Property management often starts off pretty simple. You have one or two properties to take care of, and maybe you spend a few hours per week on the related tasks. But as you take on more and more properties, your obligations grow. To avoid becoming overwhelmed — and also to ensure that your tenants continue to get good service — you will want to develop the following habits as a property manager.
Delegate tasks you're not a pro at
When you only have one or two properties, you can afford to spend a whole Saturday fixing someone's toilet or to spend half of your Sunday mowing lawns. As your list of properties grows, however, you will need to start delegating some of these tasks. If you're not a professional and can't do it in a half-hour or less, hire someone else. Have a plumber fix plumbing problems. Pay a landscaping team to mow the lawns. Have painters paint the units when a tenant moves out. Yes, this will cost you more, but it will save you so much time that you can better use to do other tasks that will ultimately allow you to earn more money.
Screen your tenants diligently
The more tenants you have, the more important it becomes that they all pay on time and take decent care of the property. One not-so-respectful tenant can be a nuisance. Five of them can ruin your business. Screen your tenants diligently. Do a full background check, call employers and references, and interview them in person before you agree to lease to them.
Get to know your residents
This is a good idea even when you have a couple of properties, but at that level, it usually happens naturally. As your list of properties grows longer, you have to put a bit more effort into getting to know your residents. But putting in that effort is worth it. The tenants will take better care of your property if they know you personally. You'll also stay better in-tune with their needs, which means you'll make decisions to ensure their needs are met. Tenants whose needs are met stay longer.
Consider hosting once-a-month cocktail hours or game nights and inviting your tenants. This is a great way for everyone to mingle and get to know you.
If you adopt the habits above, you'll be a better property manager, no matter how large your business grows to be. If you need help with property management, contact a management service in your area.
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