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Top Tips for First-Time Property Managers

Top Tips for First-Time Property Managers

Evicting a tenant can cost a landlord up to 10 thousand dollars in the US. Many landlords hire a property manager to help them with their problem tenants. 

First-time property managers could face a steep learning curve. Here are some top tips to help you excel in your new position.

Create Consistent Policies

One of the best property manager tips is to be consistent. Provide tenants with a list of property rules at the beginning of their tenancy. Include point of contact information and procedures for reporting problems.

Outline the consequences that will occur when rules aren't followed. When a tenant breaks a rule, follow the established fine or penalty. Don't play favorites or make changes to your policies on the fly. 

Set regular office hours and be available to your owners and tenants during that time. This is a simple step but very effective in establishing boundaries between your business and personal life. Tenants can contact you during office hours if they have a simple maintenance issue.

Create A List Of Contractors

Every property manager has to hire contractors to perform repairs and maintenance for the buildings they manage. Create a list of reliable businesses in the Fort Lauderdale area. Include contractors you respect and add that to your property manager guide. When you hire them for a job, meet them at the rental property and make a personal connection.

Include their complete contact information with a brief description of the work they can perform. List their regular call-out rates to have the correct information when you need to speak with a client. 

Establish a Single Point of Contact

When your company manages multiple properties, you may receive numerous contacts from tenants in a single day. A problem tenant may take advantage of your company if you allow them to contact different people in your firm. 

When you can establish a relationship with a tenant, they will feel more comfortable when they need assistance. You'll have a better idea of their situation so you can make better decisions when they call.

Automate Where You Can

Create ways for tenants to pay rent automatically each month. That will save time and ensure that they pay rent on time. Set up automated payments for utilities and other bills that are due regularly.

Use a tenant screening service with a quick turnaround time. Search for ways to streamline processes to make your office more efficient.

Prioritize Financial Management

Keep meticulous records of rent payments and deposits received from tenants. Organize your filing systems so you can find copies of invoices when needed.

Hire a bookkeeper if financial systems aren't your strong point. It's better to have an expert take care of your records so you can focus on your job.

Property Managers

Our property managers have the skills and knowledge to take care of your investment property in the Fort Lauderdale, FL area. We offer tenant placement services to give you peace of mind when searching for a new tenant. 

Contact Metro Residential for a free property analysis today. We understand the local market and will help you make a data-informed decision about your rental.