The property management industry alone amasses a whopping $88.4 billion each year. If you want to contribute to this overall revenue, it’s essential you learn some valuable tips to improve your property management skills.
Educating yourself is the first step to becoming the best property manager you want to be.
Read on for these must-know tricks to increase your success.
Have a Deep Understanding of the Law
Being ignorant of the law is not an excuse when any laws are breached. As a property manager, you need to have a deep understanding of the laws in your area.
This is to ensure you, landlords, and tenants are aware of the guidelines everyone must remain within.
There are several laws that cover everything you will handle as a landlord. This includes maintenance repairs and the methods you use to resolve issues with your properties.
From time to time, you need to refresh yourself on any new changes that will affect tenancy contracts or the process of eviction.
If you outsource certain parts of your property, such as maintenance, to an outside contractor, take the extra steps to check for licensing. Without the proper licensing and insurance, if a mistake is made, you will face the consequences as the property manager.
It’s because it’s your job to screen everyone before hiring them to perform any type of job at your property sites.
Screen Your Tenants
Finding the right tenant will help to set you up for success, because it means you won’t have to deal with issues like:
- Unpaid rent
- Property damage
Before you approve a person to move into your property, take time to check their previous renter history thoroughly. When you screen a potential tenant, you’ll find information on their standings with previous landlords.
This includes any missing or late payments and any other concerning disputes between themselves and the landlord.
You should also require the potential tenant to provide a deposit you can use to conduct a thorough background screening. Your screening process should also assess the tenant’s credit history.
After all, if the tenant isn’t able to pay their rent, you don’t want to rent your property to them because it will leave you without a source of income.
As you market your properties and work with potential landlords, you must be personable yet professional. The last thing people looking for a place to rent want to deal with is someone who doesn’t know how to provide quality customer service.
Whenever you contact someone concerning your property, be confident in the information you’re sharing. And always show respect to the person you’re speaking to.
If you’ve hired a landlord, be a good boss and determine their needs before having them.
If they have issues with the screening software needed to fill the properties, upgrade your current package. Or find one that makes the overall screening process more manageable.
If tenants have issues with the property because things are breaking, ensure you take the necessary steps to upgrade each property.
In the long run, doing these things will help you remain successful and keep people occupying your properties year-round.
Know Your Stuff
Real property management means doing more than sitting behind a desk and answering the phones. You’ve got to be willing to get your hands dirty and jump in to help whenever it’s needed.
Take some time to learn different trades in areas such as maintenance or sales. This way, you can monitor your assets and spot when someone’s trying to take advantage of you.
Becoming a jack of all trades will also help you reduce some costs because you can jump in and complete tasks rather than calling someone to do it for you.
Set the Policies & Stick to Them
If you change your policy for one tenant or property employee, you’ll have to make the change for everyone. Before you begin onboarding people and accepting property tenants, create policies and procedures you expect to follow and abide by.
For example, if a tenant has something in their apartment break, they need to know the process of submitting a maintenance request and the timeframe it will take to have their message answered. With a procedure like this in place, it reduces the number of calls to the office, which can deter the repairs from being completed in a timely manner.
You should also have routines for things like paying rent. Instead of speaking with each tenant to collect their rent payments, find ways to streamline the process.
For example, you can provide an online payment system for tenants to submit their rent and set up an account to send notifications before rent is due.
As the commercial property management provider, this is another way to foster the relationships between yourself and the tenants.
Property Management 101: Setting Property Management Companies Up for Success
When you work in property management, it’s crucial that everything you do helps to improve your property standings. With the tips and tricks we’ve provided, you’ll increase your occupancy rate by taking the time to understand the property laws in your area and find the right tenants.
Speaking of finding the right tenants, do you have a screening process yet? There’s no need to worry, contact RentSafe and let us help you find the right tenant every time.