Important Tips for First-Time Property Managers

Important Tips for First-Time Property Managers

Managing a property takes dedication and patience. In this article, we’ll discuss important tips for first-time property managers to help navigate the many questions and concerns both tenants and property managers have. As you follow these tips, your tenants will remain loyal and your management position fulfilling.

Communication Is Key

There isn’t a job out there that doesn’t require excellent communication, so everyone understands each other. As a property manager, keep the lines of communication open with tenants.

Remain transparent with tenants and allow them to be transparent as well. A comfortable, trusting atmosphere helps renters communicate their needs easily. It helps you as a manager, so you’ll always know what’s going on and what the concerns are.

Be Friendly and Patient

Never walk by a tenant like they’re a stranger. Greet them and ask how their day is going. Tenants appreciate that personal touch. It makes you approachable.

Patience is key when dealing with the multitude of issues that exist with a property. When appliances break, tenants are rightfully frustrated. When life gets busy, the rent may be a little late. A little patience goes a long way when dealing with rental properties.

Understand the Lease

It’s essential to understand the lease you are asking tenants to sign. They’ll have questions, and you need the answers.

As times change and the needs of the property change, a lease must adjust. There are certain aspects of a lease that are always necessary to include. Be sure to understand the laws and regulations in your area for creating a lease. A good lease creates a clear understanding between both parties.

Respond Quickly

Respond quickly to tenants’ needs. Put yourself in their shoes when an appliance needs repair, or a lock isn’t working. Your regular, quick responses create patient tenants for the times you can’t respond quickly.

Remain Empathetic

Much of a property manager’s job requires relationships. Empathy means imagining ourselves in someone else’s position. Listen with an open mind and heart to grievances from a tenant. Understand when they ask for one more day to pay the rent because they were sick all week.

Kindness doesn’t mean you’re being taken advantage of. There are times when hard things must happen, such as an eviction. But most often, tenants are good people with real lives and deserve respect and empathy.

Remember To Market

Even the best of rental units eventually have vacancies. Fill them quickly with excellent marketing.

Take advantage of social media and create a business page. Advertise online with real estate and rental sites. Talk about what you do when socializing and networking. It’s the property manager’s job to fill vacancies. With the right marketing, you’ll fill the property quickly.

You manage a property, but your tenants are living in their homes. It’s not just a property to them. Follow our important tips for first-time property managers, and remember, a little friendliness, understanding, knowledge, and patience go a long way.

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