Property management is neither rocket science nor neurosurgery, but to the people who think it’s an easy way to generate passive income, they’re in for a rude awakening. Most of us have probably experienced a property manager at some point or another that leaves much to be desired. It’s tough when you’re living somewhere and the person in charge of managing your home is wildly incompetent.
We never want that to be the case, so we’re full of simple wisdom that will keep both budding and veteran property managers sharp. Let’s look at a few.
No, It Can’t Wait
Welcome to the life of always being on the clock. As long as something can go wrong, it will go wrong, and it will go wrong at some of the most inconvenient times. Good property management acumen knows this and is prepared for it. When residents request something, it’s important not to get into the habit of procrastination. Because the next thing you know, tasks have stacked up and when they’ve stacked up, you’d better believed they’re coupled with people who aren’t pleased with your procrastination.
Property management is an inherently human business. You can’t get around that. You must exercise an empathetic balance between the fact that you’re operating a business that depends on the happiness, safety, and needs of other human beings. Empathy goes a long way in this regard because people want to live in a community with a property manager who cares about them. Never forget that.
Attentiveness To Detail
Real estate management deals with homes. Regardless of what kinds of properties you manage, those physical structures need upkeep. Preventative maintenance and attentiveness to detail must be the mantras that will keep those properties in tip-top shape. Think of what other people forget. A working smoke alarm will increase your chance of surviving a fire by 50%? Remind your residents to check on that forgotten detail that may save their lives. That’s one example of a multitude, so pay attention. Only you really know the property you manage.
At Beck and Company, we provide real estate services, homeowner association management services, and property management services. Our experience and diverse management portfolio speak for the trust we’ve earned over a long and successful management career. Contact us today.