How to be an effective Rent Manager?
Renting one’s own property is one way to make use of it and to earn income. There are a lot of formalities in having a property rented. Hence that is why hiring a Property Manager is important.
Property managers are professionals who specialize in ensuring a rental is done according to what the property owner/tenant wanted. This includes handling the operations, maintenance, and administration of property rentals for an owner. A Property Manager’s work will also include marketing rentals and finding renters, ensuring rental rates are competitive while covering taxes and overhead, collecting rent, and complying with rental laws.
Tips to become a successful & effective Rent Manager
Be dependable & available
Communication is an important key to fostering good business relationships. This includes having good communication with your client and the tenants ayou are handling. Make sure to be dependable on your words and always be available to them.
TIP: Respond to emails and phone calls in a timely manner. If you can’t respond immediately, let them know and offer your sincerest apologies. Either way, show them that you genuinely care about resolving their issue as soon as possible.
Develop a system to finding the right tenant
Landlord-tenant issues can be a headache. Make sure to develop a system for screening in finding quality tenants. The system could be checklist to you help you with preliminary screening like background checks, security deposits and also streamline your paperwork.
When the preliminary screening process is done, you can ask the landlord to help you conduct the final vetting of tenants if it is possible.
TIP: If you are fairly new to the job, ask around your colleagues how the screen the clients & tenants. That way you can deduce from both training and other people’s experience how things will go from client onboarding to tenant screening. You can then list the steps that will help you be more efficient in your process.
Engage with the clients & tenants
You need to to build a genuine relationship with your clients and the tenants that you are handling.
Get to know the tenants personally by engaging in conversations about family or work. This will help you know who these people are and also know how to handle conflicts when you know their kind of personalities.
TIP: Also get acquainted with the residents in the community. It will help you gather information like the issues in the properties by a certain developer or of the community. You will foresee an issues that may arise should a tenant come into play or you can even give information to your client about the property.
Organize the paperwork
As a property manager, you have to deal with paperwork on a daily basis, and keep up with the latest industry trends at the same time. Good thing that with technology you can have good file management online for clients who prefers online transactions. Having a good file management system in place can save time and better handle legal disputes or audits in the future:
You will find that you will handle documents like
- Copies of Contract & Rent payment records
- Maintenance notices
- Move-in and move out documents
- Copies for security deposits & refunds
- Client/Tenant correspondence
- Notices on evictions
- Lease violations and corresponding action records
TIP: Make sure to have a sure to have a separate folder for each client and include a checklist for each documents that you need to have on your file. That way it is easy for you to check & request any missing documents.
Be organized & Manage your time is wisely
Make sure you can handle anything thrown your way. Luckily, the latest technology makes it easier to keep things in order like project management tools or online calendars to keep you on track. Here are organizational and planning tips for property management professionals.
- Create a communications protocol with the property owner.
- Know which tasks you should outsource, and which ones shouldn’t.
- Always have a contingency plan.
- Minimize paperwork as much as you can.
Property management is a fast-paced and highly competitive profession. You will find one new property manager after another. That is why it is important to have skills and abilities that keep you above the rest. Along with self-discipline and determination, these good working habits and practices will improve both your professional life and help you become successful in it..
