Is Running a Property Management Company Tough?
Have you ever really asked yourself how tough running a property management company can be? If you did, you’d likely feel overwhelmed. Making a profit can be tough if you don’t know what you’re doing and let’s face it, if it was easy, everyone would do it. There are many things to oversee whether you’re running a commercial or residential property management service. Our job is to be the bridge between the owner of a space and their tenant, alleviating the owner’s stress of managing their own property.
What’s Toughest About Property Management?
Firstly, it’s important to understand that all properties are not the same. Is the property a house, an apartment, a condo, or an office space? Each of these types of properties brings with it its own challenges and a different set of owners and tenants. Do you need to work with a strata or board in a condo building? That’s your job. Are you up to date on housing laws and legislation? That’s your job, too. Is the property up to code? Better find out because that also falls under your jurisdiction. Your communication and customer-relations skills must be top-notch since you’re all things to many different people.
Once you’ve rented a property, things get a lot less complicated but the lead up is where much of the work is done. Before potential tenants can even look at a space, it’s important to know its condition first. Depending on what kind of property management services you provide, this may mean you’re heading up repairs and maintenance before you’ve even started a search for renters. Not only does this take time but it can hurt your bottom line if the repairs are extensive.
When your rental property is ready to rent, finding the perfect tenant can drive any sane person mad. It’s time-consuming sifting and screening possible tenants but if you want to save yourself a headache later on, finding the best tenant is worth it. The work that goes into finding the best tenant can be off-putting, though. Getting the word out through print or online advertising, checking credit and references, setting up appointments for them to see the property, lease creation AND collecting deposits and rent. We’re tired just typing that out. Spotting the most trustworthy, reliable fit for a rental space means not having to encounter issues like eviction or liens later on.
As Property Managers, You’re Also in Charge of the Money.
Collecting rent is one of the basic duties you perform as well as ensuring tenants pay on time. It’s up to you to implement late fees when rent is overdue, issue warnings when late rent becomes a bad habit, and worst-case scenario, evict tenants. Even with an in-depth tenant screening, sometimes it doesn’t work out and you need to be able to approach a bad situation well. This is where good customer service comes into play. By communicating well, you cut the risk of ending a tenancy on bad terms and as a result, possibly having them trash the property.
Managing multiple properties can also be tough because of the amount of time you end up spending on the road. Just because a property has been rented doesn’t mean you stop caring about it. Checking up on and maintaining all properties is part of the job description and as long as you give warnings to tenants, it’s within your rights to check that the space is in good shape.
This is a small list of the pain points property managers and rental property management companies go through. By hiring smart, adaptable employees, you ensure the best in customer service, whether they’re owners or tenants. Plus with the added help of technology, you can limit your stress level with apps like Pendo. You don’t have to stay in the landlording dark ages.