When it comes to the different methods that property management companies implement, there is one that truly stands above the rest. Portfolio-based property management offers many benefits over the other types of management styles, such as task-based. When it comes to your properties it is important to have a manager who is willing to implement portfolio-based management practices because with these practices you can make more money and your tenants will be happier with the service they are receiving.
One of the main reasons portfolio-based property management outperforms the rest is because it has a streamlined oversight model. In this model, one manager is given the responsibility to make sure a property as a whole is well maintained, this insures nothing falls between the cracks on regular maintenance. A manager that is responsible for a property, as a part of their portfolio will do their best to ensure the tenant is happy with the service they receive throughout the duration of their stay. A well-managed property will in turn result in a potential to charge higher rent or to have less downtime between tenants.
The main alternative being used at the moment is task-based management. This means each task is assigned to a different manager for a larger number of properties. It is very simple to have the smaller details, which mean everything to the individual tenant, be overlooked when the responsibility for the property as a whole is split between multiple agents. This can lead to unorganized property management and leave tenants with the feeling you are not taking full responsibility for their experience while they are renting.
Tenants have been shown to prefer portfolio-based management for the properties they are renting. It allows them to make a connection with the manager who is responsible for their residence, resulting in a higher level of satisfaction. As an owner, this will translate into a much lower turnover rate as well as less problematic tenants. You will be able to make a higher profit margin on the properties you own, while also keeping the tenants who are living on your properties happier overall.
Real Property Management Wasatch provides property management services which utilize market leading strategies in order to increase profits and help tenants feel more satisfied with their renting experience.
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