5 Things Every Property Manager Should Be Prepared For
Being a property manager is anything but easy.
While many might think it’s a cushy job—it actually requires a lot of patience, thought, and hard work.
Not every property-managing job is created equally either.
In fact, you’re unlikely to have any two property management experiences be the same.
Homes are different, people are different, and things go bump-in-the-night differently from home to home.
What does this mean for you—the property manager?
Simply put, you need to be sure that you’re prepared for the job at hand.
Things break, people get mad, and, as a property manager, you’re likely to hit bumpy roads along the way.
Take a look at these five things that every property manager should be prepared for.
Breaks and Leaks
As mentioned above, when you take the job of a property manager, you accept that there’s going to be damages that occur in the home. Many will be things that come with the property already, meaning you’re prepared for them, while others are unexpected and costly. When things go wrong, you’ll need to be sure that you’re ready to spend the time and money to get them fixed. How can you keep this from happening? Things can go wrong in even the best of homes. However, doing a thorough inspection
beforehand of the property can help ensure that you take care of any fixes before they break, giving you a reprieve of any added stress.
If you think that all property managers sit back and just collect rent than you’re wrong. As a property manager you’ll need to be prepared to spend time—and a lot of it—on your tenants. You will be expected to help out your tenants whenever they need it. Whether it be for that leaky faucet, or because they locked themselves out of their house, you’ll need to be on call 24/7. Take care to let your family or roommates know that there is every chance that you’ll be in and out of your home at any given hour. This will help keep everyone from being on their toes, or being frustrated when you need to leave at a moment’s notice.
On the toes of repairs and then time spent on them, is the number of replacements that you can expect to make. Things like refrigerators, ovens, washers, and dryers don’t last forever and might need to be entirely replaced. Not only does this mean that you’ll be shelling out some money to make the replacements whenever needed, but it also means that you’ll need to spend time shopping for replacements. Be ready to do your research and find a new product that won’t just serve as a replacement for “the time being” but instead as one that will be around for tenants to come.
Emergencies don’t just include plumbing issues and ovens that go on the fritz. In reality, there is no end to the number of emergencies that you should be prepared for. Whether it be seeing an injury, or something more like tragic, such as death occur, your tenants might be out of their lease quicker than you would have expected. If this happens, can your company afford to cover the cost of the property until it is filled? This is important to be prepared for not just for your company, but for the people who have hired you as well. Also, your company will need to be prepared for any other emergency situations (i.e. fires, floods, ect…). Does your company require rental insurance by tenants? If so then look into their insurance and learn exactly what it requires. Likewise, be sure to take a look at what your company’s insurance covers to ensure that everything will be taken care of in a crisis.
Though they’re not something that everyone wants to talk about, they are something that happens. Evictions aren’t fun and they can be made even less fun by not knowing what you’re doing. As a property manager you should be prepared to learn the ins and outs of the eviction laws for your state. Knowing the laws will help ensure that everything is handled smoothly and that your company avoids a lawsuit. Things like knowing the locksmiths in your area and knowing the right number to call for police backup will ensure that everything goes quickly and smoothly. Be ready to learn the legalities following evictions and to fully understand the tenant’s rights as well as your own to help everything remain within the boundaries of property law.