Want to make more profit by managing your property manager more efficiently? We all know that the real face of a business is the management who executes the policies of any business. The condominium business is also not an exception. It is of inordinate importance to manage your property manager to get more business from the real estate market. You might be the owner of a condo or other rental property but do not have ample time to manage your business on your own. You can hire a property manager or hand all the responsibility to a property management company to manage your real estate business. But it is not as simple as it looks! You are to hand your business to a person who has nothing to do with the prosperity of your business. He has to keep the day-to-day affairs running smoothly and he won’t be as enthusiastic as you to invest more energies in gaining more business. However, you can follow certain tips to manage your property manager and get a better profit out of your rental property.
Here you go with some rules of thumb to manage your property manager! Let’s check out!
Engage your property manager in decision making!
Traditionally, the property managers are given certain tasks for which they are paid such as rent collection, leasing of apartments, dealing with tenant requests, and other similar matters. However, they are not given a say in the decision making of your business. If you want to make more profits, then you must engage your property manager in the decision making for your rental properties. You must also not leave everything to them. A balanced approach is needed to make more profits.
Set up a commission for more business!
You can also set-up a predefined proportion of commission with your property manager for getting more business to your rental properties. Of course, they would do as much as you pay them! Nothing is for free and this is something you must invest in to gain more clients. You can discuss it with your manager to welcome his services to generate more business on a commission basis. You can add this commission to their basic pay to give them a reason to exert more effort in promoting your business.
Keep the maintenance expenses under control!
It’s not smart to leave everything to your property manager! Such as the maintenance and repair expenses where you can save up the huge amount of money with minor changes that a manager might not pay due heed. Your manager might not have an interest in keeping the repair cost low whereas you can sort out ways to minimize the renovation costs.
Final Thoughts
You can make your manager work more enthusiastically for your business by following these simple tips and this PRO tip:
Use any professional software of bookkeeping to smartly manage your accounts and maintain transparency!
You can generate good returns with your rental property by managing your property manager well and it is something for which you must invest a few extra dollars!
