Being a property manager is no easy feat. Not only do you have to manage day-to-day operations and maintain the property itself, but you also have to deal with tenant concerns and complaints. It’s a lot to handle, and it’s easy to feel overwhelmed.
To make your job a little easier, we’ve compiled a list of the three most difficult pain points for property managers – along with some tips on how to solve them. Read on to learn more.
1. Managing Tenant Expectations
One of the most difficult things about being a property manager is managing tenant expectations. After all, every tenant is different, and what one tenant may find acceptable, may not be acceptable to another.
The key to managing tenant expectations is effective communication. You need to be clear about what your property offers – and what it doesn’t offer – from the very start. That way, there are no surprises down the road. You should also make sure to document everything in writing, so there’s no confusion later on.
2. Dealing with Maintenance Issues
Another difficult pain point for property managers is dealing with maintenance issues. Whether it’s a broken window or a clogged sink, tenants will always have maintenance issues – and it’s up to you to resolve them in a timely manner.
Unfortunately, maintenance issues can often be out of your control. For example, if you’re dealing with a third-party vendor, you may have to wait for them to resolve the issue before it can be fixed. In these cases, clear and regular communication with your tenants is key. Let them know what’s going on and when you expect the issue to be resolved. They’ll appreciate the update – even if the news isn’t good.
3. Managing rent collection
Managing rent collection is another one of the most difficult pain points for property managers. After all, if tenants don’t pay their rent on time, it can put a serious strain on your operation – not to mention your relationship with the tenant.
The key to managing rent collection is setting clear expectations from the start. Be sure to explain when rent is due – and what the consequences are for late payments. You should also consider implementing an automatic payment system, so you don’t have to chase after tenants each month. This can save you a lot of time and headaches in the long run.
Property management is no easy feat – but by managing tenant expectations, dealing with maintenance issues effectively, and staying on top of rent collection, you can make your job a little easier. Do you have any other tips for fellow property managers? Share them in the comments below! And if you ever need help from a professional contractor to assist you, call us.
