Property management is not something that comes naturally to everyone, but this doesn’t mean you can’t do it. When the building is in good condition, it’s usually smooth sailing, but the second anything goes wrong things have a way of quickly spiraling out of control if handled in the incorrect manner. A good property manager always strives for the best experience for their tenants, which might not always be easy, but with the right mindset and the right advice, you’re well on your way. Here are the golden rules of property management according to the pros.
1. Be Apathetic
One of the best and most important golden rules is to try and see things from the perspective of your tenants. When things go wrong, or you are bombarded with requests from your tenants, you can very quickly become discouraged and might feel like they are asking too much of you. This is natural, but try your best to not let this overwhelm you. Try to consider what it is like for them, especially how you would feel if there was an urgent repair. Many property managers put repairs on hold, but this severely sours the relationship you and your tenant will have. According to these San Diego property managers, it is important to build trust and confidence, [in order to] maximize the value of your real estate assets. Having this mindset makes things flow a whole lot smoother for both of you.
2. Follow Industry Trends
When it comes to being a leader in any industry it is incredibly important that you follow industry trends. You might not personally like them, but your tenants most certainly will appreciate them. Whether it’s property taxes, new security products, tech, or even more efficient building materials, keeping up with what’s going on will hold you in good stead. You can keep track of these trends by subscribing to industry-related newsletters, attending conferences, and even following people on social media.
3. Offer Fair Rent
Everyone wants a bang for their buck. People look for good value for money in almost every aspect of their lives. This is no exception when it comes to renting, regardless of whether you offer long-, or short-term rentals. People know what the prices are like on the rest of the market, and you should too. If you value your rental way higher than it’s worth, you run the risk of not being able to rent it out at all. If you aren’t quite sure when you fit into the market, there are plenty of resources online to help you figure it out.
4. Have A Reasonable Rent Increase Policy
This goes hand in hand with the previous point and deserves a place of its own. Increases in rent are inevitable, but they need to be reasonable. When managing a property, you need to keep in mind that people rent for a variety of different reasons. One of the most popular reasons people choose to rent is so that they can live in nicer accommodation than they could otherwise afford. They can’t afford to buy and are on a budget. Absurd and unjustified increases could result in tenants not being able to pay, leaving you tenantless.
5. Reward Good Tenancy
When it comes to positive reinforcement a little goes a long way. The best way to keep your tenants happy is to reward good behavior and tenancy with something nice. This could be anything from a gift card around the holidays, to a free month of cable, and even a new appliance.
6. Keep Things in Good Condition
First impressions are important. This is especially true for people moving into or staying at your property. It shows pride in your space and indicates to them that this is the condition you expect them to keep the property in. Keeping things in good working order makes the space look and feel good, and makes the tenants feel like they are getting their value for money. Starting things off on a positive point is important as it sets the tone for your future relationship. Between each tenant, the property needs to be cleaned and the necessary maintenance must be carried out.
Property management can be a difficult task, but when you follow these golden rules, things are much easier. They ensure that things run smoother for you and that your tenants have a good experience. Property management is important for properties both big and small, so be sure that you know what you are getting into before taking the leap.
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