Managing a property is more than just fixing an item when it breaks. Your management has a compelling role in the success of your business, so polishing your expertise should be a constant concern. Investors need strong management to see a good return on their investment. This becomes especially important when dealing with small properties.
Sunrise Management, a company that specializes in managing multifamily properties, recently expanded their small properties division. Peyton Hoban is now director and Eric Paulin is the department’s regional manager. Both of them have extensive expertise in managing small properties, so they’ve shared a few of their management tips:
- respond immediately and efficiently
- maintain a solid relationship with residents
- use your marketing skills
- pay special attention to property maintenance
- rigorously select residents
- use technology
“Resident service and prompt and efficient response to their concerns and needs is the most effective tip for small multifamily assets. If there is no on-site manager, residents looking for guidance need to be given the utmost assistance as quickly as possible—in order to keep a strong and respectful relationship between management and resident,” Paulin told Multi-Housing News.
The manager-owner relationship is also crucial. Property managers need to show owners that their property is in great hands. “As small multifamily assets are acquired by investors, then rehabbed and offered for rent at competitive rates, service is a growing part of the value-proposition to renters,” Hoban said. “This elevates the importance of management generally and makes superior management a competitive advantage. (…) Skilled marketing, constant property maintenance with use of quality materials, regular inspections and careful tenant selection—all of these are key to effective small property management.”
Technology is mandatory
One of the most efficient tips for small property managers is to use technology as much as possible because it has the capacity to reduce expenses drastically while boosting the quality of service. Technology can help managers avoid time-consuming and tedious processes.
“Text and emails are becoming the preferred method of communication in society, therefore technology is a must when it comes to managing small communities,” Paulin said. “A resident able to text or email questions regarding their tenancy creates a clear and defined foundation for a manager’s response. And residents who can text or email photos of real time maintenance issues or emergencies greatly increase the manager’s efficiency and ability to dispatch with detail the proper vendor to complete the repair.”
There is a wave of innovation that is making property management much easier and property managers must find a way to leverage existing technologies. Embracing digitization can not only save managers’ time, but also help them obtain valuable feedback.
“For example, utilizing digital resident surveys for feedback helps smaller property managers stay on top of any issues/concerns and can also help boost online reputation by providing residents an outlet to provide feedback before going online and doing so publically. From marketing technology to web based call monitoring to mobile apps to make maintenance requests or pay rents, technology is evolving rapidly for both residents and property managers and is fundamental to the success of a property,” Paulin concluded.
Images courtesy of Sunrise Management