Real estate software is one of the solutions needed by residential and property businesses. The sector has been growing rapidly lately. Business activities within real estate management companies are constantly changing according to market needs. One of the benefits of real estate software is this software has a firewall to store all data in a centralized system to prevent breaches of that data.
Real Estate is one of the most profitable business investments. Every year, building and housing prices increase dramatically. Anyone would be tempted to engage in this business if they had a lot of money. However, managing properties is not as easy as it seems. Successful property business requires optimal planning and strategies.
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Enhance Your Property
Before we get started, here is what you need to know when reading this guide. While these steps are arranged in a specific order, it is possible that you may not deal with them sequentially. Depending on how many and the types of properties you manage, you may be facing financial constraints, rather than marketing.
But, it is okay! You can still use this guide as a general resource to help you work through various situations using real estate management software from HashMicro.
The first step of managing a property is to buy the property and then repair it. If you haven’t leased or sold your property, then you must do these two things first. When buying a property, you must inspect its condition as a whole.
You certainly don’t want to lease or sell your property in a bad condition, because this would give you nothing but bad reviews. Therefore, fix anything that needs repairs, and don’t wait until it’s too late!
Determining Prices and ExpectationsÂ
Once you have control of your property and are ready to rent or sell it, there are other essential steps to complete before starting prospecting. It’s time to determine your prices and expectations. Do market research with a marketing automation system to get relevant and practical data results and efficient working time in finding out the average rental or selling price in the area and the number of properties rented or sold there. Find out the following:
- How much average income in the area?
- What is the average family size?
- What is the average rental or selling price?
- Does your location have any extra-special benefits (e.g. easy highway access and large parking lots) that you can charge more for?
Once you’ve figured out the average rental or selling price real estate on the market, you will be able to determine yours appropriately. Then, you also need to determine the requirements you have for your prospective tenants or buyers. By having the ideal tenant or buyer in mind, you will have a better chance of finding the right prospects.
Consider the characteristics of tenants or buyers as follows :
- Minimum income
- Smoking or not smoking?
- Employment information & history
- Credit score requirement
- History of residence
- The number of referencesÂ
Finding Tenants or Buyers
The next step is the most fun (and most difficult) of the property rental and sale process. It’s time to look for prospective tenants or buyers!
Implement Marketing Plans
Advertise your property through multiple platforms. You can get your salesperson doing promotions directly in various public places such as malls or put up a billboard. But, for lower (or even zero) marketing costs, opt for online marketing. You can advertise on Google, social media, or on various property searches sites like Rumah.com, Lamudi Indonesia, and many more. Combine your offline and online marketing efforts together to reach more prospects.
For more detailed information on real estate marketing techniques, read the following article:
5 Time-Saving Strategies to Optimize Your Property Management
Finding Eligible Prospects
Finding prospects is not enough, you want to find qualified prospects so that the time, effort, and costs that have been spent will not be in vain. Thus, it is important for you to interview your prospective tenants or your buyers. To make it easier for you and your property agents to screen tenants or buyers. You can use a CRM system for the real estate industry. The CRM system helps you understand your lead sources, monitor sales stages, follow up with leads, identify potential leads, and estimate revenue. Moreover, it can be integrated with accounting software and other systems.
After finding potential prospects, you can set up a lease contract if you rent your property. Additionally, you can gather some great examples from the internet or hire a local lawyer to ensure you don’t miss any important details on your first contract.
In Rashard Alomari, founder and CEO at Fair Cash Deal experience, Be sure to include information about the lease payment timing, eviction procedures, details of maintenance details, and rules of residence in the contract. Additionally, be sure to notify about the security deposit when completing the agreement.
