IBISWorld estimates the U.S. property management sector to be worth $48 billion! There are more than 150 000 property management companies in the US, employing more than 600 000 people. Now, more than ever, there is a need for better and faster property management.
Properties lose value from the moment they are completed, and before home inspection services evolved, properties were typically purchased and rented under “as is” condition. This lack of attention increased their deterioration process, considering that the average American moves 12 times in a lifetime, quality property management is crucial.
The best way for owners to protect their investment is to make sure their properties are kept in great condition by following these four steps:
1. Documenting conditions at move-in
According to the U.S. Census Bureau, an estimated 36.5 million people moved last year. So conducting move-in inspections is common, but completing them efficiently and accurately can be a challenge for property managers. The move-in inspection process consists of documenting conditions and any damages with the tenant/ new owner, and it’s important to have photos with proof of date and time in case problems arise in the future.
2. Providing facilities maintenance
It's more than crucial to be on top of property maintenance, making repairs when needed and in a timely manner. If the property is kept in good condition, tenants will be content, injuries will be avoided and renovation and move-out costs will be minimal.
3. Conducting regular inspections
To provide proper preventative facility maintenance, it's important to perform frequent inspections. All findings should be documented and safely stored for future use and to ensure compliance. (A recent study completed by ASHI and NAR estimates that nearly 4.9 million home inspections were completed in the U.S. in 2000, conducted on more than 77 percent of all home sales, and since the study was published, that percentage has risen dramatically).
4. Documenting conditions at move-out
Move-out inspections are necessary to determinate the overall property condition. To conduct it properly, it's crucial to inspect every aspect of the property and document damages. Ideally, the tenant should be present for the inspection, but if that is not possible, all gathered documentation should be date and time stamped in case of disputes.
The goal of quality property management is to minimize complications and chaos that can arise. To resolve it, it's necessary to DOCUMENT EVERYTHING. Using photo documentation with smart devices is a solution that will speed up the process of capturing, storing and sharing information and the whole process of managing properties. It will save your business money and free time for managing even more properties with quality and simplicity.