Landlords have a lot to contend with. People are generally predictable in their habits, but when getting to know tenants, particularly newer ones, there can be issues if personalities clash. In most cases, a property manager has a myriad of issues to take charge of, many of which are handled by the most organized before renters even notice there was a problem. How can you be at the top of the landlord heap to ensure the smoothest work process for both you and those with whom you work? Follow some of these tips to keep your head above the water, even when things seem to be a little choppy.
One of the biggest difficulties faced by a property manager is the fact that there often exists a high turnover rate in customers. People are often coming and going within rental properties which can cause financial and other problems, particularly if the new tenant is disruptive, doesn’t pay on time, or any other one of many potential failings. When a renter packs up and leaves your property, it means a lot of costs because of the showings and advertising that you’ll have to do to fill the vacancy. The amount of work that goes into finding another person who’s a good fit for the opening can generate costs in wasted time alone. And, somewhat obviously, you aren’t collecting rent from a person who isn’t living there, it’s going to be a loss for you until you can fill the space.
So, what might a solution be? For starters, make sure to be the most agreeable landlord possible, putting on a pleasant demeanor even when your renters may be a little less so. Attend to their needs as quickly as possible, trying not to seem dismissive or disinterested when they have something to say. Even if there isn’t anything to be done about the problem, they’ll appreciate that you took the time to hear them out. Attend to the people in your building, but also to the units themselves, plus the common spaces, both interior and exterior. If things appear to be in disrepair, people will begin to wonder if what they’re paying is worth it for the shabby space. Speaking of, ensure that rent is fair by adjusting accordingly; if the value of your building decreases, don’t keep the rent at what it was fixed at before. People moving out to seek a better situation will mean loss in profit greater than garnering less in rent.
On the subject of rent, another issue that you’ll come across are tenants who consistently aren’t getting their fees in on time. Make sure from the time you interview potential renters that you try and get a sense of their money management abilities. Also, make clear your policy on late payments so that there is no confusion later on and so everyone knows the rules from the beginning. Don’t be afraid to follow up if your tenants seem to have an issue with turning in money and take more serious action if need be so that you aren’t taken advantage of (which may encourage others to do the same).
This next tip isn’t exactly fun, but it’s a crucial one for landlords to combat common problems that you’ll face. Because there are a great deal of possible legal issues that could arise when managing a property or the people on it, it’s important to look over and really try and understand the laws that you may encounter during your work. Depending on your state or city, under federal or local laws, there could be occurrences you never considered that come back to haunt you in the midst of a dispute with renters. If you’ve read through potentially-applicable rulings beforehand, you may be able to avoid these unpleasant situations before they arise, which could save you a lot of time and, likely, money.
As discussed before, organization and time management are two huge parts of being successful as a manager. In order to stay on top of the mountain of paperwork that is growing nearby, or even the similarly-daunting, but less physical, onslaught of e-mails, you need to be consistent and focused in your work. Once you have a system that works for you, stick with it for as long as it helps you to overcome common problems. If you’re beginning to feel bogged down, it may be that you need a new method to get through the work. In any situation, make sure to keep extra copies of the physical or virtual documents either by copying or saving another file as a backup. You’ll always be glad you did, considering how easily and quickly a file may be lost or a paper could be misplaced (or thrown away).
These are only a few of the potential problems that may plague you during your time as a property manager, but if you prepare and keep a positive attitude, they won’t seem like much of a trial at all. To make things even easier on yourself, let Anton Systems’ powerful software solutions be the support you need. To keep everyone in the process happy and as stress-free as possible, let the products from Anton simplify the entire process from the moment the collaboration and training begins. Busy residential real estate property managers and owners need the most efficient way possible to manage multiple properties, marketing, applicants, accounting, facilities maintenance and more. Why leave things to chance when you can rely on the powerful and innovative function of SKYLINE, Budgetrac, and other options for you and your property?