Property managers have an important job. A skilled property manager protects the owner’s investment and makes sure that the property generates profit. But that is easier said than done. A property manager must juggle many different responsibilities every day.
Take a look at 5 essentials for successful property management.
- Top-Notch Organization Skills
Property managers have to deal with a variety of tasks, problems, and processes from property repairs and tenant screening to rent collection and evictions. Many of them involve large sums of other people’s money, contracts, vendors, and legal issues. The best defense against misunderstandings and legal problems is diligent documentation.
Excellent organization is necessary to maintain the property in great condition. Your job is not just to rent out units, but also to take care of the property. Strong maintenance schedules can help identify defects before they become big problems, plan large repair or improvement projects, and implement regular inspections of major systems.
And don’t forget to use the wide range technological tools and software available to make these tasks much easier. With clear procedures, a property manager’s duties will be a lot less daunting.
- Interpersonal Communication
Tension and misunderstanding between property managers and tenants often stem from bad communication. A contentious or confusing first meeting may cause prospective tenants to re-think submitting an application. The last thing they want in the place they’ll be living (or working) is conflict.
Clear straight-forward instructions are crucial for starting off each tenancy on the right foot. You can’t afford to be vague when it comes to the rules and expectations.
How you communicate is also important. Make it easy to contact you with any questions tenants may have. It is better for you to juggle lots of small annoying questions, than for the tenant to make costly assumptions that will lead to trouble later. Also, try to respond to enquiries quickly. Delayed responses can inspire resentment and the perception the you’re not taking their concerns seriously.
If the message topic is at all important, respond in writing and make copies. Handle questions, requests, and notices in a standard, organized fashion.
Document, document, document.
- Marketing Skills
These days, the first place people go when they want to find a place to rent is Goggle. They’ll want to see photos but also descriptions of the amenities and neighborhood. Well-written marketing materials will inspire prospective tenants to take a closer look at your properties.
Design is important in advertising; good design catches your target population’s attention and tells them something significant about what is being marketed. The look, layout, and professionalism of your website will greatly affect consumers’ impressions of your business. Owners and prospective tenants will be trusting you with their money, property, and the place they call home. If your website looks cheap and sketchy, people may assume you are too.
- Wide Breadth of Knowledge
You don’t have to be a lawyer, but you will have to be familiar with landlord-tenant laws, basic contract law, fair housing laws, the Americans with Disabilities Act, employment law, and environmental law. Knowledge of accounting techniques is often required as property managers handle rents and maintenance funds and produce budgets and reports for the owners.
You’ll also need to know how major building systems work such as plumbing and electrical, the standard processes for building maintenance, and how to conduct inspections. A familiarity with the common problems that arise in rental properties and tenant relations will make your life easier.
- Master Time Management
With so much on your plate, it may seem like there’ll never be enough time to do it all. You have to have great attention to detail but also the ability to work fast and complete multiple tasks in a timely manner.
Many of the essentials listed above will help in this department. Precise processes, diligent documentation, awesome organization, and diverse knowledge will facilitate planning, prioritizing, implementation, and follow up.
Digital tools will be invaluable when you’re juggling lots of tasks such as marketing, budgeting, inspecting, and producing reports. There is an app or a software package for just about every property management task.
Keeping up with your professional development is key for these property manager essentials. Always be learning and expanding your skills. 360training.com is a great partner in this knowledge growth: Browse lots of self-paced online courses and enroll in interactive on-demand training to stay at the top of your game.
360training.com’s TX Real Estate Principles II