5 Things New Property Managers Need to Know

shutterstock_135305600The role of a property manager is a wide and varied one involving a long list of tasks, from finding and screening tenants to managing the budget of the property and making sure all maintenance repair jobs fall within it. For new property managers, the role can often be simultaneously exciting and daunting. In a highly competitive industry, these 5 tips will help new property managers stay ahead of the pack and climb the property management ladder.

#1 Know Your Stuff

The property manager is the person that the homeowner and tenants both look to for answers. As the “in between” guy or gal, the property manager must be confident in the information and advice they give to clients. The only way to do this is for property managers to sit down and learn their stuff. Knowing the law when it comes to things such as tenancy agreements and eviction notices, etc. is absolutely essential. However, new (and seasoned) property managers might not always know the answer to their clients’ questions. If this is the case it’s important that the manager does not guess the answer. Asking the client to wait while the manager checks details is infinitely better than giving an answer straight away that is incorrect.

#2 Have Clear, Precise Procedures

There are so many parts to property management that it’s essential for new property managers to have clear and precise procedures to stick to. There are often so many procedures in place that different systems should be used to keep track of them and save time. The savvy property manager will use a combination of:

– Up-to-date list of all procedures, digital and hard copies are recommended
– Useful mobile apps that act as reminders
– Letters and templates ready for new clients and homeowners

At first, it’s better to write almost everything down and keep a complete checklist. Over time, as new managers perform procedures more and more often, it will become more routine and take less time.

#3 Manage Your Time Effectively

One of the greatest problems for property managers is time, or lack of it. There is a constant battle between being meticulous in their work and having enough time to complete work. The only way that the many duties of a property manager can be completed in one day is if the manager is ultra-organized. Thankfully, there are various tricks to help. One of the latest aids for property managers to manage and save time is the property inspection application. Digital property inspections can help managers save a large amount time on filing and sending reports after each inspection as well as helping them organize their day by noting future inspections.

#4 Stick to a Routine

Having certain days to complete inspections and certain days to carry out repairs on properties, etc., will help managers make the most of their time and know where they’re up to week on week. Using the property inspection software from SnapInspect as an example, managers will be able to:

  1. Make a note of any repair work using the app
  2. Schedule a meeting with contractors
  3. Make a note of what to inspect the next time they see the property

#5 Keep Up to Date

As with any occupation, the procedures, laws and general lay of the land changes constantly with property management and real estate. It’s a property manager’s job to know the latest real estate news so that they can best advise their clients.

This Article Has 12 Comments
  1. Caden Dahl Reply

    If I were to become a property manager, I would for sure take all of the things you have listed here into consideration. Of the things you have listed here, I want to say that using time effectively is one of the better things that you could do. That way, you could organize and prioritize problems as they come up or if they have been lingering.

  2. Taylor Bishop Reply

    Thanks for this advice for property managers. It’s good to know that a manager should be very organized. This also seems very important especially if a property manager needs to look over several properties at a time.

  3. Bree Ward Reply

    It’s true that new property managers can sometimes have a hard time properly managing their stuff. It’s a good thing that you provided effective ways on how they can handle such a daunting task. I think your article is very helpful to people who are planning to be property manages or who are alredy in this field but just finding ways to make their management more effective. I think it’s also best if they have proper software who can help them further.

  4. Kate Welling Reply

    You mentioned that a property manager is someone that the homeowner and tenants both look to for answers. I’d imagine that this would be beneficial for the landlord because they wouldn’t have to constantly answer these questions. I want to move into an apartment, but I would love for the apartment to have a property manager that I can talk to in case I am confused or need help.

  5. Amy Winters Reply

    Thank you for pointing out that property management is who the homeowner and tenants both look to for answers. My brother has been thinking of hiring a property management company to help him look over his other properties. It’s good to know that there are professionals out there that can help.

  6. Taylor Bishop Reply

    I wanted to thank you for the advice for new property managers. You mentioned it’s important to make sure you manage your time right so you can complete a lot of your duties. It sounds important to be very aware of your time as well, especially if it can help you figure out how long something will need to be completed.

  7. Thomas Jameson Reply

    It’s good to know that a property manager needs to be confident in the information and advice that they give out. My wife and I are looking for a property manager to look after a property we want to rent out, but we’ve been unsure what to look for in one. We’ll keep this information in mind as we continue our search.

  8. Thomas Jameson Reply

    I really appreciate how you said that a good property manager is someone that both homeowners and tenants will look to for answers. My wife and I are looking into becoming property managers, and we never realized how important is to really know your properties inside and out. We’ll be sure to do our research and learn about our properties in the future.

  9. larrynweaver2017 Reply

    Thanks for explaining how digital property inspections can save property managers a lot of time. My dad would like to learn more about property management because he is thinking of starting a commercial business. I’ll share this information with him and advise him to meet with a property manager to learn more.

  10. Randy Chorvack Reply

    I like how you said that waiting to check an answer is infinitely better than giving a wrong one right away. When I bought my house I’m living in now, I remember asking my property manager a question she didn’t know the answer to. Instead of giving me an answer right away, she learned what she needed to know and then emailed me later. It was a big help.

  11. Ashley Johnson Reply

    I liked that you said that one reason to consider hiring a property manager is that they are the ones who will need to be informed on the property and take care of all of the agreements and paperwork. I have been thinking about buying a rental property but I have been worried that it will end up becoming too overwhelming for me since it is a very involved job with long hours and stressful paperwork. I will be sure to consider hiring a property manager in order to take care of the stressful aspects while still profiting from a rental property.

  12. Matt Reply

    I believe in the 80/20 rule. you know, where 80% of all reward comes from 20% of the effort? Well, I believe your blog is that 20%. I’ve added you to the list of sites that I frequent. Thank you for the in depth and detailed blog posts. Not many people are willing to do that anymore.

Leave a Reply

%d bloggers like this: