Property Management 5 Best Practices

shutterstock_144406966A good property manager makes a good community association. There is so much a property manager can do to improve the neighborhood, but these are some of the five best practices they should implement immediately.

Create a Dynamite Marketing Plan

A property manager should come up with a marketing plan that captures attention. Even if the condo or neighborhood is still being built, this process can begin. It should include everything that buyers want to know about the HOA, including:

  • Location with map
  • School district
  • Cost
  • Amenities
  • Financing options

Even if the community is full, it’s important to keep marketing and gaining attention. This creates a wait list, so if an individual does move out, there is someone immediately waiting to move in.

Always Focus on the Pros

When your marketing plan works and gets potential buyers or renters in the door, they’ll probably have a lot of questions about the community. During this time, it’s important to focus on the good qualities of the community or what makes it special. If the area has a particularly nice view of a lake, mountain, etc. show them. Make sure to include all these perks on any tour you give.

Incorporate a Tenant Screening Process

Never rent to tenants without finding out who they are. An in-depth screening process includes a credit check and background check. In some cases, property managers even require references. Excellent tenant screening prevents troublemakers from moving into the community, which means less problems.

Give New Tenants a Free Gift

When you do snag a new tenant, give them a free gift. It will mean a lot to them and give them a good impression of the association. You don’t have to give them one month of free rent. Instead, give them a gift card to a local store, or leave them a fruit basket. Even a small gesture will go a long way in making them feel happy with their decision.

Craft a Detailed Property Management Plan

Last, every property manager needs a detailed property management plan. This is designed to help the manager in day-to-day work. Instead of making decisions on the go, they have an organized schedule of how to handle maintenance, staffing, leasing, community activities and any other issue.

While there is so much more a manager can do for their association, these five best practices ensure the HOA runs smoothly. With excellent practices, residents and tenants are more satisfied and want to help maintain the pleasant community.

Property Managers are often only as good as the tools at their disposal.  Take a look at the tools AssociationVoice can offer.

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