How To Manage Your Growing Property Management Company
There’s no greater feeling than when your business is growing. However, scaling up also comes with unique challenges. Don’t panic, there are always ways to absorb the new reality of your success. Let’s take a look at what you can do to manage your growing business without losing sight of your goals.
1. Let everybody know that you are available to manage their property
You will want to post a flyer at your local grocery store, print business cards, and update your tenant roster with your email address so they can contact you directly. You can also go around the neighborhood if there are vacancies in nearby properties or have existing tenants pass along word of mouth.
2. Update your website with all of your information, rates, and contact information
If you don’t have a website up, this would be the perfect time to create one. It’s always good to keep an online presence even if you aren’t actively trying to find new tenants at that moment. If you are looking for new tenants, it’s a good idea to have all of your information easily accessible so they can contact you at their convenience. A property management answering service might come in handy at this stage.
3. Don’t be afraid to jump on any opportunity that arises
If somebody would like for you to manage their property, don’t turn them down immediately. Take the time to get to know them and see if you are a good fit for each other. If you are a great fit, then you can proceed with taking on their property.
4. Be there for your tenants
Whether it’s dealing with an emergency or simply helping them get something off of the roof that they dropped, being available to all of your renters is one thing that sets a great property manager apart from a mediocre one.
5. Call it in when you are done
If you have completed the job, make sure to collect your compensation for your work, especially if you aren’t charging them on an ongoing basis for your management services. Being in constant communication with your renters about their accounts is also a great way to ensure that everything is being taken care of.
6. Keep your tenants happy at all costs
To have a thriving property management business, you need great renters. Just like any other business, if your customers are unhappy, then they will likely take their business elsewhere and discourage others from doing business with you as well. Keeping them happy is sometimes easier said than done, but it’s definitely worth the effort if you want to keep your business flowing!
7. Create a schedule for checking in
Before taking up a tenant on their property management offer, ensure that you’ve created a schedule with them about when they would like you to check-in. If emergencies arise, be flexible and adjust your schedule to suit that tenant’s needs.
8. Don’t be too quick to evict
Just because a renter hasn’t paid their rent yet doesn’t mean you should immediately kick them out. They may have forgotten, might have misplaced the check, or are having problems with their bank account. Taking the time to collect payment is better than the alternative in this case.
9. Build a network of reliable tenants
As you begin to take on more properties, try to prioritize the ones that have established renters already so that you aren’t overwhelmed by new people right off the bat. Even though these renters will continue to pay their rent every month, it’s also good practice to check in on them as often as possible to make sure everything is running smoothly.
10. Be upfront and honest with your expectations
Letting tenants know ahead of time what your management style will be like is an excellent way for you to avoid having any misunderstandings in the future. If they see that you may need to pop by unannounced, that you will be charging them for any damages, or that they need to inform you of certain things ahead of time, then it’s likely that they won’t feel blindsided down the road.
Be honest with yourself about your time and workload
If you aren’t able to take on a new property because you have too much going on or don’t have enough time in your day then it’s probably best that you say no! This is a business just like any other, so if a certain client will be too much of a hassle to work with then it will taint your overall business reputation if you continue on that path. Remember, don’t panic!