The goal for most property owners is to maximize the profit of their investments, as well as maintain and increase the value of their properties. However, owners can find themselves bogged down in tasks like collecting rent payments/fees, managing complaints and repairs, property preparation, and vendor coordination. So to help owners focus on what’s important, property management companies provide owners with a suite of online tools for an easier owner experience. Here are a few ways those tools help owners maximize their return on investment.
Landlord Communication & Transparency
Communication between owners and property managers is key to a successful working relationship. With online tools like Buildium, property managers can easily share financial reports and important building documents that owners can access at any time. Owners can also keep up on the latest maintenance updates, vendor efficiency, and payments. Reach out to our property management team to see how else owners are kept in the loop.
Marketing Tools
Finding the right tenants and minimizing vacancies can be a primary stressor for property owners. This is where property managers come in handy. They are skilled in rental marketing and use expert tools to create rental ads, take high-quality photos, and host open houses even virtually. They also have local real estate knowledge and will be able to help you set a competitive rent price. Hiring a property manager with marketing experience can help fill your property sooner and reduce the time it sits vacant.
Tenant Communication & Retention
Without the right online tools, tenant communication can feel like a full-time job. Property managers have access to technology that allows them to reach out directly to tenants and solicit feedback on a large scale. While face-to-face conversations are valuable, following up online allows managers and owners to easily organize feedback and make decisions with all of the information in one place. That way, property owners and managers can ensure the updates made to units have a proven return on investment.
Additionally, management software needs a human touch. If renters aren’t shown proper attention or feel like they are being heard in their requests, they may look elsewhere. By tailoring responses and creating a personalized customer service experience, renters are motivated to stick around, and strong relationships help to build and grow a sustainable business.
Tenant Screening
Property managers use online tenant screening for quick and easy tenant screening to fill vacancies with the right people. By allowing a management company to handle tenant screening, property owners will be shielded from rental scams and will have more reliable tenants. This kind of experience takes time and insomuch means avoiding bad tenants, scams, and lawsuits. Thorough tenant screening is arguably one of the most significant benefits a property management company will provide.
Easy Payments
Confirming rent payments and juggling the paperwork for a property’s expense payments (insurance, maintenance, taxes, etc.) is very time-consuming. Rather than property owners taking on this stress, a management team has the right tools for an easier owner, tenant, and vendor payment experience. Streamlining the payment process through online automation helps keep the books organized and maximize the owner’s return on investment.
Reach out to one of our skilled property managers to learn more about PRG Management’s tools for owners and tenants.