3 Property Managers Share Their Secrets to Success
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 real estate 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 rental 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!
By: Sydney Daly-Weber