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If you're like me you're always looking for new property management solutions, ideas that can make your premises management run more effectively and fewer expensively.

In today's property management training article I'd like to share ten property management solutions I've personally used, as well as tips on which did wonders and which not too well.

Set The Right Expectations

Property management solution #1 is usually to set the proper expectations along with your investors, your tenants plus your vendors.

This also grouped into the time management category. I remember in the past somebody once informed me, "If you never manage your time and efforts someone else will manage it to suit your needs."

How true.

If you're utilizing building owners, set the best expectations for the weekly or monthly reports, distribution of owner funds, and follow-up calls and emails.

With tenants, stay consistent with rent payment dates, when rent statements are sent out, deposit of funds, and willingness to perform repairs that maybe aren't necessary inside the lease. After only a few months of setting the best expectations with tenants you'll be surprised how everything falls into place.

Develop A List Of Reliable Vendors And Suppliers

I find that by paying the owner early by not nickel-and-diming the owner, that in return I get very competitive pricing and straight-forward, reliable service.

Even in the event you only have one good vendor that you just work with, they can probably provide a helpful referrals to the people they're betting that be employed in other trades. The fact is, people know and work with people like themselves. If you've got one guy or gal that's a great supplier, they are going to know others to refer to you personally.

Send Monthly Rent Statements

This will be the #1 strategy to enhance your cashflow also to move your cash receipts up inside the month.

Many times we've absorbed the treatments for home where the tenants have fallen to the habit of paying prior to the late date, say the 10th or even the 15th.

By sending my blog printed statements 10 days before the due date in the 1st from the month, we've a 100% success rate to get tenants to pay for from the due date and still have dramatically changed the timing with the property's cashflow.

On-Line Billing To Tenants

Most banks and off-the-shelf accounting software offer the service. As long as you offer an email address for the tenants it is possible to create a statement on-line and email it to the tenant together with a hyperlink for payment.

On-Line Payment For Tenants

This goes hand-in-hand with sending statements on-line. Your on-line statement towards the tenant can have a link for payment which goes straight into one with the makes up about the property. You'll save the time and trouble of opening envelopes on and on on the bank to create those daily deposits.

One word of caution: Don't spend a lot of money to setup something such as this. Most banks can do it for a few dollars monthly, but I've seen pricier systems available on the market as well.

If you survey your tenants and have them if they'd such as the choice of paying on line, 99% will say Yes.

The reality is that numerous will still mail to you the on-line statement the printed or deliver payment for your office. The on-line payment option is nice to offer, try not to spend lots of money using one because the actual usage from your tenants is a lot less than expected.

Wellness Checks For Tenants

We'll pro-actively do tiny problems for tenants: Replace burnt out lights, ceiling tiles, and look plumbing for proper operation.

This provides us the chance to chat informally while using tenants, maybe gather market intelligence, and inside case of an running toilet also keeps the river bill low for the house.

Direct Deposit For Owners

This is an excellent service to provide if you're a professional property manager with several clients and properties under management.

Most banks offer this feature for a couple dollars monthly. You're able to cover multiple clients on-line and get the master its money the following day rather than waiting to the proverbial 'check in the mail'.

If you're inside property management business, this, together with timely and accurate reporting, is but one feature that will develop a lots of client loyalty.

Keep An Attorney On Retainer

I'm faraway from litigious, but keep in mind that, because the market will continue to get tough issues will quickly pop-up that you just thought never would. It's important to use a go-to person for legal advice and spending somewhat now will save you a lot of afterwards.

Websites And Internet Marketing

If you do not possess a website set up for your premises, think seriously about carrying it out.

In today's world so much marketing is done on the internet if you do not have a presence on the net you're passing up on a great deal of potential business and exposure.

Websites now days are amazingly inexpensive to produce and maintain and may give you much more bang to the buck than traditional 'snail mail' activities.

Real Estate Flyers

Just as with a website, you don't have to shell out a lot of money to style a real estate flyer.

I believe it is best to produce a template you can use for multiple properties. All you have to complete is change some copy and graphics for home-specific or space-specific flyer, and in a couple of minutes, you're ready to go.

We be successful incorporating flyers into our property websites along with our other on-line marketing activities.