For property managers, every year brings about new challenges and new potential pitfalls. Lost opportunities, financial losses and dampened relationships are just a few of the negative outcomes of these mistakes.
However, the most important thing is to learn from these mistakes, so that the service gets better and better. Professional management is all about adjusting to the needs of the client and the challenges they face. To achieve success, you have to consider the most common mistakes and prevent them. Let’s see a few examples of them:
- No effort to automate – one valuable asset of every property manager is their time. Thus, they need to take active steps to automate certain processes, like bookkeeping, owner disbursements, communication with tenants and accounting, to preserve their time. There are plenty of property management automation solutions out there that a manager can utilise to minimise face to face meetings and other time sinks.
- Generating little communication with tenants – if the manager doesn’t keep in touch with the tenants, they will hardly care what the person needs of them. Poor communication is at the root of many staff-related conflicts and that is just not a thing a landlord wants to see.
- Doing no tenant screening – a tenant needs to be suitable for their unit, otherwise, all sort of trouble may arise. A property manager needs to use all of the available tools to make some sort of screening – social media, asking questions and using specialised services even. With good tenants, there is no trouble in regards to lost rent, evictions and other such problems.
- Not having any plan in place after hitting the 200-door mark – a good property manager sooner or later expands their business. The rentals they manage to increase and so they need a system for automation, processes and tools, to make their job easier. Not having a plan for when that happens is a huge mistake, which often causes property managers to lag behind.
- Foregoing the collection of operations information – every property manager needs to know the condition of the building they manage, the units in it, as well as have a general awareness of any weak points. That is to allow them to react quickly, in case something malfunctions. Having the required operations information means they can prevent costly emergencies in the future.
- Poor accounting practices – accounting takes up a major part of the work that a property manager does. They need to keep all books accurate by attributing the expenses and income to each specific account. It is safe to say they require some sort of accounting solution so that they can prepare reports and ensure no mistakes are made.
- Zero marketing of the property management service – every customer of the property manager and landlord will check them online. Thus, they need to ensure there is a good website working for them and that it is representing their services well. A dedicated website for the company serves as a centre of all marketing campaigns and tool for presenting the services they offer.
- Inactivity on social media – engaging with clients and landlords on social is surely a winning move by any property manager. People tend to believe a manager more when they see them online. So engaging them on social media not only creates a good experience for them but also shows intent, attitude and willingness to create more value for them.
All of these mistakes are still present in 2020. Learn to identify them and avoid them, if you want to stand out as a property manager.
© MLM Property Management