11 Habits Of a Highly Successful Property Manager
As a property manager, you are essentially the eyes and ears on the property, making sure the property is cared for and that any tenant issues are being dealt with promptly and professionally. At Livable we work alongside many property managers and see there are many factors that make a successful type such as staying current, being available, and of course, being organized. Let’s take a look at some of the key elements in becoming an accomplished property manager.
1. Communication – be clear with tenants on your expectations and rental regulations – communication skills can smooth relationships by helping you to understand others, and to be understood.
2. Be proactive – be ready before something happens in an apartment or condo –
→ Conduct quarterly inspections
→ Stay current with legislation
→ Stay current with industry trends
Did you know with Livable’s Property Manager Dashboard property managers receive alerts for potential leaks, track utility recovery amounts, and more all in one convenient web portal.
3. Be Organized – have a communication arrangement with the property owner, always have a contingency plan in place, and minimize paperwork as much as you can by utilizing technology.
4. Be Available – managing a property means round-the-clock work, tenant issues could arise at any hour so be sure to respond to phone calls and emails in a timely manner. If you can’t respond immediately, let them know and offer a sincere apology.
5. Engage your residents – keep tenants involved in conservation– when tenants save resources, they save money. Livable provides a Tenant Connect Portal where your renters can discover just how much they’re saving when they cut back on waste each month.
6. Invest in Smart Home Technology – Nowadays there is a “smart” version of almost everything – basic home amenities such as washing machines and fridges have been fitted with communication technology, either through automation or remote control. Smart homes provide convenience and can even save you money.
7. Have a System to Find the Right Tenant – Be sure to check potential renters’ references, run a credit check and verify income as well as include pre-screening criteria in your listing outlining clear renter expectations.
8. Bill Utilities Separate from Rent – Livable’s Ratio Utility Billing System allows you, the property manager to divide your building’s utility bills. Our system can allocate water, sewer, trash, and more. Relying on multiple factors that depend on the utility, including unit occupancy, square footage, as well as in-unit amenities.
9. Gather reviews from Tenants – 93% of online consumers read reviews! Want to know how to get your tenants to take the time to write a review? Check out one of our marketing partners The Art Of Business for more information as well as a FREE online reputation assessment!
10. Know the Numbers – Don’t let high energy usage take you by surprise. Livable provides a user-friendly Property Manager Dashboard that makes it easier to see what’s happening at your building and immediately increases the value of your asset.
11. Document Everything – It is no secret that the title of property manager comes with tougher jobs such as dealing with legal disputes and audits. Ensure to document each step of your tenant’s agreement from rent payment records, property maintenance notices, move-in and move-out inspection paperwork, and lease violations including corresponding action records.
Including Livable in your portfolio as a property manager can take some of the stress away and give you time to focus on these habits and become successful! Through several platforms Livable aims to reduce consumption while adding to your bottom line.
Book a call today to speak with one of our professionals who will listen to the details of your situation and map out customized, cost-saving solutions for your utility management.