There’s no way to truly ‘master’ the real estate market when it’s continuously evolving.
However, a great property manager knows that there’s always room for improvement and the opportunity to learn more; here are 5 habits that can help a property manager stay on track.
1. Core Competency: Communication
It’s not advised that you call your customer only when they are having any concerns or issues. As a property manager, you have to ensure that your tenants live comfortably at the property and are always informed. Setting a friendly yet professional tone for routine check-ins will provide you all the information required to excel as a manager.
- Consistently deliver information each time
- Send owner statements that are in a specific format and consistent
- Send rent reminders always each month
It is suggested to have a standard template for certain communications such as email to new tenants, notifications for common alerts and maintenance updates as it can save a lot of time. Furthermore, it’s also necessary to identify ways to communicate more with less effort! For instance, using software that allows owners to access specific reports simultaneously will enable tenants to submit a maintenance request online or over the phone and give them updates regarding the request.
2. Constant Reassessment
Efficiency is the name of the game, and a good property manager should always be looking for ways to improve. Don’t just be satisfied as the month ends without any disasters; aim to do better.
Send surveys to the tenants for feedback and issues; discuss and consider goals with owners. Streamline responsibilities by tackling time-consuming tasks.
3. Create Processes
You’re not getting ahead if you’re repeating the same tasks each time. It’s recommended to set processes for routine tasks so you can complete them within a fraction of a second! Document your routine tasks to train and guide new employees you may add to your property management team. Furthermore, create checklists for specific tasks that you do regularly along with automating tasks to increase your effectiveness, such as:
- Rental Applications
- Rental Listings
- Payment Reminders and Late Fee Notifications
- Reporting for owners
- Maintenance updates and requests
To help you become a successful property manager, here are a few tips to help you in the long run!
- Do an audit once a month.
- Create a checklist for tasks that you do more than thrice each month.
- Centralize – Keep and Manage all your documents in one place. It is preferred to keep all the records online in the cloud.
4. Stay Organized – Capitalize Technology
The idea is to minimize the paperwork. Since you can quickly get swamped in paperwork, it’s convenient and crucial to scan everything and store it in the cloud with a system that works for you.
You might be surprised at the tools available, and it’s imperative to embrace change and keep an open mind towards new technology to address your specific requirements.
Furthermore, it is advisable to experiment with new ways to approach communication, organization, and scheduling. Software can allow you to:
- Set up automatic payments
- Send out annual surveys to all the tenants and owners
- Get feedback and suggestions, making your task simple and easy
5. Network Purposefully
A great property manager has a network of resources accessible and at the ready. But the first step is to make an effort to spend time with others in the business community. Networking can help in copious ways, such as identifying a great deal before anyone else or getting some pro tips about dealing with a demanding tenant. A property manager has many responsibilities; however, they also know how to leverage their network to understand best practices, bring new ideas to the table, and innovate.
A great place to start networking is attending local industry events and conferences, meet-ups, and joining conversation groups on social media platforms such as Twitter and LinkedIn, where you can get an excellent opportunity for meeting individuals in your field.
Property Management can be chaotic as you have to deal with challenging tenants and their requests. As a result, confusion and stress can enter your property from not having the correct information at the right time.
By following these habits, you can reduce your stress. Remember to try to centralize information into a cloud where everyone can access it through mobile anywhere anytime. Doing so will make your job easier and provide you with the ability to manage responsibilities efficiently.