Attract and Keep Occupants with These Tips

Are you thinking of ways to boost the visibility of your real estate and fill vacancies? Your property may have been around for years, but stiff competition may lure new or current occupants away. There are certain things you can do to attract new tenants and keep old ones satisfied and loyal.

Regular Repairs and Maintenance

First-rate industrial property management companies will tell you that your real estate must be like a well-oiled machine. Repair plumbing, wirings, roofing, insulation, air conditioning and other parts of your real estate to avoid any problems with occupants. Addressing these problems immediately when someone reports about them, will not only develop rapport with tenants, but will also prevent further and costlier damage. Regular maintenance reduces the need for frequent repairs and replacements. This practice also makes sure that your property is in good condition.

Renovate

Real estate that looks old and worn down will not make a good impression. Potential occupants will base their initial impressions on what they see outside. They might make assumptions of what your property’s interior looks like based on what the façade looks like. Renovate both the interior and exterior even if it costs you a lot of money. This investment will go a long way in improving tenant relations and attracting new ones to sign a long-term lease contract.

Good Old Fashioned Customer Service
Good customer service will never become outdated. The way you treat occupants will make for either good or bad publicity. Word of mouth spreads quickly whether it is from person to person stories or social media. Making a good impression on potential tenants means you have to take care of current ones.

Your best salespeople are your current occupants; you don’t have to even pay them to talk about the quality of your service. Address their concerns immediately and keep an open line of communication to flesh out any misunderstanding.

Hiring an Expert

There is a limit to what you can do to improve your business, by hiring a manager from a first rate industrial property management company, you gain a different perspective. An expert has years of experience and insights as to how to help you run your real estate business better. They have extensive networks of contractors to address problems with leased spaces and the business acumen to advertise vacancies to the right market.

These tips act as a guideline to improve your tenant service and your property. Improvements will attract potential occupants to fill vacancies and keep your current ones loyal.

Why Waterproofing Property is so Important?

It is always good to be prepared whenever we hear on the news about bad weather coming. Inclement weather, rain, hail, heavy winds and snow can damage property. Property management companies agree that one of the best ways to prevent nature from damaging our property is to waterproof it. If you feel waterproofing is just an additional cost, think about the extra expenses you will incur if you have to repair or replace roofing, insulation or rewire.

What Are the Effects of Not Waterproofing?

Hydrostatic pressure from water penetrates the soil outside a property’s foundation, this pushes against the foundation, weakening it. A weakened foundation may also affect the wall, which may collapse or bow it in. Waterproofing the basement prevents water from seeping in and that structure damage it may cause over time.

Water that seeps into roofing and walls, may damage insulation. If you fail to waterproof, you may have a difficult time controlling the temperature. An inefficient system costs more to operate because it will use more energy to provide you with the hotness or coldness you want.

The accumulation of water on the roof, whether caused by rain and/or snow, may also damage it. These may result in leaks and cause the roof to collapse because of the weight.

Structural damage isn’t the only thing you have to worry about, if you don’t waterproof. Leaks and water that seeps into walls may cause mould to form. Mould affects indoor air quality and may cause allergy attacks, asthma, sinus irritation and other similar respiratory ailments. Property management is required to take precautionary measures such as waterproofing property to prevent any unnecessary repair expenses down the road.

The Advantages of Waterproofing

When you waterproof, it may improve the value of your property, whether it is commercial or residential. This system prevents moisture from seeping into roofing, walls and insulation. Unwanted moisture may lead to the rusting of metals and wood to decay. Property management companies cite the cliché that prevention is always better than cure. This adage also rings true for operating real estate and keeping occupants satisfied.

Waterproofing keeps property structurally sound, in good condition throughout the year, and prevents walls and roof from bowing in or collapsing. You save more money and prolong the life of your property when you waterproof.

When you hire a property management company, look for one that has the experience and track record to deliver on their promises. A manager will allow you to focus on the bigger picture of managing your real estate, while he or she manages the smaller details such as maintenance, repairs, renovations and other aspects of operations.

The Top Three Responsibilities of a Property Manager

Investing in property is a profitable endeavor that can be a lot of work. That is why some property owners prefer to hire a corporate property management company to act on their behalf. Most property managers take on the responsibility of dealing with tenant issues, setting and collecting rent, as well as staying on top of repairs and routine maintenance so that rental units stay in prime condition. The services that corporate property management companies provide may vary. Therefore, it’s always best to discuss the details of the services provided before signing a contract.

Attracting and Keeping Tenants

One of the most important jobs a property manager has is to fill vacancies. Full occupancy means more profit. A property manager is responsible for advertising vacancies and filling them. Managers must know who the market is and how to compel them to rent the space they are managing. An experienced property manager will have an understanding of what their ideal tenant needs and how to create a positive perception to attract them.

Managers screen tenants to determine suitable candidates for the rental properties they manage. They follow an in-depth screening process to ensure that owners only get quality tenants. Property managers must have good communication skills, patience for handling complaints and the ability to honor both the renter and the owner when coming up with resolutions to issues or concerns. They must also be able to address maintenance and repair problems quickly to prevent unnecessary damage and keep tenants happy.

Rent Responsibilities

Typically property managers set the initial level of rent, collect it and make necessary adjustments if needed. Managers must have knowledge about the neighborhood, target market and comparable real estate to determine what is appropriate. If rent for a property is set too high, keeping full occupancy may be difficult. Comparatively, if it is set too low, profitability will suffer.

A manager also acts as an enforcer when it is time to collect rent. They must be able to ensure that rent gets paid on time to maintain cash flow. They are also responsible for increasing rental rates if the condition of the property deems it necessary in order to maintain a quality rental space.

Property Maintenance, Repairs and Improvements

Corporate property management companies must make sure that the real estate they manage is in good condition. This means they address issues such as plumbing, pipe or insulation repairs, etc. immediately. They must ensure that the properties they manage follow a regular maintenance schedule so that they can stay on top of what needs fixing, replacement or improvement. By addressing issues in a timely manner, properties retain their integrity and value and end up being more profitable when it comes time to sell.

Dealing with tenant issues, setting and collecting rent and property maintenance is time consuming and can be aggravating. Frustration can be avoided by hiring a qualified corporate property management company to assist you. The investment will be worth it in the long run.

Spring Cleaning and Maintenance Tips

Are you having a difficult time keeping occupants happy? Maybe you are overlooking the little details with the operations of your property. Small things matter because they accumulate over time; if you fail to repair a pipe immediately or even take care of the curb appeal these may make a bad impression on your tenants.

These maintenance and spring cleaning tips from property management service companies will both improve occupant satisfaction and the value of your property.

Exterior and Interior Maintenance

For commercial properties, it is very important to maintain the exterior and interior. Be sure to check the property’s exterior for any damage to paint, landscaping, windows that need replacing or cleaning and signage. The exterior will make the first impression on potential tenants, make it count.

There must be a balance between the appearance of the exterior and interior. The latter must look just as presentable as it is important to have a good first impression. By sweeping and washing the floors, repairing any cracks or even if the walls need fresh paint, it will improve your occupancy chances if you do whatever is necessary to keep the rented spaces clean and in move­in condition.

Facilities and Utilities

Property management service companies like Latitude Limited agree that owners must keep their facilities and utilities in top­notch condition regardless of the season. The bathrooms, break rooms, elevators, escalators, air conditioning units, water heaters and others must be working properly before and after spring. These play an important role in the operations of a commercial property.

Vacuuming and Cleaning

The management of residential properties are a bit different compared to their commercial counterparts. You have to be more extensive in your cleaning to keep occupants happy. Spring is a great time to vacuum and clean every nook and cranny of the space you rent out. Leave no area dirty and make sure furniture is spotless.

Wash Walls and Woodwork

Most dirt falls on the floor, but some cling onto vertical surfaces. In such cases, you need to wash down walls, cabinets, baseboards and other woodwork in the property. a sponge and some hand dishwashing detergent come in handy in situations like this. Wash the surfaces in sections and use a sponge mop to reach high spots. An occupant will feel comfortable and welcome when they see their room and its exterior spotless.

Landscaping

Property management service companies cite that the landscaping needs to look good in order to attract potential tenants and make the real estate welcoming to current occupants. Remove weeds, snow, branches and other debris left behind by winter. Re-plant, trim or landscape overgrown plants to improve the look of your property.

Implementing these spring cleaning tips for residential or commercial properties keeps current tenants happy and may attract others that may fill vacancies.

Ways to Maximize the Profit of Your Property

When you have an income property, you want to get as much money as you can out of it. So it pays off to make the extra effort to be creative or to be diligent – and in some cases, come up with an initial investment to get things rolling. Whether you deal with residential property management or corporate property management many of these suggestions can help you to get more money coming in.

RENT OUT UNUSED STORAGE/PARKING SPACE: If it’s in a warehouse and it’s a large space, section it off and rent it out for separate smaller storage spaces – if it’s a smaller space, rent it out as is for storage. If you have a huge unused parking space, advertise monthly parking in specific sections, painting the lines for those areas differently. If the storage space or garage space is at a residential property and is not being used by tenants, rent it out to non-tenants. Is there a business nearby that could use more parking or storage?   

TURN WALLS/FENCES INTO ADVERTISING SPACE: Make that empty wall space or fence into an advertising mecca by renting it out to local businesses. It can be as simple as hanging a banner or as detailed as having a professional painter make that space into a marketing mural. Use as many walls or fence lengths as you’re able to. It’ll brighten up a barren industrial property, and can bring in hundreds of dollars every month.

ADD LAUNDRY FACILITIES:  If you’re looking to attract quality tenants, give them what they want: in-unit laundry. It costs a bit at the beginning, but will pay off in the long run as you can raise the rents, enjoy faster rentals, and get those quality long-term tenants you always wanted. They’re also a good incentive. Offer the laundry facilities only to those who sign a 2-year lease instead of a 1-year lease – the convenience may even keep that tenant beyond the 2-year commitment.

ADD/UPGRADE COIN-OPERATED LAUNDRY FACILITIES: If you haven’t got laundry facilities on-site for a residential property, then install them – even if it’s just one washer and one dryer for a small property. No-one likes piling their dirty laundry into a car and going out to a laundromat, if they can drop them off downstairs, then just conveniently pick them up a hour or so later. If you already have a laundry room, make sure it’s regularly cleaned and maintained. In both cases, a change machine is a welcome addition!

BUY A KEYMAKER – Depending on the size of your property or properties, you can save a fortune making your own keys. For the initial investment of a key maker, and ‘No Duplication’ key blanks, you’ll be able to replace any key at any time – even Sunday night after a tenant’s keys just hit the elevator shaft floor! You can charge for replacement keys – say $5 each - and never worry when a tenant doesn’t turn in their keys. Just buy a new lock and make the extra keys yourself.

INSTALL VENDING MACHINES – Could be coffee, soft drinks, chocolate bars, candy, sandwiches – you choose what would be most appropriate for your space. In a factory or office building, all would be probably be welcome in a lunchroom. In a residential setting, they might be found in a laundry room or recreation room or even in back hallway to the parking lot. A workout room would be a great setting for a fruit juice dispenser.  All translate into more income for you.

Making extra money in some of these ways does come with an initial investment, but if properly handled and maintained, can be constant additional revenue streams which add to your profit margin. While there may be more options for residential property management people to take advantage of, there are enough to perk up the income of corporate properties as well. Choose one or several of these ideas and maximize the profit of your property!

The Top 5 Problems Landowners Experience

There are five main problems that landowners have to deal with when they rent or lease their property or properties. These are problems that can be easily solved with the right real estate property management company. However, some people try to save money by handling these challenges themselves, and end up wasting valuable resources and burning themselves out in the process. If you see yourself struggling with some of these issues, this might be a good time to take a step back and reconsider your choices when it comes to property management.

TIME - You only have so much time in a day. If you’ve invested in property and still have a full-time job, you don’t have a lot of time left over - especially if you have a family - to give your property the attention it needs. Even if you are retired or semi-retired, there’s a lot of work to do when it comes to the day to day issues of renting and maintenance. It’s a 24/7 commitment. Your time is better spend arranging financing for necessary renovations or looking for new investment opportunities.

DISTANCE – If you don’t live near your rental property, checking on it and even interviewing potential tenants takes a lot of time and effort. Now add in dealing with tenant complaints, maintenance issues, emergencies, even just collecting the rent on time. If you manage your own property or properties, you’d need to live close by to be efficient and time effective. And the best investments may not be right around the corner. This limitation can affect your long-term success.

INEXPERIENCE – If you don’t know anything about residential property management, you’re in for a series of nasty surprises. There is so much involved that you’ll be overwhelmed just finding out all you have to do. And you not only have to do it, you need to do it quickly, correctly, and legally. Hire a bad or lazy repair person, or take too long filling vacancies and watch your profits melt away. Legal errors will cost you if you don’t understand the housing laws, or if you take too long to fix a furnace in the middle of winter.

MANAGEMENT – There is much more to it than you realized, most of it dealing with people: tenants, repair people, accountants, maintenance people, and lawyers to name a few. Along with collecting rent, maintaining the property to code, and dealing with complaints and problems, there is payroll and a pile of legal requirements and considerations. Basically, you’re an employer with all the accompanying headaches. And I’ll bet that’s not what you signed on for when you invested.

TENANTS – Finding and keeping good tenants isn’t easy. A vacancy is money slipping through your fingers. You need to create enticing ads with good pictures to attract the kind of tenants you want. You must respond to emails, interview people, show the unit, review applications, pull and review credit reports, call references and past landlords, prepare a lease negotiate the terms, get the lease signed…and this is still no guarantee of getting a good tenant – especially if you’re not experienced with renting. Good tenants need a quick follow-up for repair needs. Bad tenants cost you time and money and a few rounds with the legal system to get rid of them! Until they’re gone, one bad tenant can cost you many good tenants, and a lot of money.

The answer to all of these problems is simple. Hire a good residential property management company. They will handle every management issue from renting to maintenance…from emergencies – they get the 2am call that a pipe has burst – to evicting the nightmare tenant. They know the ins and outs of vetting and keeping tenants, all the legalities involved in any situation, and have the best repair people on call. They will lift the weight of property management from your shoulders, and let you relax and watch your investment grow. If you haven’t before, now might be the time to look into finding a good real estate property management company. 

Tips for Property Managers

Property managers have a responsibility to their tenants. They have a duty to make sure that a tenant is comfortable throughout their stay. However, some property owners treat their lessees poorly, these lead to conflicts and complaints. The way you treat your tenants and manage your property plays an important role in keeping the room or house you rent profitable.

If you are a bad owner, word of mouth of how poorly you run your property will spread, limiting or eliminating your prospects.

These tips will help you become a better property manager.

Address Problems Immediately

Conflict between property owner and tenant may stem from small problems such as leaky plumbing, creaky floors and other minor details. Show your tenants that you care about their comfort and well-being by addressing these problems as soon as they happen. In any industry, customer service will mean the difference between a satisfied and dissatisfied client.

Do not wait until a problem arises; always perform regular maintenance to prevent leaky faucets, loss of insulation, air leaks, faulty locks and others. Make replacements when you think that you need to do it. Inspect the room or property regularly to determine if you need to fix or replace anything.

Make Renovations and Improvements

The improvements you make on your property will increase its value. Sprucing up the kitchen or living room will go a long way in attracting and keeping quality tenants. You do not need to make a full renovation, sometimes it just takes a fresh coat of paint or additional pieces of furniture to liven up a dreary apartment. The renovations or additions you make will also improve the quality of your tenant’s stay.

Communication

Communication is a vital skill when it comes to dealing with tenants. You need to learn how to mix friendliness with firmness, especially when you start making demands. Rapport with a tenant will keep you on good terms with them. An open line of communication with your tenants will make it easier to identify their needs and wants, or find a compromise to prevent conflicts.

Go the Extra Mile

Going the extra mile may be as simple as keeping the surroundings clean or making renovations without additional charges. This shows how you care about your tenants; customer service will enable you to develop rapport. Doing more for your tenants will keep them satisfied with you as their property owner.

The way property owners manage their property and deal with tenants may either take your business to the next level or lead to its closure. Focus on the needs of your tenants and make them comfortable, as long as you do this, they will want you as their manager.