Property management is all about balance. You'll need to effectively market the properties that you are responsible for while staying within the budget needed for them. Creativity can often go a long way when looking for new ways to reach a larger audience. Make sure you provide as much information about the property as possible so that the person looking at it will have it all at their fingertips when they need it.
While saving money is always part of the goal, you'll want to be careful where you cut costs. Make sure that your marketing materials always look professional and that it doesn't appear that that's what drew the short end when it came to your budget. If you care about the advertisements, it provides a clearer view that you also care about maintaining and keeping the property in order.
Don't forget to make use of the internet. It can be a powerful tool for often very little expense. Show pictures of the property, giving the potential renters a good view of what they're looking at so that they don't have to guess at it. Highlight all the best qualities of the property and take plenty of pictures.
Social media is a great way to reach a larger audience and it will help you to network. Just because the people you connect to now aren't looking for your home specifically, they may know someone that is. That, or they may be looking when it comes time for you to look again. You never know what the connections will bring!
Not every tenant that resides in the property will be a top quality tenant, but it's your job to keep them as happy as you can. Don't let them walk over you, of course, but happy tenants often mean a lower turnover rate. Another good way to keep a tenant on through a lease renewal is to offer upgrades to the property. Communication with the tenant is always going to be a key to making sure that everyone is on the same page and that everyone is living up to expectations.
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