with newly built properties, it would be wise to update appliances, provide smart storage, and relax rules regarding pets. Investments may be high, but it will work out in the end, as you are likely to improve occupancy rates and popularity of the property. Secondly, consider upgrading technology on the property with better Wi-Fi, faster broadband connections, and improved cable services for entertainment.
Common areas are one of the aspects that many property managers do not seem to give much importance to, which could be a big mistake. Both young and senior tenants like a place to hangout, and having a community hall with adequate facilities could make a major difference to the property. Secondly, keep common area spaces clean and well maintained, such as the patio, corridors, parking spaces, and unused areas behind the property. Clutter and garbage in these areas can give the property a very shabby appearance.
Invest in Software
The right software and online tools can be of marvelous assistance in streamlining office tasks and in providing more convenience to tenants. For instance, the ability to make online rental payments, registering maintenance, and repair complaints through the property website is very much appreciated by tenants. Simplicity is the key!