A landlord's average return on investment (ROI) is 7% to 8%; if you want plenty of money, your ROI should be at least 15%. For those unfamiliar with ROI, your rental income should ideally exceed your expenses by 15%. Unfortunately, being a landlord can be difficult, and many don't succeed.
Good facility management is the difference between a successful business and a floundering one. However, you may not be familiar with proper facility management strategies. For example, you may not know how to keep tenants happy or have good maintenance practices.
Understanding facility management enables efficiency in property management. Keep reading to learn helpful Dickson property solutions and handy facility management tips.
What Is Facility Management?
Facility management is the upkeep of a facility or building's day-to-day operations, physical assets, and infrastructure to keep it safe and comfortable. Understanding and implementing tenant satisfaction methods is a form of facility management. Keeping your renters happy is often as easy as communicating clearly with them.
Here are a few ways you can satisfy your tenants:
- Tell them about maintenance schedules and procedures
- Provide a system for renters to communicate maintenance issues
- Actively address tenant input and concerns about the rental property
It's generally good practice to talk to your renters to keep them aware of what's going on around the property. Stay in their good graces by taking the time to hear their complaints and worries.
Preventive maintenance is another form of facility management. You can achieve efficiency in property management if you keep it (the property) in good enough condition so nothing catastrophically fails. Create a schedule for routine maintenance checks and servicing the property's systems.
Inspect the plumbing for leaks and repair leaky faucets. Check whether all your breakers and lights work. Inspect exterior grounds, common areas, and tenants regularly to spot potential problems. We should discuss risk management while we're talking about maintenance. Do safety inspections while checking for damaged items.
You can use the opportunity to find potential hazards and ensure you follow local safety regulations. Create safety plans in case of an emergency -- for example, you may want to make hurricane or fire evacuation plans.
Asset management is a vital part of all landlord facility management strategies. Take inventory of all your rental property's assets. This includes:
- Maintenance history
- Purchase date
- Warranty information
Management software can make tracking repairs, asset replacements, and overall asset health easier.
Why Effective Facility Management Matters
Safety and tenant retention are important parts of facility management. Understanding how to talk to renters makes it easier to keep them satisfied and willing to renew their leases. Well-maintained properties also encourage renter retention.
Maintenance and safety inspections help you catch potentially costly issues before expenses balloon. Asset management is useful because it aids with item maintenance and usage.
Finding Effective Dickson Property Solutions
Facility management helps run your rental property effectively, but a rental business can be difficult and time-consuming. PMI Greater Dickson is here to help. We provide professional property management services for residential and commercial properties. You can trust our team with tenant screening, tenant management, maintenance, and accounting & reporting.
We'll even provide a free rental analysis. Contact us to relieve some of the stress of rental property management.
