June 22 2018
If you’re advancing through a property management career or you’re considering joining the field, there are a few things you should know about the job. The following tips are important to know for everyone in the property management field, because they’re essential no matter how many properties you manage or how long you’ve managed them.
Know The Jobs Under You
For every kind of management job, it always helps to understand what the people who work under you do and how they do it. You don’t need to be any good at doing the job yourself, but once you know the first thing about how to file a tenant’s complaint or replace a stove burner, you can appreciate the kind of effort it takes to deal with a stressed-out father of two whose hot water stopped working or a 20-year-old appliance that’s slowly falling apart.
Vet Your Tenants
If you work for a larger property company or if you’ve worked in the property management career for basically any amount of time, you probably know this already. Still, it doesn’t hurt to be thorough. People who want to rent a unit you manage should have to meet some basic standards: if they lived at a rental place before, they should provide references to their previous place, they should pay a small fee and give you a refundable deposit that represents a large percentage of the monthly rent, and they should let you conduct a background check.
Understand The Laws In Your Area
You shouldn’t assume anything about the laws that cover your property, not when you can look them up for yourself. Along with federal housing laws, each state has laws about rental properties and most cities have a few regulations of their own. Even your insurance carrier has rules about what they’ll cover and what they won’t, and if you ignore them you could wind up paying a very expensive repair bill out of pocket.
As a manager, you have to keep yourself at least a little apart from your employees and your tenants, but that doesn’t mean you have to avoid them or treat them like strangers. A friendly boss can be a big help for workplace morale, and all you have to do is be polite, respectful, and listen to people no matter what they’re telling you. There’s more to managing properties than just these points, but they’re a good place to start when you’re starting a property management career. A little respect and a lot of knowledge are helpful in any management position, so study up and know how to be a people person.