Managing just one or several complexes with multiple buildings that house over a thousand units can get complicated. You’ve got to have the right team, the right skills, and excellent customer service to be successful in enterprise property management.
If you’re managing multi-family units such as apartments, townhomes, and condominiums, you’re going to need the right skills to deliver to the owners and their tenants. How can you be successful in managing properties for these rental property investors? How do you build a loyal customer base that establishes your brand of management and takes customer experience to the next level?
Take Advantage of Technology
Using property management software can really help you out when it comes to enterprise property management. Property management software has become very popular over the recent decades and can help you keep track of your units, therefore giving you more time and resources to accumulate more units under your watch.
Property management software provides the tools to automate back-office operations so you can easily keep track of those thousand things that you do every day. You can even sync with certain apps on your phone to keep you updated while on-the-go.
With property management software you can keep track of rent collection, maintenance requests, tenant queries, and other matters that need to be attended to. Managing a thousand or more multi-family units has never been easier with property management software. This gives you more time to focus on building rapport with your tenants and growing your business while still efficiently managing your current properties. Also, consider the fact that you’ll be able to take on even more properties now that you have software keeping track of so many things for you and notifying you when things need to be done.
Remember—Customer Service is KEY
While technology helps you with so many things in enterprise property management—tasks, rent collection, updates, employees—don’t forget that great customer service can’t be delivered with technology. Filling up those vacancies won’t exactly happen with a marketing listing.
While technology and marketing can draw potential tenants to you, you need to deliver on great customer service as soon as a potential tenant walks into any property complex that you manage. Being successful in enterprise property management isn’t just about having a great team of people working for you or keeping track of all your tasks—you need to be that company that creates a unique and pleasant experience for every tenant and property owner. That means delivering on or even anticipating their needs so that they feel at home with you in control.
Tenants trust property managers and landlords to provide them with an environment that is well-maintained, safe, and great to live in. Similarly, property owners rely on property managers to take care of their investments as if it were their own. Don’t lose sight of that just because you have many units to handle.
Getting your priorities straight when having over a thousand units to manage with your enterprise property management isn’t something that’s easy to do—but try and stick to a schedule nonetheless, and leave room for flexibility. Of course, there will always be emergencies that pop up, but in general, keep your time in slots.
Set a time for answering phone calls and emails, a time to meet with potential tenants or contractors for inspections, maintenance, and building work, a time to update leases, credentials, and train new employees, etc. Prioritizing your schedule in a job where anything can happen at any time may seem impossible, but on the days where your schedule goes according to plan, you’ll be productive and will find it easy to get everything done.
While having a schedule with priorities is important, remember to be flexible. This is especially true with enterprise property management where you’ll have many different things going on at any given time. A potential tenant or contractor may have an emergency and will need to cancel the meeting last minute, or a situation between tenants may pop up. You’ll also have to handle building emergencies and prepare your team to assist and manage such incidents. Being flexible with your enterprise property management is a must. After all, with over a thousand units to manage, how could flexibility not be part of your job description?
Have an Excellent Site Staff
Having excellent site staff for your enterprise property management involves the right kind of people and the right kind of training. Not everyone is cut out for the property management business. When hiring, ask about career goals to determine how invested your employees will be in your enterprise property management. There are many different organizations out there that offer training for property managers and their staff, so take advantage of this.
Keeping up with credentials is also important, especially when working with numerous multi-family units. Hire and train the right people to deliver on ethics, customer service, and great maintenance.
Manage the Associated Risks
Risk management in the rental industry involves the identification, assessment, and mitigation of potential risks associated with owning and operating rental properties. Property owners, property managers, and landlords implement risk management strategies to safeguard their investments, ensure the safety and satisfaction of tenants, and minimize financial losses and legal liabilities.
The key aspects of risk management include:
- Thorough tenant screening to minimize the risk of renting to individuals with a history of late payments, property damage, or lease violations
- Carefully drafted lease agreements that protect the interests of both parties involved in the rental transaction
- Collecting a security deposit to serve as a financial buffer in case of damages beyond normal wear and tear or unpaid rent at the end of the tenancy
- Insurance coverage to protect against potential liabilities, such as property damage, liability claims, or loss of rental income due to unforeseen events like natural disasters
- Regular inspections to help identify maintenance issues, safety hazards, or potential risks
- Emergency preparedness for unforeseen events such as fire, floods, or other disasters
- Legal compliance with local and state regulations, including building codes, safety standards, and fair housing laws, to avoid legal issues and penalties
- Financial planning including setting aside funds for unexpected expenses or vacancies to mitigate the impact of financial risks
The Road to Success
Enterprise property management can be challenging, but you can stand out from the rest and have a great career with the right success tips. Embrace technology by using property management software, set a schedule down with flexibility, provide excellent customer service, work with a pro-active staff, and manage the associated risks—these are just some of the things that can help you be a successful enterprise property manager. Continuously learning and staying updated on industry developments will also contribute to long-term success in this dynamic field.