Being a property manager is no easy task, as it involves a lot of work and know-how.It’s not just enough to own the properties, you have to know how to run them well and interact with the people who live in them.
You have to be able to interact with tenants, employees, repair guys and whoever else is involved in making sure your real estate is running smoothly.
It might seem a little overwhelming, but in the end, the work and effort that you put in will be well worth it because, let’s face it, if the people who live on and help manage your property are happy, you will most likely be happy.
Here are five ways to be the best property manager and ensure that, whatever you put into your investment properties or property, you will get something out of it as well.
Create an organized system
Staying organized will not only help you to be the best property manager possible, but it will also ensure that everything that needs to happen on or in your properties will happen in a timely and cost-effective manner.
This is especially true if you have multiple properties because, without a way to organize everything that is going on with those properties, important things might fall through the cracks and you will find yourself running around like a chicken with its head cut off.
Have you or your team keep all paperwork, money, and other important items associated with the properties in labeled files in an easily accessible place. This way you will know what’s going on at all times; you will be on top of any issues and be able to take care of them quickly.
Talk to other property managers
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It’s always a good idea to network and talk with other property managers to see how they run things. This can give you new ideas on how to be more efficient with your properties. Look for local property managers in your area. Property managers through your local Real Estate Management firm could give you a good place to start.
You can seek advice if you are just starting out and even find out about possible new properties to purchase and rent out.
Make a good impression
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Being a property manager means you will be interacting with many different kinds of people that play roles in the running of your property, from your employees to contractors and the tenants occupying your properties.
It’s important to make sure you are friendly and courteous to all those that you interact with. At the same time, don’t get overly friendly, especially with tenants, so you don’t put yourself in a position to be taken advantage of.
Building and maintaining these relationships will ensure that your properties are well-maintained and old tenants will speak kindly of your properties, helping you bring in new tenants when the time comes.
Don’t sweat the small stuff
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The list of everything you have to do as a property manager can seem never-ending, so try not to get too overwhelmed by it all.
Make sure you have a team that can help you accomplish all that you need to do so that when you have to interact with contractors or tenants, you aren’t taking out your frustrations on them.
Also, it’s good to remember that things will probably go wrong from time to time (it may seem more often than that), but it’s completely normal and all you have to do is fix it up and get on to the next problem. After a while, it will become more of a routine than a frustration.
Know your stuff
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As a property manager, it is very important that you are up to date with things like tenant and landlord laws so you know you are in accordance with them and can answer any questions if any of your tenants or landlords should ask.
This will help you as well if anything worrisome should come up. You will know your rights and the best action to take in any of those situations.