The business of property management can be a rewarding and lucrative one, but it can also be time-consuming, frustrating, and overwhelming. The best way to ensure that you are successful and happy as a property manager is to be proactive about coming up with systems, procedures, and routines. By taking advantage of available tools and resources, you can make things flow smoothly and ensure that you stay on top of all necessary tasks. Here are five things you should do right away to make property management easier.
Have all Necessary Forms and Documents Updated and Available Online
Whether searching for a new tenant, renewing a long-standing tenant, or evicting a tenant, property managers need lots of forms and documents. Further, they need forms that are up to date and compliant with all relevant state and federal regulations. Finding forms that meet the specific needs of each property and that are state-specific can be a tedious and time-consuming process. What’s worse, if you’re in a rush to have a particular document it can be incredibly stressful.
Creating an online resource bank of all necessary forms and documents helps to avoid this stress and makes it easy for property managers to be ready for any issues that arise. Make this process even easier by taking advantage of online tools that offer updated, customizable, state-specific landlord forms.
Establish Systems of Communication
Good communication is the key to being a good property manager. Good communication between property managers, tenants, and landlords helps to ensure that the property stays well maintained, all issues are timely addressed, and that all parties are happy with the relationship. Yet, keeping up with all communications can be incredibly hard for property managers that are constantly juggling tasks.
The best way to avoid having issues with communication is by setting up systems for submitting requests, concerns, or issues. An online form or portal is a good way to do this and makes it easy to keep track of open issues.
Automate Everything Possible
Property managers often spend much of their time dealing with mundane, repetitive tasks, which can make the job tedious and keep them from more important responsibilities. A good way to avoid this common pitfall is by automating as many things as possible. Creating automated systems for things like rent payment, renewals, maintenance requests, and even key boxes for showings makes it easier to stay on top of daily tasks and to focus your attention on more pressing matters. If you’re not sure where to start with this process, consider checking out some automation software, which is a user-friendly way to automate property management tasks.
Create a Checklist for Preventative Maintenance
Keeping rental properties in good condition is one of the most important tasks of property management. Doing so ensures that the properties are safe, it helps avoid costly emergency repairs, and it ensures that tenants (and landlords) are happy. Regular property inspections are a good way to get a sense of any maintenance needed, but it’s also a good idea to create a list of annual preventive maintenance. Some items to include are:
- Test smoke and carbon monoxide detectors
- HVAC maintenance, including annual maintenance and regular filter replacement
- Roof and gutter inspection and, if needed, cleaning
- Inspect for and address rodent issues
- Check for water damage or leaks
Having a checklist of all necessary maintenance makes it easier to stay on top of important tasks that are all too easily overlooked. Additionally, adding deadlines to the checklist is another way to make it easy to stay on top of important maintenance tasks.
Establish Systems for Property Turnover
Tenant turnover is one of the most time-consuming and difficult tasks of property management, yet it’s also one of the most important ones. Ensuring that rental properties are left in good condition, that good tenants are located, and that the move-in process goes well are some of the most important responsibilities of a property manager.
Be proactive about making sure that property turnovers go well by establishing move-in and move-out systems and by creating an application process and tenant screening procedures. Having these established systems will make it easier to tackle the many tasks involved with property turnover.
Property managers juggle a myriad of responsibilities. Utilizing the right tools, systems and resources can help to make property managers more successful and happier in their role. To learn about more available tools and resources, visit ezLandlordForms.
Great article , very informative..tks