6 Tips Every Property Manager Needs to Know
Wednesday, September 22, 2021
Being a property manager is one of the most stressful jobs that a person can have. Property managers are often responsible for managing the finances of the properties they manage, as well as the overall upkeep of the area. Dealing with finances, maintenance, and clients can lead to confusion and frustration. Here are some tips that all good property managers must know to be successful at their job.
#1) Keep Finances Organized
Keeping accurate and up-to-date financials for each property that you manage is a crucial part of being a property manager. A good property manager will keep all of this information organized and be able to share this information with investors or developers as needed.
Some of the most important pieces of financial information to keep track of are tenant payments, purchase prices, expenses, and cap rates. The cap rate formula for rental properties allows you to understand which properties are performing and which ones are not. The cap rate takes into consideration the purchase price of the property, the expenses of the property, and the income of the property. The simple formula allows you to determine which properties you want to keep and which ones you may want to sell in the future.
One of the leading things all good property managers excel at is their communication skills. The ability to communicate your thoughts to both tenants and owners is ideal. Being a great property manager requires excellent communication skills to allow for better time management, improved relationships, and clear and concise expectations.
#3) Knowledge of the Area
Another key feature of all good property managers is their ability to learn about and know the local area. By knowing what shops and highways are located close to the different properties, you are more easily able to answer questions for prospective tenants and save your owners time and money. If you have a good understanding of the area you can ensure that you are giving accurate information and making the properties sound appealing to different audiences.
#4) Long Term Planning
Being an excellent property manager will often require you to be in the field for many years. While this is not always necessary, some of the best property managers want to keep their job for several years in the future. If you can impress your owners for a few months, they may want to keep you around for the long-term future.
Some of the best ways to have job security as a property manager are to come up with excellent and decisive long-term plans. For instance, you may choose to create your own spreadsheets of the properties and include all pertinent information that may benefit your owner. You can include recent repairs, repair costs, appliance history, and more. All of this information will help you come up with long-term plans to better suit your owner and the tenants living in the properties.
#5) Build Relations With Tenants
While it is not advised to be friends with the tenants of the property, you can still build positive and strong relationships with the tenants. By asking tenants how their day is going and by working with them when needed, you can build long-term tenants that will help improve the financials for the owners. Building strong relationships with tenants will help reduce the need for new tenants. This will ensure that the building stays occupied and your owner is able to keep bringing in money. This, in turn, helps ensure that you have a job in the future.
#6) Keep the Property Clean
Another key thing that all property managers need to do is to keep the property clean. No one wants to live in a dirty house or rent in a home that has terrible curb appeal. To help improve the overall feel and vibe of the area, make sure you budget for routine lawn care and cleaning if needed. A clean property will allow you to charge more each month for tenants and this will in turn help improve your owner's income.
These tips are good things that every great property manager needs to know. Try implementing these tips to help improve your relationship with tenants and owners. These can help ensure your long-term job security and happiness.
Author bio: I’m Jaylin: Guest post service planner of Leelija and full time blogger. Favourite things include my camera, traveling,caring my fitness, food and my fashion. Email id: [email protected]