If you own commercial or residential property, chances are you didn’t get into the business to become a property manager. It’s estimated that about seven million Americans own more than one property, and most of them inherited these properties without any good ideas on how to manage them. However, property management is essential to the success of your investment. The good news is that following simple best practices can make your job as a property manager much easier and more efficient.
Delegate, Delegate, Delegate
One of the most important things you can do as a property manager is delegate tasks to your team members. Taking some of the work off your plate allows you to focus on the most important tasks and leave the day-to-day operations to your team. Here are some principles to follow when delegating:
Communication
How you communicate can affect how your subordinates treat your orders. Vocal behavior plays a huge role in how we’re perceived. For example, if you’re constantly yelling at your employees, they may start to resent you and your authority. On the other hand, if you’re too soft-spoken, they may not take you seriously. The key is finding a balance in your tone and volume that conveys respect and authority.
Don’t Micromanage
When you delegate a task to someone, it’s essential to trust that they will complete the task to the best of their abilities. If you constantly check in on them and second-guess their every move, they’ll start to feel like you don’t trust their judgment and skills. This can lead to resentment. It’s essential to provide guidance when needed, but ultimately, you must let your employees work independently.
Learn how to delegate and always give your employees the freedom they need.
Stay Organized
Another key to efficient property management is staying organized. This means keeping track of your properties in one central location and maintaining accurate records of rent payments, maintenance requests, etc. Additionally, it’s essential to develop systems and procedures for your team to follow so that everyone is on the same page and working towards the same goal.
Use Technology
In today’s world, there’s no reason to do things old-fashioned regarding property management. Here are some essential technologies you’ll need:
- Property Management Software: This will help you keep track of all your properties in one central location, as well as maintain accurate records of rent payments, maintenance requests, and so forth
- Online Rental Payment System: This will allow your tenants to pay their rent online, saving you time and money.
- Maintenance Request Portal: This will allow your tenants to submit maintenance requests online, which will save you time and money
Technology can streamline your property management process and make your job much easier.
Be Proactive
Rather than waiting for problems to arise and then reacting accordingly, it’s much more efficient to be proactive in your approach to property management. Here are some ways you can be proactive.
Have Eviction Services on Speed Dial
Sometimes tenants can cause problems in one of your properties. However, they’re not as bad as illegal squatters like travelers living illegally in your properties. Getting a traveller eviction service can ensure that if you have squatters, the service will remove them quickly and efficiently. They can do it in a fraction of the time it would take you, and they know exactly what to do to ensure the situation is resolved quickly and efficiently.
Perform Regular Maintenance
It’s much cheaper to perform regular maintenance on your properties than to wait for something to break and then pay for repairs. Regular maintenance allows you to avoid potential problems and keep your properties in good condition. Additionally, having a contingency fund set aside for unexpected repairs is a good idea.
Improve Security
Installing security cameras, alarm systems, and well-lit signage can help to deter crime and improve the safety of your tenants. Additionally, it’s a good idea to have someone on call 24/7 to handle emergencies.
Additionally, an access control system can make a difference in your properties. An access control system allows you to restrict access to certain areas of your property, such as the pool or gym. This can help to prevent crime and keep your tenants safe.
Security plays a fundamental role in property management. By taking some simple precautions, you can make a big difference in the safety of your tenants and manage your properties for the better.
By following these five essential tips, you can become a more efficient property manager and free up time to focus on other aspects of your business. This will help your properties become more successful and improve their cost over time.