Property Management Tips

Top 10 Property Management Tips

Tip #1—Curb AppealKeep your community fresh & appealing

• A well-managed property should always look better than its competitors

• Curb appeal is the bread and butter of Multifamily. Plan ahead and involve team members. Encourage resident participation and get your hands dirty by planting bulbs in fall or gardens in spring. In doing this, you enable a strong sense of ownership in the residents and staff.

Let Block Multifamily Group (BMG) analyze your property for a FREE analysis.Go to www.blockllc.com/free-analysis.

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Tip #2—Prompt MaintenanceReport Quickly. Respond Quickly.

• A well-managed property should be better maintained than its competitors!

• Timing is key with maintenance calls from residents, and complete the work orders as quickly as possible. This helps the property perform in three ways:

1. Building systems' function2. Promoting resident retention3. Reducing utility use.



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Tip #3—Energy EfficiencyProactively audit your property’s energy usage!

• A well-managed property should be greener than its competitors

• Energy monitoring involves more than just placing setbacks on thermostats and timers on common area lighting. It includes:

1. Preventative maintenance, 2. Analyzing usage trends, 3. Negotiating peak rates, and4. Researching rebates for upgrades.

And remember ... green practices attract green tenants!



Tip #4—Internet MarketingBeing relevant means being connected!

• A well-managed property should be more connected than its competitors

• The key to a robust and successful Internet presence is tying the proper website to multiple social media platforms and producing relevant content. This will push search results higher and increase the interaction of residents and prospects to your rental product.



Tip #5—Reputation Management

Manage. Monitor. Respond.

• A well-managed property should have a better reputation than its

competitors

• Keep tabs of what residents and prospects are saying about your property. Monitor as many review sites as possible. This will cost a little time and money, but it is well worth it. If a resident posts a complaint online, they expect a response within the hour!



Tip #6—Resident Services Make their home feel more like

home!

• A well-managed property should feel more like home than its competitor

• The key to effective resident services: make them relevant! Try ideas like cooking classes, Bootcamp or Zumba fitness classes, or after-hour socials. Providing services that your residents actually want will increase the likelihood of them calling your property home for longer.



Tip #7—Vendor RelationsCultivate positive vendor relationships!

• A well-managed property should build better vendor relationships

• On-site and regional managers should proactively build relationships with skilled workers. Choose vendors that are in your price range, are trustworthy, and do very good work. Keep them close, and they will come to the rescue when the property needs it most.



Tip #8—Pushing RevenueMake pricing trends work for you!

• A well-managed property should set prices more strategically than competitors

• Price units appropriately and keep up with the competition. Corporate and on-site teams must be knowledgeable of pricing trends and changes course as needed. Programs like LRO, Rentpush, and Yieldstar are very successful in automating and managing revenue management initiatives.



Tip #9—Market Trends Understanding how shifts in culture

affect rentability!

• A well-managed property should analyze trends better than its competitors

• Concessions? Amenities? Green design? Social media? What are the hot topics and how is your management company addressing them? For your asset to succeed, you need a ground-level team that understands how shifts in culture affect the rent ability of your asset.



Tip #10—Invest in Staff Invest in people who will invest in the

property!

• A well-managed property shouldattract better staff than its competitors

• Invest in people who will invest in the property with their time, energy and creativity. High quality customer service and strong resident relationships are the keys to increasing resident retention. Having the right people in place can protect and increase the value of the asset.



Block Multifamily Group

For more information contact: Justin Larson913.387.1113

[email protected]

Real Estate

Property Management Tips