In a previous post, we talked about some common issues that property managers typically face. As we get ready to begin a new year, now is a good time to address the issues that you’re facing today. Here are a few ideas to get you started:
If you’re dealing with skyrocketing costs at your property, you can:
- Barter. Have a tenant who’s a landscape designer? Give them a break on their rent and ask them to help with some design work.
- Raise rent on new tenants. Give your current tenants a break, and pass any increases along to new tenants.
- Be proactive, repairing when possible and only replacing when necessary.
If utility costs have become unsustainable, here are some things you can do to reduce energy consumption:
- Install low-flow aerators on bathroom and kitchen sinks, which can reduce water usage up to 40 percent.
- Give tenants an incentive for conserving water, such as a gift card.
- When it’s time to replace appliances, purchase an energy efficient model.
An outdated appearance can turn potential tenants off. If funds are limited, start with these areas:
- Your property entrance. By far the most important area, your entrance is the very first thing that a prospect will see. Broken lights, defaced stone, or out-of-control weeds will ensure that prospects likely won’t even see your leasing office. Make sure this area is pristine all the time.
- Address any landscaping issues. While you may not be able to completely update the grounds, remove dead trees and branches, and keep the lawn mowed and free of weeds. Be sure to cover bare patches with sod or rocks, eliminating that unkempt look.
- Update your leasing office with a new coat of paint and some throw pillows for your chairs. Keep the coffee brewing, and offer snacks.
Security is nothing to play around with. To deter crime and keep residents and their belongings safe, try these suggestions:
- Ensure that any burnt out lights are replaced immediately.
- Encourage residents to remove valuables from their vehicle, especially those in plain sight.
- Consider hiring a security guard to patrol the area at night.
Keep your office running efficiently. If your office is running smoothly, it’s likely that everything else will run smoothly as well. Here are some suggestions:
- Keep your employees motivated by offering freebies such as coffee, soft drinks and snacks.
- Give staff the opportunity to further their education or learn a new skill.
- Provide the tools they need to succeed, such as good working equipment and solid property management software that makes their job easier.
It’s 2017. What changes will you make in the new year?