How do you address property management challenges?

In my experience, a good way to keep customers/tenant upon move-in, their unit I provided a Sparkle bucket of household cleaning goods, as well as a thank you note for leasing up within our community’s and I provided them with additional resources in advance. If an event or life changes and tenant needs help with Utility assistance as well as food bank , and counseling services.

Agree. In my opinion after the lease agreement the tenant welcome pack which includes unit handover kit, tenant welcome letter and tenant resident manual are the primary elements to start a positive tenant relationship.

The one rule for me is to always show empathy first and then set clear and achievable expectations for follow up and next steps. AC went out on a Sunday and is 98 degrees outside then “Oh my gosh! I am sooooo sorry and can only imagine how frustrating that is. I can’t promise that I will get someone out there today but I will definitely have a technician out there tomorrow. I will call you in the morning and let you know the window of time”. I always think people are much more reasonable when you’re honest and they know you’re doing your best.

Based on my experience, resolving tenant relations issues depends on the specific nature of the challenges. While some issues are non-negotiable and require a straightforward solution, others may demand compromise from all parties involved. Therefore, it is crucial to understand the underlying cause and effect of any issues to effectively resolve them. There is no set method for resolving challenges related to tenant-landlord or tenant-tenant relationships but understanding all the parameters will effectively result in a better outcome

In my experience, addressing property management challenges involves a combination of proactive strategies and effective problem-solving. Clear communication is important with tenants, stakeholders and any trades. Respond in a timely fashion to questions and concerns. Regular inspections prevent small issues becoming big issues. A proactive maintenance plan is helpful. Tenant screening and relationships are important - don't put them in place and forget about them. Educate your tenants and provide tenenats expectations regarding their responsibilities.

Well described, one point which I would like to add is to always monitor KPIs & SLAs while resolving the maintenance work to ensure maintenance issues are resolved within due course of time.

If you maintain property to good standards and get all aspects checked before handing over the keys to tenants then hassles will be very less. You have to devote some time for visits to check, if Tenants are keeping up the standards as delivered. Having Good relation with Tenants help for the above.

It is my opinion we do not give our Maintenance Teams enough support, guidance, and compensation. They are expected to be jacks of all trades, sacrifice their evenings on-call, deliver superb customer service as our front line and manage a large portion of our budget and reserves with little guidance. We need to recognize they are the lynch pin in the success of a property. Without improving our compensation and support, properties fail. They can take their skill set outside the industry and make more money and not have on-call or snow removal. Don't expect them to respond within 20 minutes to emergencies if they can't afford to live near the property. It begins with respect and acknowledging their vital importance to your success.

Here's the list of the Mobile Apps/websites we use to manage 150+ doors: - Monday (for maintenance requests) - WhatsApp (to connect with tenants using international numbers) - HelloSign (e-signature) - Dropbox and Google Drive (welcome kit with all essential info, direct link shared to all tenants) - GoogleMap Measure Distance function (to make quotes for lawn mowing, snow plowing, etc.) - Excel (yes!) Simple but effective for underwriting

In my experience with managing property, we had a daily meeting with our maintenance staff to addressed any comments, questions or concerns with the properties. As a property manager, you should always walk your property thoroughly ,note anything that maintenance can/ should addressing in the morning upon stepping on the property. We recommend always treat the property as it is a Reac inspection this would cut down on maintenance repair, as well as keeping the property intact.

Be sure to attend periodic training by NAA, NMHC in the US and conferences centered around these topics. In addition, attend meetings and be part of local chapters of Apartment associations. Meet regularly with your city code compliance department and have a strong working relationship. Any concessions offered to one resident must be offered to all others of the same unit type, for example to be compliant with fair housing laws. No favoritism. Always have certified professional accountants doing all the book keeping. No biased individuals. Be aware of new construction, zoning changes, road/highway repairs etc planned nearby which can affect your property leasing, access, visibility, etc Lastly, a good PM software is crucial.

Here are 2 major differences in the Ontario vs Quebec real estate markets. Buyers can waive financing condition in Ontario, but in Quebec, proof of funds is required. You can sell a pre-construction purchase contract in Ontario, also known as assignment. It is illegal in Quebec, except for a few exceptions. This makes Ontario a much more speculative environment. People who purchased a pre-con condo in Ontario in the past few years and can no longer close, are about to face loss of their deposits + lawsuit from the developers. You might ask, why would anyone buy without the ability to close? Because they did this 2 or 3 times over the past 10 years and it ALWAYS paid off before.

In property management, addressing legal and financial compliance requires a structured approach. Staying updated on property-related laws and regulations is paramount. Regular audits and consultation with legal experts help ensure adherence to legal requirements. Efficient financial systems and software play a pivotal role in simplifying accounting, bookkeeping, and reporting tasks while enhancing transparency. These tools provide a clear record of property-related financial activities, reducing the risk of compliance issues. Collaborating with accounting and legal experts is advisable to navigate the complexities of property management laws effectively, mitigating legal and financial risks and fostering trust and reliability.

Financial and legal compliance is important and it pays to have professional help. I have 2 best practices that I typically share. Use property management software to keep the properties compliant with the State’s tenant laws. It can also do the monthly bookkeeping. Identify/get introduced to a RE lawyer for eviction handling as part of the risk management.

Property management goes beyond overseeing properties, involving legal and financial duties. Managers must navigate zoning, licensing, taxes, insurance, fair housing, and eviction rules. Staying updated on laws, seeking expert advice, and maintaining a strong financial system is crucial for discreetly managing accounting, bookkeeping, reporting, and auditing.

Our team members are our internal customers and we need to treat them as such. Often times we see that leaders do not do that. We need to be the coach, the cheerleader and the quarterback, all at the same time. This becomes a challenge when you have an employee that is underperforming, which is more difficult to navigate. But remember, they are our internal customers and we don't just deal with wonderful customers... Make sure you think before you speak and prepare before you act.

Ensuring the team understand the companies goals and their role in achieving those goals is very important and you need to continue to review their progress through monthly catch ups and yearly performance reviews. Also ensure salaries are reviewed and don't wait/force the staff to ask for a pay rise, recognise excellence and reward accordingly.

Property management involves interpersonal skills, requiring effective management of staff and contractors. They handle day-to-day tasks like leasing, maintenance, marketing, and customer service. To navigate this, successful managers hire, train, supervise, and motivate their team, providing clear expectations and regular communication. Utilizing online tools for scheduling, assignments, and payments aids in efficient coordination and conflict resolution.

Recognize your vendors are businesses too. Many times they are family run businesses and when you ask for discounts and frills, they have to identify if it is worth the investment. Will they recuperate this money at this property in the next quarter? When I had my own turn company I as hit up by properties that hardly gave us business unless it was an emergency, gave me the hardest time to get my invoices paid and many times mistreated my teams. Please be sure you recognize the importance for vendors to make profits to deliver better service. Poor planning on a property's part always constitutes an emergency on your vendor's part, don't be that property.

Managing staff and contractors effectively is vital in property management. To address these challenges, invest in hiring, training, and motivation. Clear expectations and regular feedback maintain high standards of performance. Communication and coordination are essential for task alignment and issue resolution. Online tools for scheduling, assignments, and payments streamline operations and enhance efficiency, contributing to staff and contractor satisfaction. This approach ensures smooth day-to-day property management and enhances tenant experiences.

The one thing that is extremely helpful is leading by example. Mentoring your team so we can all be on the same page, strive for the same goals, and have the on-site support we need from a strong team that can work well under all the pressure. When your lead can call on the manager to help with a work order and the manager can call the lead to answer phones or give office assistance, you'll know you've accomplished a dream team! ALL for one and ONE for all ??

People new to real estate are afraid of making early mistakes. Experienced real estate investors are afraid of making late-stage mistakes. The same applies in the corporate world. I see interns and junior analysts afraid of making mistakes early in their career. It's actually THE best time to grow. So if you're facing your first hurdles, don't get discouraged. Be grateful for those mistakes happening early and embrace them.

By ensuring your team always feel supported and have all the tools to be successful in their role. Frustration comes when companies/leaders don't invest in the most upto date technology which streamlines processes so that property managers can get on with serving their clients not dealing with inefficiencies in their systems.

Efficient time and stress management are vital in property management. Prioritize tasks, delegate when possible, and utilize time management tools. Achieving a balance between work and personal life is essential for well-being. Self-care practices like exercise, meditation, hobbies, and seeking social support help alleviate stress and maintain a healthy work-life balance, ensuring long-term job satisfaction.

So great !

If you're entrepreneurial and not afraid to get yours hands dirty, buy properties on your own and manage them. You'll make 100% of the profits. However, if you're not, it could makes sense to invest with an experienced General Partner. Our firm easily outperforms DIY property owners by +40% in generated NOI. Sure, you're only getting 70% of the pie, but it's a bigger pie. In other words, 70% of $140 ($98), instead of 100% of $100, and that's without the hassles of tenant & property management. This, is true passive real estate investing.