It is easy to see why many people are attracted by the rental market, and if you have property available to you, letting it out is one way to bring in a reliable source of income and making sure you receive a great return for your initial investment. However, being a landlord can be a lot more stressful than you would think which is why many people turn to property management firms for help.
This has led some people to think about becoming property managers themselves. After all, if these firms are able to bring in income without having to invest in buying property (although many firms do), there is maybe something to be said for following this career path. If you have the time and willingness to learn, it may be that there will be career opportunity for you. However, whether you want to become a property management professional, or you want to learn the secrets of what a reliable and effective property management professional should deliver, these are some of the best tips for you to know:
- Know the laws and regulations
- Seek out help and work with experts
- Put procedures into place
- Inform your clients of what to expect
- Be consistent
- Manage the time that you have
- Document everything that is said or done
- Get away from it at times
You really do need to know the laws and regulations inside out because ignorance of what is required from you is no defence. There is a need to understand the Residential Tenancies Act (and the 31st of January 2011 edition) and if you have a tenancy agreement in place, it is crucial to know every inch and part of the agreement. When it comes to being a successful property management expert, you need to know the laws and regulations.
You will also find that the best property management firms ask for help and they look to work with the best professionals. No matter what industry you are in, if you are starting out, you will benefit from following and copying the experts. This is definitely the case with the property management sector and it may be that working with the experts will help you to provide the best possible service. Similarly, if you are hiring professionals such as plumbers or joiners to carry out work, choose the experts who have a great reputation. It is important to keep your bottom line in mind but this doesn’t mean you should hire inferior professionals.
You have to Install proper procedures
In order to ensure that you stay on top of things and that everything is taken care of, you need to install procedures. This means creating checklists and ensuring that tasks are completed as and when. If you are able to automate certain tasks or make sure that you have a working schedule in place, you will find it much easier to stay in control of your work.
One of the hardest tasks for a property management professional is managing the expectations of clients. This is where you should arrange a meeting with any tenants or landlords you are working with and outline what you expect from them, and what they should expect from you. This will help you to ensure that everyone knows what is expected from them, which will help to ensure that everything runs a little bit more smoothly.
You also need to be consistent in what you do. While your working practices may change and improve over time, there is a need to work in a similar fashion and treat people in the same way over time. If you create inconsistencies in the services you provide, it is likely that your clients will be confused or will behave in an inconsistent manner as well.
You will also find that you could end up working every hour of the day and night meeting the needs of your clients, which isn’t suitable for anyone. This is why you need to manage your time effectively, drawing up a list of priorities and focusing on key tasks. If you allow yourself to work every hour of the day and night, your clients will take advantage of this so provide a valuable service, but not one that drains you of value or energy.
It is important to ensure that all property management agreements and actions are properly recorded so you have a fall-back in case any disagreement arises. Never make agreements over the phone, always ensure that there is at least an email or letter in place with the date, so that it can be re-examined at a later date.
You also want to make sure that you have time to get away from providing the service because if it becomes all consuming, you may find that you end up losing all passion and excitement for the role.
Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 8 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.