Jumping into the property management business can be a great way to earn low-effort income or even become a passive business owner. In this guide we are going to go into depth on how to get started owning your very own property management business.
Before we get started, if you would like to see a condensed version of how to get up and running quickly with minimal investment, check out this article we put together “START YOUR OWN PROPERTY MANAGEMENT BUSINESS [5 STEPS]” . Their you can unlock the secret to starting your own property management business in as little as 30 days.
If you want to learn more in-depth about getting started as a property manager, continue to read for the 10 steps you will need to follow!
Unfortunately, most people can’t just jump into property management (depending on where you live). Often times you will need to become licensed as a real estate agent, or even get certified. These programs are usually rather quick to complete.
If it is a requirement to get a property management based education or not in your area, you should consider studying up on fair housing laws as this will be vital in your success as a property manager. Check out this article to learn more about education and requirements and suggestions on how to get educated.
Property management is not only limited to single-family housing. You may find your self leaning towards multi-family or even vacation focused property management efforts based on the needs of your community.
Deciding on a niche is a key part of starting your property management business. Click here to read our article about property management niches and how to decide which niche is right for you.
Using software to help run your day to day operations will prove to be very useful in automating simple repetitive tasks, and ensuring nothing will be forgotten. That being said there are a few things that you need to specifically keep an eye out for when it comes to property management software when it comes to functionality. To learn more about what you need to look for click here.
Property management software is not cheap and usually requires lengthy annual commitments, so it’s vital to ensure that the software can do everything you need before you sign the dotted line. Give this article a quick read to learn about what you need your property management software to do for you.
One of the great perks of being a property manager is that your day to day experiences can be very diverse always keeping your daily routine fresh.
There are a few tasks that you will more than likely be handling on an ongoing daily basis. Some of these typical tasks include handling a few maintenance requests and talking to some prospective new clients. Click here for a more detailed walkthrough of a day in the life of a property manager.
When starting your own business, it’s often tempting to try and do everything yourself. However, your marketing strategy is one place where you should consider looking for outside help.
By seeking help from a professional for your marketing strategy, you can focus on the operations of your business and overall growth strategy. One way that property managers often generate leads for their business is by purchasing leads directly from lead generators. Many companies offer quality leads specifically for property managers and make it easy to scale up to buy more leads when you are ready. If you want to learn more about different ways to market your property management business you can click here.
Social media is about a lot more than ‘Likes‘ and ‘#hashtags‘, using your social media properly can really help boost your business numbers and provide real-world results. With a great ROI on the horizon, social media is one of the best oppertunities for growing your property management business.
A healthy social media following is like having a great newsletter audience that you can communicate with time and time again without having to pay to access customers. If you would like to learn more ways how you can leverage social media for your business check out this article.
Starting any business has costs associated with the process, and understanding the costs early on will easily help you prepare you for success later down the road.
Many firms consider costs such as paying for office spaces and other office expenses. Not to mention marketing expenses and industry contractors. But many startups forget the costs of technology, important software or even legal bills. For more information on the cost associated with starting up your property management business check out this article.
When you are new to anything, using a checklist will help make sure you don’t leave out anything that is important. Our startup checklist will help you get started off to the right foot when starting your own property management business. Check it out here.
If you haven’t already gotten enough info on starting a killer property management business here are a few extra golden nuggets of knowledge.
If you would like even more tips click here for 6 great tips on how to run your property management business.
Everyone knows that you probably should not be ‘reinventing the wheel‘ when starting your own business and this goes double in the property management industry.
Check out this article to learn more about how to start your property management business the easy way, that is sure to be a cheaper and faster alternative than completely starting from scratch.
If you are interested in starting your own property management business, then you are more than likely excited to learn about how to get started quickly and with a low cost.
To learn more download our cost comparison sheet below to see a real-world price breakdown of what it will really cost you to start from a Business License or starting DIY.
As a property manager, finding the right clients is crucial for your success. You need a constant stream of clients and plenty of properties to manage. Property management is a numbers game. Since you’ll likely be working on tight margins to stay competitive, securing just a few additional clients can often be the difference between negative and positive cash flow.
But, how do you find those clients? Sure, you know that you need quality leads, but how do you go about getting them? Marketing your property management company may seem like a headache. But, with the right strategies and the right marketing model, you can grab those clients and focus on what really matters — managing properties.
Today, we’re going to look at the three most common methods of marketing for property managers. Each of these methods can help you acquire leads, increase branding, and remain financially secure. In fact, some property managers choose to combine two or more of these methods to pull in more clients.
One of the most cost-effective ways to market your business is to use a licensor. Instead of paying to market your property directly, you can use a licensor’s brand name to help you drive business. This means that you reap the bulk of the benefits of marketing that the company you purchased a license from has accrued over their lifetime.
Since the brand that you’re purchasing the license from has already built the brand, you’re essentially purchasing all of your marketing in one package. By using the name and recognition of a licensor, you can quickly scale your property management company without additional marketing payouts.
Of course, some property managers will choose to hire a marketing agency to help them grow their brand and marketability. This approach is best for property managers that have an attachment to their brand name or have the cash flow to support a full-time marketing agency.
Each agency will approach your marketing differently, and services can range from out-of-home advertising (e.g., billboards, newspaper ads, etc.) to digital marketing (e.g., SEO, social media, etc.)
Finally, you can always purchase leads directly, which circumvents the need for aggressive marketing. Since the primary goal of marketing is lead capture, simply purchasing your leads can be a simple solution for many property managers. There are multiple benefits to simply purchasing leads outright.
Since marketing often involves vague returns, calculating exactly how many leads your capturing for your money can be tough. By purchasing your leads, you know exactly where your money is going.
Property management is a competitive market. With purchased leads, you don’t have to deal with complex marketing strategies, and you can jump straight to the point.
Purchasing leads is much faster than organic marketing strategies. Ranking on Google can take months (if not years), and advertising on ad platforms can be difficult and expensive without the right agency support strategies.
Buying leads is often combined with the above strategies for maximum efficiency. Since purchasing leads is typically the most stable source of clients, it works well with any other marketing strategy, and it can provide a consistent stream of sales for your property management team.
Finding a way to reach the right clients at the right time is mission-critical for property managers that want to stay profitable and ahead of the competition. By using one or more of these strategies, your property management team can maintain a steady pipeline of clients, which means that you can continue to focus on operation success and management strategies.
Do you want to learn more about any of these strategies?
While you are in the planning stages of starting your own property management company, you most likely are trying to keep costs down. In many industries and situations, this means employing as many DIY tactics as possible. Although this might seem like the best solution on the surface, the do-it-yourself path of starting a property management company can end up with new business owners who are frustrated, stressed out, and financially drained from trying to turn a profit.
Although start-up costs for property management companies are less than many other businesses, they include more than you might think. Here are some of the common costs for starting a property management company:
One of the first steps that you need to do when you decide to start a property management company is to form a limited liability corporation (LLC). You can have an attorney or accountant file this paperwork on your behalf, or you can file the relevant forms for your state on your own. Fees to form an LLC vary from state to state and you may choose a different structure for your business. Once you have filed your LLC, you will need to secure any permits or licenses required by the state where you want to start your property management company. These costs also vary greatly from state to state but are often no more than a few hundred dollars.
Like many other businesses, property management companies need office space to work and communicate with clients and tenants. You need a quiet space to work with computer equipment, a landline or VOIP phone line dedicated to the company, possibly a business cell phone, a good printer, possibly a fax machine, and a copier. If your budget and space allows, you should also have a separate meeting area or room that you can use as a meeting space. The cost of your office space will depend on whether you buy or lease, the size of the space, and its location. Expect to spend more than $1000 per month as long as your willing to compromise on your exact location in the city.
With today’s digital world, marketing doesn’t always involve loads of printed materials, but it still makes up a good portion of start-up costs for a property management company. You need leads for your prospective clients and tenants to turn a profit as quickly as you can, so your success greatly hinges on the quality of your marketing efforts and materials. You need a dynamic website that works well on mobile devices and desktops too and business cards at a very minimum. As you grow, you will need to continue to invest in advertising whether on the internet, television, radio, or billboards. Adding sales collateral such as brochures, eBooks or online quizzes with help you build a robust sales process. Expect marketing to cost you no less than $500 per month to play it safe.
Some startups want to avoid spending money on technology for their businesses. As a property manager, you need to spend the money to invest in the right software from day one. As your business grows, you need to be able to manage clients and tenants in an organized fashion. Not only does this save time and money, but it also gives you an advantage over other startup property management companies. The right software helps you gives your property owners the ability to get statements and receive quick payment. Tenants can make maintenance requests and pay their rent online, and potential tenants can search for properties and request showings. The software can range from thousands a month to nothing at all. We recommend checking out PM Rocket Tools, a free CRM built for property managers.
Above are only some of the costs of taking the DIY path when starting a property management company. The early phases of a business are rampant with uncertainty and startup costs. Even when using a business plan and following a set budget, you will find that costs will vary greatly, making it difficult to pin down exact costs. Purchasing a license through Property Management Pros will help eliminate a large portion of that uncertainty and help you on the path to success.
Contact Property Management Pros today and download our Cost Comparison Sheet to learn about how we can help you uncover the hidden costs of opening your own property management company.
Now is a fantastic time to get into the property management business. According to the industry experts, this year rentals will be on the rise. The reason for the increase is that mortgage interest rates are due to rise again this year making some people hesitant about buying a home. In addition, millennials make up a large number of people who would be looking for a home, and they are more apt to rent a home or apartment versus buying. These factors make the property management business a lucrative one, and things are only looking up in the near future.
However, just as with any business, preparation is the key to being successful. This property management startup checklist will provide you with all the things you’ll need to do to get ready to start operating your new business.
As a new business, you will need a license to operate your business. Check with your locality’s exact guidelines about what steps to take. When you get registered to do business in your city, you’ll also get an employer identification number (EIN). This is used on forms to identify your business.
There are different ways to structure your business entity. Your business can operate as any of the following:
Each of these has its advantages and disadvantages. We recommend checking out legal zoom to learn more about each type of business.
It’s important that you don’t mingle your business income with your personal income. You’ll want to keep careful track of how much you have coming in and going out, and the best way to do that is to keep separate accounts. Open up a separate business bank account.
Property managers these days rely on software solutions to automate day to day tasks as well as the complicated marketing process. This software will go a long way into making your daily operations run smoother and not let little things fall through the cracks. Here are a few piece of software you might want to start thinging about.
Posting your clients property online for renters to find sounds easy, but when there are over 50 different sites to post properties to, that can become a really big time investment. Tools such as Appfolio can help you automate the process. Giving you more time to interact with clients and tenants.
Even with a great sales team, managing the sales process by hand can easily get out of control. We recommend PM Rocket Tools, to help here. This is a CRM built for property managers that cuts down on research time and helps you organize all of your contacts into one central location.
Every new business needs to establish itself with a user-friendly website. The website will help direct new clients to your business and answer questions from current clients. It needs to be visually attractive, with a robust and powerful user-interface. Since you will be managing multiple properties, it’s essential that tenants have an easy way to start a maintenance request, pay their rent, and renew their lease when it expires. All of this can be accomplished with the right type of website tools.
Marketing your property management company to prospective clients is a crucial part of your business strategy. In our digitized world, a strong digital marketing component is essential. Many property management companies seek marketing help from an agency, while some firms try to do it on their own. It’s difficult to develop a content strategy while also juggling all the other property management responsibilities. Hiring a marketer could be costly but usually provides the best results and helps you scale in the most effective way.
You will need several different forms for your clients. Lease agreements, eviction notices, pet policies, and so on. Property managers will also need financial forms, such as invoices for maintenance work, receipts, and financial reports. You’ll probably want to print out income and expense data for accounting purposes, as well. All of these electronic forms are a necessary part of having a property management business.
All of these start-up requirements and tasks may seem overwhelming to the entrepreneur, but at Property Management Pros, we found a way to simplify the process. Our business model makes starting your own property management company simple and fast. With our license, you have everything you need to get started right away. We provide you with access to the tools you need to be successful including a customized website, training, technology tools, national brand recognition, marketing tools, and more. It’s like walking into an already-established business and taking over. It’s that easy. For more information about starting your own property management company with the Pros, get in touch with us today and download your Free Cost Comparison Sheet. This informational guide will show you the cost of starting your business on your own compared to getting a license through us. Compare and decide what is best for you and your needs.
When you decide to start a property management company, you’ll want to get your new business up and running as quickly as possible. But how do you get that done without sacrificing your income potential? After all, launching a property management business is about more than putting out an open sign. You’ll need marketing, sales, and management systems in place to help you thrive. So how do you do all that and still easily launch your business? It happens with a property management license.
Purchasing a license is like a shortcut to a successful business. Similar to a franchise, you will gain brand recognition, support from the home office, and working systems tested out in the real world. You’ll buy into a system that’s already working instead of having to reinvent the wheel on your own. Mark Grossman writers for Entrepreneur.com state that buying a license gives the business owner resources that “are designed to enable business owners to earn more and spend less time and effort than otherwise would be required to open and operate a similar business on their own.”. When you are eager to launch quickly, a license can actually be the faster, cheaper, and easier way to go.
Unlike a franchise you are not locked in. No percentages to pay, or strict rules to follow. Opening your doors through using a license gives you all the advantages of using a franchise – and none of the drawbacks.
When you take the DIY approach to start your company, you’ll have to figure out the basics on your own, including simple things like software solutions, or how to hire a graphic designer for your marketing efforts. That can take a lot of time. Think about how will you track the maintenance on your properties? How will you collect rent? What are the best practices for interviewing potential residents? Figuring out all the ins and outs of property management on your own can take months and even years to perfect. When you work within a franchise system, though, you bypass all that and step into a system that already works, and has been proven to be scalable so you can grow your business with these systems. Concider the ease of:
Starting your company from the ground up may sound exciting, but it’s going to require a lot of trial, error, and waste. You’ll need to try different software packages. You may accidentally overstaff your office. And you could end up making costly mistakes in your marketing campaigns by hiring agencies who might not even be familiar with the industry. And worst of all, you might not know which markets need your business and end up in an area oversaturated with property managers – which is not a good way to start off. The truth is experimentation costs you money. Your business license will give you access to knowledgeable support teams who can help you avoid costly mistakes and zero in on what works most effectively. Using a license makes things easier because you:
Buying a business license is like gaining a friend with insider industry knowledge and they’re heavily invested in your success. The home office will be there for you every step of the way. You’ll get the training you need to confidently launch your business. Plus, when you are working with a nationally recognized brand, you’ll gain an advantage in the marketplace. People will know and trust that national brand, making sales easier and the possibility to convert a prospect into a lifelong customer that much easier. All of this means you are maximizing your income potential without taking years to establish a reputation of your own. Using a license is easy beacuse you:
Are you ready to take the plunge and start your property management business? A business license may be the best option for you. Our license opportunity offers a complete system to help you easily launch your company in the shortest amount of time possible and hit the ground running. You will get the training and support that you need to help you succeed. Plus, you will be a part of a nationally recognized brand!
Download our cost comparison sheet to learn more about why this is truly the best easy-start way to launch your property management company.
If you’re new to property management, you probably realize by now that this profession involves recording and keeping track of a lot of details. To be able to do this, you need to have high quality software that can make your property management business run as smoothly and effectively as possible. Here are four must-have property management functions you’ll need to have in your software, along with the importance of getting a license for property management.
1. Interacts and Communicates Well with Tenants
One of the main qualities to consider when buying property management software is an exceptional tenant interface. To succeed as a property manager, your tenants should be able to easily contact you. That’s why you need software with a user-friendly tenant interface so that you can clearly communicate with people.
The software should include a simple way for tenants to pay rent as well as request repairs. Besides benefiting your tenants, a good tenant interface helps you. Just think about how you can save money and time by not having to hire a third party to collect rent or do other jobs.
2. Keeps Track of Maintenance for Multiple Properties
Trying to manage several investment properties can be an overwhelming task since it can mean doing regular upkeep on different types of properties. This includes remembering what was done on each unit.
Because of the complexity of managing several investment properties at once, property managers need software that can remind them to do routine maintenance jobs, such as mowing lawns, pest control, cleaning gutters, caulking and other tasks. What’s more, as a property manager, you can expect your tenants to call you, at any hour of the day or night, to make repairs and take care of problems. Therefore, you need software that can easily schedule and track tenant requests.
3. Manages Documents Efficiently
Property management software should include effective document management This means the ability for creating, storing and searching for files and documents, such as vendor lists, eviction notices, leases and other items. For example, when selecting a product, look for software that has templates for filing leases that include details about units.
4. Finds New Tenants
One of your primary jobs as a property manager is finding new tenants. Thus, you’ll need property management software that allows for online advertising for tenants. Choose products that let you publish listings on popular real estate websites. You’ll also need software that lets you screen and manage potential tenants.
Other Considerations and Warnings
The Bottom Line
Are you thinking about becoming a property manager? Maybe you’re just starting out in this business but don’t have a foothold in the market. Getting a business off the ground can be difficult and expensive without when doing everything on your own. Download our free Cost Comparison Sheet, which is a guide to the hidden costs of opening your own property management company DIY style vs. using a license through Property Management Pros.
Social media is a great promotional vehicle. It’s relatively inexpensive and the overwhelming majority of Americans use it. In the U.S. alone, 77% of the population participates in some form of social media. That makes it a great avenue for property managers to use to get in front of their target audience.
One of the most important aspects of being a property manager is establishing lines of communication with any future or current tenants or especially landlords. For current clients, you’ll want to communicate to hear how you’re doing. For future ones, you want to highlight the great things you do to attract more of them. This is where socail media can pay a huge role in your success.
You should take advantage of social media to promote yourself and communicate effectively online. In this post, we’ll look at five ways you can use social media for property management and how it will help you grow your business.
Using Instagram – a mainly visual social media network – you should post great pictures or short video clips of your property. These will serve as an online business card for your services to both prospective renters and homeowners. If you have the budget, have professional photos taken that place your property in the most flattering light possible to really make this strategy pop.
This is why social media for property management is a tremendously effective marketing tool. Many future tenants doing their due diligence will check a property management company’s social media presence before anything else to observe the property and other offerings. Putting your best foot forward online creates a good impression for anyone looking to set up a walkthrough or use your company to rent their home.
You put in a lot of effort to offer high-quality, reliable property management service.
Using social media is a great opportunity to promote what sets you apart from other property managers in the area. Whatever it is about your service that makes you stand out, showcase that on social media, you can leverage these posts to connect with prospective new business. Try to post pictures of you in action, managing the property that can help prospective homeowners see the value you offer. Or you can call out other great aspects of your properties listed like, beautiful landscaping or plentiful amenities for the next lucky qualified tenant.
This is also a great way to show future clients why they need a property manager.
Being an effective property manager means listening to constructive criticism and improving your services where you can.
The best way to improve is by listening to your tenants and homeowners. Create a social network site for your tenants through a forum such as Facebook. Ask them to leave comments. Use these notes to improve your business pratices and keep every relationship running smoothly.
One caveat is that you should keep the settings of any tenant Facebook groups to private – while there’s value in observing any criticism, you don’t necessarily want it made public for others to see. This is a big tip that most neglect from their social media strategy.
One other benefit of gathering feedback online? It allows you to hear about all the things you’ve done well, and the things that customers or tenants want to see out of you in the future, such as other services.
Showing off your property is a great start but letting your audience hear from your current tenants and homeowners is another way to strengthen your compinies value proposition and make your sales process that much easier.
Social media is also a great place to let your most satisfied customers leave their great reviews of your management services. Post Twitter and Facebook posts with quotes from your happy tenants. Future clients will see this and associate you with excellent service that they know that you can offer.
As your business grows, you may need help in a number of areas. Maybe you need assistance with administration, landscaping, or other general management duties. Social media can turn into an asset for your business to recruit for those positions. This will actually save you money and you wont be paying for job listing services.
Having a strong presence online helps you attract the best candidates. Using a business-oriented network such as LinkedIn can put your message in front of young and experienced professionals alike who have the skill set your business needs to move to the next level. That high level tallent is key to the uiltimate growth of your business.
Due to its cost-effectiveness, ease of use, and potentially high return on your marketing investment, it’s a no-brainer to use social media for your property management business. It helps you optimize your reputation by showcasing your strengths while also providing a forum to hear opportunities for improvement and areas of growth for your business.
At Property Management Pros, we offer competitively priced property management licences and great tips on running your property management like these.
Are you interested in your own property management license? Download our cost comparison sheet below that allows you to see the breakdown of the hidden costs associated with opening your own property management company versus getting a license through our nationally recognized brand.
Are you thinking about starting a property management company? It’s a growing industry with room for ambitious, hard-working people who want to own their own business. According to MarketsandMarkets.com, the property management industry was worth more than 12 billion dollars in 2017. That number could rise to an incredible $22 billion in the next five years. That’s why now is the perfect time to set up your business and start claiming your part of the industry.
Starting a successful property management company on your own can take years, though. Without the right marketing, experience, and industry knowledge, starting a company from scratch can be a frustrating and time-consuming drain on your finances. Many people instead choose to launch their property management business by buying a license. The key is to work with an established management company such as Property Management Pros. There are many advantages to starting your business this way:
Not convinced a license is the right way to start your business? Take a moment to download our cost comparison sheet so you can see for yourself how purchasing a license is the best way of starting a property management business.
It takes just five easy steps to become a property manager when you take the license route. Here are the steps to getting started.
One of the great things about the property management industry is that there is a need for the service in virtually every corner of the United States (and other countries for that matter). Once you have identified areas in the United States that are particularly in need of property management companies, you can dig a little deeper and make sure that it makes sense for you. There is a good chance there is one that’s near you; if not, you may want to consider moving to an area that is best suited to your dream of owning a successful property management company.
If you are in need of a little help in the research department, Property Management Pros has done the market research for almost all major markets in the United States and is standing by to share that data with you whenever you are ready.
Make sure that you thoroughly read the agreement and understand what’s included with your license agreement and what is not included, this will save you a lot of headache down the road and make sure everyone is on the same page.
Property Management Pros’ licensing agreement not only grants permission to use a nationally-recognized brand but also gain access to marketing tools and services to help you promote your new business. You will also receive access to business management tools, premade documents, and a community of other license holders that you can leverage to hit the ground running.
There is more to being a successful property manager than collecting the rent. You’ll need to understand how to market your business as well as the properties you manage. Property managers often use specialized tools such as CRM’s or Property Management Portals. Learning to use these software tools will play a huge role in automating processes in your business.
You’ll need to know how to handle tenant and owner relationships and proactively assist both. Additionally, you need to know how to put the tools included in your license to good use and understand the basic principals of business. Property Management Pros can start training from the day you sign your license to help you get started faster.
When you buy a license from Property Management Pros you’ll become part of a national team of property managers. With a network of licensees across the United States, co-marketing is easier than ever.
You’ll have access to our other licensees both in person and online so you can ask questions and get answers from others who have been in your situation. It’s a tremendous resource for every license holders.
You can be ready to launch your property management company in a matter of weeks with this process. You will eliminate the need to create documents, build your brand, or find the marketing tools that are right for your company. When you sign your license, you will get all of that, along with access to the training necessary to use it, preparing you to launch your business as soon as possible.
We’re ready to help you make your property management dream a reality. It’s time to become your own boss, call the shots, and get your business up and running in the quickest, easiest way possible.
Needing a place to live is consistent regardless of the economy. Property management will always be a necessity. That’s one big reason why it’s such a great industry to work in. But you need the right credentials and education to work as a property manager. As with any profession, you will receive on the job training. But there is some education required to get the job. So, where do you start?
There are different degrees you can earn which will work for property management. Not every property management position requires a degree. But you must earn a bachelor’s degree to dive into commercial property management.
Not every property management position requires a bachelor’s degree. Some only require a high school diploma. They equip you with the skills you need to do your job well.
Some states require that property managers hold a real estate license from the state. Many companies require their property managers to have their real estate license. The classes you attend to earn your license are valuable to your career. They also provide you with the skills you need to move up the ranks in this industry. Some of the classes include:
Though you may not use each class as a property manager that does not undercut the value. Real estate schools are flexible with you too. You can take your classes online or in person.
The Institute of Real Estate Management (IREM) has a nationally known certified property management program. The courses you earn through the program will prepare you for success. You learn how to manage single family, multi-family, and commercial properties.
All property managers must go through fair housing training. If you earn your real estate license these courses are included. Otherwise, your employer will provide your fair housing training. There are several federal and state laws property managers must follow. You will learn about protected classes, how to process applications, and how to market your property legally. It is essential to have a clear understanding of these laws. Otherwise, you open the door to a discrimination lawsuit.
Earning proper education plays a huge role in your success as a property manager. It’s a lucrative field with plenty of potential. It pays to invest in your education to become successful. Looking to start your property management firm? Let the experts at Property Management Pros help.
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.