As we head into the final quarter of the year, what better time to review the best practices for property management? Being at the top of your game and ensuring you have all your property management best practices in place is the best way to ensure you bullet-proof your business for what’s to come. Because if the last year has taught us one thing, it’s that it always pays to prepare for the unexpected…
Communication is always key
In today’s connected environment, both landlords and tenants expect quick response times. Ensure all emails are immediately acknowledged, via an automatic template if a member of staff isn’t available. Keep communication clear and concise and be aware that around-the-clock contact is no longer a nice-to-have, it’s a necessity.
There’s no such thing as out-of-office anymore
Linked to the above point, staff availability is vital when it comes to implementing best practice procedures. Assigning landlords and tenants the same member of staff to deal with is a way to build connection and create the impression of a bespoke experience. Using cloud-based software enables staff to be contacted 24/7, whether they’re in the office or working from home.
Time to get transparent
While a large part of best practice for property management is servicing your clients effectively, it’s also important to make sure you run your business correctly to protect yourself in case of any dispute. Every client interaction should be documented so that you have an appropriate paper trail should there ever been an audit. Using software to date and timestamp everything you do is your best protection.
Knowledge is power especially when it comes to compliance
Staying up-to-date with compliance is crucial. Fixflo offers the ability to schedule major compliance events and inform your contractors when they need to update their certifications. As best practice for property management, this focus on knowledge should be carried into every aspect of the lettings experience: from green spaces to school spaces, it pays to make sure your staff are clued up on everything going on in the area you operate in.
Time to get technical
Property managers who worry there aren’t enough hours in the day – or staff in the office – to stay on top of all these best practice tips should be reassured by the ready availability of proptech to complete these tasks for you. There is now proptech available for simplifying almost any aspect of the lettings process, from managing repairs to dealing with rent. Good proptech will also generate a paper trail for everything that it does.
Looking forward to it
While clients expect property managers to be reactive, part of best practice is being proactive too. Tracking maintenance issues and scheduling routine repairs and upgrades rather than having to scramble a response are the hallmarks of a letting agent at the top of its game.
Rapid repairs response
When Fixflo conducts its annual survey, repairs response time comes up as a pain point every year. In 2019, one-fifth of tenants revealed that it had taken their property manager over three weeks to solve a repairs issue. It’s also a major reason why landlords leave agencies. Implementing an effective repairs response (in 2019, Fixflo resolved almost 20% of reported repairs online without the need for a contractor callout) can no longer be classed as best practice for property management; it’s a necessity for survival.
You've got your property management best practices in place, now how can you optimise your lettings team? In the on-demand webinar Building a High-Performance Lettings Team, we answer just this question with John Paul, CEO of multi-branch estate agency The Castledene Group.