Property management can be a lucrative career. However, it’s easy to get overwhelmed and frustrated by the day-to-day tasks of maintaining the business and properties you are in charge of in this role.
To achieve ongoing success in this field, you need to take steps to continue updating and honing your property management skills. After all, your success in the industry is at stake.
Are you ready to get started? If so, find the best tips for property managers here.
1. Document Everything
As a property manager, it is important to document all interactions with your tenants. Because of this, it should be second nature.
If you want to be more efficient in your position, it’s necessary to document everything you do. Don’t create general statements of what you do. Instead, document how much time you are spending on every project.
You need to document the amount of time you spend on showings, setting up listings, answering calls, and communicating with contractors. While this may seem like a daunting process, try to track an entire week of work to better understand how you spend your time.
2. Always Ensure Good Communication
Communication is key as a property manager. The two main parties you must communicate with are landlords and tenants.
Make sure someone from your service is available to respond quickly to questions or issues either side has. For example, is a tenant in need of an EV charging station (a great post to read to learn about cost can be found here)? Ensuring quality communication between tenant and landlord is essential.
One of the best ways to streamline communication is by setting up templates or portals on the company website. This will allow anyone who needs you to reach you.
An organized portal makes it much easier to receive and respond to complaints or requests, too.
3. Technical Understanding
Knowledge of online tools and computers will help property managers remain organized and communicate more efficiently. Today, much of the process to lease a house is online. What this means is if you have a general understanding of technology, you will be able to rent your units faster.
4. Avoid Procrastinating
If you want to be a successful property manager, you need to get things done. You also need to ensure things are done in a timely manner.
However, you should also be experienced enough to know the parts of your job that take priority over the others. If you are a property manager, you need to ensure you have a good work ethic.
5. Break Up Your Work into Time Blocks
You should stop trying to multi-task. Instead, focus on one thing at a time. This may be challenging if you have a smaller business and are putting out fires, but your goal should be to bring in an employee to help with this.
Begin batching rental listings into a single block of time. Doing this will help you get in a flow with the work you have to do. Studies have proven that switching from one task to another isn’t efficient for anyone, including property managers.
6. Remain Positive
If you work in the property management field, it means you will be dealing with people all the time. Not all these encounters are going to be good ones.
While this is true, you should still try to remain positive and keep a positive attitude if things get overwhelming or rough.
As a residential property manager, you will likely have to deal with tenant and landlord disputes at some point. You should remain a third-party and voice of reason. If not, the disputes may grow and get out of hand.
You should understand that when you are working with a real estate investment, market trends may be with you one day and against you the next. As a property manager, you should remember this is normal. Maintaining a positive and realistic outlook is crucial even in these times.
7. Marketing Know-How
Part of property management is ensuring the unit is filled. Therefore, understanding basic marketing techniques, such as writing a quality property description and offering a video tour, are important.
This is also going to help to have some knowledge and understanding of social media. This will allow you to connect with current and new tenants.
8. Stay Updated on Industry News and Happenings
It’s important to remain updated on things such as any changes in rules and regulations. This includes on things like local rent amounts and other emerging trends that are related to the real estate industry.
Property owners want to feel confident that their property manager knows what they are doing. This means you need to invest time and effort into continued education.
9. Create a Note-Taking System
How many times do you think that you need to do something?
The next time your phone rings and you are putting out a fire somewhere else, and you may forget what you were doing. After that, you have to rack your brain and try to remember.
To avoid this, create a system to take down notes. There are plenty of software options to choose from.
At the end of the day, before leaving, review your notes and add related information to your calendar. This is going to help you avoid forgetting about something you need to do.
10. Don’t Just Focus on the Now
It is important to consider your long-term goals and strategies. Doing this will help you be a better and more successful property manager.
While dealing with everything going on now can be a lot, you still need to think about what you can do for and with your business down the road.
What are you working to achieve? Consider your existing performance and strategies, and then evaluate what steps you can take to achieve even better results.
Some of the best ways to do this are by asking yourself specific questions, such as:
- How can you reduce costs?
- Are your tenants satisfied?
- Are there steps you can take to operate more efficiently?
When you answer the above questions, you will be able to choose the right strategy as you move forward.
11. Create a Tenant Finding System
If you want to avoid landlord-tenant issues, you need to create a system to screen and find quality tenants. The system should work and help you automate the entire process.
However, don’t completely eliminate the human element. After the initial screening is done, ask the landlord to help with the final vetting of potential tenants.
12. Share Rental Criteria in a Photo
Some renters will look at the price, location, and any photos and videos you have; then, they will reach out. They may not read your entire listing to learn more about the available rental.
This means they will not read about your minimum criteria, such as your pet policy, smoking rules, or income standards.
A good way to address this is by taking a screenshot of the criteria and then putting it in with your photos.
13. Understand the Needed Property Inspections
Out of all the tips available on this list, this one should be obvious but is worth mentioning. When you work as a property manager, you have to deal with both landlords and tenants.
It is also necessary to maintain the value of the properties that you maintain. Regular and thorough inspections can help you identify any problem issues in your investment properties.
Staying on top of maintenance and repairs will also let tenants know you are serious about what you are doing. It will also help to keep your clients happy and increase tenant retention.
This is something that you can’t afford to ignore when it comes to a successful property management business.
Tips for Property Managers You Can’t Afford to Ignore
If you are looking for tips for property managers, keep the ones listed here in mind. Each of these will help you ensure client and tenant satisfaction and ensure your business has the best chance of success.
Keep in mind that many factors can impact your business. Understanding what these are will help ensure your property management business is set up for providing quality service.
Learning as much as you can about being a property manager is a smart way to improve your career.
If you are looking for other resources and informational guides, be sure to check out some of the other blogs on our site. We update information regularly to help keep you informed.