Managing rental properties in Austin is never a boring task, and often comes with challenges that can make you wish you knew the secret to running a smooth business. The truth is, managing the properties you own is never going to be easy for two reasons.
One, if you’re not passionate about being a property owner, you won’t enjoy it, and two, you won’t have time to manage your investments and be a landlord at the same time. This is why most investors hire an Austin property management company to handle everything for them. If you try to do everything yourself, between screening tenants, collecting rental income, and handling repairs, you’re not going to have much time to spend on the financial aspect of your business.
Although it’s certainly challenging, there are many ways to make your job easier. Figuring out how to be a successful property manager is essential for a healthy bottom line because it greatly impacts the quality of people you attract and influences tenant retention.
Moving into 2024 and beyond, here’s property management tips that you can do to master the art of property management and get the high-quality, long-term and quality tenants you want.
We have now reached a point where it’s impossible to avoid using technology to run any business, especially successful property management business. Today’s tenants have grown to expect a high level of service from their landlords, and it’s not acceptable to fall behind on your duties and obligations.
Using certain types of technology can help you be a better landlord by building trust with your tenants and it can help you get things done faster and more efficiently.
Here are the top property managers tech tools available today:
In a 2022 Rent.com survey, 82% of renters said they want at least one smart device or system in their home, although most don’t have any smart devices currently. Generally speaking, anyone around 30 years of age or younger likely grew up surrounded by technology their entire lives and have come to expect it to be integrated into their daily lives.
Smart appliances offer benefits to both property owners and tenants. For instance, smart thermostats can reduce heating and cooling bills, and smart locks can increase security. A smart coffee maker can brew coffee in the morning through an app before someone even gets out of bed, and a smart lighting system can be used to make it look like someone is home when the occupants are on vacation.
Great communication with your tenants is timeless. It will always be one of the most effective ways to maintain a good relationship and keep them happy. Satisfied tenants are more likely to renew their lease at the end of the term and become long-term tenants. This is good for you because it reduces turnover and keeps your property occupied.
Getting satisfied tenants isn’t hard for highly successful property managers. All you need to do is address their concerns in a timely manner, handle serious issues effectively, and make sure they know you hear them and understand their concerns. When tenants feel like a priority, they will trust you and will be more reasonable if you need to ask them to stop doing something that goes against the lease. This decreases the chances of a minor issue escalating into something huge.
If you don’t mind managing your own Austin properties, these are just some of the ways you can make your job easier. However, if you’d rather spend your time doing other things, like building your business or connecting with friends and family, you need a property manager.
As one of the best property management companies, Green Residential have decades of experience managing properties and taking excellent care of tenants for Austin property investors. We provide various services, including tenant screening, rent collection, repairs and maintenance, eviction services, and licensed home inspections.
Whether you need just a few things or an effective property management package, we’ve got you covered. Contact us today for a free property analysis to learn more about how we can help.
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