This is a guest post by Owen at Blue Mountain Real Estate & Property Management. Learn more about his company here.
Property Management Tips From One Colorado Property Manager To Another
Owning and managing properties are two different things. While anyone can own an investment property in the state of Colorado, not anyone can manage it. Property management entails a lot of moving parts that require knowledge of a variety of skills.
For one, you need to know how to fill your clients’ rentals. Secondly, you need to know how to screen prospective tenants in the right way. Thirdly, you need to know what property maintenance involves.
You also need to understand the Colorado landlord-tenant law. And property management being a service industry, you also need to know how to interact with your clients – property owners and tenants.
It goes without saying that how you manage a property can make or break your chances of success.
In this article, Blue Mountain, a Colorado Springs property management company, shares 7 tips on how to better yourself as a property manager.
Tip #1: Improve your communication skills:
As a property manager, you will be dealing with two groups of people: landlords and tenants. To ensure everything runs smoothly, you need to be able to communicate with them as effectively as possible.
You need to be available and respond to any inquiries they may have promptly. The landlord, for example, may need an update on the financial performance of their property. Your tenant, on the other hand, may have an emergency that requires urgent attention.
If you are unable to respond to such requests in a timely and helpful manner, your business may suffer. They may simply choose not to renew their contracts with you.
So, how do you improve communication with your clients? The best way is to have an online portal that makes receiving and responding to any issues easier for you.
Tip #2: Make use of technology:
Managing a rental property is anything but easy. There is just so little time and so much to do. Fortunately, nowadays, there are a ton of property management tools to help save time and simplify the workload for property managers.
These digital tools can assist property managers in handling many tasks, including:
- Determining the market value of a property.
- Screening prospective tenants.
- Finding quality leads.
- Helping investors buy the right investment property.
These tools are especially a must-have for property managers that manage more than 10 units.
Tip #3: Keep everything organized.
An Organization can mean the difference between a thriving property management company and a struggling one. One way to increase efficiency through competent organization skills is by creating playbooks or templates.
You see, with property management, certain tasks are usually repetitive in daily operations. To ensure everything runs efficiently, you want to set up standardized processes that can help you save time and ensure employees are on the same page when it comes to handling a common situation.
To start, have a database that stores all crucial information. Next, set up playbooks for things like rent collection and inspection checklist. By doing so, you’ll be able to save time while maintaining a high level of consistency across all your business operations.
Tip #4: Network and learn from others in your industry.
Networking and learning from others can give you an unimaginable amount of knowledge. Running a successful property management company relies greatly on your ability as a property manager to network.
The more questions you ask and try to learn, the better you will perform as a property manager. So, how exactly do you go about networking?
First and foremost, avoid burning bridges when leaving for another employer. Life happens and you may find yourself returning to the company later down the road. You may also need your former employer to give you a recommendation for your next job.
So, when leaving a current job, make sure to do so with sincerity and respect. Notify your employer well in advance and explain to them why you need to do so.
And secondly, attend professional events. Attending professional events like workshops and conferences can help you build your reputation in the industry. The influencers and experts you meet can help advance your career through the ideas they share with you.
Property Management Tip #5: Take property inspections seriously.
As a property manager, property inspections are one of the key responsibilities you have. You need to know how well to maintain your client’s property.
When carried out properly, routine inspections can help you identify issues early before they become costly to fix. Also, routine inspections can help provide you further insight on whether or not the tenant is adhering to the terms of the lease. For example, keeping an unauthorized pet or a long-term guest when the lease is against it.
What’s more, regular property maintenance will help keep tenants happy, thereby increasing tenant retention.
Are you looking for a rental license inspection for the City of Boulder? Scott Home Inspection is the largest provider of rental license inspections in Colorado. Learn more here.
Tip #6: Keep yourself updated on industry news.
If you are here reading this blog, then you are already on the right track. If you have managed a property before, then you know that the property management industry is a dynamic one. There are always emerging trends or changes to the local rules and regulations.
When up-to-date with these trends and changes, you’ll demonstrate to your clients that you are knowledgeable about how the industry operates.
The following are some helpful blogs to help you in this regard.
- The Hosting Journey
- Touch Stay Vacation Rental Formula
- Need More Rentals
- Optimize My Bnb
Tip #7: Keep your head high.
Property management entails dealing with a lot of people. And sadly, some encounters won’t be as great. But even when things get rough or seem overwhelming, you’ll need to know how to maintain a positive attitude.
Additionally, you also need to know how to deal with difficult tenants. In such cases, besides remaining calm, objective, and rational, you’ll also need a proper understanding of the law.
While certainly not an easy walk to the park, property management isn’t exactly rocket science. Use these 7 tried-and-proven property management tips on how to better yourself as a property manager and advance your career in the industry.