WE DELIVER VALUE TO OUR OWNERS!
As a Property Manager, it is of utmost importance to deliver value to my owners. Value is not something that can be touched like a physical product, however that does not diminish its importance when managing rental properties.
When I think of delivering value to my owners, I think of the following:
- Pricing the unit correctly. Knowing the rental market conditions for the area/neighborhood the home/unit is located in is key. Pricing the unit correctly helps reduce vacancy time. My owners don’t need an investment generating negative cash flow. In the same note, it is important not to under-price the unit as well, as this leaves money on the table.
- Aggressively advertising the unit. Potential tenants look for units everywhere and using just one approach is not effective. I prefer to maximize exposure by listing my units on over 50 different rental websites, utilize traditional yard signage and even use social media sites like Facebook, Google+, Twitter and You Tube.
- Being responsive to inquiries. Potential tenants will normally have a wide array of potential places to live so it is important to be responsive to inquiries, otherwise potential tenants will find a another rental home elsewhere.
- Personally showing the unit. I DO NOT provide potential tenants lock box codes so they can see the unit unsupervised; this can lead to undue risks and potential damages. Personally showing the also allows me to build a connection with potential tenants.
- Screening tenants. When an application is received, I devote time to complete the application due-diligence. Florida West Coast confirms rental history verification, an interview with the previous landlord, collection of most updated income statements, and completing the background screening via Appfolio. Obtaining this information is critical to ensure potential tenants meet the requirements.
- Utilizing state of the art systems. Having a state of the art system allows organization and the ability to streamline managing the investment. The systems used allow tenants to pay rent online and submit maintenance requests so there is a written record for non-emergency maintenance items. It provides owners 24/7 access to information on their rental properties, monthly accounting statements and year-end tax reporting documents that help ease the process when owners complete their tax filings.
- Having an emergency line. No one wants an emergency to happen in the middle of the night, however it is important to have an emergency line in place for tenants to reach a member of the Florida West Coast Property Management team after business hours.
- Communicating with tenants. From time to time, tenants may need to reach their property manager. It is important to be responsive when a tenant has a question. I am in contact with each tenant throughout their lease to schedule inspections and 60 to 90 days prior to the end of lease. We will discuss renewal options or prepare for end of lease activities like conducting final walk through of property and properly handling the security deposit.
- Having experience to handle maintenance issues. Any home, new or old, can have maintenance issues. In being a Property Manager, it has enabled me to build a great book of licensed and insured contractors and or technicians to call upon.
- Having a trusted network with Realtors. I am a licensed Real Estate agent, however I focus on property management only. I don’t engage in buying for selling properties. This allows me to build a trusted referral network with Realtors. Realtors can assist my owners if they decide to sell or buy additional rental properties. In having this network, it allows me to have a great pipeline for potential future tenants.
- Communication with my owners. I provide regular updates to my owners on their rental properties. I pride myself on making myself available to them when they need to talk, promptly responding in addition to providing my owners’ updates provides them a piece of mind.
Providing value to my owners is important to me, it is what I am, and this is what I love to do!