As a property management company, your focus is not just on providing what tenants will sign leases for, but also for doing so in a way that continues the best profitability because of best management practices. These 6 items will help you keep an eye toward this goal.
- Draft and execute accurate property management agreements at the inception of the relationship with the lessee. Set expectations and boundaries up front to make sure clarity of terms is established.
- Use clearcut language on a hold harmless provision. Include a broad indemnity provision that provides a clear means for termination upon noncompliance.
- Take time to visit and inspect the property before accepting responsibility for it. Moreover, ascertain the property manager is a named beneficiary on the property owner’s insurance policy. Use a respected data screening service for information and background checks, such as http://DataScreening.com
- Hire experienced people. Make sure the property management team has formal training and knowledge of property management laws such as fair housing regulations, the ADA, and security deposit accounting rules.
- Have a program in place for continuing education which includes participation in trade groups, seminar attendance, maintaining a close relationship with a law firm and continuing online education at sources like propertymanager.com
- Prevent losing good employees due to dissatisfaction with compensation. Attrition is costly. Well-trained people are worth paying for as they will save the firm money over time. Pay them competitively, especially when they are motivated to learn more to improve their performance.
DataScreening is a Certified Women’s Business Enterprise that has offered business-to-business employment and tenant screenings to human resource professionals and business owners, including staffing companies, for two decades. Among other organizations, they are members of the ASA (American Staffing Association), SHRM (Society for Human Resource Management) and the NAPBS (National Association of Professional Background Screeners).