Would you say that you have a “typical” client in your property management practice? Do your clients tend to share a lot of the same attributes? If you’re like most property managers, the chances are good that your clients are quite similar in a number of ways, because they have come to you for one or more of the typical reasons that property owners hire managers.
Even if you know the business inside and out, you’ll probably find that it’s worth your while to sit down and think about why it is that people come to you at all.
The Amount of Work
The sheer amount of work can drive some landowners to hire a property management company. Someone who owns a large number of properties may decide that it would be crazy not to hire a property management company, even if they are fairly knowledgeable about property management. More units means more work, no matter which you look at it: more work to fill them, more work collecting rent and enforcing late fees, more work due to maintenance issues, and more work due to inspections.
With this type of client, the thing you want to stress is your ability to handle a large caseload. A worthwhile property management app allows you to import all the properties you manage with ease, and then manage inspections with far more ease than conventional methods allow.
Some people who own homes realize that they don’t necessarily have the experience and know-how to handle everything that comes with managing a rental property. They may have gotten into the business from a non-real estate background, only to find out that there is a lot more to it than knowing how to collect checks and perform a few basic maintenance functions. Accordingly, they have made the intelligent decision to turn over the business of managing the units to a professional, namely you.
With this type of client, the thing that you want to emphasize is your professional knowledge. You know the relevant laws, you know who to rely on for maintenance, and crucially, you know what it takes to carry out a good inspection. With digital property management software, you can tell your client that you are using the most up-to-date industry standards for inspecting their properties.
Even some landlords who have experience and find the workload manageable might still rely on a property management company thanks to distance. Being a long-distance absentee landlord means it’s much harder if not impossible to properly screen tenants. Maintenance issues have to be resolved long-distance. Issues with the rent have to be resolved long-distance.
It’s no wonder that someone facing these constraints of geography would choose to rely on a property management company. Of course, they may also have a lack of experience and far more units than they are comfortable managing.
The important thing to emphasize with long-distance clients is that you are present, and you are reliable: you have their best interests at heart, and you are doing a good job of managing the place. Inspections are a key part of this, of course, and if you can tell them that you are using a property management app that organizes your schedule and gives you next inspection alerts, so much the better.
Because They Can Afford It
Obviously this is true at some level for all of your clients, but what does it mean? Fundamentally, it means that they think it is worthwhile to avail themselves of your services. Your expertise and your time are a worthwhile investment for them when it comes to managing their properties.
For all of your clients, the thing to emphasize here is the value that they are getting for their money. In other words, signal to them that you are a good investment. With digital property management, you can email them beautiful, auto-formatted reports, without any bulky or awkward files. You can explain to them how much more productive this style of property management is, and how much more you are able to do accordingly. The chances are good that your clients will thank you for it.