How To Avoid 10 Biggest Property Management Mistake?
Life as a property management can be really tough and busy. Juggling between things and maintaining a smile in case of dire issues can also be something which you need to master in order to work as a property manager. Buy hey! That’s what makes life as a property manager interesting, isn’t it? So, if you are a property manager, and are having a busy day, you will eventually make a mistake in spite of being careful. Hence, let’s take a look at the common property management mistake, and subtle tips of how to avoid them.
#1: Not Reading Rules Associated With Buildings & Associations
Even before you step into your job, you should familiarize yourself with the rules of homeowners and the association. If you don’t know what is permitted and what is not, they you will not be able to effectively manage your duty. Generally, the property owners hand over these documents either via email or by a hard copy and update them at regular intervals. However, if your property owner doesn’t it is your duty to ask. Also don’t forget to ask for the rules of that particular location and the small things, like how often is the trash cleaned, or the snow removed in winter.
#2: Not Listening To Complaints
Now this is a serious issue which you should solve. As a property manager your job is to understand what others are telling you and to some extent take actions according to that. Even if the tenants complain about your management style, take that as a criticism and work on it. If a tenant calls you and reports that she can hear water running between her unit and her neighbor’s, you should definitely have a look, even if you know that the tenant is a chronic complainer. This is because at times, tenants can be right, but if you do not find solution of the problem, then a bigger mess will be waiting for you at the end of the day.
#3: Not Taking Actions
If you are a property manager, you need to execute decisions and cannot have an ‘action paralysis’. It may happen that you might make a mistake, or be criticized if the action does not go well, or you don’t know how to manage a problem, but you cannot skip taking the decision and the consequent actions which needs to be performed.
#4: Not Paying Attention to Owner’s Issues
Your role includes not only catering to the tenants, but also to the property owners. In short, you act as a liaison between the property owner and the tenant. So, it is also your responsibility to listen to the owner’s issues and sort them out.
If for any reason you keep ignoring owner’s or a board member’s issues, then it’s time to stop working as a property manager.
#5: Not Taking Advantage of Free Property Management Training
As a property manager, you need to hone your skills, and that can only be achieved when you have both practical and theoretical knowledge of client handling. So, it is up to you to take up the initiative of attending free property management trainings.
#6: Not Asking For Help
As with any other profession, as a property manager, you will definitely need some help at some point of time. There’s no way that you can know everything related to the job, and there’s always a scope of learning more. So, if you come across anything which you cannot managed or are stuck in between a rock and hard place, you should not be shy of asking for help.
You can pay for their advice by helping them in any situation (of course when they need it). If you cannot find someone who is local, spread out your network and see who knows what.
#7: Skipping Regular Inspections
Its easy to be stuck with paperwork and other responsibilities of being a property manager and skipping your regular inspection duty. But hey, if you skip the inspection now, tomorrow, it will come back as a bigger problem. Thus, make a checklist and schedule maintenance for anything which seems that it is about to create issues. This will help you to avoid problems later on.
#8: Blurring Professional Lines
Its always prudent to maintain a certain level of professionalism with the property owner and the tenants. Becoming too friendly, even if you are a people person, can cause issues and trouble at times. It makes it tougher for you to speak up when a problem is caused by an individual you are too personal with.
#9: Not Understanding Basic Accounting Principles
Your job as a property manager does include accounting, or keeping track of the income and the expenditure statement to balance the budget and the financial spending. So, if you are lacking at a certain skill, or need to develop it, consider taking a course at any community college, or adult education program to help smooth things.
#10: Not Taking A Break
Taking care of maintenance, buildings, or dealing with tenants and even the property owner can be a lot of hard work and will cause stress sometimes. You need to steam off, and take some time off or else you will get burnt out, lose interest in your job, or make mistakes. So, take time to de-stress, switch off your cell phone, have someone else manage the office, and go for a long secluded walk. Once you have recharged yourself, come back and start working again. You will be able to focus better, and make sure that things are working well.
Taking time off is not a bad thing, and you can try it once in a while. At the same time, if you make mistakes, do not be too hard on yourself. So, from your experience, have you or your colleagues made any mistake? Drop in a comment with your experience.