What Additional Services Should You Offer?
As a property manager, you probably already provide a wide variety of property management services.
And, while they may be enough to get by, they may not be enough to outrank the competition.
So, it's crucial for you to evaluate what additional property management services you can provide. If you don't know what else to offer, no worries, that's what we're here for.
In this topic, we'll be outlining some of the most important and increasingly in-demand services that property managers should consider offering.
If you're not currently offering some of these, they're all worth considering to broaden your list of offerings and increase revenue– without going out to find new clients.
To begin, let's go over the basic responsibilities of a property manager.
Basic Property Manager Responsibilities
A property manager is responsible for managing and overseeing the day-to-day operations of a rental property.
The primary responsibilities of a property manager include
- Finding and screening prospective tenants
- Collecting rent
- Managing maintenance requests and issues
- Ensuring that the property complies with local regulations
However, in recent years, potential tenants as well as property owners have begun to ask for more.
Additional Property Management Services to Consider Offering
In the next few sections, we'll be outlining property management services that can help you stand out in your market.
To begin, let's go over all of the tenant management services that can be provided.
Part I: Tenant Management
The bulk of a property manager's job is to deal with tenants so that the property owner doesn't have to.
So, it's vital that property managers know everything that they need to do and execute it flawlessly.
Below, we'll outline some of the different services that property managers should offer in terms of tenant management.
Tenant Acquisition Strategies
The first step in managing rental properties is to actually get a tenant to live there.
So, naturally, this is one of the property manager's most important tasks, which we'll explain more thoroughly below.
Marketing and Advertising Channels
To attract potential tenants to your rental property, it's essential to have a strong marketing and advertising plan in place.
There are several channels you can use to market your rental property, including major rental listing sites, rental listing websites, and social media platforms.
You should also consider placing a "For Rent" sign outside the property to attract potential tenants who are looking for rentals in the local area.
Target Audience Segmentation and Analysis
Understanding your target audience is essential to creating an effective marketing plan.
It's important to identify who your ideal tenant is and tailor your advertising and marketing efforts towards them.
For example, if your rental property is located near a university, your target audience would be college students, so you might consider advertising on local campus bulletin boards or social media pages targeting university students.
Creating a Compelling Property Listing
To stand out from other rental properties, it's essential to create a compelling property listing.
Your listing should include high-quality photos, a detailed description of the property, and a list of amenities.
Consider highlighting any unique features that your property has to offer, such as a large backyard or a spacious living area.
Tenant Screening and Selection Process
After getting a decent pool of applicants, it's time for the property manager to begin the selection process.
Setting Eligibility Criteria and Requirements
To ensure that you're attracting the best possible tenants, it's important to set eligibility criteria and requirements.
This could include a minimum credit score, a specific income requirement, or a specific number of references.
Setting these requirements upfront will help you weed out any potential tenants who don't meet your standards.
Conducting Background and Credit Checks
Once you've identified potential tenants, it's important to conduct a thorough background and credit check.
This will help you identify any potential red flags, such as past evictions or a poor credit history.
By conducting a background and credit check, you can ensure that you're selecting tenants who are responsible and reliable.
Assessing Rental History and References
It's also essential to assess a potential tenant's rental history and references.
This will give you an idea of how they've behaved in past rental properties and how they're likely to behave in yours.
When assessing rental history, look for signs of late rent payments, lease violations, or property damage.
When checking references, speak to previous landlords to get a sense of the tenant's behavior and how they've handled any issues or complaints.
Dealing with Tenant Issues and Complaints
Even with a rigorous tenant screening process, issues and complaints can still arise. Property managers should be prepared to handle these situations effectively.
Here are a few tips on dealing with tenant issues and complaints:
Handling Maintenance Requests and Repairs
Property managers should respond promptly to maintenance requests and repairs. This can help prevent small issues from becoming major problems and keep tenants happy.
Addressing Noise Complaints and Disputes
Property managers should also be prepared to address noise complaints and disputes between tenants. This may involve mediation or finding a resolution that works for both parties.
Collecting Rent and Late Fees
Property managers should have a system in place for collecting rent and late fees. This can help ensure that rent is paid on time and that any late fees are collected promptly.
Now that you have found the perfect tenant for your rental property, we can start discussing other property management services, like property management maintenance.
Part II: Property Maintenance Services
As a property manager, one of your top priorities is to provide your tenants with top-notch living experiences.
This means ensuring that the property is in good condition and all systems are working optimally.
Property maintenance services are a critical aspect of property management, and in this guide, we will delve into the types of maintenance services that property managers should provide to their tenants.
Regular Maintenance Services
Regular maintenance services are necessary to keep your property in excellent condition.
These services include tasks such as lawn care, landscaping, cleaning, and minor repairs.
Regular maintenance services are typically scheduled on a weekly or bi-weekly basis and are designed to prevent small problems from becoming significant issues.
Hiring a property management company to handle regular maintenance services is an excellent investment.
A good property management company will have a team of professionals dedicated to maintaining your property.
They will ensure that your property always looks its best, which can increase its value and attract the best tenants.
Emergency Maintenance Services
Emergency maintenance services are designed to handle unexpected problems that can occur at any time.
These services may include tasks such as plumbing repairs, electrical repairs, and HVAC repairs.
When something goes wrong, you want to know that you can rely on a team of professionals to handle the situation quickly and efficiently.
A good property management company will have an emergency maintenance plan in place to handle any situation that may arise.
They will have a team of professionals available 24/7 to handle emergencies, which can give you peace of mind knowing that your property is always in good hands.
Preventative Maintenance Services
Preventative maintenance services are designed to prevent problems before they occur. These services may include tasks such as inspections, repairs, and replacements.
Preventative maintenance services can help you avoid costly repairs and ensure that your property remains in excellent condition.
A good property management company will have a preventative maintenance plan in place to keep your property in top shape.
They will perform regular inspections to identify any potential problems and address them before they become significant issues.
Budgeting and Cost Management for Maintenance
Budgeting and cost management for maintenance are essential for any property owner.
You need to know how much money you have available for maintenance and how much it will cost to keep your property in top shape.
A good property management company will help you create a maintenance budget and manage costs to ensure that you get the most out of your investment.
One of the best ways to manage costs is to hire a property management company.
They have the expertise and resources to handle all aspects of property maintenance, including budgeting and cost management.
A good property management company will help you keep costs under control while ensuring that your property remains in top condition.
On the same note as budgeting, property owners also ask that property managers take care of the majority of the rental property financials for them, which we will discuss in the next section.
Part III: Rental Property Financial Management Services
Good financial management allows a rental property to run smoothly and profitably for as long as possible.
Below, we'll outline some of the most important financial services property managers can provide.
Rent collection process and procedures
Collecting rent can be time-consuming and stressful for property owners and managers.
A good property management company can help streamline this process by setting up a rent collection system that is efficient and easy to use.
This can include setting up online payments or automating the process through software.
Dealing with late payments and non-payment issues
Late and non-payments can be frustrating issues for property owners and managers.
A good property management company will have established procedures for dealing with these issues.
This can include sending out reminders, late payment fees, or initiating legal action if necessary.
Communicating with tenants about rent-related matters
Clear communication with tenants is essential for a smooth rent collection process.
A good property management company will handle all communication with tenants about rent-related matters, including payment reminders, late fees, and payment plans.
Accounting and bookkeeping services
Accurate accounting and bookkeeping are critical for the financial success of any property.
The best property management companies will keep track of all financial transactions and expenses related to the property.
This includes collected rent, maintenance costs, and any other expenses related to the property.
Generating financial reports and statements
Generating financial reports and statements is a crucial aspect of financial management.
A good property management company will provide regular financial reports to property owners and managers.
These reports will include an overview of the property's financial status, including rent collected, expenses, and any outstanding payments.
Working with a professional accountant or bookkeeper
Working with a professional accountant or bookkeeper can help ensure that financial transactions and records are accurate and up-to-date.
A good property management company will have established relationships with trusted professionals and can provide access to their services.
Budget Planning and Forecasting
Creating a budget plan is the first step in managing your property’s finances.
A budget plan is a detailed plan that outlines the income and expenses for the property.
It is important to create a budget plan to ensure that you have enough funds to cover all expenses and avoid any financial surprises.
When creating a budget plan, it is important to take into consideration the property’s rental history and the current rental market.
This will help you to determine a fair rental price for your property.
It is also important to research major rental listing sites and rental listing websites to get an idea of what other similar properties in the local area are charging for rent.
Forecasting Future Expenses and Income
Forecasting future expenses and income is the next step in financial management services.
This involves predicting the expenses and income for the property over a certain period of time.
This helps property owners to plan and prepare for future expenses and to ensure that they have enough income to cover those expenses.
When forecasting future expenses, it is important to take into consideration any necessary repairs or maintenance issues that may arise.
It is also important to factor in costs such as snow removal and curb appeal, as these can affect the property’s overall value.
Adjusting the Budget Plan Based on Changing Circumstances
It is important to remember that circumstances can change, and so should your budget plan.
It is important to regularly review and adjust your budget plan to reflect any changes in the rental market, expenses, or income.
This will help you to stay on top of your finances and avoid any financial surprises.
Tax Management and Compliance
Another important aspect of financial management services is tax management and compliance.
Property owners must stay up-to-date with tax laws and regulations to ensure that they are in compliance with the law.
Failure to comply with tax laws can result in penalties and fines.
Staying Up-to-Date with Tax Laws and Regulations
It is important to stay up-to-date with tax laws and regulations to avoid any legal issues.
The national association of real estate and property management services offer management services that can help property owners stay up-to-date with tax laws and regulations.
Filing Tax Returns and Paying Taxes on Time
Property owners must also ensure that they file tax returns and pay taxes on time. Failure to do so can result in penalties and fines.
It is important to keep accurate records of all rental income and expenses to make filing tax returns easier.
Seeking Professional Tax Advice When Necessary
Finally, property owners should seek professional tax advice when necessary.
A professional property manager or outside company can provide valuable advice on tax management and compliance.
One of the last, and very sought after, services that property managers provide is legal services, which we will discuss below.
Part IV: Property Management Legal Services
Providing accurate legal services for a rental property is an incredibly important part of being a good property manager.
Below, we'll outline the most important aspects of legal services that property managers should provide.
Contract review and management
It is crucial for property managers to have a solid understanding of the various types of legal contracts and their terms.
For example, there are lease agreements, service contracts, and vendor agreements, to name a few.
Understanding the terminology and provisions of these documents is vital in ensuring that property managers are meeting their obligations under the contracts.
Reviewing and negotiating contracts
Property managers should review contracts carefully, paying particular attention to pricing, scope of work, and service level agreements.
Additionally, property managers should be prepared to negotiate terms and conditions that may not be favorable to their clients.
Ensuring compliance with legal requirements and regulations
Another essential aspect of contract management is ensuring compliance with legal requirements and regulations.
For example, when leasing properties, it is crucial to comply with all applicable fair housing laws and regulations.
Additionally, contracts with vendors and service providers should include language regarding compliance with OSHA regulations, insurance requirements, and other legal requirements.
Failing to comply with legal requirements can result in significant financial and legal consequences for property managers.
Eviction is a complicated legal process that property managers must navigate carefully.
The process involves a series of legal steps, from providing notice to the tenant to filing a lawsuit and obtaining a judgment of possession.
Property managers must have a solid understanding of the legal requirements for eviction in their state, including the timing and content of the notice, the reasons for eviction, and the filing requirements for the lawsuit.
Communicating with tenants about eviction issues
Property managers should provide tenants with clear and concise information about their rights and obligations under the lease agreement, including the consequences of failing to comply with the terms of the agreement.
Additionally, property managers should explain the eviction process to tenants, including the timing and possible outcomes.
Working with legal professionals
Legal professionals can help property managers prepare the necessary documents, represent them in court, and ensure that all legal requirements are met.
Additionally, legal professionals can help property managers understand the risks and consequences of eviction and help them navigate any potential legal challenges.
What new services can you offer?
Being a property manager is no easy task, but by following the tips and strategies outlined in this guide, you can provide the best property management services and stay ahead of the competition.
By offering excellent customer service, reliable maintenance services, and above-and-beyond attention to detail, you can establish yourself as a top-notch property management company that tenants and property owners alike can rely on.
Always remember that behind every property, there is a family or individual who is looking for a place to call home, and you have the opportunity to provide them with the best possible experience.