Recently we featured some simple ways you can cut costs and save some money for your property management organization. Saving money is important, especially in today’s economy. There are certain areas, however, where property managers should never cut back. If you want to remain competitive and still be successful in these tumultuous economic times, keep the following areas intact.
Tenant Screening
You know the ultimate goal is to find (and keep) good, quality tenants in your properties. In order to do so, tenant screening is an absolute must. Whatever areas you’re planning on cutting back, don’t let credit or background checks be one of them or you may just end up with costly turnover in the long run.
Get your free copy of The Property Manager’s Guide to Proactive Management — and make the time necessary to plan for an extraordinary future.
Property Up-Keep
Another important part of reducing turnover and getting long-term tenants is keeping the property functioning and looking its best. Make regular improvements and invest in things like landscaping to show your renters that you truly value them and you care about the properties you manage. Besides, ongoing maintenance is less expensive over time than having to fix major problems associated with a property that’s been neglected.
Replace vs. Repair
On larger items, it may be tempting to keep having them serviced rather than footing the bill for replacements, but over time you could be wasting a ton of money. Know when it’s time to say when and remember that all of these items are an investment in your properties.
Related Post: Retain More Tenants With Proactive Property Maintenance
Tenant Safety
That old, rotted staircase is more than just an eyesore – it could place you at risk of a significant lawsuit if someone on your property gets injured as a result of its disrepair. Never skimp on things that keep your tenants and their guests safe. If something is broken, get it taken care of right away.
Technology
If you’re going to be competitive in today’s day and age, you absolutely must have technology on your side. Sure, purchasing property management software may seem like a big expense, but the improved productivity, time savings and boost in customer satisfaction you’ll get as a result will pay you back big time.
These days, businesses everywhere are trying to find ways to cut costs and save money. While there are plenty of ways to do so in the property management industry, the five things listed above should never be skimped on. Otherwise, you’ll likely find yourself dishing out a lot more cash in the long run, making it much harder to be competitive and remain successful over time.
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Get your free copy of The Property Manager’s Guide to Proactive Management — and make the time necessary to plan for an extraordinary future.
