Becoming a successful property manager or property management company takes a lot, and the path to success isn't always clear.
You can easily waste copious amounts of time and energy on things that aren’t worth it, but how do you know before it’s too late?
This feeling is normal in every career but is heightened in property management because of its fast-paced nature.
Don’t you wish there was an existing cohesive and well-thought-out article with tips from successful property managers on how to succeed in the industry?
Well, look no further; DoorLoop has got you covered!
This post will share experts’ tips on becoming highly successful property managers, so stick around to learn more!
1. Always have a detailed and organized plan – Shaun Martin, owner and CEO of Cash Home Buying Company
Bio: Shaun Martin is a real estate professional, land developer, and investment advisor based in Denver, CO. He is the owner and CEO of Cash Home Buying Company.
He believes it is essential to have a detailed plan for managing your properties that covers all aspects of the property management business, from:
- Tenant selection
- Rent collection
- Maintenance, and repairs
As well as:
- Record keeping
- Accounting, and
Shaun says that Planning will "help you stay on top of all the tasks required to manage your properties successfully."
"Sticking to a plan will also help you maximize your profits, minimize expenses, and reduce potential legal issues."
Furthermore, ensure that you regularly review your plan and adjust it as needed to ensure its efficiency.
2. Create an effective system for maintenance requests – Amr Shafik, co-founder of Getaway
Bio: Amr Shfik is the co-founder of real estate company, Getaway and has been an executive at several real estate and property management companies.
"Creating an effective system for tracking, prioritizing, and addressing maintenance requests is key to managing properties efficiently and effectively," says Amr.
Building strong vendor relationships is also essential and recommended by Amr, as these relationships can "open up new ideas and strategies that could improve your property management processes."
They can create more meaningful connections with vendors who offer specialized services and scale with you in the real estate industry.
3. Keep your books up to date – Perry Zheng, founder and CEO of Cash Flow Marketplace
Bio: Perry Zheng is the founder and CEO of Cash Flow Marketplace. He owns six single-family properties, has more than 1500 units, raised over $16M, and is a lead syndicator on two deals totaling 580 units.
Every property manager and property owner must "keep organized financial records regarding property expenses and tenant rent, such as maintenance, trash removal, and employee payroll," explains Perry.
"They must be on top of their accounting and know what comes in and goes out."
Suppose you do not have time to manage the property’s accounting properly. In that case, Perry recommends hiring a bookkeeper, as they will keep your accounting in order and help you perform other tasks efficiently.
4. Develop effective communication and trust with existing and prospective tenants – Alex Capozzolo, co-founder of SD House Guys
Bio: Alex Capozzolo co-founded SD House Guys in San Diego, CA. He has been investing in real estate for +7 years and owns a portfolio of 14 residential units and 2 commercial units. He is also a licensed realtor in California.
"Maintaining open, honest lines of communication is essential for any successful landlord-tenant relationship," says Alex. It will also help you become a more successful property manager.
"When you have a good relationship with your tenants, they are more likely to respect you as their landlord and understand any issues that may arise."
Also, when you communicate effectively with your tenants, "they will feel comfortable coming to you when they need help or have questions about something related to the rental property or late rent payments."
It would be best if you also strived to create a trusting atmosphere. "It's important to be reliable and consistent in handling issues or requests."
"When tenants feel they can trust you, they will be more willing to follow your rules and take better care of the property."
5. Stay organized and adaptable – Matt Teifke, founder and CEO of Teifke Real Estate
Bio: Matt is the founder and CEO of Teifke Real Estate, based out of Austin, Texas. He is a real estate professional, investor, and advisor.
"Managing properties successfully requires staying organized and adjusting quickly to changing needs," explains Matt.
"Being organized means having a system that helps you keep track of tenant information, rental payments, and maintenance requests."
Furthermore, Matt says that "it means anticipating any issues that may arise and developing a plan of action for addressing them."
"Being adaptable is equally important, as the rental market is constantly changing," also notes Matt.
"You need to be able to adjust your policies, rates, and other factors to remain competitive and profitable."
Therefore, staying organized and adapting quickly are vital components of a good property manager.
6. Empower your tenants – Cody Rudolph, founder of Codyrudolph.com
Bio: Cody is the founder of Codyrudolph.com, a blog about real estate investing, marketing, and more. He manages a mid-size portfolio of single-family properties, and in the past, managed large portfolios of over 1,000 units.
He advises letting your tenants pay rent online, allowing them to have a say in the property's renovations and aesthetics, and listening to their ideas.
"I'm not saying let them dictate how you run your business, but let them be involved in the look, feel, and operation of their home," says Cody.
"Let's say you're prepping a remodel or maintenance on a property, ask the tenant what they'd like to see or if they'd like to be involved," also explains Cody.
Cody states that he's "saved thousands in labor and material costs' simply by letting tenants take some ownership of the property."
7. Stay up-to-date with local laws and regulations – Shri Ganeshram, founding member at Eaze
Bio: Shri is an investor and founding member at Eaze. Holds the Forbes 30 Under 30 Award. Former CTO and Founder of FlightCar, which received over $40M in funding.
"Property management can be complex, and property managers need to stay informed about local laws and regulations related to rental properties," says Shri. Some of the things to be aware of include:
- Tenant rights
- Eviction procedures, and
- Health and safety standards.
8. Be organized and proactive – Nate Johnson, real estate investment expert
Bio: Nate is a real estate investment expert and product manager at NeighborWho, a leading property search site.
"Those responsible for managing real estate properties must understand everything about them," says Nate.
In addition, they must understand how to efficiently accomplish tasks, such as filling out documents, meeting deadlines, handling payments, sending deposit slips, and handling visits and rental applications.
"Managing real estate properties effectively can be significantly enhanced with property management software," also explains Nate.
Being organized will make it easier to meet deadlines, which in turn will ensure your tenants' and employees' satisfaction.
Here are some tips on organizing and planning as a property manager:
- Establish a communication protocol with the owner of the property.
- Understand which tasks should be outsourced and which should remain in-house.
- Make sure you have a backup plan in case something goes wrong.
- Whenever possible, minimize physical paper documents and go digital.
"You can manage rental properties more effortlessly than ever before. The key to making this process less intimidating is to break it down into smaller steps."
9. Read up – Jon Stephens, director of Operations of Snowshoe Vacation Rentals
Bio: Jon is the Director of Operations of Snowshoe Vacation Rentals.
Jon suggests reading to learn as much as you can about property management.
He found The Book On Managing Rental Properties by Brandon and Heather Turner to be an insightful resource.
"The book focuses on the trials and tribulations of the author's journeys through property management, which makes it both educational and informative," explains Jon.
It covers everything from marketing strategies to how to vet your tenants properly, which is why he considers the book a "must-read for those interested in managing rental properties."
10. Be ready with very different approaches- Leonard Ang, CEO of iPropertyManagement Leasing
Bio: Leonard is the CEO of iPropertyManagement Leasing, an online resource guide for landlords, tenants and real estate investors.
Leonard says that good landlords need to be ready with two very different approaches to their tenants:
- Quick, polite, attentive service for those who tend to pay on time and not make trouble, and
- Firm, vigorous defense of your property for those who frequently miss payments, attract attention from law enforcement or cause problems on your property.
"Knowing when to work to keep a tenant and when to get rid of a troublesome one is essential to being a successful property manager. Especially in multi-unit properties, bad tenants can drive the good ones away," says Leonard.
In addition, Leonard says that "failing to address the concerns of your good tenants, whether their issue is noise, landscaping, or broken appliances, will leave you looking for more tenants."
What was your favorite lesson?
Being a successful property manager is challenging, but with the help of these experts insights, you know a little bit more now about what to spend your time and energy on.
As most experts have pointed out, organization is a big problem in property management. With a full-service property management software like DoorLoop, you can solve that.
DoorLoop is designed to offer every tool you need to manage your properties, whether one property or one thousand.
Designed with ease-of-use, speed, and world-class support in mind, DoorLoop is the only tool on this list that offers all of the features mentioned above.
And, since it is a cloud-based solution, so you can do everything virtually– from anywhere!
Schedule a free demo with DoorLoop today to begin your journey as a successful property manager.