Landlords have a lot of information they need to track and keep up-to-date to run an effective property management business. Without a consistent and attentive business, tenants will not want to live in your property and your business will suffer.
Use software tools to keep organized
There are software tools on the market that are tailored to property managers. Turbo Tenant is a tenant management software program that helps landlords keep track of everything having to do with their properties.
Utilizing a program like Turbo Tenant will enable you to provide high-quality rental units for a reasonable price because you will be able to stay on top of every while streamlining efforts and saving money. The services available through Turbo Tenant can be applied to nearly all areas of being a landlord including marketing your property.
Find your niche
If you own property in an area saturated with rentals, your key to success is going to be finding a niche that you can focus on. For example, you can concentrate on in-home health care in Pennsylvania. If you have an apartment building that is handicap accessible and in an area with a high senior population, you can market through home healthcare agencies for any clients they may have been looking to move or to help with your networking.
An effective way to encourage referrals is offering a referral fee. Anytime an in-home health care professional refers a potential tenant and it works out, you can offer a small fee as a thank you for the referral. This is a fairly common practice that can be a highly effective marketing strategy. You can also talk to the local in-home health care agencies to get ideas of where you can advertise that will be more likely to be seen by the older population in the area.
There are laws regarding senior housing that you may or may not qualify for, but you can market in targeted areas without promoting it as senior housing. You can point out the benefits that would be particularly advantageous to seniors. This may also include proximity to needed businesses like grocery stores, post office, bank, etc.
Target and focus your advertising
You can also target home healthcare aids. Tenant laws prevent you from excluding anyone from renting, but you can focus your advertising. Drop off fliers with local agencies and promote the convenient location of your apartments for those working in the area. You can offer a referral fee for tenants that refer to other tenants that end up renting from you. When doing this, you tend to get a lot of people that work in the same general industry because your tenants are referring people they are around daily.
Paperwork is a big part of being a landlord, and that paperwork can get overwhelming quickly, which is why software programs can be so incredibly useful. You can stay organized and up-to-date on all your paperwork without having to spend a bunch of time, making sure you are organized and up-to-date. You also won’t have to worry about misplacing any of your paperwork as all the information will be stored electronically.
Being a landlord can be stressful, but you can alleviate a lot of that stress by using resources like software to handle your tenant management and by really focusing you marketing efforts to maintain full capacity at all your properties to maximize profits.