The job of a property manager is a challenging one. With tenants coming and going, late rent payments, and virtually endless maintenance requests, it can be the most stressful part of owning investment properties.
The good news is, managing your own rental properties doesn’t have to be such a stressful job. With a little planning and organization, you can be an effective property manager. Below, we’ve outlined a few tips to help you do just that.
1. An Effective Property Manager has a Positive Attitude
Whether you own one investment property or several, you have to approach each problem with a positive attitude. Look at it as an opportunity to make things better for yourself and your tenants. Studies show that people who look at the bright side of things are much happier, and overall more successful, than people who always see the negative side of things.
2. You have to be a “People Person”
Since you’ll be dealing with all kinds of people on a regular basis, you need to be able to relate to them. Communication is key in this profession and being able to talk to and understand your tenants and their needs is important.
3. An Effective Manager Automates as Much of the Process as Possible
As a property manager, you’re responsible for a plethora of paperwork and money. Even if you’re used to doing things the old-fashioned way, being an effective property manager means you embrace the new technologies that are designed to make your job easier and less stressful.
For example, the Internet offers a multitude of ways to automate processes like rent collection, maintenance requests, communications between you and your tenants, and more.
4. A Good Property Manager Knows the Competition
Owning a rental property is a lot like owning a retail business. You have competition waiting in the wings to steal your tenants away with the lure of cheaper rent or better amenities. To be a successful landlord, you must research the competition to make sure your rental rates are in line with others in the area as well as to learn new ways you can improve and grow your business.
5. Professionalism and Organization go Hand-in-Hand
Every good property manager understands the importance of being professional at all times. Whether with tenants, contractors, business partners, etc., an air of professionalism lets people know you’re serious about your role.
To carry this one step further, you must be organized as well. Owning and managing one rental property may be easy, but if/when you own more than one, having an organized, efficient way of conducting business will help you be the great property manager you want to be.
6. Smart Property Managers have a Solid Network
Every smart property manager has a network of other real estate professionals, contractors, and mentors he or she can turn to for assistance in managing their rental properties. Building a network like this will help you learn as you go and will be a source of support in trying times.
Property management is a challenging profession, but with a little planning and organization, you can make it a successful career. Follow the tips above to become an effective property manager.
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