Do you think you have what it takes to be a good property manager? There are more than 300,000 property managers in the United States.
Not all of them have a great reputation. Many are seen as slumlords and they treat their renters unfairly. You certainly don’t want to have that reputation.
Read on to check out these property management tips that are sure to turn your property management business into a machine.
1. You Serve Two Audiences
The mistake that many property managers make is that they think only of the investors or property owners. Yes, that is one audience. It seems like an investor is your boss.
You have to remember that without the renters, you and your clients can’t make money. You really do serve two audiences and have to treat them both accordingly.
That can be difficult because it can put you in the middle of tough situations. Do your best to get to know the renters and investors.
2. Be Reliable & Consistent
Both renters and investors love property managers who do what they say they’re going to do. If you say you’re going to make a repair, make the repair. If you say a property will be profitable, make sure that it is.
If you can demonstrate to renters and investors that you can be dependable, they will trust you. Renters are more likely to stay, and investors are going to give you more properties to manage.
3. Be Empathetic
One of the most difficult parts of your job is managing renters. Renters at some point will fall on hard times, such as what we’re seeing now during the coronavirus pandemic.
It’s bad for your property management company and for your renters to send threatening letters to tenants.
Instead, show empathy for their situation and explain what their options are according to the law.
4. Understand Housing Laws
Speaking of the law, your job is to know landlord-tenant laws inside and out. You have to fill your units and work with your tenants inside the law. You also have to apply that law consistently with all of your tenants.
5. Know Your Ideal Tenant
The best way to limit your issues with tenants is to know who your ideal tenant is and market to them accordingly. For example, if your units are priced high to attract your professionals, you want to market your property as such.
Most young professionals with income won’t turn to Craigslist first. They’ll check out other sites to see what’s available. You need to know who they are and how they go about finding apartments.
6. Market Smart
Marketing is going to be the most important activity you do in your property management business. There are many ways to market your business to renters and property owners alike.
Your marketing efforts have to build trust in order to get hired or get a new tenant. You can use a blog to educate both audiences and build trust over time.
For example, if you’re targeting property owners, you can have a post about understanding property management fees. For tenants, you can have a post that explains property move-in inspections.
7. Work with a Great Team
The more properties you manage, the more you have to juggle. You’ll need to get help managing those properties. A reliable team is crucial to maintaining a great reputation.
You need to have someone who can manage properties while you’re away, handle administrative work, and an employee for maintenance and repair projects.
8. Organization Rules
You’re responsible for a ton of paperwork. You have property management contracts, rental agreements, inspection reports, accounting receipts, and so much more.
How you organize yourself and your paperwork will determine your success. If you can’t find a rental agreement, how can you possibly enforce it?
You can create a system that moves a lot of this online, which makes it easier for you and your tenants. They can make maintenance requests and pay rent online instead of filling out a paper form that can get lost.
You don’t need to have a ton of properties to invest in a system. There are systems that are designed to manage a few properties. These are inexpensive investments that are worthwhile.
9. Show Initiative
You have a unique opportunity to set yourself apart from all of the other property managers in your area. Those that are proactive and show initiative are sure to stand out from the crowd.
How can you do just that? It’s easier than you think. Learn how to anticipate the needs of your investors and renters. Investors are always on the lookout for great real estate opportunities. If you see one that might be a great fit for an investor that you know, send it to them in case they’re interested.
The investor will appreciate the fact that you went the extra mile to think of them when an opportunity appeared. They’re more likely to consider you for that property if they buy it.
With renters, you can be proactive with maintenance. Conduct regular inspections of the units to spot any potential issues that need to be addressed. This will prevent smaller issues from exploding and becoming major issues.
The Top Property Management Tips for Success
Property management isn’t easy. It requires a delicate balance between addressing the needs of owners and renters. Those companies that do both very well will see a lot of success.
If you want your company to be recognized as a top property management business in your area, follow these property management tips. Remember, it always comes down to organization, reliability, and marketing.
Ready for more real estate tips? Check out the recent posts on this site to see what’s happening in the real estate world.