When you are a property manager, you have to make sure things run smoothly. This consists of keeping your residents happy and reporting all information to the property manager on time. So what are some managing tips that all property managers should be familiar with?
1. Make sure you have a contingency plan.
Do you have a plan prepared in advance just in case it floods on your property? What about the steps of recovery you go through when there is a fire? These are situations where you need to think and act quickly without hesitating. When you have a plan in place, it ensures that everything will go smoothly when there is a crisis. If you have hired more than one employee, in a property management business, you should make sure that all information is available to your employees and documented.
2. Know what you will outsource.
If you have hired some on-site maintenance employees, there still may be certain tasks that should be outsourced, depending on your staff skills. Be sure that you are aware of your employee’s strengths and weaknesses, and have a skilled person that you can count on, rather than going through directories.
3. Shorten Paperwork.
A lot of papers and hard-copy reports can confuse and effect the functioning of any property management office. It can also create a lot more work to keep things together. Special software for property managers can help reduce extensive paperwork and let reports be submitted electronically.
4. Have a Procedure for an unhappy resident.
When we contacted all the top Vancouver property management companies in BC, they told us their procedure for dealing with an unhappy resident, but do you have a procedure? If you have a resident that is unhappy with the quality of their place, or when they request maintenance or other issues, what do you do? If there is a real problem, you to need to respond or you will get negative feedback.
5. Have a good communication protocol with the owner.
You should agree upon a method of communicating that sets a certain standard. For a property management firm to function properly, you can’t always be available to the property owner. But you have to keep in mind that he or she is the on that you are working for as a property manager.
Your primary goal as a property manager is to minimize the chaos and complications that are involved with running one or several properties. There may be different situations that may occur, so if you are not organized, you may feel like you are being pulled into five directions.