7 Tips For Effective Property Management
- TIP #1. Scheduling time for the unscheduled
Would you agree that the hardest thing about property management is time management? The issues around this arise generally because there is always something that comes up that was not planned for. So schedule time for the unscheduled. Set aside an hour a day as ‘nothing’ time. This way, when something comes up, you can use this time. Or uou can reschedule another task into this time slot, freeing up time to action what needs to be done.
- TIP #2. Good news / No news calls
I used to always feel like the bearer of bad news when I was calling a client, and I generally was. I was either calling them because something needed to be fixed or because their tenant was moving out, or the rent was late. They were never happy to hear from me. With my personality, that killed me. I set about changing that and started to call my owners with either good news or no news. I’d call them to let them know I’d just driven past the house and it was looking good. I’d tell them that the tenants mentioned to me that they would be looking to renew their lease when it finishes. I’d sometimes just to call and ask if there was anything I could be doing better for them. I also started calling owners after routine inspections to tell them that everything was fine.It completely changed their attitude towards me and they started to look forward to my calls.
- TIP #3. Weekly planning
We understand that PM’s are juggling a lot. Without a plan, you jump from task to task, and there are inevitably things that are forgotten.Have a weekly plan for all the ‘big ticket’ items. Maybe on Mondays you do rent reviews and lease renewals, Tuesdays and Thursdays are periodic inspections, and Wednesdays and Fridays are for non-urgent maintenance.
- TIP #4. Rent arrears
Jump on rent arrears ASAP. Don’t leave it until day 7 to look who is behind. Check your arrears EVERY.SINGLE.DAY. Start making calls on day 3 and don’t forget about them. Also, ensure that if it reaches day 7 you let the owner know. As an owner there is nothing worse than getting to pay day and seeing that no rent has been transferred. Keep them informed and let them know what you’re doing to get the rent for them.
- TIP #5. Your tenants are your future clientsBe the Property Manager that you would want to manage your own property. Action the maintenance, respond to calls and emails. Do all the small, expected things, despite how pushed for time you are.I n the long (or maybe even not-so-long) term, you will create for yourself a pipeline that never dies. Your tenants will become your clients, time after time.
- TIP #6. One-day rule
Implement the 24-hour rule. Promise your owners and tenants you will respond to every phone call and email within 24 hours. It might be just to say, ‘got your email, I’ll look into this and come back to you by (date)’. Always tell someone when they can expect to hear back from you.
- TIP #7. Get to work early
‘The early bird gets the worm.’ Be the person who gets to work that little bit earlier, even if just 15 minutes. This will allow you to make a cuppa, check emails and your diary, ready for a planned and relaxed start to the day. Being prepared for what you must get done that day will make a real mental difference.