07 Aug You Are A Good Property Owner, But Are You A Good Property Manager?
What makes a good manager? Is it your demeanor, your efficiency, or your skill at finding the right people to do the job? While owning rental property can be a great way to earn income, it’s not easy to be a good manager. When you’re working in property management, here are all of the jobs that you need to check off your list.
You Understand All Of Your Jobs
A property manager’s job is complex. As a manager, your job is to understand the scope of this position. You know that your job isn’t just to fix the leaky faucets, it’s also to manage the finances and hire the landscaper. You have the personal qualities that allow you to succeed in this position. According to SFGate, “like managers in any industry, apartment managers should be honest and forthright with clients.” You know how to treat others with respect and avoid conflict.
You Can Keep Operations Flowing Smoothly
When you’re a property manager, you’re also an operations manager. You need to make sure that your buildings stay clean and well-maintained. You’re able to check your properties regularly to make sure that they’re in good condition, and you give your tenants timely reminders about key maintenance tasks that you or they need to fulfill, such as checking the smoke alarms. According to SFGate, you must also be able to manage the financial operations that lie behind day-to-day tasks, including “collecting rent and paying the building’s mortgages, taxes, payroll, and utilities.”
You Look at the Long Term
You’re not just focused on the current state of your buildings – you also focus on the future. As a property manager, you know what needs to happen next and what should happen in five years. You have a handle on upcoming repairs that need to be done annually, larger projects that are coming up, and overall goals for the property. You have a plan to achieve these goals.
You Know How to Hire Help
As a property manager, you know that you can’t deal with everything yourself. You may not be an electrician, a plumber, and a landscaper. Since you’re not an expert in everything and you have limited time available, you know how to hire the best people to repair and maintain your properties. You liaise with these people on both an occasional basis and also on a long term basis, as you work with people such as landscapers who do work on your property.
You Can Promote Your Property
What happens when your property needs new tenants? As a manager, you need to be ready to promote your property. This involves posting ads in various venues and keeping the property clean and tidy so that it’s easy to show. You know what people want to see in a property and you strive to achieve that. You manage a website or create another sort of online presence so that it’s easy for future tenants to find you.
You Know How to Work With People
As a property manager, you have the ability to manage others, and you are also easily able to draw in new tenants. You’re personable, and you don’t have a problem meeting and getting to know new staff and tenants. You can also work with difficult people. Whether they’re tenants who won’t pay the rent or people who have loud parties every weekend, you will need to set up strong boundaries and maintain them.
You Know When to Outsource
Sometimes, the best owner knows they may not have the time or may not be the best manager. Whether you hire someone to mow the lawn in front of your building or you work with a property management company to promote your properties and bring in new tenants, as a property owner you need to know when you need help. You can’t fall behind in your management, because if you do your properties, tenants, and reputation will all suffer. If you find that you’re too busy, you look at tasks that can be outsourced so your properties can continue to be the best properties in town.
Are you interested in finding support for your property management? Being a good property manager takes a lot of time, effort, and expertise. If you’re feeling overwhelmed by property management, talk to Lori Gill and Associates. We can help take the management load off of your shoulders. Connect with us today.