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.