Property management can be overwhelming and daunting. If not taken seriously or if not done effectively, your asset can quickly become a very costly liability.
The reality is that managing a property effectively can be extremely time consuming, frustrating and confusing with having to keep up with finding tenants, tenancy dates and agreement, rent collection, legislations, repairs, maintenance, managing relationships with third party agencies and evicting a tenant – if its eventually needed.
However, it needs not to be overwhelming or daunting. As stated by the renowned management consultant Mary parker Follett “management is the art of getting things done through people”. The management of your property portfolio should also be treated as such, if you want to achieve success.
Here are 3 highly effective tips (A.P.P) for your property management success.
1. Automate – CRM system, Channel Manager system, Letting calendar system
In successfully managing a property, you need to have organized systems that helps automate your processes so you do not have to remember them or manually carry out tasks.
Organized systems such as (i) a CRM system, for managing customer or client relationship, (ii) a channel manager system for managing bookings and cleaning services and (iii) a lettings calendar system for managing tenants relationships.
Automation helps make your investment as passive as possible so you can successfully manage your property with little input of your own time, scale and grow your portfolio.
2. People – Outsource, leverage
One way to spread your workload, achieve more with less and not be overwhelmed or drawn into time consuming activities, is to always think weather your task can be outsourced or you can leveraged other expertise.
For instance, in managing your investment property, outsourcing the cleaning task to a cleaning service firm would help you attain effective management than you trying to do it yourself.
Leveraging the expertise of a third party firm can help you achieve Improve efficiency, Increase geographical reach and have an experienced and easily expandable team working for you and in return, you only pay for the services you need and when you need them, so there’s that element of flexibility and scalability too.
3. Processes – Steps, procedure, check list and scripts
In order to successfully manage a property, it is imperative to create steps by step procedures, check list, and or scripts for your routine tasks so that you get consistency in your processes no matter who carries out the duty.
Creating processes and documenting everything you do will enable you to take one step back from personally managing your property and leave anyone in charge with the simple instructions you have created. This approach helps ensure you treat your property and its management as a scalable, viable and valuable business.
This is referred to as the turn-key system. An approach which Ray Kroc used in making McDonald’s the most successful fast food corporation in the world.
Property Management should be systematized and organised in such a way that tasks are outsourced and leveraged wherever possible, in order to achieve maximum success.
In summary, property management need to be taken seriously and treated as a business in order to achieve effective results and expected success. Utilizing automation, people and processes are ways of gaining success in property management.
If you find something interesting, have any questions, like more tips on how to successfully manage your property or you would like to invest, contact us and I will be more than happy to help.
Regards,
Emmanuel Adedipe | property investing simplified
