Choosing property management as a career has a lot of benefits, especially in today’s real estate economy. However, juggling all the tasks that come with being a property manager can be time-consuming and demanding.
The industry of real estate is always adapting. A strong property manager knows this and actively works on evolving with it.
To become a better property manager, you have to have some key skills and be open to growing others.
From dealing with tenants and property owners to handling employees and contractors, your job is full of responsibilities. The trick is to keep it all balanced, including your personal life. While it’s not an easy job, these five tactics can effectively help you be a better property manager.
1. Increase Your Communication Methods:
To be an effective property manager, you don’t need to be on-demand 24/7. In fact, that might make you a more “stressed and burnt out” manager.
You do need to have open lines of communication, though. How are your tenants and property owners able to get a hold of you currently?
If there is no one between you and them, or one overworked receptionist manning the phones, you could probably use some help. In today’s digital age, you probably already have a website. Maximize how the site is set up and the options you have to offer people better methods of communication.
Start by putting up an FAQ section and directing people there at the home screen. That will minimize a lot of the most common questions that take seconds and minutes out of your day.
Then, create a template with a weekly or monthly newsletter for your properties. Update it regularly or hire whoever maintains your website to do the job if possible. Have an email option so people can direct their complaints or concerns to you that way, giving you more flexibility as to when you deal with the issues.
Communication is crucial, but it doesn’t have to be urgent. When someone is calling or texting you directly, you feel like you have to deal with it right then. Open up other lines of communication to handle things that can wait.
2. Go Virtual When Possible:
Many real estate agents and property managers were already jumping on board the virtual train before the pandemic hit. But with so many people already used to doing everything online, you, too, can use this strategy.
Going virtual in a lot of your management roles will free up a substantial amount of time. Check with your IT person to see how you can take your property management websites to the next level in areas such as:
- Generating leads and posting listings on reputable rental sites
- Listing property details, amenities, pictures, and floor plans on your site
- Offering online forms for potential tenants and employees
- Providing opportunities for virtual tours
The more you can do online, the less you have to manage yourself. It’s much simpler to oversee the streamlined process than to complete each step yourself!
3. Stay Active in Policy Changes:
The property owners and tenants rely on you to know the rules and regulations and implement them. It’s up to you to stay on top of policy changes at a local, state, and federal level.
Property managers must also adhere to a national code of ethics. As this changes, it’s your responsibility to know the new requirements.
You should also keep your thumb on the pulse of the economics in your area. If property rates are going up, your rental rates might need to increase, too. Likewise, if the rates are decreasing and other rentals are cheaper, you may need to consider lowering your rates to a competitive level.
4. Keep the Long-Term in Mind:
Maybe you have an apartment complex or rental that is easy to find tenants for. But the longer the same tenant stays, the easier it is on you, and the more lucrative it can be.
Tenants often expect a slight increase after the end of their lease. If they’re content in their rental, they’re more likely to pay the higher rate than deal with the hassle of moving.
You won’t have to deal with all the costs that come with making the rental move-in ready for the next tenant, either. You’re also cutting out the stress of weeding through applications for the best people to rent your property.
What’s your current strategy to attract and keep your tenants? It could be your amenities, like a pool or fitness room, or your reasonable rates and flexible payment terms.
Whatever your strategy is, it should continually be adjusted when you see if things are working or not. Keep your eye on your competitors, too, and adjust your goals to stay attractive to potential tenants.
5. Don’t Skimp on the Inspections:
Regular inspections are required by insurance companies and other legalities. But these inspections are also your time to check on how well your property management is doing.
You can hire a professional inspector to work alongside you. Two sets of eyes are better than one to check for things like pest control, evidence of illegal activity, and construction issues.
A lot of property managers view inspections as a nuisance. Switch your perspective to see this time as your chance to get hands-on with the property and connect with your tenants.
Conclusion:
A strong property manager is grown, not born. You’re going to go through a period while you’re learning the ropes. But when you embrace these five tactics as early in your career as possible, you’ll quickly become effective and in-demand!
