Applying the 6 P’s to Property Management
By failing to prepare means that you are preparing to fail. By implementing the ideas of the 6’s, you will be able to set yourself up for success. If you want your property management business to be successful, plan it, manage it and monitor your business. Below I’ve stated the 6 P’s and how they relate to your success as a property manager.
To be a successful property manager, you will need to conduct proper business and have the proper tools in place to compliment that.
Showing your work and establishments to owners and tenants and to be able to work with them before they sign all the way until the end of their lease. Being there prior means that you will be there later. You never know if the owner or tenant will plan to come back to you for your services. This also helps with recommendations.
Plans don’t always work out. However, being a part of a business, there needs to be a plan in place to ensure your owners and tenants that they are in the right hands. Planning involves having tenants understand their rental payments, how to’s on maintenance and etc; Buyers remorse is a bad thing to have your name attached to and having that secure peace of mind is everything when it comes to property management.
Taking care of business and staying on top of things to prevent matters from getting out of hand. By doing this, it allows for the property managers to run a more efficient operation and it allows for the tenant to have higher satisfaction with a peace of mind.
Being able to identify issues of poor customer service, communication, perception of an organization and not follow those rules. The reality is, no business is perfect, however, it’s all about having a system in place to eliminate a majority of common issues do not have a poor reputation for property management.
Having protocols and making sure owners and tenants are taken care of full circle in the most efficient way possible. Essentially, that’s what a lot of businesses are accredited off of, how well can your business perform under certain situations. If a tenant has a maintenance issue and the property manager is not able to take care of it within said times, this affects the tenants’ outlook on the property managers/management performance.