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Becoming a successful property manager is no easy task.
With the plethora of daily tasks and responsibilities, it is easy to get overwhelmed and begin to perform poorly.
Luckily, there are many things that property managers can do that can boost their performance and allow them to be more successful.
In this guide, we will be going over everything that a property manager is responsible for, as well as the best ways to successfully complete all of them.
To begin, let's go over some of the things that a property manager will typically be responsible for.
What Does A Property Manager Do?
It is easy to get intimidated by all of the responsibilities of property management. But, the most successful property managers take these responsibilities and find ways to do them quickly and efficiently. Whether it be by changing a routine or hiring a separate property management company, all managers must have their own way.
Below, we have listed some of the main responsibilities associated with property management.
Responsibilities
In this section, we will be outlining some of the most important responsibilities of a property manager or a property management company.
Following Landlord-Tenant Laws
The most important thing that property managers are responsible for is following landlord-tenant laws. These laws essentially govern the relationship between property owners or landlords and the tenants. If these are not followed, the property owner or property manager can be held liable and face charges or lawsuits.
Handling Maintenance Requests
Most property management companies and property managers have a specific way of handling maintenance requests. This could either be through property management software or some other way. Either way, a good property manager is constantly on top of any requests and makes sure that they are taken care of as soon as possible.
Show And Lease Vacant Units
Another one of the property manager's main responsibilities is to show and lease vacant units. This is a major part of real estate management as there is no way to fill up empty units if they are not shown to other people.
Collect And Deposit Rent
Finally, another one of the core responsibilities of the property manager is that they must collect and deposit rent. This is pretty obvious, considering they are managing a rental property. However, a great property manager stays on top of the tenants and stays organized to make sure that the rent is never late and is always complete.
Costs
Becoming a property manager does have its costs, however. Going into the property management industry requires lots of time in order to take classes and receive certifications. In some states, it costs approximately $500 to become a property manager. This includes all of the steps that are going to be explained just below.
How To Start As A Property Manager
Before becoming a successful property manager, you have to become just a property manager. Below, we have outlined the most important steps that highly successful property managers take in order to start managing properties.
1. Learn About State And Local Laws
The first thing that someone has to do to become a property manager is learning about their state and local laws. This includes eviction laws and landlord-tenant laws. These laws are extremely important and knowing them can save property managers tons of time and money in the future.
If you want to learn all about your state's eviction laws and landlord-tenant laws, be sure to visit DoorLoop's Laws Page and find your state.
2. Acquire Licenses And Certifications
After learning about the laws in your state, you must start taking classes to acquire the necessary licenses and certifications. One of the most important licenses to acquire is the real estate property management license. This license provides specific training on how to manage properties and act as a middleman between landlords and tenants.
For more information on property management licenses and certifications, be sure to visit DoorLoop's Full Guide On Real Estate Management Licenses.
3. Start Building
Finally, after acquiring the necessary licenses and certifications, you can start building your property management business. This is where build a team, construct a marketing strategy, come up with a business plan, and much more. This is arguably the most important part because it is where your skills and knowledge as a property manager will be put to the test.
Want to learn more about starting a property management business? Visit DoorLoop's Full Guide On Starting A Property Management Company.
So, now that you know how to become a property manager, it is time to sharpen your skills. Below, we have provided 15 of the best ways to make sure you become a successful property manager.
Bonus: Network
Be sure to extend your network whenever possible. This won't just help you connect with prospective clients; it's also an extremely useful way to stay on top of the latest industry news and educational opportunities. When you're just getting started, a great way to make these connections is to join local real estate investor associations.
The Top 10 Ways To Become A Successful Property Manager
In this section, we have outlined the top 10 best ways to become a successful property manager. This is assuming that you have already completed the above steps and are established as a manager already.
1. Streamline Communication
One of the most important things that a property manager should always do is streamline communication. Streamlining communication means making it easy for the tenant to communicate with property managers, landlords, real estate agents, or anyone else pertaining to the rental property.
This is important because communicating back and forth with tenants is the only way to find out about any of their issues. For example, if there is a maintenance issue on the property, tenants must be able to quickly inform the manager.
2. Positive Attitude
Next on the list is always having a positive attitude. This is very difficult to do considering the kinds of things managers deal with on a daily basis. Having this kind of attitude can help de-escalate landlord-tenant disputes and help you make fewer mistakes.
Having a good attitude can also help investors stay calm when the market is not going their way. In the real estate industry, there are times when the market is variable and constantly changes. However, it is important to stick to your investments and consider your options very carefully.
3. Thoroughly Screen Tenants
Another very important thing that all successful property managers do is thoroughly screen tenants. Screening tenants has an incredible number of benefits that will help landlords and property managers in the long run. Some of these benefits include:
- Having fewer evictions
- Finding high-quality tenants
- Minimizing tenant turnover
- Learning about the tenants
- Having reliable rent payments
All of these are fantastic benefits to managers, and the list doesn't even stop there. This is why investing in the screening process for your tenants is incredibly important.
4. Think Long-Term
Having long-term goals and strategies is a great way for property managers to stay focused and motivated. Although some investors are not necessarily investing for the long term, it is still important to consider it in your strategies.
Some of the questions to ask yourself when setting a long-term strategy include:
- How has my tenant retention been so far?
- Am I acquiring new clients consistently?
- Is my rent collection efficient enough?
- Are my tenants satisfied with my work?
All of these self-reflecting questions can help individuals figure out whether or not their strategy is going to work out in the long term.
5. Have A Positive Landlord-Tenant Relationship
Having a positive landlord-tenant relationship can bring innumerable benefits to a property manager. Since the relationship between the landlord and the tenant is what dictates most of the rental experience, it is vital that it be a positive one. Some of the best ways to do this include:
- Set clear rules early
- Encourage on-time payments
- Have reasonable house rules
- Have efficient communication
- Respect their privacy
There are other ways to maintain a positive landlord-tenant relationship but these are the basic things that every landlord and property manager should be doing.
6. Take Care Of The Property
Another thing that landlords and property managers should always make their priority is taking good care of their properties. By taking good care of rental properties, it becomes much easier to rent them out again after other tenants have left. One of the best ways to make sure that your rental property is always in good shape is to conduct routine inspections. The next section will cover everything you need to know about conducting routine inspections.
7. Conduct Routine Inspections
One of the most important things that a property manager can do to make sure their rental property stays in good condition is to conduct routine property inspections. During these inspections, a property manager will typically have some sort of checklist. This checklist contains everything that the inspector should check and note down in what condition it was found.
The common practice is to have at least two inspections, one at move-in and one at move-out. At the end of the tenancy, the move-out checklist is compared with the move-in checklist to determine any damages. To learn more about conducting rental property inspections, be sure to visit DoorLoop's guide on rental property inspections.
Some of the other benefits of conducting routine inspections include:
- Making sure that the tenants are following the rules
- Checking for any maintenance issues
- Validating the home insurance policy
- Maintaining the value of the property
However, it is vital that the state and local laws are considered first, as they may dictate how often inspections can be conducted. And, most importantly, a notice of the inspection must be given to the tenant.
8. Have Reasonable House Rules
Having reasonable house rules for your tenants is incredibly important when it comes to protecting your property. Some of the benefits of having house rules for your tenants include:
- Protecting the rental property
- Giving the landlord legal leverage
- Preventing landlord abuse
- Setting expectations for tenants
These are all amazing benefits, but the most important one is that it protects the rental property itself. If you want to learn all about house rules for tenants, be sure to visit DoorLoop's Comprehensive Guide On House Rules For Renters.
9. Have A Good Team
In the property management world, having a good team is incredibly important. This team usually consists of individuals who have expertise that can help you in your own career. Some of the common people on any property management team include:
- Accountants
- Real estate agents
- Attorneys
- Contractors
...and anyone else that can help grow your business.
10. Learn To Be Tech-Savvy
Finally, it is extremely important for property managers to be tech-savvy. Tech-savvy property managers are able to automate many of their daily tasks and thus get them done much quicker. One of the most common, and best, ways to do just this is by investing in property management software. However, for complete automation, property managers would want all-in-one property management software, like DoorLoop.
Some of the features that DoorLoop offers include:
- Complete accounting suite that can replace or complement QuickBooks, including multiple payment methods, bank reconciliations and syncing, custom reports, a full chart of accounts, and more
- Full Built-in CRM and tenant portal where you can collect rent, offer renters insurance, receive maintenance orders from tenants, and communicate directly with tenants from within the app
- Maintenance management system that allows you to fully streamline work orders from beginning to end, from communicating with tenants to editing work orders, and assigning and paying out vendors
- Owner portal where you can run key reports print checks
- And more, including marketing and leasing tools
Want to see what DoorLoop can do for you? Schedule a free demo.
Frequently Asked Quesitons
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