4 Things Property Managers Need to Know
As a property manager, you’re responsible for the maintenance of the property or properties under your care. This means that quite a few responsibilities are entrusted to you at various levels. That said, if you’re new in the industry, it may be hard for you to figure out exactly what you need to do, as well as how to do it. Here are four important things that all property managers need to know so that they can have an easier time doing an efficient job.
1. Laws Surrounding Property Maintenance
As a property manager, one of the most important things for you to know is the various laws that surround property maintenance. These laws may differ from one state to another, and they can also change from time to time. This makes it a good idea to learn what they are in your specific area. This way, you’ll be able to keep the property up to code and safeguard the tenants in it. Keep in mind that you may have to replace various elements once they reach a certain age. This includes something like water storage tanks, of which there are some still in use that are 100 years old or even older than that.
2. Helpful Software
As a property manager, you also need to know about various software that you can make use of to run things a bit more easily. To this end, you should search online and in relevant quarters to see if you can find out about a particular technology solution that can make things more efficient for you. There’s bound to be a software solution for practically every task you’d have to handle as a property manager. This is backed by the fact that the global Property Management Software market, according to LinkedIn, is approximated to reach $5,008.29 in 2028.
3. Standards of Maintenance
Property managers should also know the expected and acceptable standards of property maintenance. This should ensure that they’ll be in a position to oversee repairs and maintenance, making sure that nothing is done incorrectly. As a result, it will be easier to keep all systems running perfectly and also avoid major or frequent breakdowns. You may also keep the building running more energy-efficiently, and cut down on the overall energy bills. One of these is water heating, which accounts for about 18% of the energy use of the average property.
4. How to Market Properties
Another important skill that you should have to be a good property manager is to know how to market properties. This knowledge should enable you to get any vacancies in the properties under your management. You should know the best places to market the properties so that you can reach as many people as possible. This means that you need to know how to pick quality tenants as well, so that you don’t end up with problematic tenants that are a constant hassle to deal with. Learn about how to make sure that your properties stand out from the rest in the market so that you can fill vacancies a lot more easily.
When you know these four things, it may be easier for you to be the best property manager that you could ever be. You’re not only going to manage the properties under your care better, but it will also be easier for you to do so. This makes it worth sparing some time and money to take a course and learn as many details about the industry as possible. By doing this, you can develop amazing skills and a level of experience that’s sure to make your services in high demand.
