Real estate agents shake hands after the signing of the contract agreement is complete.
Being a property manager can be tough work, as you have to oversee and supervise the operations for all the properties under your care.
From handling tenant inquiries and complaints to maintaining the property’s utilities, finding success in this role entails holistic effort on the property manager’s part.
However, with the right approaches, you can transform these sources of stress and headaches into an opportunity for property growth and prosperity.
That said, achieving this won’t be easy. You’ll have to develop a formidable skillet and strengthen your knowledge base to ensure that your property management efforts are truly maximized.
You may be wondering: how can a novice property manager navigate property management successfully?
We got you. Without further ado, here are six practical tips to attain success in managing your property, whether it’s a rental unit, a commercial building, or a manufacturing hub.
Let’s jump into it.
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Perform Regular Maintenance Checks
As a property owner, you’ll need to keep your property’s utilities operational at all times. In doing so, you can identify and patch problems before they escalate and require more costly repairs.
Getting repair and maintenance work done keeps your tenants safe, happy, and at ease while within the premises of the building. This can critically influence the length in which they stay in your property, boosting retention rates and maintaining a steady cash flow in the process.
Performing regular maintenance checks is a multi-step approach to property management. It should cover all essential systems, including HVAC, plumbing, electrical, structural, and pest control. You should also perform regular maintenance work for the contents within the building, like pest control, windows and doors, flooring, and the like.
It’s also important to time your maintenance checks with the season. If your property’s location experiences seasonal changes, then create a maintenance checklist that’s aligned with the optimal season to conduct these maintenance checks.
For instance, during springtime, ensure that you have cleared your roofing and yard from any debris like twigs that may have accumulated over the winter months. You should also set thermostats and sprinkler systems to accommodate the slightly warmer weather.
If you have assets within your property that need year-round temperature control, you may consider getting temperature-controlled storage containers by STOREMASTA to serve as protective storage for these items.
Naturally, the same core philosophy of seasonal maintenance applies during the summer, autumn, and winter months. In performing these regular maintenance checks, you’re helping improve the value of your property through constant upkeep while keeping its current dwellers happy.
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Build Strong Tenant Relationships
When trying to attain success as a property manager, it’s important to be proactive in developing positive tenant relationships.
The reason is simple: by increasing tenant satisfaction, they’ll be more likely to keep the contract going for longer and exercise a higher degree of patience for any inconveniences that may come their way.
Tenant turnover can be deceptively costly. It can also leave you months without profit or income given that no one is renting out the property—costing you a lot of money in the long run.
By having your tenant pipeline filled up, you can benefit from a continuous and steady stream of cash flow. In turn, this can reduce turnover costs and keep the property owner happy.
And, of course, to achieve a filled-up tenant pipeline, this all starts with being a good and responsive landlord and property manager.
To do that, foster a culture of continuously keeping clients in the loop for any updates and maintenance schedules so that they’ll know what to expect. Also, uphold an approachable and responsive persona when dealing with them. Give them the impression that you value them, and they’ll easily reciprocate.
Whenever your client encounters problems regarding your building or their unit, show concern and help them out promptly. Keep the common areas clean and tidy as well. By investing in these things, you’ll be able to build positive rapport with your clients, creating a nice atmosphere for everyone.
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Use Property Management Software
It can be an enormous task for just a single person to be responsible for the operations of an entire property, especially if it’s a big building with multiple storeys. However, with the right tools, the level of overwhelm can be minimised and the challenge can be spread out more evenly.
One such tool is property management software. Many property managers use this type of technology to perform a plethora of administrative tasks, like rent collection, tenant screening and database management, marketing, property maintenance management, and a whole lot more.
The great thing about using these tools is that they allow property managers to streamline their task load and boost operational efficiency. The right tools can turn hours of manual labor into a few minutes—if not seconds—of work with just a click of a button.
Furthermore, it also allows tenants to gain access to a serviceable touchpoint where they can immediately post their concerns, pay rent, learn maintenance schedules, sign contracts, or even modify their lease agreements upon approval.
By leveraging the right software tools, you can free up some of your time while making your tenant’s lives a tad easier. With this added free time, you can perform more mentally-taxing aspects of your job with enhanced concentration, making you more productive overall.
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Optimize Your Rental Price and Negotiate Costs
Your property doesn’t exist in a vacuum; tenants and clients often compare it against other properties within the area to weigh its inherent worth.
As such, you must research the prices and offerings of properties in your local market to assess whether your rental price is fair for both you and your tenants.
A high price can increase the chances of vacancies, while a low price can reduce your return on investment and attract bad-quality tenants. Find the sweet spot that keeps the property steadily earning while still remaining attractive enough for new tenants to want to inquire about it.
Besides your rental price, it’s also important to look into improving your financial health at large. This includes managing your expenses most effectively. Try to negotiate for better rates for your maintenance services and other suppliers whenever possible. Do this without compromising on the quality of the supplies and services.
In doing so, you can strike the perfect balance between pricing and cost management, allowing your property’s finances to be fully maximized.
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Screen Your Tenants
Your tenants play a big role in shaping your experience as a property manager. If you’re not careful, you could end up accepting rowdy, unruly, and non-paying tenants—which can be a massive headache to deal with, both financially and professionally speaking.
As such, before signing just anyone, be sure to identify responsible tenants who are more likely to adhere to lease terms. Conduct a preliminary background check on their financial health, including their employment status, credit history, and past rental behavior if any.
Furthermore, look into their criminal background and other important identification records. You wouldn’t want to risk any future issues like property damage and forced evictions by letting in a felon or a late payer.
By investing time into screening your tenants, you can have peace of mind when dealing with your tenants, both in your day-to-day functions and in terms of their financial responsibilities. This, in turn, can lead to a more pleasant and easygoing property management experience for you.
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Get Insurance for Property and Contents
As a property manager, it’s important to familiarize yourself with the risks associated with owning and/or managing a property. A lot of things can go wrong in an instant, such as a fire breaking out, sudden natural disasters, and even criminal activities like vandalism, theft, and break-ins.
To ensure that you won’t have to deal with the outcome of these problems out of pocket, ensure that you have ample financial coverage to protect your property and its contents. This, of course, comes in the form of a comprehensive insurance policy.
By having this insurance, you can be financially covered in the event that an accident or injury occurs within the premises. Furthermore, it also helps give you and the property owner peace of mind knowing that you have financial protection even amidst the most disastrous scenario.
