Top 5 Tips for Property Managers

Top 5 Tips for property managers, to help manage multifamily properties effectively:

Prioritize Communication

Effective communication is essential to building positive relationships with tenants and ensuring their satisfaction. Here are some tools and examples you can use to prioritize communication:

• Develop a clear communication plan: Establish a communication plan that includes the methods of communication you will use (e.g. email, phone, text message, in-person), the frequency of communication, and the types of information you will share (e.g. maintenance updates, community events, rent reminders). This will help ensure that your tenants receive timely and relevant information.
• Use property management software: Property management software can help streamline communication with tenants by allowing you to send automated messages for rent reminders, maintenance requests, and other important updates. Examples of property management software include AppFolio, Buildium, and Propertyware.
• Respond promptly to inquiries and concerns: When tenants have questions or concerns, it's important to respond promptly to show that you value their feedback. Set a goal to respond to all inquiries within 24 hours and provide updates on the progress of any requests.

Keep up with Maintenance

Maintaining the property is critical to keeping tenants happy and preventing expensive repairs in the future. Here are some tools and examples you can use to keep up with maintenance:

• Develop a maintenance plan: Create a maintenance plan that includes regular inspections of the property to identify issues before they become major problems. This can include checking for leaks, inspecting the HVAC system, and assessing the condition of appliances and fixtures. Use a property maintenance checklist to ensure that all areas of the property are inspected.
• Use a maintenance tracking tool: A maintenance tracking tool can help you keep track of maintenance requests, assign tasks to team members, and monitor progress. Examples of maintenance tracking tools include UpKeep, Hippo CMMS, and eMaint.
• Work with reliable vendors: Choose vendors who are reliable and provide quality work. Develop relationships with vendors such as plumbers, electricians, and landscapers to ensure that you have a team of experts who can quickly address any issues that arise.

Stay Compliant with Laws and Regulations

Property management laws and regulations can change frequently, so it's important to stay up to date to avoid legal issues and costly penalties. Here are some tools and examples you can use to stay compliant:

• Subscribe to industry publications: Subscribe to industry publications such as Multifamily Executive, National Real Estate Investor, and Multihousing News to stay up to date on changes in laws and regulations.
• Attend industry events: Attend industry events such as conferences and seminars to network with other property managers and learn about changes in laws and regulations. Examples of industry events include the National Apartment Association's Apartmentalize Conference and the Institute of Real Estate Management's Global Summit.
• Use a compliance tracking tool: A compliance tracking tool can help you stay on top of compliance requirements by tracking lease expirations, rental rate changes, and other important deadlines. Examples of compliance tracking tools include RealPage Compliance Depot and The Screening Pros.

Utilize Technology

Technology can help streamline property management tasks and increase efficiency and productivity. Here are some tools and examples you can use to utilize technology:

• Use property management software: Property management software can help automate tasks such as rent collection, lease management, and maintenance requests. Examples of property management software include AppFolio, Buildium, and Propertyware.
• Utilize smart home technology: Smart home technology such as Nest thermostats and August smart locks can help make managing the property more efficient by allowing you to remotely control temperature settings, grant access to tenants, and monitor energy usage.
• Invest in virtual tour software

Hire and Develop a Strong Property Management Team

A strong team can make all the difference in effectively managing multifamily properties. As a property manager, it's important to hire talented and experienced individuals who can complement your skills and bring new perspectives. Building a strong team takes time and effort, but it can pay off in the long run.

Here are some tips for building and developing a strong property management team:

1. Hire for the right fit: Look for individuals who share your values and have the skills and experience needed for the job. Conduct thorough interviews and background checks to ensure you're hiring the right person.
2. Provide ongoing training and support: Investing in your team's development through ongoing training and support can improve their skills and help them grow in their careers. Provide opportunities for your team to attend conferences, workshops, and training sessions to learn new skills and stay up to date on industry trends.
3. Foster a positive work environment: A positive work environment can help motivate and engage your team. Encourage open communication, recognize and reward good performance, and provide opportunities for career advancement.
4. Choose the right vendors: Choosing the right vendors can also contribute to building a strong team. Look for vendors who share your values and can provide quality services at a fair price. Conduct background checks and review their references to ensure they are reliable and trustworthy.

Examples of tools and resources to help you build and develop a strong property management team include:

1. Human resources software: HR software can help you manage your team's performance, track their progress, and provide ongoing feedback and support.
2. Employee training and development programs: Many organizations offer training and development programs to help employees develop new skills and advance in their careers.
3. Property management associations: Joining a property management association can provide networking opportunities and access to industry resources, including training and development programs.
4. Online job boards: Online job boards such as LinkedIn, Glassdoor, and Indeed can help you find qualified candidates for your property management team.

By building a strong property management team, you can create a more efficient and effective property management operation that delivers exceptional service to your tenants.