Are you interested in making passive income? Do you want to have your own real estate company?
If so, you need to know about property management.
Property managing is the act of caring for one or more residential and/or commercial properties. And, it can be an extremely lucrative hobby or job.
But, if you're going to become a property manager, there are a few things that you need to know. You can't just dive into property management without knowing a few of the basic responsibilities and expectations.
To learn the ten things that you need to know about property management, keep reading.
1. Use Technology to Your Advantage
Our first piece of property management advice comes down to the technology that you're going to be using. You may be able to get by without technology when you have one property. But, it's going to become more and more difficult as you take in new properties.
And, once you've built a successful property management business, you're going to rely on property management software. This software can help you organize and keep track of every detail pertaining to your business.
In other words, this kind of organizational software is a necessity for any successful real estate business. It saves time and energy.
2. Learn a Few Marketing Skills
Just like any other business, a property management property needs the right marketing plan. And, for the most part, property managers need to focus on attracting more property owners. More property owners bring in more properties to manage.
People who are looking to make money from their properties turn to property management companies to do the jobs that they don't want to do.
Finding the right leads can take too much time. So, you have to make sure that you have an effective marketing plan that's going to bring in the right properties.
The most vital piece of marketing for real estate is online presence. In fact, 90% of people look online for real estate. So, you need to make sure that you're reaching your audience where they're looking.
3. Delegate as Needed
As you manage more and more properties, it's important to make delegations as they're needed. There's no way for you to do all of the work yourself. So, it's important to understand your strengths and weaknesses.
You should handle the things that you do well and let others handle the things that you don't do well. By specializing the team that you're building, you'll be able to take care of your properties better.
Here are some of the most popular specializations in property management:
- Bookkeeping
- Accounting
- Marketing
- Screening
- Maintaining
As long as you're hiring people who are as dedicated as you, your team will work well together.
4. Care for Each Responsibility
As everyone is specializing in different property management responsibilities, it's important to make sure that you're focusing on these main tasks:
- Screening potential tenants
- Setting appropriate rent prices
- Collecting rent as it's due
- Scheduling regular maintenance
- Maintaining records
- Managing maintenance issues
- Supervising rental properties
At the end of the day, your job is to make sure that each one of your properties is pulling in enough money. Without positive monetary flow, your real estate business could go under.
5. Call a Lawyer
When in doubt, you need to call a lawyer. There are too many real estate laws to keep up with. And, you have so many other things to focus on.
Law should be the least of your worries.
Plus, it's important to make sure that you're up-to-date on every single clause and law in real estate. Your lawyer can help you navigate grey areas.
Lawyers can also handle basic things like rental agreements.
6. Keep Up With the Industry
The real estate market and industry is fast-paced and constantly changing. So, it's important to make sure that you keep up with the latest news on the real estate side and the business side.
At the same time, you need to keep an eye out for the competition. So, you need to understand what tactics other property managers are using. By looking at what is and isn't working for them, you can get ahead when it comes to developing your own tactics.
7. Stay Positive
As a rental property manager, you're going to come across several things that are going to frustrate you.
Appliances will break. Tenants will make mistakes. Everything may go wrong.
But, the key is to keep a positive attitude. By staying on top of things and keeping your team happy, you and your employees will be able to handle anything that comes your way.
8. Update Your Properties Regularly
Don't let your properties get stale and old. It's one of the oldest mistakes in the book.
By not updating your properties, you're inviting things to rust and break. Keeping an updated property is more attractive for tenants and better for your overall finances.
9. Organize Properly
Organization is one of the most important skills for a property manager to have. Without complete organization, you're going to get properties confused and miss important details.
Maintenance dates will fall through, and rent may come in late.
So, you need to stay on top of everything. The better organized you are, the better a property manager you'll be.
10. Network With Other Professionals
Lastly, we want to make sure that all property managers know how important networking is. Other property managers are your competition, but they can also help you navigate any future problems you may have.
So, when in doubt, formulate professional relationships. You never know when you'll need to make a call to a friend.
Getting Started in Property Management
Property managers are the kings and queens of rental real estate. They know the ins and outs of managing commercial and residential properties.
If you're interested in contacting a property manager for your property, look no further than bottom line property management. Our variety of management services covers everything that you need for your rental property.
And, we take care of our tenants, our properties, and our owners.
