Property Managers have difficult jobs because they have to appease two parties whose interests both lie elsewhere. They have to please both the building owner and the residents of the building that they manage. This requires a certain amount of knowledge, experience, and organization and both parties will expect you to have their interests dealt with first. Here are three tips for being a successful property manager.
- Develop a policy and a set of contingency plans to deal with certain situations and issues, and stick to those policies. You need to be consistent in the way you handle things and not make it up as you go along. Tenants will know when you are making it up as you go along or when you are changing your rules. Sticking to your policy will make your life easier and help you run things more efficiently.
- Set office hours so that your tenants know when you are available during the day unless it is an emergency of course. Many property managers generally keep office hours between 10 am and 4 pm so that they have time get things done in the morning and the evening but are still available to their tenants for large chunks of the day.
- Never tell family or friends that the buildings you manage have space for rent. It is extremely difficult to be a property manager in a building where friends and family live because they may take advantage of you. This is obviously not true of everybody, but it it’s much easier if you can separate your persona life and professional life when you are a property, manager.
Christopher Prashad is a property manager in Queens, New York. He works hard to keep the residents of the buildings he manages happy.