Running a successful multifamily property business is rewarding but, like most good things, requires hard work, strategic planning and execution. Adopting property management best practices is essential to ensure you achieve the success you deserve.
To help you along the way, this blog will give you some property management best practices to follow for a successful multifamily property business.
- Work With a Strong Team
- Become Familiar with Multifamily Property Management Software
- Build a Strategic Marketing Plan
- Foster Healthy Resident Relationships
- Read More Property Management Insights
Work With a Strong Team
Property management can involve handling multiple tasks at once, so it's essential to have a solid team to support you. Working with a reliable team ensures tasks are completed efficiently and effectively so residents are happy and satisfied, which will either maintain or increase your resident retention.
When building a property management team, looking for reliable, professional and experienced individuals is important. Since a property management team can involve several people, establishing clear communication and ensuring everyone understands their roles and responsibilities is essential. Regular meetings and updates get everyone on the same page and working towards the same goals.
In addition to working with your direct team, you should also establish relationships with other professionals in the industry, such as contractors and vendors who can act as an extension of your team. Building these relationships ensures you have a reliable network of professionals to turn to when needed.
Become Familiar with Multifamily Property Management Software
One of the main property management best practices is to get familiar with multifamily property management software, which can help reduce errors and save time. Property management software can help with various tasks, including rent collection, maintenance requests, lease management, tenant screening and turn services.
When choosing property management software, you should select software tailored to your property's needs. For example, suppose you are looking for a tool that will help simplify and manage your turns. In that case, consider partnering with a provider that can do all turn services, which will reduce the number of vendors you need, and save you time and stress while allowing you to more easily manage your budget.
Build a Strategic Marketing Plan
Another property management best practice is having a solid marketing plan. An in-depth marketing plan can help attract new residents to your property, ensuring high occupancy levels.
First, you need to understand your target audience and their needs, which can be done by conducting market research and analyzing your competition.
Once you understand your target audience well, you can create a marketing plan that will appeal to them. Your marketing plan should include various marketing tactics, such as online advertising, social media and email marketing.
If you still need to dive fully into marketing your multifamily property, this blog that covers tips for an effective marketing plan can get you on the right track.
Create Captivating Listings
Now that you're getting people to look at your property listings, you need to ensure they look their best — include high-quality images and videos showing off your property's best features.
Be sure to include as much information as possible about your property to build trust and confidence with potential leads. This all happens in the listing description:
- Write a catchy headline that tells the prospective resident exactly what they're looking at.
- Make sure your description includes the basics, features, location, amenities and any other information, such as whether pets are allowed or utilities are included.
- Make sure that your listing has a strong call to action — an action that the potential resident can take if they are interested in the listing.
Foster Strong Resident Relationships
Creating a solid bond with your residents is vital to becoming an excellent property manager — and it makes your life easier! Strong resident relationships can help to increase resident retention, reduce turnover and improve overall resident satisfaction.
One way to build strong resident relationships is to create a sense of community within your property. This can be done by hosting community events, such as barbecues, game nights or movie nights, creating a positive atmosphere that encourages residents to stay at your property long-term.
Other tasks that help to increase resident retention include:
- Respond promptly to maintenance requests and fix issues quickly.
- Keep common areas clean and well-maintained.
- Provide clear and timely communication about any changes or updates to policies, procedures or rent.
When property managers go above and beyond for their residents, they can create an environment where tenants feel comfortable and at home, ultimately increasing resident retention.
Read More Property Management Insights
Running and managing a successful multifamily property business requires hard work and strategic planning. By following these property management best practices, property managers can create a more efficient and effective process leading to a successful and rewarding venture.
To learn more about property management insights, visit our blog. We cover various topics that help run your multifamily communities as smoothly and successfully as possible.