Deciding to go into business for yourself as a landlord is a noble decision. You are bound to make a decent living from this investment, so long as you manage your properties wisely. The best way to know you made it as a successful landlord or property manager is to look at the safety and happiness of your tenants. This job is far from being easy, though. You have many demands to meet each day, from collecting back rent to repairing various items around multiple properties. In order to become a more successful property manager, you need to consider these factors.
Avoid Doing Things Manually
When worst comes to worst, you need to find a way to make things easier on yourself. This tactic can include direct withdraws from bank accounts to avoid having to chase after renters for their monthly payments. In instances such as this one, you need to find a way how to make as many processes as possible automatic. Otherwise, repetitive tasks will continue to eat up time that you cannot afford to waste. The more properties you own, the more precious your time is, so toning down the manual aspects of tasks as much as possible is needed.
Look to Technology for Help
You should not have to do all of the paperwork and number crunching for your growing business by hand. Keeping track of paper work and repair requests alone can be trying. All you have to do is rely on technology to keep track of these things for you. Financial software exists for a reason. It will keep tabs on payments due, send out invoices, and alert you to patterns in your assets and deductions. At the same time, you can rely on some software to acquire and track repair tickets for individual properties. Instead of having a renter bug you with constant reminders about what needs to be fixed, you can use this ticket system to keep track of it for you. Renters have access to a remote link and can submit their requests in this manner instead of calling you.
Know Everything About Your Properties
In order to prevent renters from ripping you off with calls in the middle of the night about repeat fixes, again and again, you need to know your properties solidly. If something comes up missing or broken, and you know it worked fine just a few days ago, you might be able to keep better keep tabs on your renters. Instead of automatically assuming something broke, you might have to look out for property damage instead. Therefore, knowing the condition of your property and what it needs routinely will keep you ahead of the game.
Always Keep Near Your Phone
Even if you decide to automate the reporting process for repairs to your properties, you still need to be accessible to your renters at all times. In some cases, dire emergencies happen, such as leaking pipes or a house fire, and you need to be there right away to address these issues with your renters. Not at any point should your renters feel as if they do not matter. The best property managers put their renters first and consider their happiness and safety very closely. Hence, you need to be personable at all times.
You also need to possess good people skills. After all, your job is to keep renters satisfied in order to keep them on your property for as long as possible. Therefore, you need to focus on customer service at all costs.
Some property managers are better than others. However, these above tips are what will make you stand out from the rest. Understanding what it means to keep people happy while minimizing repetitive tasks and paperwork for yourself will make this job all the more enjoyable.