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Property management can be a challenging yet rewarding area in the field of real estate, but there are many different factors to juggle. New property managers need to be conscientious, as they need to keep owners, tenants, vendors, and even other property managers appeased. Below are a few tips for new property managers.
- Get a system in place, and keep it up. Record keeping is of vital importance in the area of property management. Your accounting records, contact records, and building information should always be up-to-date and impeccable. If you’re doing high volume property management, things like simple delays in escrow information requests will lead to frustrated and unhappy clients. It goes without saying that accounting ledgers must always be accurate as well.
- Foster good relationships with your vendors. The area of property management is quite competitive. By fostering good relationships with your vendors–the companies that provide you service–you will become more attractive to your clients by saving them money on items such as lawn care, repairs, and appliances. You will also be able to make adjustments and repairs more quickly.
- Keep steady correspondence with your owners. Owners require peace of mind, so client interaction should be of the highest priority. Sending a monthly newsletter along with their ledger is a great way to tell them that everything is still fine.
- Try to be friendly with the tenants. Too often property managers view renters as disposable and interchangeable, leading to harsh communications and negativity. While your job is to keep the owner’s best interest at heart, there are many reasons not to alienate tenants. Keeping tenants for multiple years is significantly less stressful on both you and the owner, as well as less costly. Additionally, tenants may eventually purchase property and need their own property managers, or have family that needs management.
Being a property manager may not be easy, but once you get a system down it can be come quite lucrative. It is a great area for agents who can manage many different tasks at once and wear many different hats.
Copyright 2012. As licensed to eREALTY. All rights reserved