Running a property management company means juggling many different hats. You’re not only a landlord, but also an accountant, a cleaning service, a moderator, and more.
Growing a successful company can be a challenge. But there are a few things you can do when you start your company that will go a long way toward setting you up for success down the line.
Keep reading to learn a few tips to help you run a successful property management company.
Table of Contents
1. Get Your Legal Affairs in Order
If you’re new to running a property management company, this tip is one that you’ll want to tackle right away.
From tracking your finances to figuring out taxes, protecting yourself with insurance, and creating an LLC or C-Corp, getting your legal affairs in order early on is important. This ensures that your new business is protected if something goes wrong.
Taking care of these things early on will also help set the stage for growing a successful property management company.
2. Build a Great Team
When you get ready to build or start a property management company, you’ll likely decide to bring on some team members to help manage the workload. Take the time to make sure that you’re hiring the right people for each position.
Once they are hired, regularly give your team opportunities to learn new skills and grow as a team. A great property management business is only as strong as its employees. With a great team, you can build a great business.
3. Invest in Property Management Software
When you own a property management company, having a team to help you manage each property is a must. But as your portfolio grows, you’d wind up having to hire too many team members if you’re relying on them to manage every aspect of your property.
Luckily, property management software can help. This software can help you manage every detail of your units. Create a schedule for maintenance, get alerts when leases are getting close to their end date, keep track of tenant information, and more.
Simply investing in great property management software isn’t enough. You also need to make sure that your team knows how to use it.
Property management software training can help. Visit balancedassetsolutions.com/how-to-get-yardi-voyager-training/ for training options.
4. Screen Your Tenants
When you purchase a new investment property, it’s normal to want to get a new tenant in quickly. But rushing the screening process can leave you with a big headache down the road when you discover that a tenant is less than ideal.
Take the time to perfect your screening process from the start. Implement background and credit checks, and ask for references from potential tenants.
5. Communicate
Perhaps the most important tip for running a successful property management company is to communicate frequently and effectively. Whether you’re communicating with your team or with tenants, make sure that all of your communication is prompt and professional.
Let your tenants and your team know that they can always reach out to you as well, and offer clear channels for doing so.
Running a Successful Property Management Company
Running a successful property management company is challenging. But putting these tips to work from the start can help you set your company up for long-term success.
Looking for more tips on managing your business? Check out the “Business” section of our site.