Property managers are responsible for handling all of the business needs of real estate holdings owned by another party. These properties range from sprawling apartment complexes to single family rental homes, depending on the manager’s portfolio.
Property managers handle a variety of tasks, including rent collection, general maintenance needs, and tenant verification. Success in this industry requires a property manager to be a jack of all trades who can juggle the many responsibilities the position requires. Here are some ways to help you get ahead of the game when it comes to property management.
The industry’s administrative needs are taxing for even the largest of companies. If you’re representing a smaller company, or if you’re just starting out and expanding your portfolio, it’s likely that navigating the numerous human resources needs of your company is a heavier burden than you can handle. Instead of draining your business’s limited time and budget, consider human resource outsourcing.
Outsourcing HR will let you offload a wide scope of responsibilities: from processing your payroll to navigating benefit selection for your employees to administrative tasks to new hire recruitment. By delegating these chores, you’ll be able to focus more time, energy, and money on expanding your business, acquiring new properties to manage, and developing vendor relationships (a must in an industry where you need to have connections with skilled tradespeople). Best of all, the average cost of HR outsourcing is far less than that of a salaried, in-house representative or even a freelancer.
If you’re still sifting through mountains of paper applications, you’re creating unnecessary work for both yourself and your employees. One of the best aspects of technology is its convenience. It helps streamline workflow, it speeds up previously sluggish processes, and it offers digital records for future reference. Don’t keep your company in the stone age. Invest in some quality landlord software to make your job a lot easier.
Software applications provide a wide variety of benefits to both landlords and tenants. From hastening the application process with an online tenant portal to automatically conducting credit and background checks, landlord software dramatically shortens the leasing process. The less time you’re sitting on an unoccupied unit, the better. These applications also give you at-a-glance views of rental payments, existing maintenance tickets, and outstanding tenant inquiries. It’s an excellent way to keep your entire office on the same page.
Unless your property is brand new, chances are you’ll come across the occasional maintenance issue. This even holds true for new buildings, depending on the level of care put into their development. Naturally, unless you have the time and energy to do maintenance calls during the day, you’ll need to find quality contractors who work quickly, accurately, and affordably.
While review sites are a tried-and-true method for rapidly assessing the reputation of a business, it’s still hard to beat a good word-of-mouth recommendation. Ask your colleagues and contacts in the industry for referrals to handymen, plumbers, and electricians. More often than not, you’ll receive better service and may even snag a referral discount.
Even if a worker comes highly recommended, always meet with them before hiring. Ask about references, estimates, and timeframes so you know how well they work and when you can expect a job to be done. Once you find maintenance workers you trust, keep employing them. The stronger your relationship, the more likely you are to get preferential pricing.
When it comes to property management, there are lots of moving parts and it’s easy to get overwhelmed. By working smarter and employing some of the digital age’s modern conveniences, you’re already positioning yourself ahead of the curve. The more you’re able to streamline the busywork, the more you’ll be able to grow. Don’t be afraid to try something new from time to time to find what works best for your business. Soon enough, you’ll find the perfect fit.