The property management industry is worth a monumental $101 billion in 2021, and it’s not slowing down any time soon. With over 20 million rental properties in the US, property management is a great profession to get into. That said, property management can be quite a daunting job because so many parties are involved, including landlords and tenants. This means that you need a solid and effective strategy for handling matters if you want a successful career. You need practical property management tips, which is exactly what we’re giving you.
Read on to find how property management for beginners can be made easy.
1. Put Things in Writing
Managing property doesn’t have to be as hard as most people make it out to be, especially if you always make sure you get important things in writing. When you have renters, it’s important to have the terms of the agreement in writing. Have all the rules and regulations that must be followed, together with all the things that won’t be tolerated in writing.
This protects everyone involved. Tenants could break their lease or damage something that they are not supposed to or move out prematurely without paying the full rent agreed upon. If or when this happens, you’ll have proof of what you agreed upon initially, so you can take them to court if need be.
2. Always Be Upfront With Fees
Always upfront about any fees associated with having a tenant stay at your property. It may seem like common sense, but so many people forget this step and find out too late when their tenants ask about it. When dealing with leases, make sure there’s a section where all fees and extra charges such as utilities are laid out clearly.
3. Keep Records for Future Reference
Be sure to keep records of everything related to the tenancy. This includes all contact between you and your tenant, copies of emails or correspondence, scans or photocopies of any receipts for extra fees they may have incurred, such as late rent payment charges, and so forth.
It’s also a good idea to take photographs and videos during the initial walk-through and move-in process so you can document the condition of things before they move in.
4. Handle Matters Professionally
When tenants damage something or fail to pay their total rent amount as agreed upon in their lease agreement, be sure that you handle it correctly. For minor repairs that are fair, such as painting a wall if there is a nick or hole, it’s best to simply discuss this with the tenant and ask them to take care of it themselves. You may help them by pointing out exactly what is wrong and where.
Make sure that you remain professional about the situation. If the damages are beyond fair, such as a broken window or extensive mold in one room, be sure to document the damage and send the tenants an email explaining how they need to receive permission from you before entering or otherwise fix things themselves.
Always keep calm when dealing with difficult situations. If you find yourself becoming angry or upset during an argument with a tenant, then take some deep breaths and count to ten before letting yourself say something regrettable. Never let emotions interfere with business matters because this could cause serious problems later on.
5. Do Not Procrastinate On Your Tasks
It’s important to stay on top of your property management tasks and avoid procrastinating. If you want to be a successful property manager, create a maintenance schedule for things that need to be done regularly, such as inspecting rental units every month. Stick to this schedule and use it as a means of motivation.
Of all the property management tips, this is one of the most crucial ones. You see, when you’re a property manager, you’re responsible for the tenants, the landlords, and the maintenance of the properties. It’s of absolute importance that you conduct routine inspections so you can identify and solve problems before they arise.
Otherwise, issues like pest and mold infestations can cost you major problems and cost a ton of money to exterminate. Be on top of repairs at all times to increase tenant retention and keep your clients happy. Clients expect a lot from you as a property manager, so you need to stay on top of things.
6. Treat All Tenants Equally
Be sure to treat tenants equally when they are on your property. If someone was given an incentive to move in early, then be sure that everyone is treated the same. No exceptions!
You can explain things during the leasing process but make sure that’s documented as well. This will prevent any bad blood between tenants down the road who may think they got special treatment.
7. Keep Tenants Happy
Keep your tenants happy no matter what. This will ensure that they continue to pay rent on time, follow the rules you have in place for your rental property and give you good references when it’s their turn to leave. Simple things like keeping common areas clean and free of trash, doing minor repairs if needed without charging them extra fees go a long way.
8. Have an Effective Communication System
Make sure that you have a solid system in place to communicate with tenants. This could be using an online calendar or reminder system, emailing back and forth frequently, or just having weekly meetings. It’s vital that the lines of communication are always open so everyone can get their questions answered and issues solved as soon as possible.
9. Make Everything Clear From the Word Go
Be sure to write up a detailed list of instructions for moving in so your tenants know what they should expect when doing so. You’ll also want to create a checklist of things they need to do, like completing repairs or changing locks after they move out.
Include anything else you think is appropriate, such as paying rent on time every month. This makes it easier for everyone involved and ensures that nothing falls through the cracks.
10. Establish Business Hours
For all the property management tips on this list, this one is among the most important. As a property manager, you want tenants to know where they can find you for non-emergency issues.
This means you need to establish and maintain office hours so they can come to you when they need to. They can also call for inquiries if you have designated office hours. Even better, potential tenants will have a place to make inquiries about rental availability.
The Only Property Management Tips You Need
With these property management tips, you’re bound to have an easier time doing your job. Always remain professional, regardless of the kind of tenants you’re dealing with, and follow protocol and policies when you have problems.
For Reedy & Company, our property management tips are second to none. We provide best-in-class service to our clients. From one of the most highly regarded property management companies in Memphis, TN, we specialize in residential rental properties.
Contact us today if you’d like to know more about how we can help you.