Property Management 101


 #1:This, That, and People First. The job of a property manager is a balancing act that requires the agent to anticipate and handle the logistical issues of the building without losing sight of the responsibilities to all the people of the building. With PDAs, cell phones, and e-mail, a property manager is accessible nearly all of the time—for better or worse. One of the biggest complaints about property managers today is that they do not return phone calls. They are in charge of supplies, finances, employees, professionals, boilers, and a whole slew of responsibilities that require incredible organizational and multi-tasking abilities, but ultimately, they must be adept at answering questions and dealing with people.
 #2: Property Management Pitfalls 
  1. Not continuing to become educated
  2. Not following the proper Landlord Systems
  3. Not following Fair Housing Laws as it applies to Landlords
  4. Not understanding how to properly tenant screen
  5. Not understanding the main components of a well written lease
  6. Not performing a Rental Market Survey at minimum once every three months
  7. Not staying on top of Maintenance issues
  8. Not building the proper Team and Network infrastructure
  9. Not enforcing your rules and regulations
  10. Not treating the business of Landlording as a business.
#3:How to handle repairs for needy tenants
  1. Create a formal request process for repairs and maintenance
  2. Include deductibles in you lease
  3. Provide a schedule
  4. Don't be afraid to say "NO" 
  5. Try not to make hasty decisions