Property management can be a tough job. You have to deal with a huge range of tasks, people, buildings, and maintenance issues and it can often feel like there aren’t enough hours in the day to get it all done. Whether you’re a property owner managing your investment yourself, or an individual hired to take charge of someone else’s property, there’s plenty of responsibility involved and money at stake. To excel in this role, you’ll need these specific tools and tips.
- Cover all of your legalities. The number one thing you’ll need to stay on top of as a property manager of any kind is the legal responsibilities involved in owning or managing the property in question. Without covering this step, you’ll fall short in every other way, because the property will be at risk of lawsuits, safety hazards, and even health dangers. It’s crucial to get a service like Australian Essential Services Compliance in at the earliest stage to audit the property and provide you with valuable information about risk management. They’ll make sure you’re aware of every step you need to cover to keep your property well maintained and free from legal complications.
- Select tenants carefully. If you’re working as a property manager or owner in the rental market, the way you choose your tenants can have a major impact on the ease of your job as a landlord or manager. Screen tenants cautiously to find the right match for your property – this includes checking references, looking at their rental history, and running a credit check to ensure they can truly afford the lease. It can be tempting to fill up empty spaces quickly to keep revenue coming in, but this can cost you dearly in the long-term.
- Work on your organisation skills. One of the most difficult aspects of property management can be juggling a range of different properties and not feeling as if you have enough time to really cover all of their maintenance needs. If you’re tech-savvy, making a spreadsheet that maps out your schedule for each week with each property covered can help clear things up. There are also apps you can use to help keep you on track with everything that needs to get done – apps like Buildium have been designed specifically with your work in mind so that you can keep a record and track your tasks without extra stress or confusion.
- Build relationships with specialist maintenance workers. You never know when you’re going to have an electrical meltdown or plumbing disaster on your hands, so it’s essential to have strong relationships with specific plumbers, electricians, and contractors that you can trust to call on in an emergency. They should be professionals you have good rapport with and who come with plenty of positive referrals.
- Have a procedure for everything. Things can easily run amok on a property when proper procedures aren’t in place for logging complaints with management. Make sure you have specific processes in place and that all of your tenants are aware of how they can contact you, how they should log any issues, and when they can expect a response. Ticketing systems and an individual email address for complaints and issues can help make sure they’re addressed in a timely manner.