Tips for a Successful Rental Property Management
The Philippines continues to see growth in the real estate industry this 2019. The need for professional property management services is also expected to rise as demand for commercial and residential spaces increases. Here are some tips to help property managers become more profitable.
By JENNY CAPARROS
- Have a customer database
They key to a profitable real estate investment is a good tenant. Keeping records of your customers is a must.
- Have a system that will automate preparation of accurate billing
Reduce problem of customer complaints by ensuring your customer billings are correct and on time.
- Setup a system to monitor repair request and job progress
There’s always something that needs to be repaired. When you are handling several customers, you can easily lose track. It is a must to setup a system that will help you monitor your customers’ maintenance or repair request and job progress. More importantly, don’t forget to record all expenses so you can charge your customers appropriately.
- Keep an eye on your cash flow
Know where your money is – who has paid and who hasn’t. Timely billing and collection is key to a good cash flow. It is also important to know where your money goes. Do you have control over your expenses? Remember cash is king.
- Invest in a good tenant management system
Do you have dozens of customers? Do you have difficulty keeping customer records, generating statements on time and tracking maintenance and repair request? If you answer yes to any of these questions, then maybe it is high time you invest in tenant management system.