Being a property manager comes with a variety of benefits. Not only do you get to meet new people, but you can make a significant profit while doing so. Besides this, the job is in high demand. Most home or business owners will be happy to hire you to watch their properties if you have the right qualifications.
To ensure that you perform the best job possible, you’ll want to keep a few tips in mind. Below you’ll discover what they are and why they’re worth considering.
5 Tips for Managing Properties
1. Keep Up on Tasks
It’s easy to want to push certain assignments to the side, especially if you’re busy or if they are minor things, like sweeping sidewalks. But doing this can add up, and you’ll eventually be bombarded with a lot to do.
To prevent the temptation of procrastination, make a schedule and stick to it. Start with the most essential tasks and move down to those that aren’t – but always try to get everything done. If you’re not sure if you can remember everything you need to do, write them down or use an online checklist to keep you organized. Often, you can adjust these virtual checklists to send you notifications, so you stay on track.
2. Get Insured
Managing properties comes with some risks. For instance, if you’re looking over a place, you might accidentally slip and injure yourself. You could also knock something over on a property and break it. There are, unfortunately, many things that could go wrong, which is why it’s essential to protect yourself.
There are four aspects property manager insurance covers:
- General liability
- Workers’ compensation
- Commercial auto and property
- Errors and omissions
Before investing in a package, you can chat with an insurance agent to confirm it works around your needs and budget. However, keep in mind that you’ll be required to answer a few questions to help them determine the best option. This includes describing the properties you manage, if you have employees and what type of work vehicle you have.
If you’re still unsure as to whether you can afford the property manager insurance costs, don’t worry. Many companies can supply a quote to give you a general idea of what you’ll need to pay.
Once you receive your Certificate of Insurance (COI), you can confidently get back to work. If you ever need to file a claim, immediately contact your insurance agent. They’ll walk you through the filing process so you can get aid as soon as possible.
3. Get to Know the Tenants
Sometimes it’s easy to avoid chatting with tenants unless absolutely necessary, but it’s vital to forge a relationship with them. You’ll get to know them and their needs better, and they could help keep you informed on things going on that you might not know about.
Apart from chatting, you could also send email updates about the property and ask if there are any questions or concerns. This might be a significant time investment on your end, but the result will be well worth it.
4. Do Regular Inspections
Investigating properties is part of your job, but it’s critical that you do it often. This won’t only encourage you to earn a tenant’s trust, but can substantially boost the property’s value, prevent structural issues, and stop any illegal activity, such as more tenants living in a property than is allowed.
How often you need to inspect the place varies depending on your location and the job contract. On average, you should conducte intricate checks at least twice a year. But it’s also good to do quick minor ones too every few weeks just to make sure things are in order.
5. Think Long-Term
t’s also good to start brainstorming about the future. There is always something to improve, and it’s important to recognize areas that could benefit from a fresh outlook. This could be figuring out where you can cut costs to ensure the property is prepared for a possible emergency. You might also think about installing new technology to make your job easier and to better protect the property you’re watching.
Don’t get discouraged, though, if your ideas don’t work at first. If they don’t, devise new ways to revamp things. You could also develop an official strategy plan to organize your thoughts. You can refer back to this and add further information as necessary.
In addition to working on this yourself, ask other property managers for advice. They might have some valuable tips for you to consider. Some might also recommend specific tools to try or even advise against some. Learning is vital if you want to grow long-term successfully.
Managing properties can be a challenging but rewarding job. Your operations can run much more smoothly by keeping these tips in mind.