Managing your rentals is a lot of work, and today’s property manager needs to start from the ground up to build a strong foundation for success. Understanding some of the primary fundamentals can help ensure that you are able to avoid as much stress as possible and simplify the management of your rentals. There are 4 fundamentals worth mastering as soon as possible. 

Training

Your team will be handling the majority of the day to day minutia for you, most likely. Training your team effectively ensures that they are productive and that they create the kind of community based rental situation that you need. The better trained they are, the better your bottom line will likely end up being. 
 

Start with initial training as to your policies, procedures, and so on. But don’t be afraid to check back in periodically with refresher training or just to ask them some questions to ensure that they are doing their best.
 

Communication

Good communication is vital. Not only should you be able to have a strong dialogue with your employees, but with your residents as well. You don’t want to be the distant, barely-seen property manager. Instead, you should be accessible and approachable. If you are, you’ll be able to directly discuss problems or positives and drive your bottom line forwards in the process. 
 

Getting Personal

This is a natural extension of communication. You want to build personal relationships not only with your employees but with your residents as well. Doing so helps to foster a stronger sense of community and also makes it more likely that you’ll be told about issues or problems quickly. It can also help generate more loyal renters, longer leases, and more. 
 

Conflict Resolution

You also need to be able to address and overcome conflicts effectively and with understanding. Never rush to judgement where conflicts are concerned – listen to both sides, review your policies and procedures, and try to come to a conclusion that satisfies both parties as much as possible. 

 

If you’ll pay attention to these basic points, you’ll be on your way to laying the foundation for success at property management. It’s a straightforward process, and our team can help. To learn more about how we can help you maximize your potential and improve your bottom line, contact us today.