According to economists at Zillow, the Chicago real estate market will slow down in 2016. A property manager needs to know what to do to attract more tenants and keep the ones they currently have. They need to adhere to specific guidelines to help run their building smoothly.
Keep the Lines of Communication Open
Always be the one to stand out when it comes to property management. You want to get new tenants. An excellent way to keep your tenants happy is to communicate with them. There is always two sides to a story. Whenever a dispute arises, investigate thoroughly. Do not take one person’s word. You want the tenants to see that you are objective and not playing favorites. Let the residents know that you are available whenever there is a problem. You do not want them to think that you are just collecting rent. Additionally, real property management requires that you learn to be a good listener. Do not talk above your tenants. Hear them out first. Always let your tenants know that you care about them.
Knowledge Is Key
The board of directors needs to be in the know. Provide a financial and an environmental report to the board on a monthly basis. Let the board know the financial as well as physical condition of the property. The reports should show the daily activities of the building. It is the property management’s responsibility to make sure that the reports go out on time.
The content of the financial report should include cash activity such as receipts and disbursements. The report should show a balance sheet that outlines the property’s assets, liabilities, and its equity. Finally, the report should include an income statement that shows the property’s profit or loss.
The environmental report contains correspondences between tenants and management and other documents regarding physical problems within the building such as a major repair or even minor repairs.
A key job of a property manager is to make sure that the building does not fall apart. Keyrenter Chicago North does an excellent job maintaining their building.
You want to get an engineer to check out the structure of the building once per year. Make sure that the boiler runs efficiently. Set up a maintenance agreement with the oil or gas company to keep the boiler functioning well. Part of their duties involve cleaning the heating system, draining it, and changing filters. The building’s plumbing should also be running smoothly.
Keyrenter Chicago North makes sure that a plumber is available whenever any problem arises in the building. You want the building to stay up to code to prevent any fines.
Balance Time wisely
As a property manager, you should not be too busy to run interferences. Some tenants complain that property managers are not available to take phone calls. Hire an assistant property manager to take calls if the property manager is in the field tending to other problems. When you are in the field, take the time to call the office so see if your attention is needed.
Split up your time. Set aside a time to be in the office and a time to be in the field. Let everyone in management knows your in office and out of office schedule. Most telephone communications get handled remotely, so this should not be a major issue.
In conclusion, running a building involves constant communication between tenants and management; making sure that the board of directors is in the loop with financial as well environmental data; making sure that the building gets proper maintenance, and balancing time wisely.