The Three P’s in Property Management

If you’re planning to hire property managers, one important tip is to be familiar with the golden rules in property management. These are the so-called rules that they must adhere to. As one who owns and values his investment, you should know what to watch out for.

  
• Personalize. Look for a property manager or a property management company that reaches out to people and knows how to handle connections well. The people you hire to take care of your properties should be trusted enough to deal with your concerns as the owner. They should also be professional but warm enough to talk to potential renters and current tenants.

 • Prioritize. This is all about time management. This addresses our primary goals as business owners and how we should also transcend that to the property managers that we hire. This also includes how they utilize technology and delegate tasks.

 

• Philosophize. Only hire property managers who can understand your own business philosophies. Talk to different property management companies before you officially sign up for their service. This will help you know if they can fully grasp your own business principles.

 Property management is not easy when you’re on your own, especially if you are a newbie. If you’re going to hire a company, you have to make sure that you are on the same page. For a reputable property management who stands by the 3 P’s, call Finlay Brewer and let’s get your property on the hot list.

Turn Vacancies into Occupancies More Quickly

Real estate is a tough business. The competition is high, especially if your properties are located in urban areas. As an ordinary landlord, property management definitely means heavy work. Today’s world calls for dynamic marketing to suit various well-defined target markets, and knowing and using them is a must. You lose some pounds for each day that your properties are vacant. Here are effective suggestions that will get you renters as fast as you possibly can.

Combine traditional and current marketing strategies.

Your properties are not limited to one target market. Learn to be flexible. Use traditional marketing techniques such as flyers, signboards, and other printed materials. Let the people know that your property is for sale or for rent by placing a signboard outside and along nearby well-traveled routes. On the other hand, you should work on boosting your online presence. Get into the different social networks, and set up an interactive and mobile-responsive website. These two marketing techniques will surely get you far in the business.

 

Establish strong networks.

Learn how to expand your horizons. Look for referrals from your existing clients and join organizations or groups where you can find new connections. This is where you can test the strength of your rapport and your ability to close deals using only your power of persuasion.

Hold an open house.

For other clients, to see is to believe. Tidy up the house, make sure everything is working well, and glam it up a little. Contact realtors and potential home buyers. An open house is perhaps the best way to promote your property. The reactions and the actions are quicker than those for other marketing strategies.

If property management is a struggle for you, you can have someone else do the tasks. Juggling your personal life while having a very stable career is tough. Hiring Finlay Brewer will help conert your vacancies into occupancies faster. And undoubtedly, it can even increase your return of investment more rapidly.

Four Ways to Attract Generation Y Renters

Property management is a dynamic field. A clever property manager knows that in order to close deals, one has to know the right approach to use in selected target markets. Potential customers should be pleased and this entails leaning to pattern your marketing techniques to their specific demographics. The Generation Y is one of the hottest markets today. Though they are increasing in number, they are becoming hard to acquire because of their current preferences. Property managers often lose prospects in this generation. One potential reason is that they are being pushed for home ownership, but they actually prefer renting. How do you close deals in this hot market? 

 

Come up with a mobile responsive website design.

A vast majority of the Generation Y use their smartphones for almost all transactions and that includes loft hunting. This just means that it’s compulsory to have a mobile-optimized website. It’s not enough that they see pictures of available properties online. Make it attractive and informative. An interactive website makes your online presence strong and it’s what makes it visible to the Generation Y renters. 

Communicate through e-mail and SMS

Don’t be limited to meet-ups and calls. The clients will be delighted that you offer modern means of communication. Be a savvy property manager. Tell them you can accept scans, photocopies, or photographs of their IDs and other requirements (at least during the initial stages of your negotiation process). They’d love the fact that you value their time.

 

Accept digital transactions

Do you fancy checks, mail payments, and actual bank deposits? The Generation Y don’t. Add credit card payments, money wires, and other web-based options for payments. Look at it as an advantage on your part too. It’s more convenient. 

Be available 24/7

Offer flexibility in communicating with your clients. You’re likely to lose them when you strictly interact with them only during office hours. For existing tenants, this is particularly important. Have an on-call plumber, for instance. Residents will surely be pleased with that. For a traditional property manager, these may all sound like odd and tough work, but after getting a grip on everything, you’ll realize that it will also be more convenient for you. However, if you are a landlord who also seeks convenience, you can hire someone to do all the property management tasks on your behalf. Finlay Brewer will do it for you. Take the chance to acquire share in a very good market.

Tips on How to Become a Successful Landlord

Starting and maintaining a property management company can be quite tough. There will be constant complaints from the tenants and endless list of repairs to be done. Being a landlord is difficult especially with the stress and the responsibilities that come with it, but there are ways on how you can juggle all these together smoothly. Learn three basic tips on how to be an effective landlord. 

 

Treat your business seriously.

Most landlords only see property management as a hobby rather than a business. Most have day jobs so they only look at this business as an extra means of generating income. But, once you start to perceive it as a real business, more amazing things can happen. Be involved and you’ll realize that this venture is promising.

 

Build a Good Relationship with your Tenants.

Avoid looking at tenants as dollar signs, but also avoid being too personal with them. Create a meaningful professional connection that fosters respect and dignity. Aside from marketing yourself as a great landlord, it will also make transactions easier for both of you with regards to payments, repairs, and even rent increase after a period of time.

Get Help.

If all the responsibilities are just too much for you to handle, you can simply find a reputable property manager to get things done for you. There is nothing wrong in asking for help if you need it. Also, hiring one gives you more time to concentrate on your day job or your family. A property manager also works to increase your return on investment and bring more profit. If your area is around Brook Green or Askew Road, then Finlay Brewer is the team that you need. We’ll work on making you one successful landlord.

Responsibilities in Letting Properties

The Landlord

Letting property comes with a lot of responsibility. An owner should make sure that all utilities such as water, electric, and gas follow safety standards.

Repairs for these are also shouldered by the landlord including the roof, chimney, walls guttering and drains. Security deposits do not go to a private bank account, but should be deposited onto a government approved deposit protection scheme. Rent ask should follow regulation, and collections are the responsibility of the landlord.

Privacy should also be respected. Owners are not entitled to come as they please. They have the responsibility to notify tenants for visits. Even with repairs, they have to make sure that tenants can live in the house without interference.

 

The Tenant

The law has strict estate guidelines for landlords to follow, which means tenants get to live in a comfy space.

This entails having the right to know who the owner is, and see the emergency performance certificate on the property.

 Excessively high charges are allowed to be challenged. And if there’s a tenancy agreement; it should comply with the law.

Posh privileges also bind the tenant with a few responsibilities. One must take good care of the property; compensate for repairs when the tenant causes damage. Paying the rent on time is very important to avoid disputes. And subletting the property depends on the contract or if the landlord would allow it; if you require it, going through the proper channels is a must.

Property Manager

People move in and out of residences all the time. And every time this happens tenants and landlords don’t really have a blast. Issues like rent, and security deposits can get complicated. Avoiding it is possible through the help of a third party. A property management firm such as Finlay Brewer serves as a guardian for both parties when it comes to collections, insurance, and many more. So, getting a third party involved is simply a no-brainer.

Property Management: Learning the Basics

There’s more to being a landlord than just earning money off your properties. Apart from collecting rent, your responsibility as a landlord is to handle repair and maintenance of the property as well as advertising your property to potential tenants. Sound like hard work? It certainly is, but there is a better way to manage your property.

What is Property Management?

Propertymanagement is defined by Investopedia as the “administration of residential, commercial and/or industrial real estate”.  Property management usually involves managing of properties owned by another party or entity. Managed properties can either be a residential, commercial or industrial.

What does a Property Management company do?

Property management companies are responsible for all aspects of managing one’s property from advertising to tenant placement. They also handle rent collection, property maintenance and repairs, tenant complaints, and even evictions. The goal of the property managers is to increase the property value while generating income.

When should you hire a Property Manager?

Although there are several advantages of hiring property managers, it is an investment that should not be taken lightly. There are several factors you need to consider before you dive into it. One factor is the number of properties you manage/lease. Imagine managing more than properties on your own compared to having a group of property managers handling them. This means that you can earn from all of your properties all at the same time. Other factors to consider include your proximity to the properties, time availability and experience in managing properties.

How to choose a Property Management company

Hiring a property manager requires due diligence and research. You can check online for different companies available in your area. You can also ask your friends and family for any recommendations. Regardless of what your method for finding one, make sure that you choose a company with enough experience in the field and the right credentials. Be sure to check their website, if available, and contact them directly to know more about their services. 

Why You Should Hire a Property Manager

As a landlord, your goal is to increase the value of your property and maximize the profit on your investment. However, knowing the pitfalls and challenges of managing properties, this is easier said than done. Thankfully, you can rely on experts like property managers to help you out. Let’s list some ways these experts can help you.

Time-Saving

When you’re a landlord, you need to be on top of things and handle all aspects of managing your property from collecting rent payments to handling repairs and complaints, not to mention dealing with delinquent tenants. If you hire a property manager, you don’t need to worry about this. These experts will manage your property all throughout the tenancy, from rent collection to repairs.

Better Tenants

If you rely on community boards and classified ads as your means of getting tenants, chances are you’ll have your share of delinquent tenants. But with the help of experienced property managers, you can get better tenants. Property management companies invest in better marketing and advertising strategies to ensure that they target the right and the best tenants. In addition, they have the experience to screen possible tenants that meet the standards you’ve set out for your property.

Legal Matters

There’s more to being a landlord than owning a property and renting it out. There are laws you need to understand and comply with before you can start advertising your services and accept tenants. This is where a property management company can certainly help you. These experts have a complete understanding of the law and how it may affect your investment, including matters of rental fees and eviction.

Although some landlords manage their properties on their own, a little help from the experts will go a long way in ensuring that you get the most out of your investment. For reliable property management needs, trust only the experts- Finlay Brewer.