As a property manager, you must be able to deal with all kinds of people. This includes tenants, attorneys, real estate agents, and maintenance crews.

You must also be able to anticipate potential issues that may arise and take proactive measures to avoid them. To do this, you must have excellent organization skills and communicate well.
Budgeting

Managing property costs can be complex, but a well-executed budget can help you predict fluctuations and pivot towards profitability. A property management budget should cover both one-time and ongoing costs. These include maintenance, utilities, financial fees and insurance. The budget should also include a contingency fund to cover unanticipated expenses.

A comprehensive property management budget should reflect your understanding of market factors, inflation and new legislation. It should also consider your competitive properties and their comparative features to determine the best rent price for each location.

When it comes to budgeting, clear communication is essential. It can help you avoid misunderstandings and disputes with tenants. This can be achieved by maintaining eye contact, listening carefully and paraphrasing what you hear. Practicing these strategies can help you establish a solid working relationship with your tenants. Moreover, they can improve tenant retention and increase the profitability of your business. This can be a great benefit for your business in the long run.
Communication

Communication plays a key role in many aspects of property management. For example, effective communication with potential tenants can help them see the value of your properties and make an informed decision. It also helps you maintain a positive relationship with current tenants, keeping them satisfied and happy in their homes.

Good communication skills are also important for resolving conflicts between landlords and tenants. They can help you address issues promptly and mediate disputes to find mutually beneficial solutions. In addition, clear and concise communication is essential for avoiding misunderstandings and providing timely updates to owners.

Prompt responses to tenant questions and concerns show professionalism and a dedication to customer service. Active listening is another important aspect of communication that can help you build trust with your tenants. It also allows you to identify and resolve problems before they become bigger issues.
Tenant screening

Thorough tenant screening is a key part of proper property management, as it helps landlords avoid renting to tenants who cause damage or fail to pay rent. By reviewing credit reports, criminal backgrounds and income verification as well as interviewing references and past landlords, property owners can find tenants who are reliable and responsible.

A thorough tenant screening process will also reveal important information that isn’t included on a credit report, such as previous addresses, how long the applicant lived at each address and landlord-tenant relationships. Landlords can verify an applicant’s income by contacting their employer or current landlord and ask questions about their financial stability to ensure they can afford to make on-time rental payments.

Creating a comprehensive tenant screening process allows landlords to evaluate applicants objectively and without personal biases or preferences. This can help them maintain fairness and avoid discrimination claims. Documenting the screening criteria, application forms and results of interviews and background checks is also helpful to support any decisions in the event of a legal dispute.
Maintenance

A property’s value can be preserved or increased with adequate maintenance. According to a study from University of Connecticut and Syracuse University, properties with good maintenance have a 1 percent higher resale value than those that do not maintain their value.

The best way to ensure that your property remains well-maintained is by hiring a property management company with an in-house maintenance staff. They can perform landscaping duties, HVAC servicing, exterior cleaning, animal proofing, and other tasks that might need to be completed.

If your property manager uses 3rd party vendors for specialized maintenance, ask them how they vet their service providers to ensure high standards and quality workmanship. Also, find out if they mark up the work done by their vendors or pass that cost to the owner. This will impact the overall maintenance costs of your property. Also, make sure the property management company you choose has a reliable pest control vendor as uninvited creatures can do serious damage to the building structure.