Property Management Tips – 10 Things You Need to Know
If you’re new to the property management business, learning the ins and outs of being a successful property manager can seem challenging. There are so many different responsibilities that come along with this job, and each one is equally important. After all, if you aren’t organized, prepared, or ready to deal with any emergencies that arise, your tenants won’t be happy. But don’t worry — learning the ins and outs of being a successful property manager doesn’t have to be challenging. If you keep reading, you will learn some essential tips and tricks for succeeding as a property manager.
Don’t forget about your own responsibilities as a property manager.
As a property manager, you are responsible for many different tasks and functions. In order to be successful, you need to make sure you are taking care of yourself as well. That means setting aside time for self-care every day. Know what your responsibilities are as a property manager, and don’t let your own needs fall by the wayside. You can’t be a successful property manager if you aren’t taking care of yourself! If you are new to the property management business, or you are looking to start managing properties, be sure to read our article on how to become a property manager. There, you’ll find everything you need to know to get started in this business.
Always have a current tenant roster.
One of the most important things you can do as a property manager is to always keep a current tenant roster. This is especially important if you are managing a large number of properties. This way, you will not only have a record of who is living in each property, but you’ll also be able to see any open rental payments, and you’ll be able to note any maintenance issues that need to be addressed. It may seem too obvious to be on this list, but it’s important to have a current tenant roster. If you don’t have a roster, you won’t know who is living in your properties. You won’t know who to call when there are maintenance issues, or if there are rental payments that need to be made. Always keep a current tenant roster, and you will save yourself a lot of stress!
Meet with your properties’ contractors regularly.
Another important tip for being a successful property manager is to regularly meet with your contractors. You may be wondering, why would you want to meet with contractors? But contractors are very important to the success of any property management business. They are the ones who are doing the work to keep your properties up and running. For example, let’s say you have a water leak in one of your properties. You need a plumber to come out and fix the leak. The plumber will give you an estimate for how much the repair will cost. You then need to go to your contractors and tell them about the repair. The contractors will then send out a plumber to make the repair. This process is important. You need to know that the plumber doing the work is qualified. You also need to know that the contractors are going to bill you correctly. By meeting with contractors regularly, you can make sure all of this is happening correctly.
Establish a routine and stick to it.
Another important tip for being a successful property manager is to establish a routine and stick to it. When you first get started in the property management business, it can be hard to stay on top of all your different responsibilities. You want to be sure you are covering all your bases, but you may feel a bit lost or overwhelmed at first. To avoid feeling overwhelmed, establish a routine that works for you. You can learn from other property managers or read tips online. No two property management businesses are the same. Find what works for you and make it part of your daily routine. By doing so, you will be able to succeed in the property management business.
Make repairs immediately – Don’t procrastinate!
Another important tip for being a successful property manager is to make repairs immediately. This one is a no-brainer. If one of your properties has a leak, a broken toilet, a faulty light switch, or any other maintenance issue, you need to make the repairs as soon as possible. Don’t procrastinate! Sometimes, it can be tempting to push repairs off, especially if there are other things going on in your business. But if you have a repair that needs to be made, make the repairs immediately. You don’t want your tenants to have to live with those repairs for weeks! Plus, it’s not fair to your tenants to have to deal with repairs that should have been taken care of right away.
Be transparent with your tenants and communicate often.
Another important tip for being a successful property manager is to be transparent with your tenants and communicate often. Many tenants will not hesitate to call you if they have any issues with their properties. Some tenants may want to talk to you because they want to let you know about a repair or maintenance issue. Other tenants may call you because they need help paying their rent or they have questions about their lease. Whatever the reason, you need to be transparent with your tenants, and you need to communicate often. You don’t want your tenants to feel like they can’t get in touch with you. At the same time, you don’t want to be the property manager who is always calling the tenants or showing up unannounced. Make sure your tenants know how to reach you, and make sure they know they can call you with any questions they have. At the same time, make sure you are following up with them. You don’t want your tenants to feel like they are always chasing you down for something.
Always have an emergency fund saved up for unexpected repairs.
Another important tip for being a successful property manager is to always have an emergency fund saved up for unexpected repairs. There are so many different repairs that can happen in properties, and you can’t control them all. If a pipe bursts or something gets broken, you need to have the money available to make repairs as soon as possible. How will you pay for these repairs if you don’t have the money? You need to have an emergency fund saved up in case something unexpected happens. Most property management companies say you should have at least $1000 saved up for each property in case of an emergency. This way, you will always be prepared for any sudden repairs that need to be made.
There are a lot of different responsibilities that come with being a successful property manager. Remember, if you aren’t organized, prepared, or ready to deal with any emergencies that arise, your tenants won’t be happy. The good news is that there are many ways to be successful as a property manager. All you must do is follow the tips you have just read, and you will be well on your way to being a successful property manager.
Are you tried of managing your rental properties yourself? At RPM Central Valley, we specialize in property management for single family and multifamily properties across the Central Valley area.
Our team saves owners the time, money and hassle of managing their rental properties themselves. To learn more about the services we can offer you, contact us today at (209) 572-2222 or click here.