If you have been in the property management industry, you know that it is more than just collecting rent, dealing with evictions or preparing lease agreements.
Over the years, property management in Kenya has significantly embraced people and asset management as part of its mandate.
This is why it is prudent for you as a property manager to start using these 6 best practices. These will ensure you effectively manage property whether commercial or rental.
1. Advanced ICT systems
The world is rapidly moving from a traditional to a digital era. Systems that ease workload and simplify complex tasks are being adopted.
More companies and individuals are now investing in understanding the ever-changing ICT systems as a way of marketing and bringing in business.
These systems simplify asset valuation tasks, leads management, acquisitions among others.
By investing in computer-based property management systems, you will have a much easier time managing tasks like collection and record of payments as well as targeted online advertising.
2. Invest In a Powerful Social Media Strategy
How well is your social media helping you acquire new tenants? Do you feel your social media strategy is effective enough as it is?
If the answer is no, then you could be losing out on great leads. Setting up a powerful social media strategy campaign on Facebook, Twitter, Linked In, Pinterest and Instagram will expose your property to thousands if not millions of potential clients.
Investing in targeted advertising by promoting new and existing properties, creating a fan page of property listings and customer testimonials will result in a growing online clientele.
It is also recommended to invest in social media scheduling and analytics tools. This will help you determine where your audiences are coming from, their age, demographics, best times to post and what time most users are active.
A good social media marketing strategy should be part of your marketing plan in order to not only attract but keep high quality tenants.
3. Recruit Knowledgeable and Qualified Staff
Having a staff that is competent in property management should be top of your agenda.
A staff skilled in asset management issues such leases, property management laws, overseeing property resources is a valuable addition to any team.
Invest in adequately training your staff on property management but also on customer service skills like communication and problem-solving skills.
4. Conduct Quality Tri-annual Property Inspection
As a property manager, carrying out a routine inspection of property is parallel to increased business and high property rating.
An inspection of property at least three times a year will take care of any repairs and upgrades needed.
Well maintained properties are appealing for potential clients who come for viewing.
Always have an inspection and maintenance schedule that will help you keep a record of renovations made as well as act as a point of future reference.
5. Attract and Retain The Best Tenants
Arguably, the most important part of property management is ensuring you attract and retain the best tenants.
This practice will help you get tenants who pay their rent on time, abide by the rules of the property and communicate any issues in a timely manner.
So how do you attract these law-abiding tenants?
Whereas there are tens of ways to attract high quality tenants, one of the most successful ways is by putting out an appealing property listing.
Make sure the listing answers questions in the mind of the buyer like the price, location, features, contact etc.
The information should be personalized to appeal to the needs of quality tenants with a very clear call to action such as “only two units remaining, call us now on …”.
6. How Frequently Do You Communicate With Tenants?
You must always establish constant and frequent communication with your tenants.
Tenants are always keen on reaching out to property managers who keep their lines of communication open.
Communication skills are vital for your success as a property manager because you will be able to listen, understand and meet the needs of the tenant.
And even after the potential client has been sold in, maintaining regular communication, payment details, services and so on will ensure the tenants lengthened stay.
If you can master these 6 profit-oriented property management practices, there’s no reason you should not start making significant milestones.
In this digital era, focus on creating a strong property management brand online. This strategy will not only ease your workload but also edify all your other campaigns.