1. Goals Matter
Having goals, helps you channel focus on that which truly matters. If you haven’t set goals yet, start now by listing the simplest of tasks on your notebook, and categorise them by goals.
A digital tool we could recommend (for businesses small to big), is Basecamp
2. Strategic Decisions
Making calculated strategic decisions is a must have skill. Ask yourself key tactical questions.
- How well do you retain your tenants?
- What could you do to improve your tenants experience, increase upon their expectations, while lowering expenses?
- How would you improve business processes?
Identify the primary objective, influence conversation towards the objective. Fact, truth, no lies. No compromises on the main objective, but be human. Set the objective. Negotiate on the route to it.
No compromises on your primary objective, however, be human, and allow for adjustments on non-crucial objectives. Negotiate on the route to meeting the objective.
4. Business Process
A good efficient business process can work for you. A business process is a cultivated process of work. Understand it, stick to it, improve it, and be afraid not to change it for something better.
For example, have ready-to-go forms/templates for tenant requests, and a system/app/website for ensuring those requests are followed up and timely resolved. Having large forms for the tenant to fill is a huge no-no. Go digital.
5. Background Check
Know the tenant. Renting to just anybody can keep you awake at night. A simple form to fill, a reference from a previous landlord, and certainly a face-to-face meeting/interview, can go quite some way.
Tenant evictions can get messy. So a preliminary background check on the tenant is recommended. Some landlords may request a civil/police certificate, bank statements, etc.
Conduct inspections on rental properties on a quarterly basis, and ensure all maintenance is properly taken care of.
Failure to conduct regular inspections may give rise to property negligence, and decrease it’s value. A good property manager should ensure that no illegal activity takes place, or the property is not used for any unintended purposes (a residential house used as a warehouse), etc…
7. Clear Expectations
Not being clear with well defined expectations, is a breakdown in communication.
Be clear and simple with what is expected of your tenants. Communication is both ways.
8. Time Management
Every second that passes, is another second you can’t rewind. For every task you set, have a strict deadline, a day, a time to completion.
Managing time is a skill that could be developed with serious practice. Placing deadlines on tasks, and being timely about meeting milestones, is a step forward towards walking the disciplined tightrope of success.
One tip to better customer retention is the level of engagement, and service you provide to your clients.
Drive client-business engagement on a human level.
Utilise a robust file management process and system to manage your paperwork. And stay updated on industry trends and news.
Property managers may have to deal in all sorts of paperwork, from maintenance notices, to payment records, to eviction paperwork, etc… Having a robust disciplined process, can really work for you. Ensure you stay organized, and updated, on all the required paperwork, documentation, etc, (legal or otherwise).
Treat procrastination and laziness as enemies. When the task is big and the goal is far, then break it down into bite-sized chunks. Take it step by step. Checklists. Milestones.
Procrastination can be very attractive when the task seems mentally too much to comprehend. Touching a high ceiling is impossible. Bring in a ladder; task 1 complete. Goals matter. Procrastinate not.
Know. Act. Share. Inspire towards a better world.
Knowledge and action are very different things.
- Goals Matter
- Strategic Decisions
- Business Process
- Background Check
- Clear Expectations
- Time Management
View/share/download the PDF presentation here: https://www.dropbox.com/s/s0ie6by567uss1b/11-actionable-tips-on-being-a-better-Property-Manager.pdf?dl=0