Managing a business is a tricky task and especially if it involves you playing the role of a middle player. Property management is such a business that requires high precision and vigilance as you are managing the property and two parties (namely the owner of the property and the one who rents or leases it out). Here you are in the middle of things with all the important decisions and control of things in your hands. From deciding whether you want to bring in top residential interior designers in Bangalore (say you are running the business in a major city) or to have it done by outsourcing, get the property audited for basic things like fire safety or going for a comprehensive check all such questions come in front of you as a property manager where you have to take the call that not only affects you but your clients.
Thus, one thing is clear that property management is not an easy task to get going. However, if you adopt some basic rules and practices you can not only run your property management effectively but would keep the clients satisfied and coming back at you. And if you think that is difficult then here we are to dispel that myth from your mind. Here are some quick and handy tips of advice that we believe if you adopt then you can conduct your property management business smoothly:
The business of property managemnet involves a lot of legality and paperwork. Here you have to ensure that your policies are crystal clear. The policies and protocols shall be also well defined and laid down. Say for example the basic submissions of ID proofs, advance rent as security, other charges like the maintenance, etc shall be communicated to the tenants in advance and they shall be informed to process these things in time as per the protocol. Having such clear policies and protocols would cut the confusion in later ends and there would be more transparency and clarity for the clients.
It’s better to manage all things on your own as it saves time and cost. But not always you can do this. Since property management involves the use of services of property lawyers, bookkeepers, etc you have to outsource their services at times. In this case, rather than hiring their services from case to case basis (which would be costly), you should have contracts well in place with them so that you can access their service and save time while you are handling your clients. Well, you would not like to search for a lawyer for its services when your client is standing out to finalize the paperwork for leasing out the property.
Leasing out the property and forgetting about it is not what you called property management. The management of a property comes in with its regular inspection. You have to conduct a surprise inspection, regular fire audits, safety audits, damage inspections in order to ensure that the property remains in well to do condition. The inspections are handy both for the tenant, the property owner, and you.
Keep The Stocks Ready
Just like any other business you should study the market carefully. Say for example if there is a demand for 2 BHK or 3 BHK residential property in the market then you must ensure that you have that in your inventory so that you don’t have to turn down clients when they come asking for it. Have a clear defined picture of the demand for property in the residential and commercial sector and stock your inventory with such property well in advance.
Marketing is an important part of a business. You can run a business to its fullest potential if you are not marketing well. And when we talk about marketing these days we mean using the power of digital media to help you. You can promote your business and inventory on various online platforms and have a comprehensive digital marketing strategy for promotion. The simplest of the example in this context can be sited out in face of targeting the advertisement of PGs (Paying Guests) to students and bachelors who stay alone and do jobs in different cities.
Have A System In Place
To run a business properly you need to have a proper system or mechanism that keeps the flow of things smooth. The property management business is no different. You should set a system for everything right from inspection of the tenants to conducting the audits and inspections of the property. There should be a defined format for each of the things and the roles and responsibilities shall be clearly defined and laid out to each of the persons involved. This way you avoid any hassle or baffle and keep the engine of business running smooth and clear cut.
We hope you have taken notice of the tips that we have mentioned here and would adopt that in the management of your business. Don’t forget to share your view on this until we meet the next time.
Hermit Chawla is a Marketing Manager at Sprak Design. He would love to share thoughts on awesome residential interior design service, Lifestyle Design, Branding Firm, Exhibition design etc..