Property management is a serious job with lots of responsibilities. It’s not easy by any means. Property managers need to work effectively as an intermediary between tenants and owners. There are a lot of interests that need to be respected.
There are some tips that can make it easier to succeed as a property manager. Firstly, communication is key. This is true in any line of business, of course. However, its property management, it’s especially important. As a property manager, it’s important to communicate with property owners and tenants. Effective communication with contractors is also key.
There are often laws about when and how to communicate with tenants. For example, some jurisdictions require 24 or 48-hour notice be given to tenants before entering their units. Of course, there are also some exceptions to this law, for example during emergency situations.
Maintaining good boundaries with tenants can also make property management easier. Although it’s good to have a communicative relationship with tenants, try to avoid forming friendships. This can complicate things, especially if tenants fall on hard times and fall behind in rent payments. A good rule is to be polite, but slightly distant.
In addition to maintaining some professional distance from tenants, be careful in selecting them. It can be tempting to help a friend out. A tenant may seem perfect on the surface. Screening, however, can turn up some surprising results.
Maintaining income standards for applicants in renting, and screening out tenants with evictions and bankruptcies, is important in keeping a property profitable. Failing to do these things could result in the property owners seeking new management.
Finally, be careful about who is selected to do work at the property. Hiring contractors is a huge responsibility. Apartment buildings are investments for their owners. They expect the upkeep to be good so that they continue to generate income for years to come.
Incompetent contractors can also cause real problems for tenants. If there are issues where repairs aren’t being done in a timely fashion, property managers and owners may find themselves in a battle with an irate and organized group of tenants.
Property management is a steady career with great potential for income. Following these tips helps managers avoid common mistakes and sets them up for long-term success.