I am curious about any tips for property management. I live and work in southern Wisconsin and have just been hired as a property manager. If you have any tips or ideas about how to be more successful and create a great product we can offer to our management clients I would be very interested to hear them! Thanks in advance!
Hi Calvin. Congrats on the new job. I don't use a property manager so I can't help you with your question. What I would suggest is to use the search function on the forum as I have seen a number of posts over the years in regards to what investors want in a property manager. Sorry I couldn't be more helpful.
@Calvin Ozanick I'm sorry but that's a pretty generic question and difficult to answer.
You've been hired so I assume you are working for a property management company. Here are some thoughts:
1. Learn their processes inside and out. If the boss says, "Don't accept credit scores under 600" then you should abide by that but also strive to learn "why" that requirement exists.
2. Know the law. If your boss tells you to reject applications from single moms, you better know whether that's OK or not. Understand what you can do within the confines of the legal system because it will protect you when things go south.
3. Learn to be a negotiator. New problems pop up all the time. People will expect you to resolve the situation or negotiate a mutually beneficial agreement.
4. Be consistent while avoiding repetitious tasks. For example, someone emails you and asks what your application process is. You can spend 5 - 10 minutes typing a response or you can cut/paste a prepared response in less than 30 seconds. Property Managers are most successful when they learn to be efficient with their resources.
That's it. Everything you ever needed to be successful! ;)
Seriously, if you have more questions, I'll be happy to answer them. I currently manage over 300 units and am a member of NARPM where I network with thousands of other managers. If I don't know the answer, I can find it.
Absolutely, positively, number 1 rule to being a good property manager - PICK UP THE PHONE! Never ever ever make your clients (the property owners) have to chase you down. If you do this, in all sincerity, you are better than 50% of your competition.
You would be shocked how many PM companies don’t answer their phones when the property owners call.
@Calvin Ozanick Property management is a high touch service based business. Here are some tips to quickly add value to your clients experience.
1. Involve Client More In Process - Touch them not only when something goes wrong but when a job is well done. Ask their preference and opinion on processes.
2. Keep Client Informed On What’s Going To Happen, When And Why - Again this goes back to involving the client as much as you can. This also demonstrates your value.
3. Make Reports And Presentations More Useful, Easier To Pass On. Make it simple for them to see the value your company is providing on paper.
4. Coach Client In How To Use What You Deliver. Any reports you provide or property enhancements or repairs should come with a few instructions on how to make the most of it. Become their trusted advisor.
5. Make Meetings More Useful To Client.
6. Learn To Persuade, Not Assert. Again, build trust first then advise. Don’t be a jerk if you seem to have a different opinion. Give reasons why your process is the way it is. In Bridgeport Connecticut where it snows and gets bitter cold we have to explain why we need to tune up furnaces BEFORE the winter hits to prevent problems like no heat or frozen pipes.
Hope this helps and feel free to ask any other questions you may have.
I would agree with Ryan D. Communication is the simplest skill and the most over looked in about any endeavor. Simply talking to people is the best thinks you can do. Be present and active with both tenants and owners. Don’t be a List it and leave it manager. Take time to present options for solutions vs making one call and saying Ing “ it will cost $$$”.
Service customer owners. Don’t just work for Them. Keep good records. Develop sound systems for listing, back ground checks, walk throughs, maintenance etc. good luck!
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