February 15 2019
Property management careers can head off in all kinds of directions. You might start out as an assistant manager keeping track of a single block of apartments and work your way up the chain to become part of the management company’s senior staff. You might start your own business by investing in an empty house here and there and renting out to young couples or college students who want something better than a dorm room. You could even be a commercial property developer who has recently branched out into residential buildings.
However you get there, the people developing their property management careers all have to understand a few basic things to be successful. There are also many skills and good hiring choices that go into success, but it all begins with a solid foundation.
1. Understand Your Housing Laws
Governments at every level have laws and ordinances that explain who you can lease to, the reasons you’re allowed and not allowed to reject applicants, and what you and your renters are allowed to do with your property. Don’t forget that different states and even different suburbs could have their own unique rules, so look them up before you start managing a property.
2. Screen The Applicants
Not everyone can make rent payments on time or hold down a steady job, and not everyone treats their home with the respect and care it deserves. It’s unfortunate, but since repairs and other costs come from those rent payments it’s important to make sure your renters are respectful and responsible. That’s why you need to screen your applicants carefully and within the boundaries of the law.
3. Stay Ahead Of Problems
It’s easy to neglect small issues like minor leaks or the occasional tenant complaint, but these can become major problems like flooding rooms and rapid turnover if you don’t address them properly. A good property manager needs to regularly inspect their properties and deal with any issues the tenants bring up, because waiting can make a minor cost much more expensive before you know it.
Property management careers can begin and end based on how well a person understands these pillars of the profession. If you have any desire to explore this kind of career, make sure you understand all three.