5 PROPERTY MANAGEMENT TIPS AND TRICKS FOR SUCCESS

Property management involves managing multiple tasks ranging from dealing with tenant matters to negotiating contracts for refuse collection, grounds maintenance and cleaning services. Effective property management ensures that everything runs smoothly around the clock. However, things can and will happen. Follow these 7 property management tips and tricks to solve various problems and situations.

1.

Create protocols and policies; Stay consistent

Property managers should have policies and protocols in place to eliminate communication issues and potential tenant issues. All tenant ownership requirements must be in writing and presented at the signing of the rental agreement. It is also important that operations managers have protocols for different situations. If a tenant violates the parking policy, it is up to the property manager to follow protocol e.g. For example, issuing a warning or calling
to have the vehicle towed.

2.

Keep books up to date or hire an accountant

It's important to keep organized financial records related to tenant rent and real estate expenses such as maintenance, payroll, and garbage disposal. You need to know what money is coming in and what money is going out. If your other property manager duties don't leave enough time for bookkeeping, consider hiring a qualified accountant.

3. Outsourcing is okay

Sometimes outsourcing is just a good deal, like hiring a
accountant when you're drowning in financial documents.

Certain repairs should also be carried out by specialists. A carpeted home that has been repeatedly soiled by pets requires professional cleaning.

4. Schedule/perform routine inspections to reduce risk of problems

Regular inspections can help reduce the risk of potential problems in and around the property and its units. Items to be inspected include, but are not limited to:

5.

Have essential property management tools on hand

Each property has its own list of management tools, which may include promotional/marketing materials, security items and important paperwork such as blank parking permits and rental agreement copies. A well stocked stash of property management tools will help keep your day running smoothly and can reduce hassles and headaches. An efficient property manager will also maintain inventory lists for on-site maintenance needs, office supplies, and emergency supplies.

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