Do you want to become a better property manager? Follow these helpful property management tips to ensure you’re successful at the job.
The life of a property manager isn’t easy, but someone has to do it!
Thankfully, there are plenty of tricks you can use to help you deal with tough residents and fill those hard-to-sell spots on your property. There’s always an answer to any situation that gets thrown at you. You just have to think about things a little differently from time to time.
Use these 5 property management tips to get better and better!
1. Only Invest in Properties with High Potential
You’re making business harder than it needs to be if you invest in a property that needs to be completely renovated.
It’s one thing to install new appliances in a building with good “bones” or to give it a fresh coat of paint. Changing every single thing about a property to make it move-in ready, though, is more work than you need to take on. Not to mention, there are no guaranteed returns!
2. Learn How to Better Manage Your Time
Just as you need to be careful where you spend your money, you should start paying more attention to how you spend your time.
Things are going to come up every single day as a property manager. You need to figure out what part of your day is going to be set aside to deal with random situations and last-minute needs, as well as what will become more routine.
The balance of the two is crucial to keeping your cool and getting everything done.
3. Create Good Relationships with Your Tenants
Your tenant relationships have a bigger impact on your business than you might think. The worse of a relationship you have with them, the more of a hard time they’re going to give you. More so, they won’t hesitate to give you bad reviews online and in conversation with people they know who are looking to rent.
This kills your business.
Establishing positive, genuine relationships with tenants, though, can do wonders to boost your success.
4. Establish a Solid Pre-Screening Process
What if it’s not you that has caused problems with tenants in the past? What if you’re not a tough landlord, but you just have had some really tough people to deal with?
It sounds like you need a better pre-screening process.
Don’t be afraid to go in-depth when deciding who can and cannot rent with you. Be sure to check specific details like their last place of residence and what kind of credit they have.
Decide what kind of red flags you’re not willing to work with, and consider which applicants you’re willing to figure something out for, too. If you’re not sure what a good pre-screening process looks like, this company can help you figure it out.
5. Invest in Additional Smart Business Resources
The final tip to becoming a successful property manager is to think beyond your property. Think about what you’re doing to build more business for yourself. Consider how well your marketing campaigns have paid off and how you usually get new leads.
If you’re coming up short, it’s time to put more money into your marketing strategy. You need this in order to continue growing your business and reaching more tenants. Marketing also does wonders to help you recruit new employees to join your business.
Property Management Tips for Commercial Properties
Keep in mind that managing a residential property is not the same as managing a commercial one. Although some of the same property management tips apply, there are specific things you need to learn to excel in the commercial world.
Click here to learn more about the commercial side of real estate.