If we look around our crowded megametropolis, it is obvious that the only way to grow is up. Thus, we have the phenomenon of new buildings but not enough managers to run them. Fortunately, we here at Inquirer Academy believe that this trend will continue for the foreseeable future, and we have developed new courses which will address this gap.
We also asked our partner in this endeavor, Techie Bautista, who has years of experience in real estate management, for some tips on how to ensure that property managers are up to the task.
1. Ensure that your managers are well-trained and highly motivated
They must be ready to face the daily challenges of property management, leasing and preventive maintenance. They should know what to do in all kinds of emergencies, from minor repairs to urgent medical concerns. Plus develop contingency plans, maintenance checklists and so on. All this while managing day-to-day activities such as rent collections and security and maintenance staffing.
2. Maintain good relations with your tenants through communication
Dissatisfied tenants eventually vacate the property and a high tenant turnover means greater expense for the owners in terms of advertising, redecorating and uncollected rents. But maintaining an open and positive communication channel will resolve any tenant concerns and avoid potential misunderstandings. This is done through regular meetings, visits to units and the issuance of written advisories.
3. Highlight both tangible and intangible benefits of your property
An effective property manager will showcase intangible and tangible benefits to keep tenants satisfied. This would range from preserving the physical integrity of the property, practicing preventive maintenance, plus of course uninterrupted and responsive service levels.
At the end of the day, the team’s objective is to enforce all lease terms and building rules, and still provide excellent service.