In real estate investment, there are always things we can do better. As owners, our property managers are one of our greatest assets. They ensure that your real estate investments run smoothly in the day-to-day nitty gritty.
Some real estate investors choose to take on the role of landlord themselves, which can be both extremely challenging and equally rewarding. No matter what, there are things that landlord and property managers can do in the new year that will set everyone involved up for a great year of investing.
So, if you own a management company as we know many of our readers and followers do, here are a few things to take note of during the month of January. At the same time, if you are do-it-yourself landlord, you can follow the same playbook and review and revise your processes!
6 Things for Property Managers to Do in 2015
Practice Better Communication
There’s no anyone alive that wouldn’t benefit from polishing their communication skills. We don’t always say what we should, the way we should, or as often as we should. Owners, reach out to your property managers. Managers, do the same. Keep the channels of communication open and clear so that no one is in the dark or confused. The same goes for dealing with tenants.
Clean & Re-organize
Is your office space a mess? The new year is a good time for property managers and investors alike to get their proverbial ducks in a row. Clear out the filing cabinets and folders. Shred expired and irrelevant documents and clean out anything that you don’t need anymore. A clean work space where you can find anything at a moment’s notice is an ideal way to work.
Streamline Your Processes
Our strategies don’t always work as intended. If a landlord or property manager finds themselves wasting time with back-and-forths to the bank or awkward, clunky processes in everything from rent collection to maintenance and contractors, it’s time to see what can be done better. Think about finding new contacts and better services and implementing alternatives to the traditional way of paying rent. There’s always something that could work more smoothly. Find out what and make it happen.
Consistently Address Maintenance
For the sake of owners and maintaining a good reputation, maintenance requests should be top priority. Even if they can’t be fixed immediately, the property manager should always let the tenants know that their request has been heard and is going to be handled. Keep tenants updated and assured that their needs aren’t falling on deaf ears.
Reach Out to Your Tenants
Customer service is an underestimated but extremely important element of property management. Not only should property managers be responsive, but they should be engaging. Every few months, especially if your tenants haven’t made a peep, it’s good for managers to initiate. Ask tenants how they’re doing, wish them well and see if they have any unaddressed needs.
Revise Tenant Forms and Lease Agreements
During 2014, you may have found that certain written guidelines, contracts and forms caused some problems. If wording or intent was unclear, it down and revise your documents for the future to ensure clarity and a lack of opportunity for exploitation via loopholes or ambiguity.
What qualities and habits do you value most in good property management? Tell us in the comments.