Being a property manager is an incredibly rewarding career. There’s always something to keep you on your toes. Still, it pays to be the best in this business. That’s why it’s important to keep improving your performance so your business can go from strength to strength. Here are some top tips that every good property manager is aware of.
Keep communication open
It’s vital to keep an open line of communication between yourself and the person who is paying your wages. However, it is equally important that you protect their interests so they can sleep easy, knowing that everything possible is being done to ensure their property remains safe, secure, and in the best condition possible. This includes clarifying with your clients what you are doing for them, how much it is likely to cost, why any invoices are larger than expected, and what the money will go towards.
Get yourself a good team
An upstanding property manager is nothing without their team. They need to know they can rely on them to do what they’ve been assigned to the best of their ability and make sure they don’t become complacent. Constantly training new employees means you always have fresh eyes looking at things through a different lens, giving you new insight into how to be even more efficient.
Take care of your property
Your property is the lifeblood of your business, and if it’s looking shoddy, then that reflects badly on you. The last thing you want is for people to feel like they aren’t paying enough, especially when what they pay is already more than enough to cover routine maintenance and care of the property. Make sure you take a proactive approach to keeping your business afloat and checkin with yourself every day to see if there’s anything that needs taking care of.
Once a week should be sufficient for a thorough review of what’s going on but try and make sure you’re checking in daily too.
Find potential in properties
Every property has some sort of potential, even if it isn’t immediately apparent. Even a tiny apartment above a deli could be rented to a freelancer or small business as office space. Keep your eyes peeled and ears open for potential because you never know what you might find.
Be sure to do your research about the locations and how the real estate industry operates in this area. Remember, rental property management Washington DC differs from property management in other areas of the country. There could be different tax incentives or restrictions that you need to be aware of. Keep this in mind when looking at potential properties.
Follow up with clients
Whatever their reason for moving out, you need to follow up with any clients that leave to see if they will be leaving the property vacant. If so, this could potentially be a great opportunity to advertise it as such and get a new renter for your neglected space.
You may find that people have been evicted from the property, and you have a legal responsibility to let any interested parties know.
This is also a good time for a general clean of the property, as it’s going to be empty anyway. If you take the time beforehand to make sure there are no issues with this property, then replacement renters should go through without any problems.