4 Essential Property Manager Tips You Need to Know

Featured image by Michael Gaida on Pixabay

The property management industry is growing quickly. There are new multifamily communities going up all over the place, and all of them are going to need to hire experienced a property manager to help them keep everything organized. As a result, property managers are in higher demand than they ever have been in the past.

As the industry continues to grow, it is critical for strong HOA and property management professionals to place themselves in the best position possible to be successful. What are a few tips you should follow if you want to be successful in this business? Remember that you can always ask for help if you need it.

1. Document Everything

When you are a property manager, you have to make sure you document everything. As a rule of thumb, if you didn’t document it, then it didn’t happen. Also, this is something you need to pass down to all of your staff members as well. If someone has a question or concern about something, make sure you get it in writing. If you get a quote for a specific job around the community, make sure you get that in writing as well.

There are going to be disputes between parties down the road. As a property manager, you might be expected to mediate them. One of the ways you can make this easier for yourself is to refer back to the documentation you have about that specific issue.

2. Make Sure You Schedule Your Time Clearly

As a property manager, you will be expected to multitask. There will be multiple balls in the air at the same time, and you will need to juggle all of them. Therefore, you need to schedule your time clearly.

You may even want to think about making your schedule public. That way, if there is a staff member who is trying to schedule a meeting between you and an owner, the staff member will take a look at your calendar and schedule it easily. You also need to do everything you can to stick to your schedule. This will make it easier for you to meet deadlines related to various projects around the community.

RELATED ARTICLE: PROPERTY INVESTMENT PROS AND CONS

3. Delegate to Other Professionals

One of the most common mistakes property managers make is thinking they need to do everything on their own. However, this is not necessarily the case. You don’t have to handle everything by yourself, and you should delegate tasks to other staff members when you can.

With this in mind, you need to place strong people in positions around you. Think carefully about who you want to hire to be a member of your property manager team. They might be expected to help you with these tasks, and they need to take the initiative to solve problems on their own. That way, they can remove stress from your shoulders, allowing you to focus on more important issues.

4. Use a Strong Software Program to Help You

Finally, as a property manager, you should also try to find a strong software program to help you. Think about all the clerical work you do during the course of the day. Wouldn’t it be better if you could automate a lot of these tasks? If you can find a strong software program, you can do exactly that.

There are software programs that can help you automate email, communicate with owners, and document important tasks. You can use free property management software that can help you automate email, communicate with owners, and document important tasks. Software programs can also make sure you comply with government rules and regulations. You might even find a software program that can help you automate certain tax reporting. This can help you save a lot of time during the day, which is time you can spend on more important areas. Take a look at the software programs available, and find the best one to meet your needs.

Final Thoughts

Multifamily communities continue to grow and expand. As the industry continues to grow, property managers will only be in higher demand. Therefore, there are significant opportunities for property managers to get better in this industry. At the same time, they need to put themselves in the best position possible to be successful.

If you are trying to figure out how you can become a better property manager, think about putting a few of these tips to work for you. Then, you may compete for better job opportunities in nicer communities down the road. Remember to do everything you can to foster a good relationship with your owners. This can go a long way toward helping you be successful.