Property management involves handling several tasks that range from collecting rent, recording payments, maintaining the rental property, resolving tenant issues, etc. An effective property management ensures that everything runs as smoothly as possible, 27/7.
However, sometimes things cannot go smoothly, and certain things can happen, which may affect property management. Here are property management tips to promote effective property management easier.
- Set protocols and policies
It is good to set policies and protocols to prevent miscommunications and potential problems with tenants. All the property rules should be in writing and given to the tenant upon lease signing. Similarly, property managers need to have protocols in place for different situations. For instance, if a tenant defies parking policy, the property manager should follow the right warning such as giving the tenant a warning.
- Communication is essential
As a Los Angeles California property manager, your job involves a lot of communication. You will be communicating with the landlords and tenants. You also need to respond promptly to any inquiries from the tenants or landlords. One of the best ways you can streamline communication is setting up templates on your company’s website to allow tenants and landlords to reach out to you easily.
- Perform routine inspections to reduce problem risk
Scheduling regular inspections can significantly minimize the risk of problems escalating. Some of the items that should be inspected regularly include:
- HVAC systems
- Fire/smoke alarms
- Fire/emergency doo access
- Water lines for laundry areas
- Keep updated books
It is crucial to organize records regarding tenant rent and property expenses such as maintenance, employee payroll, etc. It is also essential to know what money is coming out what money is going out. If you realize keeping all these records is taking too much of your time, you may consider hiring a bookkeeper to help you with keeping the records up-to-date.
- Establish and maintain office hours
The tenants should know when the management office staffs are available for non-emergency situations. Establishing office hours will allow the tenants to contact the property manager easily in case there is an emergency, making it easy to fix the problem quickly and prevent things from escalating.
- It’s okay to outsource
Handling everything on your own in your business can be quite challenging. It can take a toll on you, or you may not have the time to handle tedious tasks. For instance, you can hire a bookkeeper to handle all the financial paperwork, a specialist to deal with repairs, or a virtual assistant team to update your website listings, or chat with your website visitors concerning your services.
- Try to resolve tenant disputes before involving a lawyer
Most of the tenant issues can be solved without necessarily involving a lawyer. All it takes is just to schedule a meeting with the tenant and address the issue. Follow the protocol before evicting a tenant or calling in a lawyer. The common tenant issues can be late rent payments, noise violations, etc.