Property managers are responsible for overseeing rental properties and ensuring that they are being operated as well as possible. It is estimated that there are about 80,000 property managers in America. The property management role is enjoyable and profitable but hardly a walk in the park. There is a lot to stay on top of, and the smallest mistakes could result in lost money, disgruntled tenants, and even lawsuits. Still, you can excel in your role by following several helpful tips and tricks. Here’s how you can be an excellent property manager.
- Perform routine inspections and maintenance
Bad tenants often leave behind excessive damage after moving out that can cost you money, time, and your reputation. As such, it is essential to inspect your properties regularly to identify and address minor issues before they worsen over time, saving you money and time in the long run. Your tenants will undoubtedly appreciate your attentiveness and responsiveness and will likely be more satisfied. Also, several maintenance issues will occasionally creep up, like problems with HVAC systems and roofs. Therefore, you will need to stay on top of maintenance tasks like HVAC tune-ups, lift refurbishment, roof leaks, and appliance repairs.
- Be organized
Property management requires you to be highly organized because you must handle a lot. Therefore, work on your organizational skills to excel in your role. Fortunately, technology exists to simplify many aspects of your work, including finding great tenants, bookkeeping, rent collection, and keeping up with maintenance issues. Consequently, invest in technology to increase your efficiency and gain a competitive advantage in the real estate industry. There are many options to consider, but it would help to avoid legacy software even though they are familiar and comfortable to use. Instead, opt for modern software alternatives that support integrations for increased efficiency.
- Engage your residents
Many experts agree that you should build great relationships with residents to enjoy success as a property manager. The property management industry is based on relationships, so effective communication is non-negotiable. You should get to know your residents personally by taking time to engage them when possible. Effective communication will prevent frequent misunderstandings and lost clients while ensuring long-term tenancies and lower vacancies. However, remember that business is business, so keep all relationships courteous and professional. This way, you can be an impartial and effective manager who can make the right choices based on your client’s interests.
- Screen tenants thoroughly
Prospective tenants are mostly well prepared when submitting rental applications. However, not all applicants are a great fit for your properties, so it is crucial to thoroughly screen all applications before scheduling showings. It is estimated that tenant screenings lead to the rejection of about 14% of all rental applications in the U.S. You may need to reject a prospective tenant with a history of drug use, defaulting on rent, and damaging property. Tenants with poor credit and employment histories are also prime candidates for rejection. Therefore, run all essential background checks to avoid major problems down the road.