To be a successful property manager you need quite a few skills. You need to be able to keep yourself organized, communicate clearly, be patient, know the market, and think about the future. Here are a quick few tips to help you become a successful property manager and boost your property management career:
Set rules and policies
To avoid problems with your tenants and to make communication easier, you must write down the policies you want your tenants to follow. All of your rules for your property should be provided upon lease signing. In addition, it is important to have protocols for different situations. For example, if the tenant is allowed or not allowed to have pets or roommates, change the interior of the property, and maintain the property such as cutting branches in the yard or getting rid of or adding plants.
Record and organize finances
Another important tip to help you become successful is to create and organize financial records. Write down the cost of the tenant’s rent, maintenance costs, trash removal costs, and also the cost of your employees. It is important to keep a record of these things because you need to know how much money you are making or losing every month.
Know the market
Market knowledge is key to help a property manager know the approximate value of a property. It also helps a manager understand potential rent prices for properties similar to your own. Finding out the capitalization rate of different properties is also noteworthy.
Be aware of potential problems in and around the property
An experienced property manager knows that problems can pop up out of nowhere. That is why it’s important to every so often perform or schedule property inspections. Inspections on the following can help reduce the risk of complications in and around your property:
- Anything that is broken (windows, doors, etc.)
- Heaters and air conditioners
- Insects and animals
- Water lines
- Holes in the walls, scratches in the furniture, etc.
- Emergency alarms and door access
- Roofs and decks
Think about the future
Managing a property and doing everything in the present can already be a lot to deal with. But thinking about the future is essential as well. You should think about what your purpose is as a property manager and set some goals. Think about the current way you perform tasks and try to come up with better or easier ways to get them done like cutting down unnecessary expenses. Additionally don’t just think about yourself. Once in awhile make sure that your tenants and employees are satisfied and can be in the future.
Acknowledge property management laws
It is also important to make sure everything you are doing is legal. An example of an important law to follow is The Fair Housing Act. This act says that you cannot choose renters or buyers based on their, race, color, national origin, religion, sex, ancestry, familial status, marital status, or disability. Make sure to also check out the property management laws for your state and town. Lastly to further learn more about property management laws, check out gsa.gov.
Always keep learning
In life you never stop learning. This is the same with real estate and property management. To be successful and to continue to be successful you must keep gaining knowledge. The easiest way to learn more about property management, is to talk to other successful property managers. Ask them any questions you have and exchange ideas. Share your current problems to find out how they would handle these situations. You don’t have to know everything about every topic in real estate, but having a general knowledge of important aspects of property management is key.