You’re a property manager or owner with a small-to-mid-size portfolio. You manage residential and multi-family properties, and you want to give your stakeholders the best experience possible. For many people, that’s easier said than done. But if you follow these five simple steps, you’ll be on track to be a top-notch property manager.
1. Always Maintain an Investor Mindset
Every property you manage should be cared for as if it were your own. This should go without saying, but in many instances, it doesn’t. It’s called having an “investor mindset,” and it means you want to treat the property you’re managing as if you were the owner or investor looking for the property’s value to increase over time. This means you’re fixing things promptly, keeping the property up-to-date, and you’re always aware of what’s happening with the property in general. We guarantee the owner and tenant will respect your commitment, and your business will benefit.
2. Always Be Professional and Responsive
At the end of the day, first-rate property managers know they’re in the customer service business, and it’s their responsibility to keep all their stakeholders happy. They get along with their properties’ owners, contractors, tenants, neighbors, etc. Because they need to be reliable go-betweens for all the parties involved in the life of the property.
3. Always Stay Organized
As a property manager, you must stay organized. It’s the key to maintaining your business… and your sanity. There are many moving parts in every rental situation, not to mention when you’re managing multiple properties. Track rent payments, building maintenance, tenant disputes, etc. and maintain accurate records of everything occurring on your properties. Your owners will appreciate it. Your tenants will appreciate it, and as a result, you’ll appreciate it.
4. Always Keep Things Running Like a Well-Oiled Machine
Speaking of moving pieces… whether you’re managing one property or a thousand, every property manager is juggling leasing, renewing leases, renovations, evictions and much more. As a property manager, everybody is your client: owners, tenants, even contractors. So, it’s worth investing the time to make sure everything is always running smoothly.
5. Always Know the Local Market
Finally, you need to know your local market. Property management is NOT a “hands-free” game. There’s no sitting on the sidelines. Keep a vigilant eye on rental rates, trends and developments in your area. As a top-notch property manager, you’re the one who needs to know how much the owners of your properties should be charging. You need to know what’s happening in the area that might require rent increases, and you need to be the one, if necessary, who helps sell properties and communities to prospective tenants.
Put These Five Simple Steps First… and You’ll Succeed
These are five essential keys to be a top-notch property manager, and there are many ways to stay on top of these five things: software, apps, portals. Whichever path you choose, however, you need to make sure you’re managing leases and maintenance while simultaneously communicating with tenants and owners. Always stay professional. Know your local market, keep your business running like a well-oiled machine and remember to hold onto your “investor mindset.” That’s the motivation for everything you do when you’re a top-notch property manager.