Owning a property is a blessing indeed. But when it comes to handling, it is a difficult job to do. Most of the people who are planning to bring in tenants within a property or live far away from their property, they hire property managers. Property managers are responsible to take care of the property in a professional manner. They keep check and balance on the property, pay utility bills and collect rent from tenants on time, inform the landlord about all the taxes, and much more to keep the property maintained.
Moreover, if you are having a vacation property, then you can get in touch with a professional company for satisfactory vacation property management Cape Cod.
It is no secret that property management industry has the highest turnover rate as compared to other industries. This rule does not apply to property managers moving from one agency to another but same is the case with landlords moving their portfolios from one company to another.
If you are the person who is a new property manager, then you should lead a good foundation for ensuring a smooth and successful transition. To make the understanding better, following are the four things you must do as a new property manager:
#1- Introduce Yourself to New Clients
You have only one chance to make a good impression so it is better to proactively introduce yourself in front of new landlords and tenants. A proper introduction will help all parties to set the expectations and transparency for starting the relation right.
If your landlord has moved to new property management or agency, then you should send a change for management notice to the new tenants. The notice should have the below-listed points:
- Highlight that there is a change in management.
- You should clearly explain the changes that require proper attention.
- You need to reassure them that their current lease and payment terms will be upheld.
- You need to introduce yourself as a new property manager.
- You should provide your contact details including phone number and email.
- You need to explain the ways where and when tenants will have to pay the rent and how the maintenance request needs to be submitted?
- You should also tell the methods of communication and how to use it like Tenant access or Portal.
- You should also include agency Tenant Handbook and any expectations moving forward.
On the other hand, if you have moved to a new agency, then you and your new agency should send a letter of introduction to your tenants and new landlords. Both letters should have the following points:
- You need to highlight that there is a change in management.
- Introduce yourself as a property manager.
- You need to provide your contact details including phone number and email.
#2- Engage with your Clients
Once you have sent your clients notice regarding the change of management or letter of introduction, then it will be good to call them to ensure that they have received the letter. This will show that you are a proactive property manager and this will help you to establish a good reputation as well. Additionally, it will also help you building trust and strengthening the relationship with your clients.
Communication is the key to solve the problem and to have a better relationship with your clients. So as a property manager it is very essential for you to engage with them. You should engage with your client properly so that they can tell you about their problems and then you can solve their issues as soon as possible.
#3- Be Familiar with the Lease of Each Property
Having a better understanding of work will help you to make the arrangements accordingly. When you are moving to a new agency or when getting the charge of a new property, then it is better to know about the details of the lease. This information will help you to learn more about your new clients and their preferences.
Plus, the property management company should have an online system and they should display all the information regarding the properties. They should provide information related to owner info, tenant info, rent, invoice arrears, inspection date, other relevant documents, rent history, activity history, and more related information so that propel can view it.
#4- Know About New Agency’s Policies and Procedures
Every property management agency perform the job in a different way. If you have moved from one agency to another agency, then it will be better for you to know about the new agency’s policies and procedures. It is better to know about the agency tenants, landlord handbooks, a checklist for a routine inspection, tenant induction process, and other related procedures if any. These are some of the few things that you should know.
It is very important to know all about the agency’s policies and procedures. You should be aware of all the documentation, templates, and letters that are available to ensure consistency along with operational efficiency. Keeping all information in mind will help you to protect yourself from legal complication in a longer run.
These were four key things that should be done by a property manager to have smooth working experience. A property manager should know all about the agency policies, lease of the house, proper introduction with the clients, and effective engagement with tenants along with landlords to know about the problems related to property.
Moreover, if you are looking for professional help to keep your property or a vacation property maintained, then you should get in touch with a professional vacation property management companies to hire the skilled property managers for the job. The competent managers will manage the properly well and will ensure that all the work is done on time.