The 'Golden Rules' of Property Management

The ‘Golden Rules’ of Property Management

Everyone knows that the golden rules of real estate are “The Three Ls: Location, Location, Location.”

But successful property managers have their own set of golden rules, said Marc Courtenay, founder and owner of Advanced Investor Technologies LLC.

He calls them the “Three Ps,” which stands for “Personalize, Philosophize and Prioritize.”

Writing for PropertyManager.com, Courtenay said that the Personalize aspect has to do with your relationship with the people you work with, for and around. You should have clear, personalized “Terms of Engagement” for every group you deal with on a regular basis. He recommended that every property manager create a careful list of such terms and update it twice a year.

“Anytime problems or disputes arise, go back to your list to see if any terms were violated,” said Courtenay, who is also a publisher and editor at www.ChecktheMarkets.com. “Also ask yourself if the list needs to be expanded to include terms that would avoid the problem to begin with.”

You should also seek regular feedback from the people you interact with to make sure you’re all on the same page. This includes not only the individuals on your staff but the investors and owners you report to as well. You might also want to consider a questionnaire to give to residents in order to get their perspective.

“Ask questions that will give you more accurate insights about your effectiveness,” Courtenay suggested.

“Be prepared to accept responses you get, even if they’re negative.”

But be prepared to accept the responses you get, especially if they’re negative, he also noted. “Sometimes the truth hurts. Yet the truth can set us free to become outstanding property managers who follow the golden rules leading to great success,” the expert posited.

The second P, which stands for Philosophizing, is similar to the first P. But it isn’t about spouting platitudes, Courtenay explained.

“It addresses the question “What’s your Philosophy concerning business practices? What is your version of The Golden Rules for Property Management?” he detailed.

The final P is for Prioritize, which may be the most important rule. “How we use our time, where we focus our attention, whether we delegate effectively, or use the best technologies, are all about prioritizing,” Courtenay said.

property management
Focusing needs to be a golden rule for property managers.

But this rule is also the one that’s most easily addressed. And that’s where SKYLINE Property Management Solutions from Anton Systems comes in.

SKYLINE is both a lease management and an accounting system. It helps property owners and managers gain complete control over all property, portfolio and cash management and reporting functions, leading to increasing profits and property values while improving tenant expectations.

SKYLINE not only has its own “golden rules” for property management, but it can help you put them into action, namely:

Automate. You can automate many of your most time-consuming tasks, from lease agreements and work orders to billing and collections. Everyone will work faster and smarter, while errors are drastically reduced, too.
Collaborate. For property management to be efficient, the entire team must work together to satisfy tenants and investors. Anton can strategize a solution that encourages communication and sharing of critical information, whether you’re in the office or on the road.
Integrate. Integration is key for property management firms, especially if you manage multiple properties. SKYLINE’s Property Management & Accounting Software integrates all of your operations into one scalable system.

Plus, it’s all backed up by Anton’s 25 years of real estate expertise and our team of technology specialists and trainers.  We’ll help you evaluate and define your needs, implement a solution that fits, train your team and provide ongoing expert support.

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