Cutting corners to save time and money leads to a poorly managed property, and eventually, a lack of tenants. On the other hand, a well-managed property does just the opposite—you get satisfied tenants and a fully occupied rental. We’ve got five tips for a successful property management system to create the best property managers and the most efficiently run properties.
Communication
Communication is key for the property manager, with both residents and the property owner. They’ll gain insight into the needs of the building as you talk with residents.
Taking the time to chat now and then makes residents comfortable as they get to know the manager. It also instills confidence that they’ll be there to help if the furnace breaks in the dead of winter. For everyone involved, building relationships gives us a different perspective on things. It’s helpful as a property manager to view the residents as people with lives and families, not just renters.
Other than the residents, the property manager should frequently communicate with the property owner. They need to know how residents are feeling and what kind of issues or concerns are heard. They create a well-managed building as they work as a team.
Never Procrastinate
One of the best tips for a successful property management is to never procrastinate. Why would renters sign a new lease if help shows up weeks after they’ve asked for a repair? They’ll look elsewhere for sure. A successful property manager prioritizes and takes care of concerns as soon as possible.
Know What To Look for in Tenants
The property owner counts on you to find suitable tenants. Work with them to gain an understanding of what they’re looking for in a tenant. However, even without communication, make a list of what is acceptable and what is not. Follow the laws at all times to avoid discrimination and interview anyone who expresses interest.
Decisive
The manager’s job is to make decisions, and sometimes quite quickly. The more experience they have as a property manager, the more confidence they’ll gain to make decisions. Analyzing each situation carefully, coming to a decision, and executing the decision as soon as possible are signs of great management. A good manager won’t waste the property owner’s time with indecisiveness. After all, they’re hired to save time.
Plan Ahead
Experienced property managers see the common thread of things that often need addressing. They also run into plenty of unique situations and surprises. Planning ahead and expecting things to pop helps the property manager to react quickly and feel prepared to handle any situation.
Property management changes on a daily basis since anything can happen. For a successfully managed property, it’s essential to have the ability to communicate, plan ahead, be decisive, never procrastinate, and know how to find great tenants.
Voted “Best in Georgia,” Excalibur Homes understands the importance of property management. We are proud to call ourselves one of the most trusted property management companies in Atlanta, GA. Contact us, and let’s discuss the management of your rental property.
