Property Management Do's and Don'ts
Updated: Apr 9, 2019
Property managing is more than leasing and collecting rent, it's more than doing repairs or maintenance on a building, and it's absolutely more than providing accounting services and reports. A great property management firm focuses on the relationships it builds with clients and tenants. This has been said in every industry but in property management specifically, it should be a golden rule.
The relationships you build with a client or tenant are synonymous with one another. You really don't have one without the other. A property management company is, and should be, the communication conduit between the two.
Do's - The "Do's" in property management
It starts with a properly done property inspection, rent assessment, qualitative tenant sourcing and one of the most important things, communication. These four things help to start things off on the right foot. If not, you'll most likely be playing a small game of catch-up after the fact in one way or another.
When considering repairs it's important to properly evaluate the situation and develop a strategy. Looking at the problem from a few different contexts including long-term value, tenant satisfaction and cost. All these factors hold weight and depending on the situation will require more focus in certain areas than others.
Be organized and accountable. It's a requirement that accounting for property rents, maintenance and otherwise be kept organized and up to date. Make sure everything that needs tracking is tracked, and that everything spent is reconciled
These things seem very simple in theory but when you add in the human element or a ton of distractions it can be easy to miss something. Having a planned routine for yourself or your organization incorporating these aspects is key.
Don'ts - The "Don'ts" in property management
Missing appointments and deadlines along with poor communication is a recipe for disaster. An absentee landlord is an absentee landlord after all. This will yield potentially detrimental effects and should be avoided completely.
Properly reviewing completed work is essential. Like the old saying says, if the cat is away the mice will play. This is very true when considering maintenance tasks that aren't completed by you directly. Always ask for images and collect feedback from tenants and contractors alike. You'll be amazed at what you can learn in the process.
If you don't note it, it never happened. It's so easy to forget things if they are not tracked. Taking notes, managing a calendar, and consistent follow-through is always something we should be investing in. It's always important to set a limit or deadline and go for it.
Property Management best practices in a nutshell
If you've read this article you'll realize quickly that there is no secret sauce here. It's sometimes a simple proven strategy that works best. Property management is built on the idea of trust and the relationships it has with clients and tenants. Being a good steward that cares about what you do and provide is the foundation. Being concerned, being organized, and being disciplined are key to building trust and being effective.
Avera Property Management is committed to providing excellent and responsive services. Don't hesitate to reach out if you'd like to learn more.