Survival Kit for Property Managers: Expert Tips for Success

Posted on January 10, 2019

Maintaining and managing properties is not an easy job. Between preparing contracts, keeping records, and fixing property damage, things can get quite hectic. This is why we’re prepared the top simple and effective hacks you can use to help you manage your time and properties.

Wearing Multiple Hats

When managing properties, prepare to have other responsibilities other than sitting in your office. Everything from light maintenance to sales to accounting will need to be done. You’ll be performing many different tasks.

It is important that you accept these roles, and know that it is your responsibility to ensure that all aspects of management are taken care of. Such matters can include maintaining your building’s financial health, balancing books, predicting cash flows, and so forth. Accept the dynamics of the game, and focus on moving forward.

Knowing the Law

This one’s a big one. There is nothing better than having a genuine understanding when it comes to real estate and rental laws. Both landlords and tenants will expect you to have knowledge when it comes to various issues.

It is vital that you become familiar with your state property laws, and stay updated with tenancy agreements and eviction notices. Avoid using unlicensed contractors for electrical work or plumbing. This can easily result in legal liability issues.

Find the Right Tenants

There are good and bad tenants. You can consider yourself lucky if you’ve discovered the revolutionary tenant screening platform. Now, every landlord and property manager can screen potential tenants, to make sure they’re not getting a bad bunch.

This is a game-changer in the world of real estate, as finding the right tenants is crucial for success, and of course, for minimizing issues and stress. As a property manager, you can now check tenants’ credit history, criminal records, and possible evictions.

Establishing Firm Procedures

Creating a clear and consistent procedure for different property issues such as handling maintenance requests is key. It is crucial that tenants are aware of what to do when an appliance breaks down, or when they simply want to bring up a complaint with management.

It is helpful to also set up a separate email to communicate with tenants, and even use an online ticketing system to address concerns. By building a database of steps to address certain issues, you will build more credibility, and be able to access quick fixes more easily.

Build Relationships

Although at times it is not apparent, property management is all about relationships and communication. Taking the time to foster relationships with confidence and respect is your best bet. When dealing with tenants, showing authenticity and care will help you build strong relationships and even decrease turnover.

To build this, you must anticipate your tenants’ needs, follow up on all their concerns, and make sure to do everything in a timely fashion. This way, you are not only making your tenants happy, but you will prevent any procrastination, misunderstandings, and future issues for yourself.

There you have it! The most helpful and proven tips to help you be the ideal property manager. Remember to apply these tips at all times, and that every issue no matter how big it is, can be resolved. If you need more guidance on managing your properties, don’t hesitate to contact Tenant Evaluation for further support.