How to Manage Your Property Like A Pro

 

Managing real estate can be a daunting task, especially if you’re just getting started. Luckily, there are many simple steps you can take to help manage your properties like a pro. After all, that is one of the keys to success: being able to see potential and work with challenges as they arise. With that in mind, real estate developer Abraham Leser takes a look at some tips that will help you manage your properties more effectively.

Set measurable goals

You don’t just start managing a property because it’s your job. You set yourself up for success if you define what success looks like for you and your property management company. That way, when challenges arise, you don’t have to wonder why you’re struggling. It’s because you have a clear idea of what making progress looks like.

Setting measurable goals is important for several reasons. Firstly, it allows you to accurately gauge your progress over time. It can be frustrating when you’re managing a property and you’re not making much progress, so having a goal in place can help you stay motivated. Secondly, setting measurable goals gets you familiar with all the intricacies of your business, including how much money you’re bringing in, how much money you’re spending, and how many properties you’re managing. This knowledge will help you grow as a property manager, as you’ll be able to better respond to your specific needs and preferences.

 

Always stay organized

You may think that staying organized simply means that you have a filing cabinet and a stack of folders. However, that’s not the whole story. A big part of the equation is keeping your space organized. Yes, you may be able to shove things into a drawer, but if you have a messy desk, you’re going to have a messy mind too. The same can be said for your physical space. Make sure it’s as minimalistic as possible. You don’t need a lot of furniture in order to run a business. Get rid of anything that’s not being used and you’ll be amazed at how much more space you have, explains Abraham Leser, president and chairman of the Leser Group, a real estate development and property management company.

 

Communicate with your landlord/agent

Every time you schedule an inspection or take care of a note to your landlord, you should also be sending a note to your property manager. The agent you work with may have a form that you need to fill out, but keep that in mind when you’re talking to them.

Every time you communicate with your agent, you’re also communicating with your property manager. This is important because it allows you to stay on top of things. You’re not just managing your properties, you’re managing the relationship between you and your landlord as well. This can be tricky, as many landlords like to be hands-off, yet still expect you to do certain things and adhere to certain rules. Communicating with your property manager can help you navigate these waters and stay on track, both at the office and at the property, adds, Abraham Leser.

 

Hire a reputable property manager

Hiring a property manager can seem like the obvious choice, but it can also be one of the most challenging decisions you make as a property manager. The right manager can drastically improve your bottom line, but if you choose the wrong one, you could end up doing more work than you have time for. There are many different things you should look for in a property manager. First and foremost, you want someone who is reputable. While you don’t want to hire just anyone, you don’t want to hire someone who is completely fraudulent either.

 

Don’t overlook the little things

Remember that a happy client is a long-term client. Throughout the ups and downs of your business, maintain a relationship of gratitude with your clients. For example, if your tenant complains about something, write them a note and address it as if they were your next-door neighbours. Keep in mind that not all of your clients are going to be millionaires. They may be struggling just to pay the rent, but they’re your clients. Treat them with respect and they’ll treat you with gratitude. You may have to work a little harder to get new clients, but the right clients can be the key to your success. It may be worth the extra effort to find these clients, while you have the time.

 

Bottom line

There are many challenges and hurdles that you’ll encounter in the world of property management. However, with a little ingenuity and perseverance, you can get through them. Remember that not all challenges are bad or menacing. Many challenges simply require perseverance and ingenuity to get through them. As you work to manage your properties more effectively, keep these tips in mind. You’ll be well on your way to success.