5 Income Generation Tips for Residential Property Managers

posts by APTFORRENT

Date/Time
Date(s) - 09/27/2018 - 10/26/2018
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30 W. 68th St., New York, NY 10023

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The demand for residential properties will never subside as long as people need somewhere to live. Residential properties have been a source of income for many people. Property managers are charged with managing both residential and commercial properties and performing duties such as rent collection, handling maintenance, and vetting tenants.

Successful property managers have several sources of income to help them to make more money to meet their needs. The greater the level of services a property manager can offer, the greater the potential for income generation. Here are five income-generating tips for residential property managers.

  1. Offer Numerous Services

In addition to property management duties, a property manager can offer a broad range of services to increase income generation. The tenant does background checks, offer cleaning services, recruit security guards, provide inspection services, and hire sub-contractors such as plumbers and electricians. By offering all these services, a property manager can get clients looking for full-service options from residential property management to security. In addition, a property manager can charge administration fees, inspection fees, and lease renewal fees to increase income generation.

  1. Reduce Vacancy Rates

A property manager can increase income generation by reducing vacancy rates and ensuring that residential properties are full. He/she can accomplish this by recruiting new tenants and offering discounts for long lease commitments. In addition, a property manager can intensify the pre-screening process of tenants to ascertain that tenants are creditworthy and unlikely to breach the rental contract agreement.

  1. Manage Multiple Properties

A property manager can manage multiple properties to increase income generation. Multiple properties mean that the project manager gets a larger income than managing one or two properties. You can engage in intense marketing to reach out to property owners who would like property management services. Also, you can use referrals from your current customers to get additional clients.

  1. Run a Coin-Operated Laundry Machine

As a residential property manager, you already have tenants and now it’s time to determine the service to offer to them to make some bucks. Your tenants are also a ready market of consumers that would benefit from some services. You can run a coin-operated laundry machine to help your tenants with laundry. Almost everyone likes clean clothes so definitely you will have customers. Invest in a good quality laundry machine to win your tenants cum customers.

  1. Maintain Residential Properties

Keeping residential properties in pristine condition through regular maintenance helps them to retain their value. It also reduces the need for constant repairs and safeguards the property owner’s investment. Maintaining properties well results in long-term profitability and enhances the relationship with the owner. A project manager should inspect the roofing, landscaping, paint, and parking area regularly to determine whether they need maintenance.

There are plenty of income generation opportunities for property managers to take advantage of and complement their income. They include activities that a project manager can undertake as he/she carries out his/her property management responsibilities. If you need some income-generating tips for your property management business, this article will be extremely useful.