What You Need To Know As The Property Manager For Multiple Properties

By
Real Estate Technology with Husky Marketing

The property management industry can be immensely profitable for certain individuals. Working as a property manager for a number of properties can be stressful. A great way to reduce this stress is by staying as organized as possible. Putting important dates like times when there will be repairs or showings for potential tenants is imperative. The last thing you want is a property to fall into disrepair due to a lack of planning/organization. The following are things that you should know as the property manager for multiple properties. 

Rental Background Checks Are Imperative

The last thing you want is to rent out a property to an individual that has been evicted multiple times. Regular criminal background checks can also be important. Dealing with HOAs can be a nightmare in some cases as they could reject multiple tenant applications. There should be a process that you put each tenant through in order to minimize these rejections. The last thing the owner of the property wants is their property to be tenantless for an extended period of time. 

Finding Service Professionals Is Important

Property managers have to figure out how to allocate resources if multiple tenants are having issues at once. The right handyman who is very versatile might be able to handle a majority of this. 

 

Plumbers and HVAC professionals also need to be on the list of people to call. Nobody wants to deal with being too cold or hot during the winter and summer. Plumbers being called immediately can reduce the chance of additional damage occurring. Reliable home service professionals can make managing properties far easier and less of a headache. 

 

Landscapers are going to keep commercial and residential properties looking presentable. Commercial landscaping services can be affordable and convenient. You don’t want a tenant rejecting a property due to the appearance of the landscaping. 

Communication Is Key

The importance of keeping renters happy cannot be understated. Renters that cause no issues will likely stay in a property if they are happy with it. Pricing skyrocketing can be an issue with some renters as property values in some areas have gone up immensely in the last few years. There are some people that want to do this by email, phone, or text message. Being responsive can be very important especially if a tenant is calling to report something like a leak in one of the properties. 

A Personal Assistant Can Be Key 

A personal assistant can help with organization or setting meetings. This does not have to be someone that you physically see as virtual assistants can be quality as well. You would be surprised as to how much help it is when someone can help you set your agenda for the week then help you knock out tasks. 

 

Property management can be immensely stressful but make sure you get a routine down daily. The perk of this job is that you will likely have different types of days all of the time. Use the tips above to help you manage a plethora of properties efficiently.

Comments (5)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

I think this is one of the hardest jobs in Real Estate, not for me.  We made it to Taco Tuesday, so all that is left is to decide soft or Hard?  Bill 

 

Jan 25, 2022 08:19 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Tommy and thank you for sharing the great information with us here in the Rain.  Make it a great day!

 

Jan 25, 2022 09:31 AM
Paddy Deighan MBA JD PhD
federalfinanciallawgroup.com - Vail, CO
Paddy Deighan J.D. Ph.D

so many people think that being a property manager is easy work and easy money....we know that it isn't and unfortunately, there are few barriers to entry so many jump in

Jan 26, 2022 02:08 AM
Jim Smith
The Property Management Company - Round Rock, TX
Broker,CRS,GRI,RMP,CNE,TRLP

Property Management is a business, just like any other business that is out there.  It requires a living business plan, systems, closely monitoring KPI's (Key Performance Indicator), understanding Cash Flow and Balance Sheets, and keeping a close eye on what and where the profit is coming from.  I have seen a large number of property managers believing that they are making money, only to discover after a few years, they have been actually losing money due to failure to understand and utilize the above.

Jan 31, 2022 07:36 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great information.   Thanks for sharing and have a wonderful day!

Feb 01, 2022 07:16 AM