What Are Some Property Management Concerns for Business in Wisconsin?

Property management is no easy task. In fact, there are many, many tasks you have to be on top of to ensure success because you have not just one, not just two, but an ecosystem of customers to take care of. They are the owners of properties; their tenants, residents, or guests; and the employees. 

You have to see to the daily care and maintenance of the rental property, and it’s also your job to source tenants and collect rent, among other things. Of course, property management is valuable and is therefore very much fulfilling. However, the rewards are not without their challenges. 

When your Wisconsin business suffers serious damage, you need a dedicated team of professionals who can handle your insurance claim from beginning to end. You’ll need a professional to advocate for your best interests and negotiate a fair settlement, so you can recover more, sooner.

Here are some of the property management concerns you might face in Wisconsin. 

• Scheduling General Repair and Maintenance

Maintaining a property can be challenging in a state such as Wisconsin. Different seasons call for specific maintenance activities. The key is to have a maintenance schedule to keep properties beautiful and in tip-top shape. 

For instance, during winter, property managers should ensure that units have proper insulation and that snow is removed from driveways, etc. Not only will this affect a property’s attractiveness but the guests’ comfort as well. 

Heating is also a big deal during the cold months, so it’s essential to keep heating units in working condition. According to Wisconsin law, this means keeping heating units in a reasonable state of repair, which means it is capable of heating all living areas with a temperature of at least 67° F (19° C) no matter the season. 

• Dealing with Competitive Pressures

In 2021, the U.S. property management market was $101.3 billion, according to Statista. Of this, Wisconsin’s current market size is $880.7 million with 3,472 businesses, according to Ibis World. 

Competition is especially intense in highly desirable areas of the state, so it can be hard to hit some business objectives such as growing your revenue. Property managers should come up with a good strategy to ensure they beat the competition for popular properties. 

• Growing Revenue

Growing revenue can be challenging for property managers in Wisconsin. The no. 1 reason for this is rising costs, which can lead to reduced profit margins. The obvious solution is to grow the service to become more profitable. 

However, only around 44% of real property owners use property management to land a successful lease, according to statistics. And, with more than 3,000 property management businesses in the state offering practically the same service, taking on new clients and properties can be a challenge. Add to that doing so without adding to administrative costs and increasing staff. 

• Improving Operational Efficiency

A survey of over 1,000 property management employees in the country by AppFolio, a real estate and property management software firm, revealed that 62% viewed operational efficiency as their top challenge. That is, doing things the way it has always been done is no longer working and property managers need a better way. 

Property managers want to optimize processes and streamline operations to improve efficiency. One way of doing this might be through the use of tech, such as automating repetitive tasks to eliminate manual entry. Increased efficiency can boost the business’ bottom line and improve the experience for all stakeholders (property owners, residents, and employees).

Eliminating Record Mistakes and Gaps

Another problem you might also experience is what industry experts call technology gaps, which can be costly. These are mistakes and gaps in records, such as double data entry. The same poll from AppFolio found that 56% of property managers believe faulty integrations cost the business time and money. 

These inaccuracies are cumbersome on decision making. Errors paint quite a different picture than the truth, so decisions will be faulty and might result in unexpected problems down the road. 

Automating Routine Tasks

Efficiency and record mistakes or gaps can be solved by some good new tech. A property management software, for instance, can automate record keeping without jeopardizing accuracy of the data collected. This software can also facilitate online payments, reducing the need for checks or manually documenting payments as these will be recorded in real-time in the software. 

It thus speeds up routine processes to make more time for other important matters. Automation of routine tasks can give property managers more time for more valuable tasks like enhancing customer and resident experience. 

Deciding Based on Accurate Data

A property management software can also help property managers make quick and informed decisions based on accurate data and reports. This can help property managers better understand how a certain property is performing, especially financially. 

In short, it can provide property managers a quick, reliable and complete view of the business, so they can make intelligent decisions that will lead to their goals, whether that be investing in new property, hiring more staff, or some other objective. By streamlining business operations, the software can help property managers and their team provide a smooth experience to employees, owners, and residents. 

Handling Health Risks

There have been issues about lead poisoning and asbestos pollution in some residential properties in the state. This shouldn’t come as a surprise, though, as lead-based paint was commonly used in houses built before 1978, which is 59% of housing in the Wisconsin. 

From a legal standpoint, landlords are required by federal law to inform their tenants about lead paint. And, while owners have the power to remove the toxic substance from the property, tenants or residents don’t. So, it’s essential for property managers to properly disclose and inform tenants about the health risk and assist owners in fulfilling all compliance and other legal requirements. Doing so will not only minimize the risk of legal action but first and foremost provide tenants with a safe and habitable home. 

Maintaining Cleanliness

One common problem for property managers of short-term rentals like those listed in AirBnb are guests leaving the unit in a trashed or messy state. However, even long-term rentals might be unfortunate to encounter hoarders or just people who don’t know how to clean. 

Keeping a property clean is especially important for short-term rentals, however. For one, the property will be evaluated based on its cleanliness, so a quick but thorough cleanup is essential before turning over the unit to another guest. A small stain or dirty spot will be bad for your reviews or guest rating. 

A professional cleaning crew that are both fast and efficient as well as can spot damage or theft will be a valuable partner to meet your cleanliness standards. 

What Are Some Property Management Concerns for Business in Wisconsin?

Property management in Wisconsin presents challenges like competition, revenue growth, operational efficiency, record mistakes, automation needs, decision-making, maintenance scheduling, health risks, and cleanliness, requiring strategic solutions for success.