As a property manager, it’s essential to be prepared for anything. This includes dealing with repairs, screening tenants, and collecting rent on time. In order to help make your job a little bit easier, we’ve compiled a list of tips that every property manager should know. Keep reading to learn more!
In any job, it’s important to stay organized. This is especially true for property managers, who have a lot of responsibilities to juggle. If you’re not careful, you can easily become overwhelmed and stressed out.
If you are disorganized as a property manager, you may not be able to keep track of all your properties and their individual statuses. This can lead to some nasty surprises down the road, such as vacant properties that you didn’t know were vacant or rent payments that you didn’t know were late.
Create and stick to a schedule
Creating and sticking to a schedule is another important tip for property managers. If you have a plan of action and know what you need to do each day, you’ll be less likely to procrastinate. This will save you time and stress in the long run.
A good way to create a schedule is to make a list of all your daily tasks and then map out when you plan to do each one. This may take some tweaking in the beginning, but once you find a routine that works for you, stick to it!
Delegate tasks whenever possible
Delegating tasks can also help you stay organized and save time. When it comes to property management, there are plenty of things that can be delegated to employees or tenants.
For example, you could give one of your properties’ residents permission to check the unit for damages at the end of every tenancy. Since the resident is familiar with their apartment, they’ll be able to find damage that you may not have seen. Plus, having your residents take care of some maintenance issues can lead to fewer costly repairs in the long run.
Establish rules and expectations for tenants
Having a contract is essential in property management. A contract between a property manager and tenant lays out the expectations and rules that both parties must follow. This can help prevent any misunderstandings or disputes down the road.
A good contract should include information on things like rent payments, late fees, damages, and eviction procedures. It’s important to make sure that both parties have a clear understanding of what’s in the contract so that there are no surprises later on.
Keep up with repairs and maintenance
It’s also important for property managers to keep up with repairs and maintenance. This can include things like fixing a broken window, mowing the lawn, or repairing a leaky faucet.
If you let repairs and maintenance slide, it can end up costing you more in the long run. Not only will you have to pay for the repairs themselves, but you may also lose tenants who are unhappy with the state of your properties.
Screen potential tenants thoroughly
Screening potential tenants is another important task for property managers. This involves checking a tenant’s credit history, past rental history, and criminal record.
If you’re not careful, you may end up renting to a tenant who doesn’t pay their rent on time, damages your property, or even commits a crime on your property. By screening potential tenants thoroughly, you can avoid these problems altogether.
Collect rent on time
One of a property manager’s main responsibilities is to collect rent from tenants on time. If you let rent payments slide, it can lead to financial problems for you down the road.
In order to make rent collection easier, try setting up a system where tenants are required to pay rent online or through a tenant portal. This will make it simpler for you to keep track of who has and hasn’t paid their rent.
If you do end up with a tenant who is consistently late on rent payments, be sure to take action swiftly. You don’t want to let the problem get out of hand.
Invest in resources and equipment
Property managers can also save time and money by investing in resources and equipment. For example, by purchasing a battery-powered utility vehicle, you’ll be able to easily transport heavy items around your properties. This will help you get the job done quickly and without having to hire outside help.
Another great investment for property managers is a good quality camera system. A camera system can help you keep an eye on your properties at all times, which can help deter crime and vandalism.
Make sure to do your research before investing in any resources or equipment. There are plenty of great options out there, so you’re sure to find something that fits your needs!
Property management can be a challenging but rewarding field. By following the tips we’ve outlined in this article, you’ll be able to streamline your process and make more money in the long run.