How to be a Better Property Manager
The first step to becoming better at anything is a desire to be better. Kudos on taking the first step wanting to learn how to be a better property manager!
We’ve decided to skip all the cheesy clichés: be positive, know the rules and regulations, have confidence, act with integrity, have a great team, yadda yadda. These are all common sense.
This article highlights the 7 best habits and skills to being a successful and great property manager.
Tip #1: Become Better at Not Procrastinating
There are a lot of tasks to do when you’re a property manager. Some large. Some small.
Procrastination can cause your rentals to fall out of code or increase vacancy. Both severely upset landlords.
Create your To-Do list and make sure the items have a completion date assigned. Before you know it, the end of the month, quarter or year will be right around the corner!
Inspect the properties before items fall apart. For example, water heaters go bad every 5-7 years. Be proactive and replace those units in Year 6 to avoid the off-hour phone call and emergency plumber rates. This can save landlords money from eliminating flooring and wall damage.
Tip #2: Have Better Engagement with Tenants
We’ll let you in on a little secret. Most tenants don’t like their property managers.
Why does this matter?
For starters, the happier your tenants are, the more likely they are to continue leasing the same rental property. People typically do not like change. Therefore, their preference would be staying in the same rental property if their needs are met.
We encourage you to be friendly yet professional with tenants. Reach out to them on occasion to see if you can address anything.
Better yet! Give them a small token of appreciation if they have been great! A $10 gift card to Amazon goes a long way in the relationship.
Tip #3: Be Better at Clearly Defining Expectations with Landlords
Landlords can be difficult to work with some times. They might micro manage. They might expect 24/7 call service from you.
Whatever you are comfortable providing and allowing, make sure your clients understand that too.
During the interview process is a great time to not just sell the landlord on your services. More importantly, it is informing them of your system, procedures and expectations from the client. Both parties have an obligation but a lot of property managers simply do not set the expectation.
Start by identifying what you will not allow and slowly refine or add more expectations.
Landlords who fail to meet your expectations are some times better off with another property manager.
Same applies with tenants. Set the expectations during the initial showing so they acknowledge their responsibilities before submitting an application.
Not only is this how you can become a better property manager, it will also relieve stress in your life!
Tip #4: Show Properties in Clean and Tidy Conditions
This may seem obvious, yet it often skipped by property managers and landlords.
Your goal is minimizing vacancy and getting a tenant occupying quickly. Not only will your landlords be happier, but you also can proceed with other tasks.
Immediately after tenants move out, have the property inspected and cleaned. Have the unit ‘move-in ready’ so there is no hesitation from the applicants thought process.
Tip #5: Don’t Nickel and Dime Tenants and Landlords
Property management can be a stressful job. At times, you are getting yelled at from both ends.
Do yourself a favor and reduce the stress.
Unless necessary, avoid small fees for tenants and landlords. These cause frustrations. Which lead to angry emails and phone calls that take time away from your day.
This isn’t to say you shouldn’t charge late fees, screening fees or inspections fees. More so, learn to pick and choose your battles over which fees are worth the stress.
Tip #6: Have Great Lead Sources for Marketing
Growing your book of business, as an individual property manager or small firm, requires time and effort. Look for options that produce the best return for your time and costs.
Local city chambers are a great way to connect with other small business owners. Although to reap the benefits, there are a lot of weekly events you must attend to build repertoire with the members. Expect the annual fees to be $400 to 700.
Set up a website with easy-to-find contact information. To maximize this effort, learn about SEO marketing which focuses on search engines. Make sure you set up your ‘Google My Business’ account.
Lead generation sites like Thumbtack or AllPropertyManagement typically charge you per lead or contact. Unfortunately, you can burn through a lot of money with no or little responses from landlords. These are commonly a race to be the first to contact the landlord.
Burbz has a different approach when you use our property management software.
As a registered member, Burbz provides landlord leads as well. For free! We even build you a profile page so landlords can quickly review your information without interrupting. We call this the Request For Proposal process.
Tip #7: Automate Tasks
If you are a small business or individual, this is key! Overnight, you can become a better property manager simply by utilizing technology.
Consider tools like Zapier that connect different apps. Or, IFTTT (If This, Then That).
Burbz is the only software solution that connects landlords and property managers directly. Rent payments are paid directly to the landlord, but your fees are automatically allocated to your bank! This saves property managers a lot of time later in the month sending payments, and significantly reduces angry calls from landlords wanting their rent checks.
Burbz is designed specifically to help individual property managers or small firms. By offering extremely affordable software, Burbz helps you reduce expenses and can save time. Our product allows you to grow your business. No monthly contracts. No minimums.