Every day is different in property management. In each case the variables include an owner, a tenant and a property. That’s two humans and one property, and most property managers manage between 80 and 150 properties, more or less. If there is one thing a property manager needs to be good at, its managing humans. The next things would be time management. Managing humans requires emotional work, which is harder than following a manual or instruction book. You are managing relations, personal homes and assets. All of which are unique, and require a unique approach.
Time management is essential. For any size caseload, you need to do inspections every 3 months. Letting, maintenance, crisis management and relationship building with landlords, co-workers, tradesmen, and most important landlords. There is also the back of house administration work including record keeping, diaries, and accounts.
I’ve seen the costly mistakes landlords make while managing their own rentals. In one case, an owner lost $18,000 in rent arrears, plus damages to the property of $2,000. That’s a $20,000 loss on one property. Things would be much different if it was professionally managed. Paying for a professional property manager will free up time for investors to buy more houses, and save them learning the hard way.
Through my own experience, and through the resources I have developed in the industry. I will share how I have effectively managed my caseloads which have ranged from 80 to 220 properties over the last 6 years.
The one thing that will build a landlords respect for you, is to communicate with them like a human being. Build the trust relationship. Be indispensable.
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Here’s to your success!