ACMO Blog

Top Property Management Practices for Today's Market

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As the property management industry continues to evolve, property managers must stay up-to-date on today’s best practices to remain competitive in the market. Whether you own or manage a single property or a large portfolio of properties, there are several key practices that can help you streamline operations, improve tenant satisfaction, and maximize profits. In this article, we will explore some of the top property management practices for today's market.

Embrace Technology

Technology has transformed nearly every aspect of the property management industry, from tenant screening and rent collection to maintenance requests and even smart home devices. Property managers who embrace technology can streamline operations, save time and money, and provide a better experience for their tenants. Technology is used for everything, so why not use it to your advantage? Technology and online access will boost communication as well as speed up or avoid unnecessary processes. Some examples of property management technology include online rental applications, automated rent payments, temperature control of all your HVAC equipment and property management software that can track maintenance requests and lease renewals.

Focus on Tenant/Guests Satisfaction

Tenant satisfaction is a critical component of successful property management. Happy tenants are more likely to renew their leases and refer new tenants to the property. Property managers should prioritize tenant satisfaction by providing high-quality amenities and home comfort solutions in addition to quickly addressing maintenance requests. The key to improvement is to be proactive in your building management and ask for feedback. Also, providing services or systems that other properties don’t have, such as backup generators, emergency water storage tanks, lockers or other additional benefits, can greatly enhance your tenant’s or guest’s stay. These services can be marketed as special benefits and can give you a greater competitive advantage over other competitors.

Prioritize Maintenance and Repairs on all Facility Equipment and Systems

While your building’s equipment may be out of sight and out of mind, as soon it stops working, everyone notices.

Maintaining your property is essential to keeping tenants happy while attracting new ones. Property managers should prioritize regular maintenance and repairs, addressing any issues promptly and proactively identifying potential problems before they become major issues. Acquiring or renting equipment that has immediate repair services as well as parts covered by warranty can be especially useful because it will reduce the downtime of your services and save you a lot of money. Maintaining or replacing building mechanical systems such as water heaters, HVAC, electricity, or furnaces can be expensive. “Now's the time to prepare and plan for it so customers get the best pricing and the best rebates currently available.” Say Tom Mannsfeldt, Senior Manager, Commercial Sales, Enercare Commercial Services. It is always a good idea to go the extra mile and make sure you purchase or rent equipment with a plan that includes preventative maintenance and repairs included or a warranty. This will give you and your tenants peace of mind and help avoid unexpected repair or equipment expenses.

Keep Regulations in Check

Property managers must comply with a wide range of local, provincial, and federal regulations related to property management, including fair housing laws, building codes, and safety regulations. Understanding the latest regulations is essential to avoiding legal issues and ensuring the safety of tenants. It is extremely important to set some time aside and asses your building at least once a year. Being up-to-date with regulations is a great way to showcase the quality of your building and use it as part of your advertising. Potential residentials will be more interested in remaining in a property that actively adheres to regulations. Ultimately, who would feel safe or have peace of mind in a building that doesn’t comply with current regulations?

Property management is a complex and ever-evolving industry, but by embracing technology, communicating effectively, ensuring tenant satisfaction, prioritizing maintenance and repairs, and meeting regulations, property managers can set themselves up for success in today's market. All these practices can take time to be implemented, but it’s important to start somewhere. Whether you decide to schedule a call to maintain or acquire a new HVAC system, implement smart home technology, or set up added benefits for your tenants like a back generator – the key is to make a plan that works for you.

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