Rental property management can be quite demanding and even overwhelming at times. As a property manager, you’re required to do a lot of multitasking. Some of a property manager’s many duties include collecting, setting, and adjusting rent; managing tenants; handling leases; writing contracts; determining late fees; handling complaints and emergencies; navigating tax issues; scheduling maintenance and repair; and much more. And managing a large number of properties can make your job even more taxing.
Despite this, there are some key things that could help you perform your duties more smoothly and efficiently—and with less headaches. Being realistic and knowing your limitations of how many properties you can reasonably handle will also make a big difference in how successful you are as a property manager.
Ways To Manage Rental Properties More Effectively and Efficiently
- One of the most important steps in managing a rental property is to have everything on the property in good working condition. You should always have the necessary repair work done before putting a property up for rent. This will save you many headaches later on and keep you from being inundated with tenant complaints about things not working properly. It will also save you more money in the long run.
- You should always conduct your own market research of an area before you set a rental price. Through market research, you learn important information about an area, such as average income, average family size, and average rental rental price. All of this information will give you a much better picture of the area where your rental property is located; and this in turn will assist you in managing it more effectively.
- Another important thing is to make an effort to reduce tenant turnover as much as possible. Reducing tenant turnover can save you money and time as a property manager. Each time you lose a tenant you have to put in time and effort in finding a new one; this also means more money out of your pocket for things like advertising. One of the things that could help reduce tenant turnover is keeping rent rates steady.
- The ability to find good tenants is an integral part of being an effective and successful property manager. A good tenant will save you a lot of stress and worry down the line. Writing up a proper rental questionnaire is very important in the screening process in finding reliable, trustworthy tenants. However, it should be noted that there are strict guidelines to follow with regard to what questions you are allowed to ask potential tenants.
- There are software tools out there designed to help property managers perform their jobs more efficiently. For instance, turbotenant offers free software to assist property managers in a number of tasks, including finding, screening, and managing tenants. It also orders tenant applications and resources, as well as assists in marketing rentals. The software tool is considered an authority in real estate tech.
Know Your Limitations of How Many Properties You Can Wholeheartedly Manage
It’s important to know your limitations as a property manager. In other words, don’t bite off more than you can chew. One of the most important things to consider when managing multiple properties is available time. You want to make sure that you have the available time necessary to give each property sufficient attention; and it should be noted that a good property manager takes care of almost every detail of a rental property. Experience often plays a role as well. For example, a seasoned, highly experienced property manager can efficiently handle more properties than someone who’s only been in the field for a short time. If you’re new in the field, it’s probably wise to start out with just a couple or few properties and then work you way up to more after you have some more experience under your belt.