Property Management 101: Everything You Need To Know
Property management isn’t as simple as finding tenants and executing contracts. A good property manager or landlord takes care of their tenants, anticipates needs, and deals with problems that arise in a timely and efficient manner.
This is often a challenge, as unforeseen situations frequently arise with both properties and tenants.
However, we’ve got everything you need to know to be a successful property manager in our property management 101 guide. Keep reading to learn more!
The Dos and Don’ts of Property Management
The single biggest step you can take to become a successful property manager is to become a “Jack of all trades”. Whether it’s commercial or residential property, the individuals and companies who really nail the gig are those who are intimately involved with every aspect of the property.
Be prepared to do everything from bookkeeping to repairs to advertising and learn how to take care of those things you aren’t currently familiar with. Unless you intend on creating different roles for multiple individuals you’ll be working with, you’ll be responsible for everything from securing tenants to keeping the property in good shape and beyond.
Property management includes knowing how to:
- Balance books and monitor cash flow
- Manage and keep records relating to tenants
- Advertise and find the perfect tenant for the space
- Maintain and repair the property
- Deal with property inspections
- Secure professionals to deal with in-depth repairs and issues that arise
- Communicate with tenants about their responsibilities and needs
Finding the Right Tenants
Finding the right tenant is a skill that will make the rest of your job easier. Getting a good tenant the first time around means a lower turnover on properties and a steady cash flow for the property.
Ask for references, require a deposit to protect your interests, and do a background check on potential tenants. Look for a criminal history or evidence of poor credit and payment history.
Sometimes simply requiring an application fee can go a long way toward weeding out a tenant who isn’t serious and responsible.
Understand the Law
Make sure you’re familiar with the rental laws in your area. Knowing your rights and responsibilities as a landlord or property manager means you’ll be better able to navigate tricky situations with tenants and head off legal complications.
Create a Consistent Process and Procedures
Creating a consistent process from beginning to end of the rental process is key to success. You should have procedures for every step of the process, from application to maintenance to move out, that are easily communicated and followed for every property and tenant.
Work With Tenants
The best property managers know how to work with their tenants to keep them happy and lower turnover. After all, a tenant who sticks around means less advertising and a more steady income stream for the property.
Acing Property Management 101
Are you trying to find the perfect property to start your property management career? Now that you have a crash course in property management 101, it’s time to find the perfect property for you!
Contact eFind Agent today to learn more and find the right property for your needs!
