The 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.