7 PROPERTY MANAGEMENT TIPS & TRICKS FOR SUCCESS

Property management requires handling multiple jobs that range from dealing with tenant issues to negotiating contracts for garbage removal, grounds keeping and janitorial services. Effective property management keeps everything running smoothly, 24/7. However, things can and do happen. Consider these 7 property management tips and tricks to help smooth out various issues and situations.

1. Set Protocols and Policies; Remain Consistent

Property managers must have set policies and protocols to eliminate miscommunications and potential problems with tenants. All property rules for tenants should be in writing and provided upon lease signing. Likewise, it's essential for property managers to have protocols in place for different situations. If a tenant violates parking policy, then it's up to the property manager to follow through with the protocol such as issuing a warning or having the vehicle towed.

2. Keep Up-To-Date Books or Hire a Bookkeeper

Maintaining organized financial records regarding tenant rent and property expenses such as maintenance, employee payroll and trash removal is essential. You have to know what money is coming in and what money is going out. If your other property manager duties don't allow enough time for bookkeeping, consider hiring a qualified bookkeeper.

3. It’s Okay to Outsource

Sometimes it's simply good business to outsource -- like hiring a bookkeeper when you're drowning in financial paperwork. Certain repairs should also be handled by specialists. An apartment with carpet that has been soiled repeatedly by pets requires professional cleaning. 

4. Schedule/Perform Routine Inspections to Reduce Problem Risk

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

5. Maintain Supply of Essential Property Management Tools

Each property has its own list of management tools, which may include promotional/marketing materials, safety items and paper essentials such as parking permits and blank lease copies. Keeping a well-stocked supply of property management tools helps the day run smoother and may reduce hassles and headaches. An efficient property manager also keeps inventory lists for on-site maintenance needs, office supplies and emergency essentials.

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