5 challenges and solutions of property management
If you have rented a property to someone, you must be familiar with the property management basics.
Even if you haven’t but plan on doing it soon, there are many things you must know beforehand.
The property management market is a huge one, and it has been increasing for years. It is estimated to grow at a CAGR of 4.8% by 2028.
If you wish to know some of the most common problems and their solutions, this article is just the right place!
- Hiring quality staff
No matter how big or small your property is, you’ll need at least a few other people to work alongside you. For this, you’ll have to hire a team comprising a plumber, electrician, cleaner, waste manager, and any other professional who will make it easy for you to maintain the property.
However, hiring the right people can be difficult, especially if you need any of them on short notice. Therefore, managing and recruiting quality staff is a major problem many property managers face.t
Solution:
Pay extra attention to the candidate when you’re hiring them. Instead of asking theoretical questions about their experience, make it more practical-based.
For example, you can give them potential situations and check how they respond. Other than this, make sure to look at their references and credibility.t
- Guests not maintaining property
Another huge issue thousands of property managers go through is guests trashing their property before leaving.
If you’re planning to rent your property for short periods, you’ll be able to check your guests’ behavior more often.
But for people renting their properties for many months or even a year, it becomes difficult to periodically stay updated with the condition of the place.
Even if you collect security deposits, they might not be enough to cover the cost of multiple damages.
Solution:
The most effective solution to this problem is to carefully screen your guests before handing them the keys.
If you’re new in this field, it can be tempting to accept the first offer that comes to you, but be sure that you hand over your property to only responsible tenants.
- Payment issues
When it comes to payment, there are multiple problems that you may face. Firstly, the tenant might not pay the rent on time, making your job a lot more difficult.
Secondly, they might try to pay you in cash when you cannot receive the money.
Thirdly, you may forget to keep the payment receipts which can cause miscommunication. There are also circumstances where the tenant might be out of money and unable to pay you for many months.
Solution:
You can install a community management solutions software or app that will give you and your tenant frequent reminders about the payment systems.
Moreover, these systems accept almost all payment methods, including net banking, so the tenant can pay you without meeting.
- Not getting enough offers
This can be a big issue for amateur property owners because if you don’t get enough bookings, you won’t be able to build on your credibility. And if you’re not credible enough, you won’t receive a lot of bookings or offers.
Breaking this cycle is tough, especially if your property is located somewhere near other similar rental properties. You may try to partner up with platforms like Airbnb or Vrbo, but you’ll have to pay a lot of money there.
Solution:
Create a unique website that will offer visitors an unforgettable online experience. You can also create social media pages on Facebook, Instagram, Twitter, or even Snapchat. Stay updated with the latest marketing trends and utilize them to widen your audience base.
- Communicating with guests
When a guest confirms their booking with you, your aim should be to convert them into a frequent customer. Brand loyalty is huge, and if you can assure your guests that they will receive unparalleled services, you’re good to go.
But establishing a clear communication channel with them is often difficult, especially if you have recently started renting. After all, your customers want swift responses, immediate room services, and timely maintenance checks.
Solution:
Here again, an effective community management solutions portal can be useful. You may also enable a chat support system to handle a customer’s queries.
For example, if you’re running a holiday resort, ensure that your visitors are treated with warmth and respect.
Conclusion
These are some common problems and their solutions that you must know. So don’t keep waiting, and start renting out your property today!
