Did you know that the job outlook for property managers isn’t expected to change over the next few years? This means that in this competitive field, only the best property managers will find repeat and frequent work.
When it comes to property managing tips, this means being the best service provider for both the owner of the property as well as the tenants that call it home.
Juggling multiple maintenance requests and tenant issues a week can be difficult, but being an effective property manager means being able to handle the stress.
With this in mind, read on for our top six tips on how to be an effective and smart property manager!
1. Make Communication a Priority
One of the top complaints that tenants have of their property manager is that it’s hard to communicate. When they have an issue with another tenant or a maintenance request, suddenly their property manager is hard to get ahold of. This can cause friction, resentment, and even a desire to move out if the issues continue to pile up.
This also means that you’ll have a harder time communicating with tenants in the future, especially when it comes time to collect rent. For this reason, make sure that consistent communication is a priority. Hire an assistant to answer calls and emails if you get swamped, or create default email templates for more common questions and concerns.
You can also create a property management website that includes forms for tenants to fill for common maintenance requests.
2. Maximize the Owner’s Profitability
It’s important to keep in mind that the owner is hiring you in order to help them handle their properties, but you’ll be invaluable if you can find ways to increase their profitability. You can do this by increasing the retention of tenants and communicating with them in a timely manner.
This also means filling vacancies with vetted tenants as soon as possible. You’ll also want to have good record-keeping, especially when it comes to repairs. If you’re able to keep a detailed record of all the maintenance done on appliances and the building, you can anticipate when things need to be replaced in the future.
3. Think About the Future
One of the hardest parts about property managing is that you have to continually think about the future. This can be as simple as keeping detailed records so that you can anticipate when an appliance or roof needs to be fixed or replaced. This also means improving interactions with tenants so that you can continue to retain them throughout the years.
You’ll also want to keep thinking about ways you can improve your service, such as:
- How to increase satisfaction for tenants
- How to improve tenant retention
- Whether you’re consistently acquiring new clients
- How to lessen waste and expenditures
- And more
Being a good property manager means being able to respond promptly to issues in the present while keeping an eye on improvements for the future.
4. Use the Right Tools
When you’re vetting new tenants, keeping up with maintenance requests, collecting rent, and more, it can be hard to perform at your best if you constantly feel disorganized. This is why property managers need to take advantage of tools in order to boost their organization and help them become more efficient.
There are digital tools now that help property managers vet tenants and find quality ones that will treat the property with respect. There are also ways you can automate processes, such as reminding tenants when rent is due, handling background checks, and more.
5. Stop Procrastinating
Even if you’re communicative with your tenants, their frustration will only build if you keep setting their issues aside for another day. Relations between tenants can become worse, and issues such as water damage in the building or potholes in the driveway may get worse.
It’s important to keep in mind that landlords and property managers need to keep their buildings up to code at all times. Many states also give them a maximum of 30 days to fix most issues. However, severe issues may need to take no longer than seven days.
If you surpass this timeframe, your tenants may have the right to withhold rent until the repairs are made. Property managers can also utilize guides such as the Property Manager Insider’s free guide for common issues.
6. Maintain a Professional Network
From roof leaks to broken toilets, property managers have to deal with dozens or even hundred maintenance requests each week depending on how many clients they have. This means that they need to have a strong network of local contractors that are able to get the job done at the right price, timeframe, and with experience.
Form partnerships and make deals with local providers who are able to accommodate last-minute requests. It’s also important that as a property manager, you make sure that they’re licensed and insured. Lastly, your contacts need to be as professional as you.
This is because oftentimes, they’ll be stepping into the tenant’s home without the tenant personally knowing them or reaching out to them. For this reason, they need to be professional, friendly, and expedient at all times.
These Property Manager Tips Will Improve Your Work Life
Although these property manager tips may seem hard to implement at first, you’ll find that they’ll improve your work-life balance over time. By communicating with tenants in a prompt and courteous way, you’ll find that dealing with them in the future will be a more pleasant experience if something goes wrong.
Creating automation, processes, and documentation for common procedures will also save you time and money in the long run. More importantly, becoming more efficient means you’ll be able to save the owner money as well.
Ready for more property management tips? Keep reading the blog for more practical strategies!