Admittedly, these three protips for investment success aren’t new but they are worth repeating:
Document, document, document
When property owners first began renting space in their buildings everything was handwritten. But now with the endless possibilities that the Internet presents and a cell phone in everyone’s hand, it’s all too easy to handle business on the run. To avoid miscommunication, be sure to follow up all calls — or even texts — with an email summary. This one ‘best practice’ will provide backup if controversy arises, and it will also establish clear expectations for everyone involved.
This success-tip will never go out of fashion. Be careful about promising more than you can deliver since a failure to meet expectations could lead directly to negative reviews online from disgruntled residents. In order for your property to function effectively and efficiently you must be straightforward with everyone involved, from the landscapers to the penthouse. Certainly you want to meet your tenants expectations, but also exceed them when you’re able with extras like building perks, rental incentives and more to remind them that their patronage is appreciated.
Provide adequate risk management
“Always be prepared” is sage advice for anyone managing a multifamily property. Do that by obtaining building insurance and requiring renter’s insurance. Not only will adequate insurance help should disaster strike, the reassurance proper risk management can provide is priceless. Make insurance a high priority, and establish restrictions and requirements upon move-in so that everyone properly covered.
Be sure to watch this space for more property management tips.