Being a manager is an aggressive job; you must be hands-on 24/7. Managing a property can never be easy, but with an efficient and proactive approach, you can certainly make it smooth. As the property manager of a popular property that is occupied all year long, you need to have a lot of patience, perseverance and be flexible. Managing multiple properties, keeping tabs on your staff, and scaling up every day is not something that comes naturally. For such task management and efficiency, you need some hacks and tips from the top guns in the business.
Here are four key points that are bound to help you become an efficient and successful manager. The following points are tried and tested by the most successful managers of all time.
Disorganization means chaos, and nothing good comes out of chaos. As an efficient property manager, you need to be highly organized, this may seem like we are stating the obvious, but it’s highly relevant for becoming successful. Being disorganized may lead to mistakes; sometimes, it can even lead to mistakes that can ruin your reputation as well as your property’s worth.
For example, if you are careless about your documents and important papers, you can lose credibility. In addition, losing important papers can lead to late payments or skipped payments altogether. Apart from that, being disorganized will also have you miss deadlines for maintenance and repairs. In that case, you will lose your good standing with your tenant. It can also lead to major repair issues.
A big reason for being disorganized lies with relying on outdated, inefficient systems. With modern-day technology, you should adapt to modern ways of keeping up with your business. This will help you organized better, and nothing will escape your notice. For example, you can switch to QuickBooks and Excel and go paperless. Switching from one system to another will take time and adjustment, but once you get the hang of it, things will run smoothly. Being a successful manager means taking care of multiple properties, owners, contractors, and tenants. This isn’t an easy task, it’s a pretty complex one, but once you start using the right technology, you will never fumble.
Choose a paperless approach, go for a centralized and cloud-based system that interlinks all your properties, contractors, as well as leasing agents, owners, and maintenance staff. Such an approach will always keep you organized and ahead of your game.
Automation is the KEY
Wasting time, effort, and manpower on repetitive tasks, doing them every day manually kills your efficiency. Not only that, but it also stunts business growth. To become a successful manager, you need to automate your routine tasks. By doing adapting the automation process, you can double up your unit, help your staff focus on better things. If you are willing to grow your business, scaling up, and adding more units to your company, you will need to move towards automation.
For example, the simplest thing, introducing an online portal where your tenants can register complaints, pay rent, is one good step towards automation. Apart from that, adopt a paperless accounting system, be more accurate, and keep your books neat and clean. You can even pay your vendors online; the system is so efficient that it receives and releases payments without being late.
Customers and Communication
Customer is the king; we have heard this saying for all types of businesses, the rental is no different. Your client, tenant, and potential customers should be your priority. The relationship your build with your customers is going to be the lifeblood of your business. These are the people who will help you become successful and increase the ROI of your rental; they must never be put second. Never let the connection between your customers and you fester instead, foster it with care and attention to retain your renter for a long time.
Communication is the easiest way you can build a good rapport with your customers. Meeting all his needs on time is how you create the strongest bond. This is again where modern technology can help you immensely. By adopting texting and email habits, you can stay in touch with all your properties and tenants. Use Text and emailing features within our software and communicate with customers more efficiently and proactively. Connecting with the customer quickly is how you gain their trust and win their approval. Moreover, effective communication will also save you time and get things done quickly. For a sizeable business with multiple units across states, effective communication is highly important.
Stay connected to your properties whether you are at home, in the office, or on the field. Limiting yourself to paper-based processes will only bound you. Adopt the digital system that is in your hands and on your fingertips no matter where you are. This will give you the mobility and the flexibility you require to become efficient and successful. Do not limit yourself to a process that can be operated from one place only; instead, have a cloud-based system that lets you get in your system no matter where you are.
Switching to a mobile property management system will enable you to manage multiple units and complexes without batting an eye, and you do not even have to be in the office all the time. Sylvia Hill of H.M.S Development manages 450 single-family with her efficient mobile property management system. All her data is one click away. According to her, such systems are lifesavers and keeps her ahead of the competition. All you need is passion and a powerful internet connection. Enjoy your days with family and stay in touch with your business.
You can never be successful if you keep on running on old and redundant systems. Adaptation is the key to survival, and success comes to those who survive the change and come out stronger than before. Add these four key points to your management routine and experience the change within months.