Over 44 million American households are renters. When you're renting out a property, you need to understand the nuances of managing the property. If you let things slip through the cracks, you might end up facing a lawsuit depending on the lease specifics.
The day-to-day responsibilities of managing a property are known as lease management. There isn't one single way to tackle this, but generally, it consists of compiling reports, documenting, coordinating stakeholders, and other admin tasks. Keeping track of upcoming lease renewals and options, updating lease data, and keeping track of operating expenses are all crucial aspects of property management.
Every lease has specifics that need to be fulfilled. As the owner, you're responsible if the specifics are not fulfilled. This is why it's important to document every aspect of your lease.
Keep reading to find out three things about leasing management.
1. Regular Performance Reviews
A lease management system can give you a detailed overview of how your business is doing, not just the ROI. You can request daily, weekly, or monthly performance reports. These reports will give you accurate information at a glance, helping you make decisions about the future of your property.
Gone are the days of manually compiling reports and making charts to track your progress. Since everything is automated and compiled by a computer, you can use that time to expand your business instead.
Property performance reviews can be tricky to navigate if you've never used them before. Luckily, you don't need to do this all by yourself. Property management professionals can help you with this!
2. Save Time
The goal is always to save time, and in turn, money. As an owner or investor, your time is important and can be spent better than doing tedious admin tasks. Management tasks need time and energy if you want them done correctly, but it doesn't have to fall on your shoulders.
A lease management system is the perfect way to save time as many tasks can be automated.
3. Automation Is the Key
When you own property, it's crucial that you keep accurate electronic records of everything that happens on your property. Document management isn't a big deal if you're just dealing with one property, but as soon as you expand your portfolio things will start to pile up.
The key is to make everything more efficient. An automated system stores all your records in one secure location, making it easy to access. This will cut down drastically on human error.
Understand What Leasing Management Entails
When it comes to leasing management, you need to understand all the management that goes into managing your portfolio. To understand the various duties property managers need to fulfill, you need to know the journey a lease takes. Managing rent payments is just one stop on the journey.
If you're looking for a full-service property management service in the Miami Florida area, contact us today. At Pristine Property Management, we understand managing tenants is not an easy task, so let us take care of the difficult parts.
Eddie Miller, Partner of PPM, is the Past-President of the SE Florida Chapter of the National Association of Residential Property Managers. NARPM® promotes the high standards of business ethics, professionalism and fair housing practices. The Association has a structured educational program and certifies its members in the quality standards of the residential property management industry.
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