The privilege of being a property manager comes with a number of serious responsibilities. The amount of time it takes to do a good job is not always commensurate with the pay or recognition, so finding ways to make your duties easier is worthwhile. Contrary to popular belief, though, huge changes are not always necessary to make that happen.
Get Everything in Writing
It does not matter how friendly or forthcoming your tenants are, nor does it matter how long they have been there; a wise and happy property manager will always keep updated and accurate ledgers of everything, including maintenance records, complaints, payments, residential inspection renderings, conversations (email, phone, or in person), etc. If you have every correspondence recorded on paper or tape, it's very difficult for disgruntled tenants to abuse their rights or take advantage of you.
Know the Most Common Issues Before They Happen
Understanding the common challenges that befall today’s most successful property managers is the key to preventative maintenance. To make your life easier as a property manager, be sure you set out clear rules for certain behaviors in the rental lease. For example, a tenant who is habitually late on rent should know from the beginning that certain penalties will result in their irresponsible behavior. That way, when the procrastinating tenant complains about you filing an eviction, they will have no feasible argument in court.
Use Technology to Make Things Simpler for Everybody
These days, it’s not exactly safe to take cash payments, nor is it ideal to physically travel to each location to receive rent from the hands on the tenants. This kink in the system has, for a long time, prevented the timely payment of rent. Now, there are numerous online payment options available that allow for the immediate transfer of funds without the need for unnecessary interaction – a modern amenity that is usually pleasing to both tenants and property managers.
Get Organized Ahead of Time
Whether you need to sort out your paperwork, make repairs, or set up your hours of operation, it’s important to do so before trying to manage the property. At some point, you will wish that you had your affairs in order. Furthermore, if you want tidy and respectful tenants you must lead by example.
Keep Friends, Family, and Business Separated
It has been a well-known fact for a long time that combining the affairs of your personal life and professional life usually ends poorly. In other words, never rent to people you know. Kindly refer them to another place and remain a happy property manager (and friend) for longer.
At Zenith, property management is at the heart of what we do. We excel in this industry just as we do in helping others succeed. For more tips or any questions, send us a note and we’ll get back to you shortly.