Many people set personal goals at the beginning of every New Year, but are you setting goals with your property management company? Are you receiving maximum profitability for your rental investment? Are there ways that procedures can be improved to better serve you and your tenants? Remember – goals should be specific, realistic, and have a time limit. Here are 6 tips for setting successful goals with your property management company for 2014.
How has your property management company performed in the area of improving your tenant retention rate? Do they have suggestions on ways of reducing turnover? What is your average percentage of rented to vacant units? How can that average be improved?
How efficient is your real estate management company at collecting rents, deposits, assessing damage claims against deposits, and collecting additional monthly fees for parking, pets, or other areas? Do they have suggestions on additional revenue areas that are typical for the Las Vegas rental market?
What is the turn around time from vacancy to rented status? How proactive is your property management firm about alerting tenants that their leases are approaching expiration? When tenants have given notice that they will not be renewing their leases, how soon does the company start to market the upcoming vacancy? What additional steps can be taken to reduce the time between former tenant move-out and new tenant move-in?
Is your service provider keeping up on the maintenance of your property? Are they proactive in their maintenance schedule and responsive with repairs? Are your tenants satisfied with the service they are receiving? What could be done to improve response time? What can be done to lessen costly repairs? Are they using best practices to keep expenses down?
Are you receiving timely financial reporting on your investment? Is there any additional information that you would like to have included in the reports? Can the format be changed for improved ease of use?
Are you aware of all the services provided by the company that you have selected? Have your needs changed? Are they able to provide the necessary services for your current situation? Are there any services that you should drop?
Good communication is key to setting goals with your property management firm, and solid advise should be one of the services provided by a reputable firm. Triumph Property Management has decades of experience in the Las Vegas, Nevada area, and we believe that our clients should benefit from our expertise. We develop long-term relationships with our customers by providing the best possible service. We welcome the opportunity to sit down with our real estate owners to establish goals for the upcoming year.