How to be an effective Property Manager during a Recession

Property managers out there can really take the down times / recessions to their advantage and outperform their competitors during this time. It's a golden opportunity to show case your value to your landlords! Here are few tips to consider :

1. Be on top of the game by over communicating with your tenants and ensure they are comfortable with the properties. Stronger your relationship is with the tenants, more negotiation power you will have to negotiate a win-win situation for the land lord and the tenant in case tenant's financial situation changes. Remember ! your tenants this year can be your potential buyers next year.
2. Over communicate with your landlord and provide as much value as possible and ensure that land lord understands that you are taking care of his investment and you are on top of the game at all times. See if you can enhance your reporting to provide value to them. You will be indispensable in the long run!
3. Be stringent on your screening process while selecting tenants and have reliable and a verified screening process in place
4. Ensure the Routine inspection are done on time and with the highest attention to detail. Follow up with the tenants on the items to be fixed and keep the Landlord up to date
5. Protect your landlord from potential lawsuits and vulnerabilities. If the property manager does the job to perfection with close collaboration with both tenant and landlord with precise and consistent communication there will not be any vulnerabilities or lawsuits.
6. Aim for the shortest periods of vacancy. Do whatever it takes to present your landlord property very well and market it to the potential tenants effectively.
7. Set expectations on the rent increases every year with the tenants, so that Land lord has better returns on his investment
8. Be very efficient on rent collection: Hiring a professional property manager will put a buffer between landlords and tenants, allowing them to be the bad cop who has to listen to tenants’ excuses, collect rent, and handle evictions if necessary. Handling the collection of rent and late fees is an extremely important aspect of property management. A skilled professional knows the law and aims at making the best out of bad situations.
9. If you can ensure the property has less repairs and maintenance costs, always remember your land lord will value that as his return on his investment always goes up!
10. Preventive maintenance is of ulmost importance. This requires regular maintenance checks and inspections, a written maintenance schedule, and detailed documentation. The experienced property manager will also offer you valuable feedback and suggestions on upgrades and modifications that the tenants prefer.

Take this period as an opportunity and look after your tenants and landlords to perfection and see how you can grow your rent roll!

Grit Property Group can help you to rent or manage your property with the world class systems and processes in place for a reasonable management fee. We always deliver value to our landlords and we will not let them down. Talk to us today!