There are a couple of things to know if successful property management is what you are looking for. When you think of a rental property manager, the basic tasks of selecting tenants, calculating the occupancy rate and keeping it high, and maintaining the properties come to mind. However, these tasks are not that basic and there is much more to the job. From a long list of responsibilities to the right skills for the job, here are the 10 things every rental property manager should know.
1) Technology is the key to success
If you are not using rental property management software, you probably won't get far in the US rental market in 2020. Honestly, using technology in a property management company is no longer a luxury, but now it is a necessity. Today, there are digital real estate tools and resources that rental property managers can use to their advantage. You can find a more efficient and time-consuming way for almost every aspect of the job.
I'll tell you what the most successful property managers do. They realized the great role that technology plays in property management and now they run all their operations through one platform. As a rental property manager, there is a lot of paperwork involved in the work you do. Whether it's collecting rent payments, drafting leases, or paying maintenance fees, if you haven't digitized this information, the paperwork will accumulate and it will be difficult to manage. You can also set up some kind of portal on your website so that communication between you, landlords, and tenants works smoothly.
2) Property management marketing is evolving
As the industry changes every day, the way the business operates and the best practices involved change as well. One of the best developments we have seen is how to get more property management clients. Today, many residential property managers have adapted their marketing strategies to attract more homeowners to be potential clients. The latest strategies are, you guessed it, digital.
The process of finding and qualifying property management leads can be arduous and time consuming. But becoming a property manager is an incessant task. For your business to grow, your customer base must grow. To do that, you need to have an attractive marketing strategy. Today, many managers are driving traffic to their business through social media posts, blog pages, YouTube videos, and more. An online presence has become vital to the success of rental property managers, as this leads to a level of exposure that would not otherwise be achieved. After generating all this traffic to your business and website, you need a way to differentiate clients from potential serious real estate clients.
3) The importance of delegating authority to your team
Sometimes there comes a point where you can no longer take on the responsibility of managing multiple rental properties. Good property management means assembling a trustworthy property management team. Most of the people you hire will have to assume some kind of responsibility and be in charge of specific tasks. Accounting, tenant selection, marketing, rent billing, and maintenance are tasks that you might delegate to your team members. Hire people with the same attitude and effectiveness as you. This way, you will be confident in your abilities to get the job done.
4) The responsibilities of being a rental property manager
I just quickly went over the fact that you should lighten your workload by delegating tasks to other members of your property management team, but are you sure you know all the tasks involved in this profession? It is important for each rental property manager to know what is expected of him or her. If you've been in the game for a while, you've probably got this stuck, but if you're just getting started, let's go over a review.
5) A lawyer can draw up the lease
There are landlord and tenant laws in place in every state and they are generally inclined to favor one side over the other. As a property manager, he will want to target pro-owner statuses, as these will ultimately make legal procedures much easier. While every rental property manager should be aware of the landlord and tenant laws that apply in his state, it is recommended that you hire an attorney to help you with things like rental agreements. Hiring a legal professional to put together the rental agreement for you or simply reviewing the lease you prepared is the best way to protect yourself from potential tenant consequences.
6) Trends in the property management industry are always changing
This is something on a grand scale to remember. This is a fast paced industry with new factors constantly coming and going. Stay up-to-date on the latest news in the business and what's in demand, keep an eye out for the competition, and don't stop working on yourself. If there are new conveniences (like smart appliances) that are becoming the new standard, you need to take this into account. The services you offer should follow the new things that tenants consider necessary for a rental unit. For example, some tenants today will not move into a rental unit that does not offer electronic rent payment services. As a rental property manager looking to be successful, I recommend that you stay up-to-date on real estate market trends, perhaps conduct a real estate market analysis, and speak with your own clients and tenants to find out what they expect.
7) A positive attitude is very helpful
You will surely face some problems as a rental property manager. But the important thing to remember is that this is a normal part of the job. There is no such thing as perfection, and if you want to be successful in this business, you must be prepared for any problem and face it with a positive attitude. If you let something bad get you down, it will be a brake on the rest of your operations. You also want to reflect this attitude in your interactions with customers and tenants.
8) Upgrade your rental units
Regular maintenance checks will let you know which parts of your learn more rental property are working properly and which areas can be improved. First of all, the most important thing is to make sure that all the rental properties you manage are in compliance with health and safety codes. Avoid being complacent by staying up-to-date on any changes in building trends and regulations for these income properties. You should also be able to catch any issues before they represent serious problems and budget changes. If there are utilities or appliances that can be upgraded for greater tenant satisfaction, please do so.
9) Organization makes everything easier
One of the most important Memphis property management skills is organizational skills. Having planning and organizational skills will really help you progress in your career. Start applying some more organized methods. Establish a well-defined process for routine tasks and a protocol for concerns and complaints expected from tenants. Running operations smoothly is easy this way and you will have an efficient and effective trading strategy.
10) Help network with other rental property managers
There are so many forums and associations that you can join. They will help you meet other professionals operating in the real estate market. Networking is a key part of being a successful rental property manager and advancing your career. Not only will you get your name this way, but you will also learn and get some advice from other property managers. A great place to start is LinkedIn. Build some relationships with other people in the industry and learn new ideas, marketing strategies, business practices, and more.