Ready to Rock Real Estate? Tips for Property Management Professionals

property management professionals

There are more than 43 million Americans that rent their property. That’s the highest number in the past 50 years. No doubt about it: it’s a great time to be in property management. 

Property management professionals are in a great position thanks to the recent “rental rush”. And this trend doesn’t seem to be going away any time soon. Whether you’re new to this career path or you’re a seasoned professional, we’ve got some tips that’ll help you do a great job.

Property Manager Responsibilities

Job responsibilities of property management professionals depend largely upon if you are a residential or commercial property manager. Residential property managers run a piece of property on behalf of its owner. These can include apartments, homes, condos, and townhouses.

A commercial property manager runs non-residential spaces. These include offices, shopping centers, and retail spaces.

Residential Property Management

Leases on residential properties tend to be shorter than commercial ones. This means that residential property managers do a lot of marketing. They have to show the property to potential renters, set the rates of the rental, and set the lease time and terms. 

Residential property managers also deal with the financial aspect of the rentals. They collect the rent from residents and pay taxes, mortgages, and maintenance for the owner. They also deal with daily upkeep of the property, which can either be hands-on or outsourced.

Commercial Property Management

Marketing is also an important part of the commercial property manager’s job. Negotiating the lease and marketing the property can take longer than a residential property. But as industrial leases last longer and have built-in renewals, it’s a smaller role.

The financial aspects are like residential property management, too. But one major difference is that a commercial property manager is less responsible for daily upkeep. Most commercial tenants take care of maintenance and other upkeep responsibilities. 

Tips for Property Management Professionals

It doesn’t matter if you’ve managed zero properties or one hundred—there’s always room to improve. So no matter what type of property you’re managing, check out these tips to become an amazing property management professional. 

Know the Law

Whether you know the law or not doesn’t change the fact that you’re bound by it. It’s best to know as much about rental laws and real estate laws as possible. Most important are fair housing laws and landlord-tenant laws.

Some important areas to focus on are legal screening processes that don’t allow for discrimination and the use of unlicensed contractors for plumbing and electrical work. And make sure to know your lease! You can find our quick guide on some of the basics of property management law here.

Find Great Tenants

Finding a good tenant that’s here to stay is the best-case scenario. Tenant turnover costs about $1,750 a month. It’s important to properly screen your tenants before selecting them. Don’t rush into filling a vacancy.

Look out for a criminal background or eviction records. If possible, get a reference from the tenant’s previous landlord.

Finally, consider requiring an application fee for a background check. This is often able to deter unsavory individuals from applying in the first place.

Keep a Stellar Team

There are so many property management responsibilities, it would be nearly impossible to do them alone. Know your weaknesses and delegate these tasks out to your staff. 

Try using a tier system. That way, you can focus your energy on dealing with the owner and delicate matters. Meanwhile, your staff can manage inquiries from current and future tenants.

Now You’re Ready to Be the World’s Best Property Manager

Now that you know your responsibilities and have a few tips on your side, you’re ready. If you’re just getting started among the ranks of property management professionals, check out our tips for newbies.

Or maybe you’ve managed your fair share of properties and you’re looking to branch out and invest in your own property. Contact eFind Agent to locate a real estate agent that’ll help you find your own perfect rental property.