Success in property management is a process, not a destination
Success in property management is measured in many different ways, and happy residents and operating income for the property’s owners are usually at the top of the goal list. But finding a balance between the financial and human sides of the business is the ultimate goal, and it won’t be easy …
To be successful in the property management world, you have to become adept at monitoring resident welfare, budgeting, managing a maintenance crew, marketing your property, risk management planning, tenant retention, leasing procedures and more. That’s a lot! After a while, and with persistence, you identify what techniques work, how you can be most efficient, and what to do in certain scenarios.
Surround yourself with a great team
Gather a team of employees who demonstrate both integrity and ambition. Make sure that they’re properly trained and in tune with the property’s goals before they interact with residents or the owner. From the start, guide them through their mistakes and nurture their good habits
Communicate, communicate, communicate
Make sure everyone on your team is aware of all company guidelines and the game plan for reaching your goals, then properly implement those guidelines and plans, then monitor their effectiveness and make appropriate adjustments. Let your staff know where they can improve and when they’ve exceeded expectations. And let residents know that their opinions matter, too, that they can reach out to you or your staff at any time.
If you have a great program, discount, or reward to offer, make sure people know about it — owners and residents. If rental insurance is mandatory, be clear about that and stick to the rules. When expectations are made clear, everyone will know where they stand and how to work together toward a successful, happy, safe community.
Engage with the community
Participate in community events and partner with area businesses to plan fun events of your own for your residents, like a pool party or barbecue. You can promote the events with your business partners while introducing your tenants to offerings in their communities. Plus, you’ll all have a lot of fun!
Protect the owner’s investment
Conduct legitimate unit inspections and adhere to necessary grounds keeping and you will protect the owner’s investment, and you’ll ensure residents’ safety and happiness.
Working together with a winning team will ensure you’re on the path toward a successful career in property management, and your success will in turn make the owner feel successful and your residents happy to call your property home.