Property managers serve as intermediaries between landlords and renters. Your job involves much more than simply looking after properties and filling vacancies. To be successful, you must be organized, have good people skills, pay close attention to details and possess other skills. Are you just getting started in property management, or maybe you’re thinking of entering this profession? If so, here are six basic tips for becoming an effective property manager, along with the importance of using a license through Property Management Pros instead of doing it all by yourself.
1. Look for the Right Tenants
By finding the right tenants, you can have a lower tenant turnover, in addition to protecting your cash flow. One way to get the right renters is by asking a prior landlord for references. Other good sources for leads can be lending institutions and contractors.
Require background checks, so you can review credit histories, any evictions and even criminal records. Another suggestion is requiring a non-refundable, small deposit for applications and background checks as this usually weeds out unqualified tenants.
2. Be Exceptionally Organized and Professional
To advance in your career, you need to be extremely organized and have good planning skills.
Consider how organizational skills are imperative when it comes to collecting rent and screening new tenants. It’s critical that you document all interactions with your tenants, besides record the amount of time you spend doing tasks, such as property showings, answering calls, creating listings and talking with contractors. This way, you ‘ll have a better understanding of how you spend your time, so you can make improvements.
What’s more, you should always show professionalism when you work with your staff, landlords, tenants and other people. This means controlling your temper and not letting biases and opinions affect your decisions.
3. Use the Latest Technology
If you want to be a successful property manager, you need to make friends with technology.
Although it may be hard, initially, and especially if you’re “old-school”, it can become easier and even second-nature. More and more property managers are using devices, such as mobile online leasing tools. Some of the specific software for property managers include Spectra, Maxwell Systems, Appfolio Buildium, and Launch-Pad a free CRM for property managers.
4. Develop Good People Skills
Because property management is a job that entails a lot of interaction with many different types of people, you need to have above-average people skills.
Besides knowing how to communicate well with others, you also need to know how to manage conflicts in a civil fashion as well as build healthy relationships with tenants, landlords and others.
5. Jot Down Notes
If you’re like most people, you tend to forget to do things you know you need to do.
That’s why it’s a good idea to jot down thoughts immediately after they pop into your head. You could either use the old-fashioned method of pen and pad, or you could use electronic systems, such your phone’s Notes app, Evernote or ever better your CRM. Furthermore, use a calendar to record appointments rather than depending on your memory.
6. Focus on One Task at a Time
Instead of multitasking, only focus on one job at a time. In other words, use time blocks. For example, work on rental listings without trying to finish another task.
In fact, according to scientific studies, it’s been shown that multitasking is not the way to run a business.
Other Tips and Considerations
Starting a property management business doesn’t have to be difficult when you use a business license to get your business up and running fast.
Please contact us and download our Cost Comparison Sheet.
This is a free guide showing the hidden costs of opening your own property management company DIY style vs. using a license through Property Management Pros.