Course Code: MKTM515 Course Title: Services Marketing

Course Instructor: Dr. Lokesh Jasrai Academic Task No.: 01

Academic Task Title: Assignment 01 Date of submission: 12 September 2023

Student Name: Rakesh Kumar das Section: Q9E53

Student’s Roll No: RQ9E53B62 Student’s Reg. No: 12210509

Declaration: i declare that this Assignment is my individual work. I have not copied it from any other student’s work or from any other source except
where due acknowledgement is made explicitly in the text, nor has any part been written for me by any other person
 PROPERTY MANAGEMENT
SERVICES

Introduction OF Property Management Services Blueprint

In an ever-evolving real estate landscape, effective property management plays a pivotal role in
maximizing property value, ensuring smooth tenant relationships, and achieving financial success
for property owners. Whether you are an aspiring property manager or looking to enhance your
existing property management business, this blueprint will serve as your guide to establishing and
growing a thriving property management enterprise.
The property management industry encompasses a wide range of responsibilities, from marketing
and leasing to maintenance and financial management. To excel in this field, it's essential to
approach it with a well-defined strategy and a commitment to delivering exceptional service.
This blueprint is designed to help you navigate the complexities of property management by
outlining key components and processes. It will assist you in crafting a clear vision for your
property management business, ensuring that you offer comprehensive and professional services
to both property owners and tenants.

This blueprint is your guide to establishing and growing a successful property management
business. It covers key aspects such as legal compliance, market analysis, service offerings,
pricing, technology, staffing, marketing, client relations, financial management, maintenance,
growth, and continuous improvement. By following this blueprint, you'll build a solid foundation
and deliver exceptional property management services, ensuring satisfaction for property owners
and tenants while achieving your business goals. Let's get started on your journey to success in
property management.
 The important points for creating a blueprint of property management services
Business Model:
Residential Property Management
Commercial Property Management
Services Offered:
Tenant Screening
Rent Collection
Property Maintenance
Pricing Structure:
8% of monthly rent as management fee
$150 flat fee per month
Technology and Tools:
Use property management software like Buildium
Implement a tenant portal for online rent payments
Staffing and Training:
Hire property managers with real estate experience
Provide ongoing training on local property laws
Marketing and Branding:
Create a professional website showcasing managed properties
Run targeted Facebook ads to reach property owners
Client Acquisition and Retention:
Network with local real estate agents for referrals
Offer a discount for long-term clients
Tenant Relations:
Establish a 24/7 maintenance hotline for tenant requests
Conduct regular tenant surveys for feedback
Financial Management.
Use QuickBooks for accounting and financial reporting
Set up automatic rent collection through ACH transfers
Maintenance and Repairs.
Develop a network of trusted contractors for repairs
Implement a preventive maintenance schedule
Compliance and Risk Management.
Stay updated on local rent control laws
Carry professional liability insurance
Performance Metrics.
Track occupancy rates (e.g., 95% occupancy)
Monitor average days on market (e.g., 20 days)
Documentation and Record-Keeping.
Maintain digital records of all lease agreements Keep records of property inspections and maintenance
Scaling and Growth.
Expand to manage properties in neighboring cities
Offer additional services like real estate sales
Feedback and Improvement.
Conduct quarterly client meetings for feedback
Regularly assess and update property management processes
These points, along with the provided examples, will give you a solid starting point for creating a blueprint for your property
management services. Customize them according to your specific business goals and market conditions.
 Creating a blueprint of property management services in 3 steps

Timeline ACT I

Pre-process stage: During the pre-processing phase, a property is ready for management or rental by being inspected,
documented, checked for legal compliance, budgeted, and set up with systems for tenant selection, marketing,
insurance, and upkeep.
Front stage

Appointment with customer legal compliance Visitation of property

Physical Evidence
Line of Interaction
 ACT II

SOCIETY LOCATION
FUNCTIONS VIEW PARKING SPACE TRANSPORTATION
FURNISHED LOCATIONS GARDEN COSTS
SPACE COMFORT

OFFICES APPARTMENTS HOMES LANDS

 ACT III
TIMELINE
FRONT STAGE

AGREE TO BUY DEAL APPROVED PROPRIETOR

LINE OF INTERACTION
 Strategy for enhancing the customer experience in property management services

❑ Effective Communication
Provide property owners with regular updates on tenant issues, maintenance requests, and financial statements. Timely communication ensures owners are informed and
reduces uncertainty.

❑ Transparency and Accountability

Clearly outline all fees and charges in your contract. If a mistake occurs, take ownership and rectify it promptly, demonstrating accountability and trustworthiness.

❑ Streamlined Maintenance and Repairs

Utilize a maintenance tracking system that allows tenants to report issues online. Respond quickly, assign qualified contractors, and keep tenants informed about the repair status.

❑ Tenant Satisfactio
Conduct tenant surveys to gather feedback on their living experience and use this information to make improvements, enhancing tenant retention rates.

❑ Online Portals and Technology

Create an online portal for property owners to access financial reports and track property performance, providing convenient and real-time information

❑ Regular Property Inspections

Schedule quarterly property inspections and provide detailed reports to property owners, showing the condition of their investment and any recommended maintenance

❑ Customized Services
Offer specialized services for different types of properties. For instance, for vacation rentals, provide cleaning and concierge services to enhance the guest experience.
 ❑ Financial Transparence:
Use accounting software to generate monthly financial statements for property owners, including income, expenses, and any necessary receipts.

❑ Legal Compliance and Risk Mitigation:

Keep owners informed about changes in local housing laws and ensure all leases and property management practices align with legal requirements.

❑ Regular Client Meetings:

Conduct quarterly performance reviews with property owners, discussing occupancy rates, rental income, and strategies for improving property profitability.

❑ Market Analysis and Strategy:

Provide property owners with annual market analyses, suggesting rent adjustments or property improvements to maximize returns

❑ Proactive Problem Solving:

Develop an emergency response plan, including contacts for maintenance emergencies, to address issues swiftly and minimize property damage.

❑ Feedback Collection and Implementation:

Create a feedback system for tenants and property owners. Act upon feedback to make improvements, such as upgrading common areas or addressing noise
concerns.

❑ Continual Training and Education:

Invest in certifications and training for your property management team to ensure they have the knowledge and skills to provide top-notch service.

❑ Long-Term Relationship Building:

Offer loyalty incentives for long-term clients, such as reduced management fees for clients who have worked with you for several years.
By applying these strategies and examples, property management services can enhance the customer experience, foster trust, and ultimately build lasting
relationships with property owners and tenants.
Lots of challenges at the time of service delivery in property management services

Tenant Turnover: Legal Compliance: Property Market Emergency

High tenant turnover Staying updated Inspections: Fluctuations: Response: Managing
can lead to increased with changing local, Conducting Adapting to unexpected
vacancies, higher state, and federal regular property fluctuations in the emergencies, like
marketing costs, and housing laws and inspections and real estate market, property damage
the need for more regulations is crucial addressing issues such as changing from natural
frequent tenant to avoid legal issues. found during property values or disasters, requires
screenings. inspections can rental rates, can be swift and
be labor- challenging. coordinated action.
intensive
Technology Client Competition: Cybersecurity: Economic Environmental
Integration: Expectations: Facing Protecting Downturns: Concerns:
Implementing and Meeting property competition sensitive property Economic Addressing
managing property owner from other and tenant data recessions can environmental
management expectations, property from cyber impact property sustainability
software and especially if they management threats is values, rental and regulatory
technology tools have unrealistic services can becoming rates, and the requirements
can be daunting for demands, can be affect client increasingly financial stability can be complex
some services. a challenge. acquisition and important. of property
retention. owners.
 RECOMMENDATIONS

The challenges faced in property management services, here are some recommended actions and strategies to help address
and overcome these challenges effectively

❑ Tenant Turnover:
High tenant turnover can be costly due to vacancy periods and marketing expenses. To reduce turnover, focus on tenant satisfaction and
loyalty.
Offer long-term tenants incentives like a rent discount for renewing their lease, acknowledging their loyalty and reducing the likelihood of
them moving out.
❑ Maintenance and Repairs:
Efficient maintenance and repair management are essential to keep properties in good condition. Proactive maintenance can also prevent
costly repairs.
Implement a regular inspection schedule and address minor maintenance issues promptly to prevent them from escalating. For instance,
fixing a leaking faucet can prevent water damage.
❑ Tenant Relations:
Positive tenant relations can lead to longer tenancies and reduced vacancies. Excellent communication and conflict resolution skills are
key.
When a tenant reports a problem, acknowledge their request promptly, communicate a timeline for resolution, and follow up to ensure
they are satisfied with the solution.
❑ Legal Compliance:
Failure to comply with housing laws can result in costly legal issues and fines. Staying informed and proactive is crucial.
Regularly update lease agreements to reflect changes in local laws, ensuring that both the property owner and tenant are aware of their
rights and responsibilities.
❑ Evictions:
Evictions can be legally complex and time-consuming. It's essential to follow the proper legal process to avoid complications.
If a tenant falls behind on rent, initiate a formal eviction process only after following all required notice periods and offering
opportunities for payment plans or mediation.
❑ Property Inspections:
Routine property inspections help identify issues early, preventing them from becoming costly problems.
During a property inspection, if you notice signs of water damage on the ceiling, promptly investigate the source and fix it to prevent
further damage.
❑ Market Fluctuations:
The real estate market can be unpredictable. Property management services should stay agile and adapt to changing conditions.
If market rents drop due to oversupply, consider offering incentives like a month of free rent to attract tenants and maintain occupancy
rates.
❑ Emergency Response:
Having a well-thought-out emergency response plan is crucial to minimize damage during unexpected events.
In the event of a natural disaster, provide tenants with a clear evacuation plan and contact information for emergency services.
❑ Technology Integration:
Property management software can streamline operations, but its successful implementation requires staff training and user-friendly
interfaces.
Train staff on using property management software effectively to track maintenance requests, generate financial reports, and
communicate with tenants and property owners.
❑ Financial Management:
Effective financial management ensures that property owners receive accurate and timely financial reports.
This examples and recommendations should be tailored specific challenges your property management service is facing. A proactive and
adaptive approach is key to overcoming these challenges successfully and maintaining client satisfaction.
Thank you