Top mistakes property managers make

Property Management
May 20th 2020

1. Not managing their time wisely

A lot of property managers make the mistake of not managing their time wisely, making it harder to keep on top of everything. One key mistake relating to this is not understanding their priorities for the day, leading to wasting time on tasks that could have been avoided.

To better manage your time, make a priority list at the start of every day, or the night before, and put your focus on getting through that priority list. A lot of the time it can feel like there’s not enough hours in the day, but by creating a priority list you’re not only focusing on what’s important, but also improving your productivity by knowing what’s left to do and what to do next.

One other way that time gets wasted throughout the day is constantly changing context, often due to distractions like a new phone call or email. To avoid distractions so you can focus on being productive, set aside specific times throughout the day to respond to emails or phone calls, then put your phone on silent for the rest of it.

2. Not knowing when to switch off

Not knowing when to switch off is almost conflicting with the previous topic, but it is crucial for both your mental and physical health. The type of work that property managers do often encourages a bad mix of work-life balance, which is why it’s important to know when to finish work for the day and disconnect from your job. 

3. Avoiding technology

By avoiding technology, you miss out on valuable tools that can support your role as a property manager. One key way you can use technology to your benefit is with automation; automation can help by automatically handling common tasks you do throughout the day such as scheduling inspections, overdue rent reminders, and reporting.

4. Creating a poor rental experience

Renters aren’t your clients, but keeping a good set of tenants is critical to the success of a property. Communication and respect are the two main factors in creating a great rental experience, as well as keeping on top of any issues they have and showing empathy where reasonable.

By creating a great rental experience, you can increase the likelihood of tenants treating the property well, being easier to handle, and staying for longer.

5. Creating a poor client experience

Your clients are your source of cash flow, as well as your main source of referrals to grow your business revenue. A poor client experience can spell doom for property managers, so make sure the experience you create is a positive one.

Creating a great client experience for landlords mostly involves keeping things simple for them, and keeping in regular communication. For a lot of landlords, all they want is to leave it to you to manage the property and reap the returns from their investment. To achieve this, consider looking at ways that you can make processes like inspections, maintenance, and handling rental payments easy, as well as promoting regular communication with your client about their investment.

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