Good property management is an effective property management system that plays a major role in managing a real estate property successfully. It is a crucial part of investing which should mitigate risks and maximize rental returns for your investment property. And in any successful property management system, there are the five P’s: Plan, Process, People, Property, and Profit. Let’s look at each of these P’s individually.
The Five P’s of Property Management
Plan
Every form of investment needs proper planning that is clear and realistic. Planning allows a property management company or property manager to organize business activities that focus on revenue forecasting, formulating and implementing strategies, preparing budgets, and evaluating of systems or procedures in place.
Process
A property management company’s business process leads its operation from marketing, finding tenants, generating revenues, managing costs, and so on. It’s also the protocol or automatic procedures put in place for everything-property listing, tenant screening, paperwork, keeping records, and specific policies for repair or maintenance requests, eviction, and violation of the rental agreement, just to name a few. Having a process for everything makes it easy to determine what has to be done and not yet done, or what works and doesn’t work.
People
The most important component of property management is the people running the property—the property manager. In essence, a property manager manages the property by preparing and assigning the appropriate people to the appropriate positions in the operational process. This includes not only the tenants, but also all the other people helping the property management company run the rental business, like the plumbers, electricians, accountants, caretakers, and so on.
Property
Somewhere there is a renter looking for the property that you have. The key is finding the right tenant and offering a property for rent that is safe and meets all their basic needs. Is it clean? Is the yard well kept? Are the appliances working? Is the roof leaking? Are the kitchen and bathroom updated? Is the price based on the market? These are just some of the questions that you need to ask in order to determine if you’re offering a good property or not.
Profit
We, at Apogee Properties, are committed to helping our clients make their rental property a true passive investment. We believe that property management and investment return go hand in hand. With the right plan, process, and people, your property will work towards a better ROI, generate profit, create value, and thrive in the property rental industry.
The key to successful property management is taking the time upfront to plan the five P’s mentioned.
So, if you’re looking for a trustworthy, results-driven, and experienced property management company in Texas, we are the best place to serve you.
Work with Apogee Properties
Apogee Properties is Houston’s Premier Property Management Company. We work and live in Houston, and our property managers are local. We’ve been in business for more than a decade, providing comprehensive property management services in the Houston region, ranging from a studio condo to a multi-family million-dollar estate. Contact us to learn more about our property management services, and what we can do for you and your rental property.
