4 Distinctive Services to Build New Revenue Streams For Property Managers
Updated: Jan 11
Property managers and landlords have experienced firsthand why 2020 has been a year of change for the rental industry. This is why most of them are dedicating 2021 to going beyond their normal services.
The pandemic has truly redefined landlord tenant relationships since relationship managers have turned to property managers to pitch new responsibilities that include social distancing protocols, including cleaning and compliance or helping tenants who have trouble paying rent.
By taking on these new responsibilities, some property managers have noticed a 11% increase in property owners seeking to hire them. That said, we’re going to dedicate this article to discussing which services were most popular among tenants and landlords alike.
Here they are:
Since there is no certainty as to when the pandemic crisis will come to an end, more and more landlords are now turning to property managers for sanitation and supply cleaning services. In fact, the number of landlords looking to hire cleaning services has risen by 13% according to the 2021 State of the Property Management Industry Report.
2. Renovation and Construction
According to the same report, many property owners are renovating their empty rental units and, therefore, ensuring extended vacancies. The number of owners who are looking forward to hiring project managers to manage their renovation projects has increased by 14% in 2020.
There are 2 main ways project managers offer renovation and construction services to property owners. Firstly, they could bring their own contracting services to their business. In order to do so, they have to make sure that their business is properly insured and licensed.
Secondly, you can partner with existing contractors. In doing so, you will act as the middleman in collecting your referral fees.
3. Legal Advice
Based on industry reports, the expertise of property managers tends to grow more valuable every year and, last year, 24% of all rental property owners were in agreement that regulations were making their property too risky or complicated.
Generally speaking, property managers are well-versed in local laws that affect rental properties. However, it can be quite tricky to offer legal services if you aren’t a practicing or licensed lawyer because federal laws prohibit real estate agents from handing out legal advice to clients.
4. Insurance Services
Quite like legal services, this is yet another service where you can partner with other firms for referral fees. Currently, project managers have increased their insurance referrals to intentionally make sure their tenants and owners have insurance.
In addition, insurance is one service that can be offered to both landlords and residents. Offering insurance services through property managers can be a win-win for all stakeholders.
Well, there you have it folks. If you’re looking forward to offering these distinctive services you can always delegate these tasks to your property manager or hire the right professionals for the task at hand.
If you haven’t hired a property manager already, click here to learn more about our services and how an experienced property manager can share some of your burdens.