8 Tips on Becoming a Successful Property Manager
Being a property manager comes with many responsibilities from finding and vetting tenants to maintaining the property’s appearance and scheduling regular maintenance and repairs. Are you feeling overwhelmed or bogged down by everyday tasks? Here we’ll share useful tips for being a successful property manager to help you stay focused, boost business, and build your reputation.
1. Streamline Communication
Communication is a key skill for any property manager. Not only do you need to communicate effectively with tenants and property owners but with fellow professionals in the field. When managing several properties at once, you may confuse facts and figures. The best way to avoid this is to create templates for all the necessary paperwork and documents your tenants need. This way, you don’t have to redo the same step multiple times, saving you time and confusion. You can also create maintenance request forms for your tenants to ensure you don’t miss important repairs.
2. Practice Good Time Management
Time management is another important skill for every property manager to have — especially if you’re managing multiple properties. Make a schedule that you can follow and one that includes checking on properties, performing necessary maintenance, and vetting new tenants. Whether you work from home or a property management office, keep your desk organized and neat. The last thing you want is to lose an important document that needs to be filed by a specific deadline. Avoid procrastinating. When you’re juggling so many projects, it can be difficult to know which tasks take precedence. Use good judgement and prioritize your responsibilities.
3. Have a Positive Attitude
Let’s face it — not every tenant is going to be pleasant to deal with. That’s why it’s important to remain positive and adopt the “kill them with kindness” approach. Don’t let rude or unruly tenants get under your skin. As long as you’re adhering to the law and providing them with a safe, clean place to live, you have nothing to worry about. You may also be responsible for handling landlord-tenant disputes. Keeping a positive, even demeanour will help smooth things over. Having a positive attitude also helps attract reliable, quality tenants and landlords who are invested in the property.
4. Create a System for Vetting Tenants
Finding quality tenants is one of the biggest challenges landlords face. Property management fees cover help with finding and vetting applicants to find the most reliable renters. This prevents landlord-tenant disputes and increases the odds that you’ll find long-term renters. You should have your tenant screening process down to a science. This includes background checks and collecting and protecting security deposits. As important as the paperwork portion of vetting tenants is, you also need to take time to meet both the tenants and landlords in person.
5. Set Goals
Like with any career, you need to set manageable goals as a property manager. Not only does this keep you motivated and focused but it also helps you develop a long-term strategy. Ask yourself several questions related to how you run your business and your success in the past. How diligent are you at collecting rent and security deposits? How can you improve on your landlord/tenant relationships? What’s your tenant retention rate? Once you’ve examined your success and shortcomings, set attainable goals and the specific steps needed to achieve them.
6. Invest in Your Residents
One way to improve your tenant retention rate is by investing in your renters. Don’t view tenants as just another paycheck. Take the time to get to know them and develop long-lasting relationships. When you get to know your clients personally, you get a better picture of who they really are. They’re also more likely to care for the property as if it’s their own when they feel invested in you as the property manager.
7. Keep it Clean
One of the things covered by property management fees is the cleanliness and upkeep of the property. You’re required to not only keep the property clean between tenants but also perform any routine or emergency maintenance. This includes, but isn’t limited to, leaks, broken appliances, or other unexpected issues that arise. First impressions mean a lot so make sure that you present a clean, welcoming living space during the first showing and perform a thorough cleaning after the final walkthrough.
8. Stay Motivated
In most cases, tenants don’t stumble upon you. You need to be aggressive, tenacious, and motivated when it comes to finding and keeping tenants. Stay focused and driven at all times. Network with other professionals in the field. You also have to think on your toes and be flexible. No two tenants or rental situations will be the same. You need to be willing to change and adjust your techniques as needed. Stay on top of trends in the current market by attending seminars and constantly learning.
Being a property manager isn’t easy work, but it is extremely rewarding. With the right resources, planning, and winning attitude, you can successfully manage multiple properties with ease.