Being a property manager is very demanding. Owners, tenants, maintenance technicians, coworkers … someone is always trying to get a hold of you. You also need to possess many different skills to balance your every day tasks and responsibilities. But being a property manager can also be very rewarding if you don’t let the stress consume you.
To help you on your path to stress-free property management, some of the property managers at Utopia Management, one of southern California’s premiere property management companies, have been kind enough to compile a list of tips to help make you a more successful property manager.
Tip #1: Know Your Properties Inside and Out
It’s important to be knowledgeable about each specific property you manage in order to answer any questions potential renters may ask.
Get to know the property to learn about any unique qualities or quirks it has. This helps you provide more information to renters, shows you have actually set foot on the premises, and saves you time by not having to look it up each time.
Knowing about the general area is helpful, as well. This allows you to provide prospective clients with information such as nearby freeway access, shopping centers, restaurants, etc., which in return helps them decide if it’s somewhere they would like to live. Try to avoid more sensitive subjects such as crime rates, school districts, churches, and racial population in the area. Providing information on these topics would be considered illegal steering.
People interested in renting in the area need to do their own research in order to make the best decision for themselves. But knowledge is power and the more knowledge you have in regards to each specific property, the more success you will have when it comes to renting the property and therefore maintaining a good relationship with the owner and/or renter.
Tip #2: Be Dependable and Available
Being a dependable person is extremely beneficial to being a successful property manager.
It’s important to respond to phone calls and e-mails in a timely manner. If you are managing numerous properties you will be very busy, but being available when owners and/or tenants need to speak with you is essential. This builds trust within your business relationship and makes your client feel confident that they can rely on you.
You certainly have a life outside of work. There is no need to give out your personal cell phone number. As long as they have your e-mail address and you try to keep yourself available as much as possible during regular business hours, that is enough.
Time management and organization are also a huge part of being dependable. Don’t spread yourself too thin. Make sure you schedule meetings accordingly in order to meet your clients’ needs.
Lastly, a great quality to possess is people skills. You will be working with numerous people and it’s your job to keep them satisfied. Inevitably, you will encounter some unhappy folks. Try your best to give them a positive customer service experience.
Tip #3: Practice Good Marketing Techniques
Property management is not about being a salesperson; however, you do need to sell owners on your capabilities and spike the interest of prospective tenants in the property. Owners need to be confident that you will be successful in renting their property to a quality tenant. Tenants need to be intrigued by the property. This is where marketing comes in. The internet is your number one resource to utilize. Many renters use the internet to hunt for houses/apartments. For Utopia Management, the best websites to advertise listings on are Craigslist, Zillow, and Facebook. Make sure you provide good quality pictures, useful information, and lots of description.
Check out these 10 best practices for listing your properties.
Tip #4: Work with a Great Team
It may sound cliché, but teamwork really does make the dream work. All of the responsibilities that come along with being a property manager are too much for one person to take on. The more resources you have for owners and tenants to utilize, the happier they will be.
One specific system you can use is the tier system: property manager, assistant property manager, and leasing agent. The property manager will handle all owner related and delicate matters. The assistant property manager will be the main point of contact for all existing tenants. The leasing agent will handle all rental inquiries and schedule all property showings. This way, there is a specific person for clients to speak with and issues are resolved a lot quicker. It is also important to have maintenance, accounting, and insurance departments in order to handle specific issues, respectively.
Client satisfaction is your main goal. Happy clients mean more business, and more business means more success!
Utopia manages a wide variety of rental property throughout Southern California, including single-family homes, individual condos, apartment communities, office buildings, industrial buildings, commercial centers and accounting for home owners associations. For more information visit UtopiaManagement.com.
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Jay Jorgenson
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This article is spot on when it says to make sure you know your properties inside and out. I can only imagine when it comes to property management that people have a lot of questions about your property. I have a buddy who has been looking into purchasing some real estate. I am going to pass this info onto him because he will definitely need to hire a property management company.
Andrew Schlesier
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Thanks for the positive affirmation. Property Management is tough, so anything we can share to help our “brothers and sisters” out there. Just let us know what we can do to help your friend.
Joy Butler
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Successful property managers must be dependable, I could not agree more. Because emergencies happen, it is important that property managers are available at all times. It could ultimately damage your property if you are slow to respond. It could be a good decision for a property manager to have a smart watch so they never miss a notification.
Top Property Management Company NYC
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Great article, really! Thank you for sharing!
Rachel Lannister
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Thank you for the great read. In the writing you mentioned that a good property manager will be dependable and available. With how demanding a property can be with all the required maintenance, having someone who can quickly be there to fix a problem or take care of an issue could be key in running a successful property. i had heard in the past that property managers were essential for property owners, and based on what you wrote it makes a lot of sense.
Ridley Fitzgerald
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I really like the tips you have for being a good property manager. I can speak from a tenants point of view and say that number two is really important. It’s great when you know you can get a hold of the manager for anything you need.
Rachel Jefferson
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Thanks Ridley!
Silas Knight
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These are some great property management tips. I definitely agree that it’s important for the manager to respond quickly to emails and such. As a tenant, I can say that having a manager who is easy to contact is a huge plus.
Luke Smith
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I loved your tip about how a property manager should know a lot about each of the properties they manage. I imagine that the tenants of those properties would find it easier to interact with the manager and get help from them if he/she was knowledge about their building. It would make sense to me to give any new property manager a period of time to familiarize themselves with the properties before beginning their work in earnest.
Bernard Clyde
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I really like your tip that a good property manager is dependable and available. I’m not someone who is looking to become a property manager, but there are things that I would look for in one. It’s important that the owners and tenants feel like they can rely on their property manager for additional information or for help when it is needed.
Pam Lassila
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I agree with the article that a successful property manager will know the property inside and out! I think it is awesome if they know their work that well. If i were an investor in real estate, I would hire someone who knows their product and how to take care of it.
jacqui Dickinson
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Fantastic Blog! I agree completely with you here. It is a very valuable and helpful collection of blogs. I am trying to gain information from all these. Really helpful post. Thank you..!!Property Management Putney
John Ferrell
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You said that the owner needs to be confident when they are selling. If I was going to hire a property manager I would want to make sure they were doing their job correctly. I’ll need to make sure I find a professional that is able to help my specific needs.
Cindrella Michos
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Really very helpful tips that you have mentioned in this blog. I have my own residential property which I give on rent to the families. Hope these tips help me in all the ways. Keep sharing!
Jaynie Baker
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Really helpful information for both the Property Managers and those looking for someone to take care of their property. Due to a busy schedule, people don’t have time to look after their property and this information is helpful for them to hire a trustful property manager.
Afton Jackson
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I never knew that good residential property management responds to phone calls and e-mails quickly to ensure they maintain a good relationship. My father just bought a rental property. Hopefully, he can use this info to find a great property manager. Thanks!