Property management can be a very lucrative field. According to the Bureau of Labor Statistics, individuals in the property, real estate and community association management professions earn an average annual salary of just under $60k, with potential to make far more. If you’re considering a career in this industry, the best way to set yourself up for success is to plan ahead. Here are a few tips from our experienced team.
Let’s keep it real. If you’re in the real estate business, you’re in the people business. To that end, networking is one of the pillars of success. As the old adage indicates, “It’s not what you know, but who you know.” This certainly rings true in the property management industry. You can have all the skills, knowledge and experience in the world, but if you don’t have connections with the right individuals, you’ll never really reach your fullest potential. If your networking ability leaves much to be desired, here are a few expert tips.
It’s a question that many property managers ponder – especially those just starting out with a limited budget: is property management software really worth the investment? To truly answer that question, it’s important to dig deeper than the basic overview of what this type of technology can do for your business. If you’re weighing whether or not to invest in a property management solution, here are a few surprising benefits that just might sway your decision.
You already know how important it is to have a signed written lease agreement, but the information that’s actually contained within the four corners of that document is equally important. Chances are, that 2-page “sample” template you found online is not going to afford you all the protections you need and deserve. To avoid learning this the hard way, here are a few essential lease clauses to protect yourself and your investment.
There are tons of resources online (our blog included) about how to find and manage great tenants. But, what about when those residents decide to move on? Even the most successful landlord or property manager will have to deal with turnover at some point. As such, there should be a documented process for how to wrap things up with the former tenant and get the vacant unit prepped and ready to be re-rented as quickly as possible. If you haven’t yet defined this process, here’s what we recommend.
One thing that surprises many new property managers is the amount of day-to-day work that’s involved in being successful. Many have this idea that they’ll simply be able to sit back, relax and collect all kinds of passive income. While it’s highly unlikely that you’ll be able to achieve this degree of autonomy, the good news is, there are some things you can do to shorten your to-do list and make your professional life infinitely easier.
Prescreening prospective tenants is a critical task of property managers and landlords. Done correctly, it’ll help you weed out individuals who are not good candidates and improve your odds of signing someone who is reliable and long-term. One mistake many property owners make, however, is not starting the screening process early enough. By screening over the phone, before showing your vacancies, you can save yourself a ton of time. That said, here’s what we recommend.
Keeping your rental properties is tip-top shape is the key to running a successful and profitable property management business. Not only does ongoing maintenance keep your tenants happy, but it can also help to prevent costly repair bills. As the old adage goes, “an ounce of prevention is worth a pound of cure.” In terms of rental property management, a few dollars in preventative maintenance can save you hundreds or even thousands down the road. It’ll also help you maintain a stellar reputation.
One of the biggest challenges landlords and property managers face is getting good tenants to stay. After all, you’ve likely invested a good deal of time, energy and funds into filling your vacancies. The last thing you want is to have to do it all over again in a few months’ time. But you can’t effectively encourage them to stay unless and until you know what’s driving them away. Let’s take a look at a few of the biggest reasons good tenants leave so you’ll know what to avoid in your own properties.
It doesn’t take much to destroy the trust of a tenant. Not only is the right to adequate privacy something that your residents want and deserve, but it’s also something that is regulated by law. To avoid accidentally crossing any boundaries and ending up in potential hot water legally, keep the following five tips in mind.