This ARTICLE On Vancouver Property Management Experts Share Their Habits for Success Was PUBLISHED On October 8th, 2019
When you have a property management business to run, handling all the nitty-gritty everyday tiny tasks can quickly become overwhelming and boring. It is easy to drop down into a mental quicksand and just sort of let your business sink. Do not do that. Stay sharp.
We asked some of our friends from the field about how they maintain the quality of their work. You can also check them out for yourself at penmanproperties.com if you want. For now, though, enjoy this digested version of the top habits of successful and productive property managers.
In this article, we will cover and discuss Vancouver Property Management and what experts say about it.
Vancouver Property Management Expert Advice Is To Throw Procrastination Out The Window
This is your first task and your constant vigilance. Quite delaying tasks. Getting things done means doing every single thing at the exact time when you need to. Have a bit of scrap paper? Throw it in the trash now, not on your next coffee break. Have a meeting? Get out and attend it. Do your thing. It is always now.
The central pillar in this matter is prioritizing. You have to be able to quickly identify what takes precedence over everything else, and then hustle to tackle that first. Consider coding your priorities, make them green through a red alert in your head. Proper work habits are impossible to maintain if you try to multitask everything; use a priority scheme instead.
Vancouver Property Management Expert Says Communication Is Key
To get started on the right track, take some time from your schedule and make templates for all communication situations. You might argue that individual tailoring is important. People want to know that they are dealing with a human. This is true, but it is also true that as a property manager you will be working with lots of people. You can find some tips on how to navigate these interactions at this link.
You need a way to streamline your processes, especially in cases where communication is repetitive. Templates are great for this. Some typical examples include maintenance requests, property showing/ touring requests, complaint forms, event plans and so on. Consider making these forms available online, whether to download and print or file directly online.
Establish a way to get the best tenants
The lousy relationships between tenants and landlords are already the stuff of legends. The problems they make for each other have even been immortalized in memes. As hilarious as they might be, you definitely do not want to juggle all of that tension.
You need to screen through all of your potential tenants and find the best one for your situation. To save yourself some time and effort, make this process as automatic as possible. Entrust your software system with things like background checks, cross-referencing criminal records, handling security deposits, and dealing with the inevitable related paperwork.
Of course, your own human judgment will still have to be an essential part of the whole setup. But let the initial rounds be handled by mechanical brains as much as you can. Make the load on your own brain a lot easier.
Be firm and decisive in all your dealings
There is nothing more infuriating than a wimpy manager. Listen to your gut instinct, listen to your human heart, and listen to cold hard reason no matter where it comes from. Then take all you heard and make whatever decision you need to make.
After that, stick with your choice and deal with any consequences as soon as they become apparent. Waiting for the perfect set of circumstances is a fool’s errand. Do the best with what you have at the moment, and you are good.
Keep your people engaged
We had a few pointers about getting people, now here are some on how to keep them. The answer is simple: get them involved. Form bonds with people. Get to know your tenants on an individual level. Do not rush it, but do not drag it out either.
A casual banter in the elevator is always a good start. Other than speaking to each individual in the property yourself, you can do some activities and events to keep the interaction levels good.
Also consider taking steps such as standardizing your contact centers’ communication, establishing yourself via social media, and being properly transparent in your business. If you are wondering how to explain your trade clearly to the uninitiated citizen, here is a nice example of the basics covered: http://www.thebalancesmb.com/a-breakdown-of-property-management-fees-4589926
Do Not Skimp On Inspections
Lots of people and lots of property managers find this task too tedious for their time, which is a big mistake. Without these regular check-ups, developing problems are much harder to catch on time and fix properly.
There are some distinct benefits to them as well. You are more likely to keep your tenants for a longer time if they see that you care about the condition of your property. Places that need a boost to their maintenance routine are easier to spot, and so is any damage that needs repairs, big or small.
Last but not least, these regular inspections will make sure that nothing shady or outright illegal is happening anywhere on your land. All of these factors together greatly increase the value of the property in the long run.
For doing these inspections, like we already mentioned, a quarterly rhythm is best. In other words, see that you complete a round every three months, and keep the whole thing well documented. Also, open up a bit here and hire an actual inspector. Stuff like this is done a lot better when it is left to relevant professionals.
There you go! These six key habits are guaranteed to boost your management business. Remember to employ other, more general good working habits too, like staying on top of your paperwork, taking opportunities as they pop up, being clear with your own expectations. Be dependable, proactive, and approachable. What are your own favorite business habits? Drop us a comment down below, we would love to hear your opinion!
October 8, 2019 - 4 min read