4 Tips Every Property Owner Needs to Know About Property Management
When it comes to commercial property management, there is a lot to think about. While property owners are concerned about the profitability of their investment and the purchases/sales they plan to make in the future, they also have the day-to-day operations of each property to consider. These operations include things like collecting rent, making repairs, and analyzing financial reports.
Property owners are busy. Also, they often live in different cities or states from where they own property. This makes doing daily business more difficult. Hiring a property management company is the solution to these problems. Property management companies in Miami, like JMK Property Investment, handle the day-to-day operations of each of your properties while you can continue to worry about your investments and expanding your portfolio. As you work with your property management company, here are some essential tips and tricks to ensuring the success of your investment.
How to Get New Tenants
First and foremost, all property owners need to understand how to get new tenants. Without tenants and the stability of monthly rent, property owners can easily find their profits in the red. Lack of tenants is a big reason property owners end up having to sell their property. The key to getting new tenants is a successful marketing strategy. Your property management company must have the skills necessary to launch campaigns to draw in new tenants. The goal is to reach your target audience using a combination of promotional and advertising tools.
In today’s digital age, paid ads on the internet are usually highly successful. A digital marketing strategy might include running ad campaigns on Facebook, Instagram, Google, YouTube, etc. These platforms provide property owners with a great way to market their available space to interested tenants. In addition, print ads are also a good option. This could include mailings, billboards ads, or ads in local newspapers. At first glance, this can all seem very overwhelming. Setting up and monitoring ad campaigns can be a huge responsibility. Fortunately, with a good property management company like JMK Property Investment on your side, you don’t have to worry about any of this. We will handle the marketing and provide you with the results and the new tenants!
Once we have some leads on new tenants for your building, we put them through a thorough screening process. We want to make sure that these future tenants will be a good fit for your property. With each interested tenant, JMK Property Investment will do screenings and background checks to make sure the tenant is financially sound and will be able to pay rent.
The Best Ways to Maintain My Property
Another important aspect of owning a commercial property is understanding the best ways to maintain the property. Most property owners make standard annual repairs each year to keep their buildings in good condition. In addition to routine maintenance, buildings will also need larger repair projects (ex: fixing the HVAC, replacing windows, etc.). It becomes a fine line of keeping your building in the best condition possible while also trying to appropriately budget for these repairs.
The first step is property inspections. Your property management company will frequently walk through your properties to make sure everything is ok. They will also look for things that need maintenance or repairs and make certain issues are taken care of quickly. The next step is coordinating repairs. This can be a complex process for property owners to manage. Between finding the best rates and scheduling repairs at multiple properties, the maintenance process can be stressful.
At JMK Property Investment, we take care of everything for you. We coordinate all repairs to make sure they get done promptly. To ensure you get the best-priced service contracts, we facilitate annual bidding for services. The bidding is a way to make sure you are getting high-quality repairs at fair prices. We have established relationships with many contractors and suppliers in the area, which comes in handy when your building needs repairs or maintenance.
Sometimes a property will also need construction work. Whether you are tearing down part of a building or building an addition, this work needs careful supervision. Because of this, from the start to the end of the project, a property management company ensures everything is running smoothly. At JMK Property Investment, we help you pick the contractors and suppliers, supervise the process, and make sure construction stays on schedule and on budget.
How to Make Rent Collection Easier
Rent collection is a dreaded task for many property owners. With a property management company, it doesn’t have to be! At JMK Property Investment, we handle rent collection so that you don’t have to. We make sure rental payments come in on time each month. In addition, we monitor cash receipts to make sure rent is paid in full. We also follow up with tenants who are late on rent payments and will take legal action if necessary.
Tips for Keeping Up with Finances
Last but certainly not least, property owners should always know how to carefully analyze their finances to make sure their investment is profitable. At JMK Property Investment, our experienced accountants will also help you throughout this process. Each month we generate an operating report containing a narrative, income/expense statement, balance sheet, budget comparisons, variance analysis, and critical tenant information. In addition, with our state-of-the-art accounting software, we can also provide you with reports like check registers, a general ledger, and bank reconciliations. We provide property owners with every piece of financial information they need to make educated decisions about their investment property.
Working With Property Management Companies in Miami
Running an investment property by yourself is challenging. From marketing to rent collection to negotiating repair contracts, it is a lot of work! Hiring a good property management company like JMK Property Investment to help you with all these tasks is the best investment you can make. We can help you turn your property into a profitable investment. For more information about property management companies in Miami, contact JMK Property Investment today. We can’t wait to share with you more about our services and how we can help you manage your property.