Property managers have a lot on their plate at any given time. There are the rental agreements to keep track of, the properties to market, the apartments to service, and the tenants to keep happy. And, that’s just in the morning. It is possible, however, to be a successful property manager with a few good tips.
1) Know what you’ve got. Understand and know your portfolio of properties inside and out. This means knowing both what they rent for but also the type of family or renter for whom they should be marketed. A high rise apartment in the city may not appeal to the family with small children just like the suburban apartment may not appeal to the Millennial. Also know the areas in which you have properties and what elements of those areas might be attractive for particular renters. Maybe one unit is near a commuter train station or another is in the heart of the arts district.
2) Provide great service. Nothing is more frustrating for a tenant with an emergency on a weekend who gets no response from their property manager. This does not mean that you need to be hooked to a phone 24/7, but it does mean that you need to have processes in place to ensure that issues are handled promptly and that residents are assured that you have heard their complaint and are working to fix it. Great service should not end once the tenant moves in. It should last for the entire relationship.
3) Use social media. Let social media work for you to help you find tenants, but also to help you maintain your good reputation. Keep tabs on the reviews of your business on social media and if you see problem areas, address them. You should also become familiar with SEO optimization, keywords, and other methods of getting your properties in front of eyes.
4) Maintain your properties. This will require investment on your part to maintain and in some cases, upgrade your properties. The flip side of this investment, however, is that it usually can command a higher rental price. Tenants want to live in safe, habitable places that have the usual modern conveniences and fit their lifestyle. If your properties are not meeting that requirement, it might be time to consider some investments. Similarly, it is always important to maintain properties up to the relevant code for your area. Failing to do so can create a huge liability later down the road.
5) Find and hire good people. Depending upon the number of properties that you have, you may not be able to wear all hats at the same time. If this is the case and you need to find additional help, screen very carefully for employees who share your vision of great customer service and who are ready to work with you. Often times, the person you hire may be the tenant’s only point of contact with your organization and you want it to be as positive as possible.
6) Retain good counsel. There are going to be issues that arise that are complex or can turn into potential liabilities that will require the advice and help of an attorney. It is inevitable and you should be prepared for it by retaining an attorney who understand the needs and issues facing property managers. It is also critical to have an attorney on your team to advise you of changes in regulations, state and federal laws, as well as tax code implications and similar legal issues.
Brian Chase has extensive experience representing and advising property managers through the various regulatory and liability issues that arise. He is ready to join your team and help make it as successful as possible. Contact him today to get started.