WeconnectU News

Professional rental property managers have been an important part of the property investment landscape for as long as most of us can remember. Landlords have long relied on these experts to shoulder the day-to-day demands and intricacies of keeping tenants in line and rental properties running smoothly.

Professional rental property managers have been an important part of the property investment landscape for as long as most of us can remember. Landlords have long relied on these experts to shoulder the day-to-day demands and intricacies of keeping tenants in line and rental properties running smoothly.

Property Management companies have two options when it comes to managing their communities’ accounts: a series of individual bank accounts for each community, or a single, central trust account in the name of the managing agent.

It’s a sad but well-known fact that small to medium sized property management businesses are seldom (if ever) particularly profitable. Sure, they can deliver a reasonable turnover, but increasing that turnover usually comes with an associated increase in overheads, particularly with new regulations adding to the workload. That makes it tricky for business owners to transition from making ends meet to making a real profit – a challenge we really enjoy helping our clients solve with the help of WeconnectU Community Management Solution.

A primary goal for most business owners – regardless of industry – is to build a sustainable and profitable operation where day-to-day processes require minimal executive interference. This creates an environment in which you are free to work on your business rather than in your business – an important step towards the professional freedom that likely drove you to start your own operation in the first place.

Here at RedRabbit, we know exactly how time-consuming and tedious maintenance management can be. That’s why we provide you with the tools to easily organise and track each maintenance ticket from logged to completed.

In our last post, we discussed the importance of being able to measure key performance indicators in Property Management businesses in order to effectively manage staff productivity and portfolio performance. We also went into some detail on which KPIs offer the most value from a business insights perspective, and how those insights can help business owners and portfolio managers hit their own targets while impressing the heck out of their communities, too.

The 4 core pillars of Rental Asset Management are Application Management, Lease Management, Account Management and Maintenance & Inspections Management. Application Management deals with finding a Tenant for a Rental Property and covers aspects such as of Listing and Application Processing. Lease Management deals with the facilitation and finalising of the Lease Agreement, Renewal Management and Exit Management. Account Management covers all aspects associated with Billing, processing of Payments Received and Managing of Defaults.

Question: Why do so many agencies think of this activity as one where you request a Credit Report from a Credit Bureau and if the Score is favorable with no Judgments or Defaults, the job is done.

Managing performance and service delivery is an essential part of getting the best out of any business, but in people-driven industries like Property Management, it can be a bit of a challenge.