Property managers and owners often face the headaches that occur when leases are not signed in a timely manner. This can happen when an existing lease expires or a new tenant waits until move-in day to sign. If allowed to persist, these circumstances can lead to your staff running around chasing tenants in order to obtain lease signing before the important deadline in order to successfully secure renewals and initial lease signings.

Vacancy cycles are a given in the property management industry. All properties experience seasonal tenant turnover at different parts of the year. For instance, some properties may host college students or people who live in a given area for the summertime. But there are also instances in which people, out of dissatisfaction, may depart for new rental locations.

There exists a "true cost to vacancy" that every property manager must realize if they are to save the property owner great expense when it comes to total life investment in the property. Every property necessarily experiences a vacancy cycle between tenants; it is expected, but in order to reduce costs it is important to minimize the loss of rental income that can be realized with proper management. A quick turnaround time is possible when a property manager implements steps to reduce vacancy cycles. The most important steps are in the areas of utility accounts, maintenance, repairs and cleaning.

Property managers have a tough job maintaining the day-to-day operations, creating the optimum environment for residents, and obtaining exceptional occupancy statistics. It becomes a win-win situation for all interested parties from the residents to the management staff and the property owner when the property manager can be relied upon to consistently achieve top performance. Happy residents and well-trained staff are the indicators that a property manager’s performance will lead to healthier cash flow for property owners. Successful owners apply these amazing strategies consistently in order to yield strong performances and greater property ROI.

For property owners or real estate investors, online reviews can be a gold mine for determining a property management firm’s efficacy. They can provide concrete insights into how a property management firm has dealt with tenant-related issues, whether it has suitably covered property owner needs, and whether it has maintained an overall good track record. Online reviews can also be a valuable resource for potential renters as well. Should a prospective renter learn of the property management company in charge of a building or residential complex they are interested in, they can use online reviews to gauge whether it is a good fit.

This blog post builds on top of our previous post about the best questions to ask for hiring a property manager.Finding a good property manager takes time, diligence, and savvy. It requires asking the right questions, being aware of a candidate’s reputation, and maybe even looking for telltale signs that can be indicative of what a working relationship with a candidate would look like.

For real estate investors, hiring a quality-minded property manager is often a grueling task. Many real estate investors find this critical step similar to pulling teeth. After all, finding a professional property manager is time-consuming and attention-demanding.

All real estate owners can relate to the sometimes-uncomfortable experience of collecting rent from their tenants. Some tenants are perpetually late in their rental payment, and others may only require a light reminder from time-to-time. What makes this experience even more uncomfortable is the impact that it can have on a real estate owner’s relationships with his or her tenants. Because the property owner’s time is limited, it is not unheard of for an owner to adopt a method of notification about payment due dates that goes out to all renters. That can include those who are always responsible in their payment submissions. Over-frequent reminders may seem callous or overbearing.

Whether one is the manager of a commercial or residential property, the importance of a strong relationship with the property’s tenants cannot be overstated. Having strong tenant relationships will attract new renters and keep one’s renter turnover rates down. Plus, having a strong relationship with one’s renters can even help with property cost management—after all, satisfied tenants will be more conscious of how they look after and take care of the property they are occupying.

Renovation and decoration of rental property can help attract tenants and get higher rents. However, rental property owners usually find it hard to decide whether it would be worth spending a considerable amount on property that is going to be inhabited by tenants, who might not even take good care of it. Another major apprehension is whether the capital outlay on renovation will pay itself off or not.