Ever noticed how the most obvious things trip us up.  There are three primary goals you and your management team needs to remember:

  • Keep your units occupied.  An empty unit means no revenue.  Add a few of those each month and you have a cash flow problem.  Maintaining occupancy rates is an essential priority.  Staying on top of trends is important so that you can anticipate marketing and promotional activity.
  • Keep your tenants happy.   Maintain your property.  Have your management team respond quickly to their concerns.  Coach your staff on having a positive, service oriented approach.  When tenants are happier, they stay tenants.  Better, they tell others to become tenants.
  • Collect your money.   Your job is to provide a well maintained property and respond to tenants needs.  There job is to pay for their unit on time.  Make sure that your management team is collecting past due rentals immediately – and that you are staying on top of your numbers each week. 

Here is a final tip – we use a Property Management system – Rent Manager (www.rentmanager.com).  It will help you keep everything in one place, with easy to produce reports and on-line access.